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Term Insurance plans are solely life insurance products that provide protection for a predetermined period of time. We live in a time when health problems and financial difficulties are all too common. Covid-19 has just reemphasized how crucial it is for families to have a stable future. In the tragic event that the policyholder passes away during the policy term, the nominee gets paid the sum promised. No matter what the future holds, term plan participants can safeguard their family's financial stability. So, now you're probably thinking about how you can safeguard yourself and your family. Look no further than Okbima, a specialist website in India for comparing options for insurance in 2023. We're here to make things easier for you by allowing you to easily compare, purchase, and claim your term insurance policy online.
Term insurance is a type of life insurance that provides coverage to the policyholder for a specific period of time. If the insured passes away during the allotted tenure, the nominee will get the sum insured, or the coverage amount.
If, on the other hand, the insured outlives the term, the policy provides no coverage to the nominee or to the policyholder, unless it is a return of premium term plan.
The goal of okbima.com is to assist you in securing your current and future needs through insurance policies. There are numerous reasons to purchase term insurance from okbima.com, including:
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The fact that our business has served over 100,000 happy customers shows that we are trustworthy, dependable, and consistently contribute to top-notch services. Become a member of our expanding group and discover how we stand out for our great value and dedication to our clients.
Trustworthy
We are a dependable platform that is ready to help you from the beginning of the purchasing transaction through the claim process. We are motivated to maintain producing top-notch work by our happy customers.
30+ Life Insurance Choices
You can get access to more than 30 insurance companies with a focus on life insurance is simple and easy.
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We are available to you around the clock via our online platform, which also makes the investment process more transparent and all-around faster
Term life insurance is a contract between the owner (the policy's owner) and an insurance provider. There are various types of term insurance, including:
For consumers, term insurance offers a number of benefits that make it an essential insurance option. Here are some key advantages that you should be aware of:
Affordable Premium with High Sum Assured
By paying a reasonable price, you can purchase a high-value life insurance policy through a term insurance plan. Payments for premiums can be made monthly, biannually, or annually. The cost of the premiums for term insurance plans decreases with time.
Critical Illness Coverage
If your term insurance plan includes optional Critical Illness Coverage you will receive a lump sum payment upon being diagnosed with any critical illness that is covered by the plan.
Accidental Death Benefit
Accidents can happen anywhere at any moment and have tragic outcomes. As a result, you can select the Accidental death benefit. As a benefit of a term insurance policy, the agreed-upon payment is given to the beneficiary in a lump sum.
Financial Security
The primary goal of term insurance is to give you and your family financial security During your absence, your family will be able to meet their needs with the help of the financial aid given by a term insurance policy.
Rider Option
Policyholders can easily increase the benefits of their existing term insurance by adding any of a number of additional riders. Some additional riders are personal accident cover, critical illness cover, and many more.
Term Plan
Term Plan
The following are the top reasons to purchase a term plan online.
Easy Research
It is considerably easier to access information and relevant topics online than it is offline. The internet is a huge field with the option of self-paced study. Thus, finding the finest life insurance coverage online is simple. In fact, before you can look for the ideal plans, you must first choose what these plans should be like. So you may look for the finest perks, features, and insurers. The ideal channel for taking a step-by-step approach to qualifying buying decisions is online.
Higher Saving
Term plans are popular because they are less expensive than other types of life insurance policies. When you buy a plan online, you may be rewarded with discounts, allowing you to save more on your monthly payment. Online plans are typically less expensive because they eliminate any middlemen, therefore there is no commission or other payment necessary.
Speedy and Safe
Online term plans often have a shortened and faster application process. You can fill out the appropriate forms, upload the necessary paperwork digitally, and receive immediate quotations.
Compare Different Plans
The internet is a wealth of information that allows you to effortlessly compare different term plans from various insurance companies. You can compare the features, benefits, policy terms, and premiums of various plans side by side. This transparency allows you to make an informed selection based on your needs and budget.
It is crucial to conduct in depth market research on different insurance providers and take your insurance demands into account. Therefore, in order to acquire the finest coverage at the lowest cost, you must examine the features and advantages of various policies before making your purchase of term insurance.
The percentage of claims that were settled by the insurance company compared to the total number of claims filed during the fiscal year is known as the claim settlement ratio. The claims settlement ratio is very important, but so is the total number of claims settled by the insurance company. The Claim Settlement Ratio becomes significant only when a significant number of claims are settled.
All term insurance policies will offer fundamental life protection. If ensuring the financial stability of your family is your priority, you must select a term insurance plan that offers extensive coverage and benefits. While evaluating term life insurance policies online, there are a few more features you should consider:
Waiver of Premium
In the event of permanent invalidity, the life insurance coverage will continue without the requirement that you pay the next premium.
Accidental Death
This benefit raises the amount that will be given to your family members in the event that you pass away in an accident. An accidental death benefit equal to the basic sum assured is typically included in solid-term insurance plans.
Income Benefit
Rather than a lump sum payment, certain term insurance plans allow your family to receive a regular income from the plan. If you want your term insurance plan to provide your family with a monthly income while you are away, this feature can be useful.
The advantages of purchasing term insurance online include time savings, convenience, the freedom to compare policies and premiums at your own speed, and quicker insurance issuance with less red tape. To protect your financial future, think about getting term insurance online.
Before buying a term insurance policy, it's critical to comprehend the requirements for eligibility that you must fulfill in order to receive the policy's benefits.
Eligibility based on Age
All term insurance policies must be purchased by people who are at least 18 years old. Depending on the product you buy, the maximum age ranges from 60 to 65 years.
Income eligibility
Income eligibility for term insurance has no set maximum. To choose the term cover, you must provide your pay stubs or bank account
Occupation
Your employment profile is taken into consideration in addition to your income. If you work in high-risk areas, you will pay more for your term insurance coverage.
Smoking Practices
Your premium is affected by your smoking or non-smoking status. Smokers pay much higher premiums.
Before buying a term insurance policy, it's critical to comprehend the requirements for eligibility that you must fulfill in order to receive the policy's benefits.
During your early 20s
Early in your twenties is the ideal time to buy a life insurance policy since you will enjoy a variety of benefits, such as lower premiums, a larger corpus, and, of course, the development of a saving habit early in life.
The late Twenties to early Thirties
A new chapter in a person's life begins when they get married, often in their late 20s or early 30s. It is therefore the perfect time for them to purchase a term life insurance policy to safeguard their spouse's and their children's futures. Many of them have just recently started their married life, there are no children, and there are fewer expenses. People can now easily withdraw money for long-term planning, and they can also take advantage of a range of tax benefits under section 80C of the Income Tax Act of 1961.
To get a term insurance policy online, you will generally need the following documents:
Identity Proof
Documents such as birth certificates, passports, aadhar cards, PAN cards, Voter Id cards, etc. are the documents required to buy term insurance online.
Valid Address Proof
Address evidence must be no older than two months. Utility bills, such as postpaid bills, electricity bills, or water bills, are needed under this provision. You can also give your property tax receipts and pension payment orders to retired individuals.
Income Proof For Salaried Individuals (Anyone)
Bank statement showing salary credit for the last three months Income Tax Returns for the last two years Last year's Form 16
Self-Employed (Anyone)
If an income calculation is not available: The latest 3 years' Income tax returns that were not filed in the same year. CA certified audited balance statement and profit: loss account for the last two years Form 26 AS
Medical Proof
You will need to have your past and recent medical records and also, the result of the medical test allocated by the insurer.
The factors affecting term insurance premiums are:
Age
The earlier you buy, the lower the premium as the risk
is also lower.
Gender
Women are offered a lower premium as there is a low mortality rate of women when compared to men.
Family medical history
If there is a hereditary disease that runs in the family,
then the premium goes higher, or if the policy seeker is presently suffering from any disease that also affects
the term insurance premium.
Occupation
The occupation of the policy seeker is also important in a term life insurance premium. All those working in industries like shipping, transportation, gas, oil, and mining are open to high risk which in turn increases your premium in comparison to desk jobs.
There are three ways of term insurance premium payment which are:
Regular Pay
Here the insured pays the premium regularly for the complete policy term.
Limited Pay
The policyholder can make payments for a limited period which is pre-decided. Here the premium paying term is less than the policy term.
Single Pay
The assured pays the complete premium in one go when he/she purchases the plan.
The process of claiming term insurance is:
Report the claim to the insurance provider
You have to first inform the insurer of the claim. The nominee must here submit the claim settlement form along with the necessary paperwork, including a death certificate. But keep in mind that the insurance provider must be notified within three months or 90 days of the policyholder's passing.You have two options for completing the claim form: you can fill it out online and submit it for claim settlement, or you may visit the bank.When completing the term insurance claim settlement form, information such as the policyholder's name, policy number, date of birth, date of death, cause of death, and place of death must be submitted.
Insurance company claim evaluation
The insurer will now evaluate the claim after receiving the claim settlement form. The documents are examined, and any missing information is requested. If additional information is required, the insurance company may issue a letter of requirement to the nominee. The insurer will properly investigate the term insurance claim if there is any reason for doubt.
Claim settlement
At this point, the insurance provider will either accept or deny the term insurance claim. If approved, the insurer will deposit the money promised in the nominee's bank account. In contrast, a letter of denial outlining the reasons for denial will be given in the event that a claim is rejected. The insurer can speak with the appropriate authorities, such as doctors and accident investigation staff, to confirm the validity of the claim.
A term insurance rider is an additional benefit that you include in your existing policy for comprehensive coverage. There are different types of riders available that can be advantageous to you.
The different types of term insurance riders are:
Accidental Benefit Rider
The death benefit will be given to the beneficiary if the policyholder dies due to an accident. Also, an additional Sum assured is given if the death occurs within 90 days of the accident.
Accelerated Death Benefit
If the policyholder is suffering from a terminal illness, he/she can receive an advance amount from the sum assured for the treatment. The cost of the rider is very economical and the benefits are highly advantageous.
Critical Illness
Such a benefit is provided if the policyholder is diagnosed with kidney failure, heart attack, cancer, or any such illness. The cost of the rider is on the lower side and it continues for the whole tenure of the policy.
Family income Benefit
The family is entitled to get a fixed income if the policyholder meets an accident or suffers a permanent disability. This rider is most suitable for salaried employees who are the bread earners of the family.
Permanent and Partial Disability Rider
The rider sum assured is given upon suffering partial or permanent disability. This rider covers both arms and legs or one arm or one leg or both eyes. If there is a partial disability, then a partial sum assured will be given.
Waiver of Premiums rider
with this rider, the future premiums will be waived off when the policyholder suffers a permanent disability or is diagnosed with a critical illness disease, or death by an accident occurs.
The key features of a Term life Insurance plan are:
Cost Effective
It is the most affordable plan that offers a high sum assured with lower premium rates and provides comprehensive coverage.
Policy term
The policy term extends up to 40 years of age and allows you to protect your family for a longer time.
Person’s Age
The minimum entry level is 18 years of age. Anyone with a good income can buy term insurance even at this age.
Payment modes
All payment modes are available. Monthly payments can be chosen from annual, semi-annually, quarterly, or monthly.
Buying process
Options for both online and offline processes are accessible, ensuring flexibility and convenience for users.
Minimum sum assured
The minimum sum assured amount offered in a term life insurance plan is Rs. 5 lakhs, but it can vary on your condition.
There are a few reasons everyone should buy term life insurance:
To safeguard your family
If you are the sole earning member of the family, then you have to ensure that your family doesn't suffer financially in your absence. The term life insurance offers a huge lump sum amount.
Stay financially strong
In case of any uncalled event, the family or the nominee will have financial support to meet their daily expenses.
Peace of Mind
There is always peace of mind that remains with the policyholder when he/she knows that he has prepared for his family’s future in their absence. Any type of loan or debt can be paid off using that money.
Term insurance coverage is the amount that, in the tragic event that the Life assured passes away during the policy term, will be paid to the nominee. It also contains any supplementary benefits that can raise the amount paid to the family members, such as an accidental death benefit. Following these steps will help you determine how much term insurance coverage you require:
Determine your monthly spending
Calculate how much coverage you require by adding up all of your bills. Included here should be the cost of food, water and power, gasoline, rent, clothing, and other expenses.
Consider your liabilities
Pay off all of your debts and don't pass the load to your surviving family members. Therefore, before choosing a suitable cover, you must take into account any outstanding debt, such as loans, credit card payments, or any other dues.
Think about your financial and life objectives
Saving for financial objectives like a child's college tuition or a marriage can be very expensive. In the event of a tragedy, having appropriate term insurance might assist your loved ones in pursuing this goal without you
Tenure of your insurance
As you progress through life, your responsibilities may change. For instance, if you are 25 years old, you are probably unmarried and have minimal responsibilities, however, if you are 40 years old, you might be married and have children. Your policy's duration and coverage may change depending on your age and stage of life.
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A term plan provides coverage for a specific length of time. It means that if the policyholder dies within the set time period, the policyholder's nominee is entitled to the death benefit or the specified quantity insured in a lump sum or monthly instalments (as stated by the policy holder). However, if the policyholder lives longer than the policy term, that is, if he lives longer than the term period for which he purchased the policy and coverage, he or his nominee will not be entitled to any benefits.
There are various types of term insurance plans:
When the insurance term ends, the policyholder may or may not be able to obtain the same coverage for the same premium amount. Alternatively, if the premium payment remains constant, the degree of coverage is reduced. The premium rate is determined by a number of factors, including the policyholder's lifestyle and health status, as well as possible death scenarios.
A simple rule of thumb is that you should have at least 10 times your annual income in life insurance. However, your coverage must be sufficient to cover your existing and future liabilities, as well as your financial objectives. If you have a home loan of Rs. 50 lakhs, you should make sure that your life insurance policy is large enough to cover the liability. Remember to factor in inflation when determining future goals.
This, of course, is dependent on how early you get your term insurance coverage. The sooner you get one, the longer you will be protected. The general rule is to buy an insurance for as long as feasible and then cancel it when it is no longer needed. This is especially handy if your policy is designed to pay off a loan while you are away. You can customise your coverage based on how many years you have left to pay your premiums. It's also a good idea to make sure you're protected for the rest of your working life.
Term insurance is a life insurance policy, and insurance companies rely on risk assessments. We charge you a greater premium if you are at a higher risk of developing a critical disease. If you smoke, your premium will be more than if you did not smoke.
Only if the insured dies in an accident does accidental insurance give a death reward. Any type of death is covered by a term insurance policy.
If you get term insurance online, the nominees will be paid an amount assured if something unfortunate happens. When a life insurance policy matures, it pays out benefits.
Yes, the policyholder can claim a tax benefit of up to INR 1.5 lakh under Section 80C of the Income Tax Act, 1961.
Term insurance covers all sorts of death, including natural death, death from an accident, and death from serious illnesses, unless the policy contract provisions specify otherwise.
The insurance plan will expire at the conclusion of the policy term. If there are any survival benefits, they are disclosed.
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