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Frequently Asked Questions

What is life insurance?
Life insurance is a contract between the life insurance company and the insured customer wherein the insurance company agrees to pay the maturity benefit to the insured or the death benefit to the nominee of the insured in return for a nominal amount known as “Premium” which is to be paid by the insured customer to the insurance company on regular intervals. Life insurance is a long term contract unlike the health and motor insurance. The minimum period of a life insurance contract would be 5 years and can extend up to 99 years depending on the type of policy.
What is a term insurance?
Term insurance is a type of life insurance in which the insurance company pays the death claim of the insured to the nominee of the insured in return for a premium. Term insurance provides the claim in case of untimely death of an insured. The term insurance is a long term contract between the insurance company and the insured customer. As the name suggests term insurance is a life insurance plan taken for a particular period of term (years).
What are the types of term insurance available in India?

Term insurance is available in many types in India, they are:-

  • Increasing term insurance- The coverage increases each year in a specified percentage i.e. 5% or 10% and the total increased sum insured doesn’t cross the basic sum insured chosen by the insured customer.
  • Decreasing term insurance – As the name suggests the coverage is decreased each year over a period of time. The sum insured decreases at certain percentage each year.
  • Money back term insurance – The premiums paid are returned to the customer at the time of maturity and in case of death of the customer the claim is paid.
  • Pure term insurance – In pure term insurance, claim is paid only on the death of the policy holder. No survival benefits are paid to the customer in case of survival till the end of the policy period.
How is a term insurance plan different from other life insurance plans?
Term insurance is a type of life insurance plan which only focuses on the coverage of life and the claim is payable only in case of death of the policyholder while the other life insurance plans are seen as a tool for savings. Other life insurance plans provide both the maturity benefit as well as death benefit to the policyholder. Term insurance is typically an insurance tool to provide claim in case of death while the other life insurance plans are saving tools.
Why should I buy a term policy?
Life is unstable and we need a backup plan to provide financial security to our family. In case of sudden demise, family might face financial hardships due to the death of the earning member of the family. A term policy covers the children education costs, clears the outstanding loans and provides income to the family of the policyholder in case of untimely demise of the insured.
When should I buy a term policy?
There is no better time to by a term life insurance policy. It is better now than never to purchase life insurance policy. Ideally one should purchase a term insurance policy immediately after starting a job. Early term insurance purchase results in lower premiums to be paid to the insurance companies. The term insurance premium depends on the age of the proposer and thereby increases with increase in age.
Do I need to buy term insurance even if I’m covered under my company’s group policy?
Employer sponsored life insurance policy would be valid only till the time you are on the payroll of the organization. If is advisable to have a separate term insurance plan after analysing your liabilities and outstanding loans to maintain a healthy financial condition of your family in case of your sudden demise. It can also be noted that the company sponsored life insurance coverage would not be sufficient to meet your financial goals as the company offers minimum life insurance coverage without considering your liabilities.
Are there any age limits for buying a term policy?
Most of the insurance companies restrict the maximum entry age to buy a term insurance policy to 65 years. This is due the general practice that most of the people retire at the age band 60-65 and also would be free from all the financial obligations and liabilities, hence there would be no need to have a term insurance policy. The minimum entry age for a term insurance policy is 18 years while the maximum entry age is 65 years. Once the term policy is taken the term can be chosen by the proposer, the younger the proposer higher the term period.
How to select the best term policy for myself?
The best term insurance policy can be selected online on our portal by comparing the premiums from different insurance companies. It is advisable to talk to our expert regarding your requirements which helps them in guiding you to pick the best term insurance plan in India. The best term insurance plan is the one which offers best coverage at reasonable premium.
What are the benefits of buying a term insurance policy online?

There are many benefits in buying a term insurance policy online. Few of them are listed below:-

  • Lesser premium - The premium to be paid is less in case of online term insurance plans when compared with the offline modes. This is due to the less administrative costs involved with online purchase.
  • Comparison – When purchasing online you can have many options to select from. The term insurance plans and premium from different companies would be displayed on the portal when you make a purchase online.
  • Save Time & Energy - Both time and energy can be saved by purchasing term insurance plan online. You can purchase the policy by sitting at your home and paying the premium online without requiring moving out of your comfort zone in most of the cases. These days most of the insurance companies are not stressing on physical medical tests as they are conducting telephonic tests which forms the health declaration of your proposal form.

Article of the Week

Image of Bajaj Allianz Life insurance Company

Bajaj Allianz Life insurance Company

Bajaj Allianz Life insurance Company features, benefits, premiums, renewal include claim settlement ratio, Premiums, death benefits, etc. Compare quotes and Buy/Renew with PolicyBachat.

(Bajaj Allianz Life insurance-Features, Benefits, Premium, Renewal)


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