Get Income Tax Benefits upto 1.5 lacs under Section 80C
Keeping you Future Protected
Instabima is a licensed Insurance Web Aggregator by the Insurance Regulatory and Development Authority of India vide License No IRDA/WB38/2016.
As a Digital Insurance Intermediary, we work with multiple General, Life and Satndalone Health Insurance companies to get our customers the best insurance policy
Why Should You Buy Term Insurance?
A Term Insurance plan is a life insurance plan which promises to pay a lump sum benefit in case the
life insured dies during the term of the plan. The policyholder can choose the coverage level and the
duration of the plan. On death within the plan duration, the chosen sum assured is paid.
There is no Maturity Benefit in most of the Term plans as its designed for Protection only.
Complete Income Protection
A Term Plan empowers Financial Protection to the Family and mitigates the family's Loss of Income.
It eases burden by providing financial security at every phase of their life whether its Monthly expenses
or Children Education and Marriage.
High Sum Assure
Only a Term Insurance plan promises this security as it allows individuals to afford substantial
amounts of coverage at a very low premium. This makes the Term Insurance plan beneficial where family gets a lump sum amount in case of any unfortunate eventualities.
Besides the inbuilt riders, there are optional riders available under Term Insurance plans too.
Some common riders which are available includes the following:-
Accidental death benefit rider, Critical illness rider,
Terminal illness rider, Premium waiver rider.
Factors affecting Term Insurance premiums
Age – the age of the life insured is the primary factor which determines the premiums
charged. Higher the age higher would be the premium rate and vice versa.
Sum Assured – a higher level of sum assured means that the company is taking a higher risk.
That is why premiums are high for high levels of sum assured.
Gender – male lives are deemed to have a higher mortality risk than female lives. That is
why males are charged a higher premium rate than females.
Medical History – the medical history of the life insured also impacts the mortality risk. If the
insured has suffered or is suffering from a medical ailment, the premium would be high.
Family History – the family history of the insured also has a bearing on the premium rate.
This is because of the fact that the family history determines whether the insured has any
hereditary ailments or not. If the family has a medical history the insured is likely to have a
high mortality risk. As such, premiums are higher for such individuals.
Lifestyle Habits – if the insured engages in drinking and smoking, he faces health risks. That
is why premiums are higher for smokers and habitual drinkers.
Physical Build – the height and weight of the insured determines the Body Mass Index which
in turn tells the company whether the insured is underweight or overweight. If the insured is
underweight or overweight, he faces a medical risk and premiums are high for such
Plan Tenure – the higher the term of the plan selected, the lower would be the premium
Premium Paying Tenure and Frequency – premiums can be paid for the entire plan duration
or for a limited duration. Similarly, premiums can be paid annually, half-yearly, quarterly or
monthly. The premium rate depends on the premium paying tenure and frequency. For
regular premiums, the premium rate is lower compared to limited premiums. Similarly, if
premiums are paid annually or half-yearly, premiums are lower compared to quarterly or
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