Buy Term Insurance Plan

Financial independence and prosperity are every person’s goals. However, many people fail to see that a family’s goals mirror their own.

Would you, or anyone, rest easy knowing their loved ones could suffer financially after your death? It’s true, and if you aren’t careful it could happen to your family too. Don’t waste time - Buy a Term Insurance plan today! Why risk your family’s future when you can compare and buy the best term plan on Coverfox.com?

But wait, What is term insurance you ask? Well, let us answer it very simple for you!

A term plan covers the risk of untimely death, disability, and disease. It’s the most economical, pocket-friendly, and purest form of life insurance. E.g., A 25-year-old healthy male can get Rs. One crore life cover for a monthly premium of just Rs. 500 p.m.

Are you sure your family’s financial future is safe and secure even after your death? Or does your family depend on you for their livelihood too?

ANY person who has a family dependent upon them should buy a term life policy without a second thought. These insurance plans provide the triple benefit of protection, tax savings, and pocket-friendly premiums.

Also, there’s no RIGHT age for someone to buy a Term policy. Take it from us and act NOW!

Young Professional – As you are young, you will get a higher life cover at cheaper rates than other people. The premium for your plan will remain the same throughout the policy term. As you age, the premiums will rise, so why not buy one now rather than wait.

Newly-Married – Gift your something better than just roses, chocolates, or relaxing time at a spa. Your beloved needs a long-lasting gift that takes care of her in your absence. When you buy a plan, you will take care of her financial needs in your absence.

Parents – You have welcomed a bundle of joy in your life. Now, its time for you to ensure that their future needs like quality education, living expenses, among other things, are taken care of when you are not around. Losing parents deprive children of all the opportunities that life holds for children. A term plan protects your child’s future in your absence.

Working Women – As a working woman, you are a vital source of income for your family. A term plan will help ensure that your spouse/children/parents are financially protected even when you are not around. Term plans with critical illness cover also provide financial assistance in case you are down and out due to a critical illness like cervical or breast cancer.

Borrower/Debtor – When you take a loan to fulfill your dreams like buying a house, car, etc. you are creating a liability. This liability will fall on the shoulders of your loved ones when you are not around anymore. A policy helps your loved ones to pay off your debts.

Nobody said buying this kind of insurance was easy. But we at Coverfox want to help you in your purchase to the best possible extent! As a rule of thumb, your term cover should be 20 times your annual income. If your yearly salary is Rs. 10 Lakhs, then your coverage amount should be Rs. 2 crores.

You can also use a Human Life Value Calculator. For arriving at your true worth, it takes into account your current and future earning capacity, assets accumulated to date, life cover you currently hold, and outstanding debts.

It’s a straightforward online tool for calculating your term policy needs.

How much should be the policy period when you Buy Term Insurance?

Nobody can look into a crystal ball and predict the length of their life - it’s IMPOSSIBLE! To keep our answer short, the ideal policy period of the best term life insurance should be equivalent to your working years.

E.g., If you are 30-year-old and are planning to retire when you are 60, then an ideal policy term for your policy is 30 years. But you know what? We at Coverfox always give you plenty of options, just like term policy periods!

Term plans policy periods range 5 years to 40 years, so you can buy a term plan within this range of periods. There are also some term plans which provide life cover till you reach age 100.

Wow, life-long coverage! Imagine securing your family’s future for the rest of THEIR LIVES! It’s so simple on Coverfox! :)

You’d be wrong to think that there'd be just a FEW policy types. Catch your breath….You’re going to need it when you run through our extensive information below! 1...2….3 Let’s GO!

Standard Term Insurance

• The standard term policy is a simple and straightforward plan. The life assured decides the sum assured policy term, and pays the premium as per the chosen frequency and mode agreed at the time of policy purchase.
• In case the life assured passes away during the policy period, the insurance company pays the sum assured to the nominee as per the payout opted by the policyholder.

• There is only a death benefit under the standard term plan. There is no maturity benefit, or survival benefit offered if the life assured outlives the policy term.

Term Return of Premium (TROP)

• In the Term Return of Premium (TROP), if the life assured survives till the end of the policy term, the insurance company pays back all the premiums paid.

Increasing Term Insurance Plan

• Under this kind of plan, the life cover increases on every policy anniversary. This plan is similar to the standard plan in all other regards, like premium payment, and policy term, etc.

• The increment could be 5% or 10% on the base coverage.

• The coverage of this type of plan increases up to a maximum of 1.5 to 2 times the original cover.

Life Stage Event Term Insurance Plan

• In this type of plan, on your significant life stage milestone, you can increase the coverage. If opted, your sum assured (coverage) and premium increases with each life's milestone, first marriage, first child, a second child, etc.

• In case the life assured passes away during the policy period, the insurance company pays the effective sum assured to the nominee at the time of death.

Convertible Term Plan

• A convertible term plan allows you to convert your policy into whole life insurance or an endowment plan.
• On conversion, the sum assured comes down to match the premium you are currently paying.
• Charges may apply at the time of conversion from a term plan to an endowment or a whole life plan.

Joint Life Term Plan

• A joint life policy covers you and your better half in a single policy.
• You pay a combined premium, and both the individuals get covered under the same term plan.
• On first death, the surviving partner gets the life cover amount.
• On the second death, the nominee receives the life cover amount.
• The term period is fixed at the time of buying a policy.

Group Term Insurance

• Group term plans are life coverage plans for employees of businesses, companies, or any other large group of people associated together.
• Group plans are the same as individual term plans.
• They are available and priced for a group as a whole
• The premium changes every year.
• Once an individual leaves the group, he/she will not be a part of a group term plan.

Coverfox.com is helping their customer's family at the time of claims! We now offer NOMINEE ASSISTANCE PROGRAM to Term life policyholders.

You and your family can now be rest assured about the full end-to-end assistance throughout the claims process, and also get financial, legal, and psychological counseling. All this FREE of Cost.

We ensure that your loved ones are well-assisted with care in their hour of need.

To help the family of the life assured at the time of claim, they get:

• Claim Assistance
• Legal Counselling
• Financial Counselling
• Psychological Counselling

Remember, this service comes at No Extra Cost. You or any of your family members will not get charged for this service under the Nominee Assistance Program.

Here is a list of best term plans with a minimum policy term of 5 years.

• ICICI Pru iProtect Smart
• Aegon Life iTerm Plan
• LIC’s Tech Term
• SBI Life eShield
• HDFC Life Click 2 Protect 3D Plus
• Bajaj Allianz iSecure
• Max Life Smart Online Term Plan

Coverfox.com is helping their customer's family at the time of claims! We now offer NOMINEE ASSISTANCE PROGRAM to Term life policyholders.

You and your family can now be rest assured about the full end-to-end assistance throughout the claims process, and also get financial, legal, and psychological counseling. All this FREE of Cost.

We ensure that your loved ones are well-assisted with care in their hour of need.

To help the family of the life assured at the time of claim, they get:

• Claim Assistance
• Legal Counselling
• Financial Counselling
• Psychological Counselling

Remember, this service comes at No Extra Cost. You or any of your family members will not get charged for this service under the Nominee Assistance Program.

Your family’s journey to financial security begins only after they’ve filed the policy claims document. Let Coverfox assist you in this most important process!

If you have any doubts, no matter the nature, feel free to call us on our toll-free number 1800 209 9930. You can speak to an expert advisor at Coverfox.

How to File a Term Insurance Claim in the Event of Death?

Lodging a Claim

The first step is to lodge a claim. The nominee/claimant must inform the insurance company and file a claim on the death of the life assured. To submit a term insurance claim, the nominee/claimant needs to contact the insurance through claim reporting channels.

• Visit the claims section on company’s official website for online claim intimation

• Call the insurance company on their 24 x 7 toll-free claim intimation service

• Visit the nearest Insurance company’s branch office

• email them on the claim intimation email id provided

Please Note: A claim will be formally accepted and registered once the insurer receives a written request of claim settlement with a duly filled claim form and other relevant documents. One must lodge a term claim through a phone call or visiting the insurance company’s branch to quicken the claim process.

Documents required to file a Term Insurance Claim:

In case of a natural death

• Term Plan Insurance document

• Duly signed and filled claim forms (As provided by the insurance company - To download the same, visit their official website)
• Original or Copy of the Life Assured's Death Certificate
• Claimant’s statement
• Any other relevant document, as requested by the insurance company.

In case of an accidental death

• Police FIR report, Police Inquest Form and Final Police Investigation Report
• Medical attendant's certificate or Attending Doctor’s Statement
• Hospital Certificate and medical reports, including admission and discharge summary of the life assured, death summary, test reports, etc.
• Post mortem report
• Claimant’s statement
• Any other relevant documentation as requested by the insurance company

The Claims Assistance team of the insurance company will verify all the supportive documents and nominee declarations. The claimant/nominee might have to provide other additional documents, if necessary.

Approval of Filed Term Insurance Claim and Payouts

Once the insurance company verifies all the documents and accepts the claim, the nominee gets the payment as per the options mentioned in the term plan.

The payouts to the beneficiary are usually through ECS, for which the nominee must submit the bank details – canceled cheque/photocopy of the bank account passbook (may require to get attested by bank authorities).

Other Important Things Related to Term Insurance Claim Process

• In case the nominee dies along with the life assured, the next legal heir gets the payout.
• In case the nominee dies before the life assured, the policyholder needs to appoint another person as the nominee before the term plan expires.

Please Note: Kindly read the "Exclusions" as mentioned in the policy wordings/document before filing a death claim as it will help you to submit a death claim under a term plan without any difficulty.