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Term Insurance provides full protection and financial stability to your loved ones in case of any unforeseen events. Intuit One IMF presents term insurance plans and policies to best meet your needs.
Term insurance is the best way to ensure that your loved ones are taken care of financially in case of your death. It offers coverage for a specific time period, and in case of death during that time, the beneficiary receives the death benefit. This is a powerful way to protect your loved ones from financial hardship in case of your death.
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Term Insurance plan is a type of life insurance plan that provides a lump sum payment to the beneficiary in case of the death of the policyholder. This type of insurance is simple to understand and can help provide financial security for your loved ones in case of an unforeseen death.
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How Does A Term Plan Work?
- A term insurance plan is a type of life insurance plan that provides a lump sum payment to the beneficiary in case of the death of the policyholder. This type of insurance is simple to understand and can help provide financial security for your loved ones in case of an unforeseen death.
- A term insurance plan is a simple, affordable way to protect your loved ones financially in case of your death. It provides a death benefit which helps to cover the costs associated with your death.
- A term insurance plan is a life insurance plan that provides a death benefit to the beneficiary in case of an unforeseen demise of the life assured.
- A term insurance plan provides a death benefit to the beneficiary in case of an unforeseen demise of the life assured.
- A term insurance plan is a type of life insurance plan that provides compensation to the beneficiary for the unfortunate loss of the life assured during the policy tenure. A sum assured known as death benefit is provided to the nominee/family of the life assured in case of an unforeseen demise of the life assured during the policy tenure.
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ong-term life protection
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Availability of whole life protectio
With our term insurance plan, you are covered in case of suicide within 12 months of issuance of the policy. Your nominee will receive a minimum of 80% of the total premiums paid till the date of death after deduction of applicable taxes and charges. If you're concerned about what would happen if you committed suicide, our term insurance plan offers a minimum of 80% of the total premiums paid in case of death within 12 months of policy issuance.
One of the major differences between term insurance and whole life insurance is that term insurance offers a lump sum amount in the form of a death benefit, while whole life insurance offers the death and savings benefit. Yet another difference is that while term insurance covers for a limited term, whole life insurance covers you for your whole life.
Depending on the type of term plan, the death benefit may stay the same over the whole tenure of the plan (standard term Plan), decrease (decreasing term Plan) or increase (increasing term Plan). The insurers provide various options in death benefit payout including a lump sum payment, lump-sum payment plus an annuity that may be monthly, quarterly or yearly, or simply annuities that are spread over the agreed number of years.
Under normal situations, the term insurance covers all kinds of death that might fall under Natural or accidental, or illness-related death. Death claims arising out of sexually-transmitted disease, drunk driving, accidents while intoxicated, self-inflicted wounds, murder, death in a war, or while participating in hobbies like skydiving, are not covered by most insurance companies.
Yes. By opting for a health-related rider such as critical illness coverage with term insurance plans from an insurance company, you can avail of tax benefits under section 80D of the Income Tax Act, 1961.>/p>
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Eligibility Criteria To Buy Term Insurance Plan
Term insurance policy is an ideal investment option because it offers life coverage in exchange for regular premium payment. Term insurance policy is a type of pure risk protection plan but before you purchase a term insurance plan, it is essential for you to check the eligibility criteria to know if you meet the eligibility criteria to purchase a term insurance or not. Below mentioned is the eligibility criteria to purchase a term life insurance policy:
- Minimum Entry Age 18 years
- Maximum Entry Age 25 years
- Minimum Policy Tenure 5 years (may vary from one insurance provide to another)
- Maximum Policy Tenure No limit (may vary from one insurance provide to another)