Overview
Protection from the unexpected.
Term insurance is a type of life insurance that provides coverage for a specific period of time, known as the term of the policy. The most common terms are 10, 20, or 30 years. If the insured person dies within the term of the policy, the beneficiaries will receive the death benefit, which is the amount of money specified in the policy. If the insured person does not die within the term of the policy, the policy will expire and there will be no death benefit paid.
Term insurance is generally considered to be the most affordable type of life insurance as it provides a large amount of coverage for a relatively low premium. The premium is based on the age and health of the insured person, as well as the length of the term and the amount of coverage.
It's important to note that term insurance does not accumulate cash value, unlike other types of life insurance such as whole life insurance.
When considering a term insurance policy, it's important to compare the terms offered by different insurance companies and read the fine print before purchasing a policy, as some insurance companies may have different restrictions or exclusions. Additionally, it's important to select a term that aligns with your financial and personal needs.
Frequently Asked Questions
How do I buy insurance via Findryl?
Soon you'll be able to buy a policy online without our intervention.But until then, To purchase the product, you can either fill out the form above, click on the WhatsApp icon on the bottom right corner of the page, or click on the Findryl hotline button on the top right corner of the page.
Why should I take insurance with Findryl instead of with a Insurance company directly?
In short, you'll save time and probably a lot of money! It's important to compare different options instead of going with the first one you find. If you apply with one company directly you may miss some discounts on it. Findryl simplifies this process with a single, unified way that connects you to the best insurance offers.
Features & Benefits?
- Provides financial protection
- May help cover outstanding debts and loans
- Helps maintain your loved ones’ standard of living if you’re not there
How does term insurance work??
The policyholder pays a premium to the insurance company for a specific term. If the policyholder passes away during the policy term, the insurance company pays a death benefit to the nominee of the policy.
Aha!! So it's a trap. You'll just sweet talk me into considering policies that offer you the best commission, won't you?
No, we won't because it simply doesn't make any business sense. We rely on your goodwill and testimony to keep the lights on. You tell your friends. Your friends tell their friends. That's how it works. So if we sabotage your experience, then our whole business plan goes for a toss. Plain and simple.
Who can buy term insurance in India?
Any person between the age of 18 to 65 years can buy term insurance in India, subject to fulfilling the eligibility criteria set by the insurance company.
How much premium do I need to pay for term insurance?
The premium for term insurance depends on several factors such as age, gender, health condition, smoking habits, and the amount of coverage required. The premium for term insurance is usually lower compared to other types of life insurance policies.
Can I choose the nominee for my term insurance policy?
Yes, as a policyholder, you can choose the nominee for your term insurance policy. The nominee is the person who will receive the death benefit in case of your untimely demise during the policy term.
What happens if I survive the policy term?
If the policyholder survives the policy term, the insurance company does not pay any maturity or survival benefit, and the policy ends.
Can I increase or decrease the coverage amount during the policy term?
Some insurance companies offer the flexibility to increase or decrease the coverage amount during the policy term. However, this feature may come with certain conditions and may also attract additional charges.
What are the tax benefits of term insurance in India?
The premiums paid towards term insurance are eligible for tax deductions under Section 80C of the Income Tax Act. The death benefit received by the nominee is also tax-free under Section 10(10D) of the Income Tax Act.