Understanding How Term Life Insurance Policy Works

What Is Term Insurance?

How Does a Term Life Insurance Policy Work?

What Are the Different Types of Term Insurance Plans?

What Is a Term Insurance Rider?

What Are the Exclusions for Term Plans?

How to Claim a Death Benefit In Case of Death?

What Happens in Case Policy Lapse or If You Want to Surrender?

FAQs about How Term Life Insurance Policy Works

Can I purchase term insurance online? up-arrow

Yes, there are many insurers offering term insurance policies online. To opt for one, you can go to their website and enter your premium amount and assured sum. Then, decide on the plan that suits your requirements.

What documents do I need to purchase term insurance? up-arrow

You need the following documents to purchase term insurance:

  • Proof of age
  • Proof of identity
  • Salary proof
  • Proof of residence
  • Photographs
  • Any additional documents required by the specific insurance provider

Will I receive maturity benefits for term insurance plans? up-arrow

You can only avail maturity benefits with TROP options. Other than that, any other term plan will only fetch you death benefits at intervals or as a lump sum.

Will death of the insured person be considered valid if it happens outside India? up-arrow

Yes, if the term insurance plan is already in effect, the nominee/s will receive the full amount even if the insured passes away outside India.