Term insurance plans

Term insurance plans offer a higher life insurance cover at a lower fixed premium. A term plan can typically provide an insurance cover till 75 years of age. A term plan is a must to complete an individual’s financial plan and is used mainly to provide cover for financial needs of the insured and his family. For e.g. a term plan can be used by the family to pay up responsibilities like home loan or education of kids in case of an unfortunate demise of the insured

IndiaFirst Anytime Plan is an online term plan that offers a higher sum insured of upto Rs 49 lakhs at  a lower premium and ensures that the family of the insured is taken care of, even in his/her absence. In this plan, the sum assured is paid to the beneficiary in case of the unfortunate death of the life assured. IndiaFirst Anytime Plan provides the life assured the benefits of a life cover for a period of up to 30 years at a reasonable premium amount anytime and anywhere by directly visiting the IndiaFirst LifeStore.

Life insurance - Best way to promote our business

Taking a life insurance responsibly can help us live the life we want to and protect our family after we are not there. Without life insurance many people would be left destitute in the event of an unexpected disaster. Besides providing for financial security in the case of one's untimely death, it can be used to accumulate a kitty for the old age, systematically build assets for funding one’s child's education and also for saving on taxes.

Let us look at the roles of life insurance plays in our life –

Life insurance as a “risk cover” 

First and foremost, the primary task of life insurance is to ensure protection against losses that we are not prepared for, to help outlast life’s unpredictable losses. Designed to safeguard against losses suffered on account of any unforeseen event, insurance provides us with that unique sense of security that no other form of investment provides. By buying life insurance, we buy peace of mind and are prepared to face any financial demand that would hit the family in case of an untimely demise.

To provide such protection, insurance firms collect contributions from many people who face the same risk. A loss claim is paid out of the total premium collected by the insurance companies, who act as trustees.

Have you ever heard about term plans

Have you ever heard about term plans and insurance. Online term plans offer you a high cover at minimal cost. There are three situations we are keeping in front of you.

Your family is financially dependent on your income

You may have financial liabilities like home loans or other loans

You may not have other assets to take care of your family’s financial needs 

In all these case, all we need a good solution is buying a life insurance plan with high risk component. We are explaining you with an example.

 If your annual income is Rs.5 lakhs and you are aged 35, you may go for a cover of Rs.50 lakhs. If you already have Rs.5 lakhs insurance cover and Rs.5 lakhs bank deposits, you may subtract these amounts and go for at least Rs.40 lakhs sum insured.

In this case, you may go for a pure term plan as it will provide you high risk protection at a very nominal cost throughout the term plans.

With no maturity benefits, insurance companies have been able to offer a high level of protection at an economical price. To keep up with the evolving market dynamics, off late companies have started selling term policies online….

Online term plans are evoking great interest among consumers and insurers. For consumers, these online plans are quick, easy to buy and come at a lower premium than what they would have paid if purchased through an agent. For insurers, the online medium provides direct access to customers, cuts-away the distribution costs in agent commission etc., and allows them to seal the deal in a few minutes.

Life insurance - tricks and tips

In order to remove the problems given below, IndiaFirst Life Insurance Co. Ltd., a joint venture of Bank of Baroda and Andhra Bank, and UK’s leading risk and investment company Legal & General, has come up with an online sales process and a unique over the counter process – Ask Apply Get, where customers can choose and buy life insurance plans of their choice at their convenience almost instantly without the hassles of heavy documentation or long waiting period.

The major problem faced by the common man in the insurance sector is a communication gap between the insurance company and the life insurance policy. This happens most of the time because the agent does not disclose all the terms and conditions of the insurance policies. Several customer complaints have been based on these grounds.

Secondly, with a multitude of insurance players in the market, it not only becomes difficult but also complicated for the common man to decide which insurance plan to take and which provides the maximum benefits. This also happens due to major mis-communication in the advertisements put by various insurers where everyone says that they offer the maximum benefit.

Thirdly, there have been complaints that many-a-times, the procedure to recover claims has been a long and tedious one leading to disinterestedness and a corrosion of faith among the customers.

Key Features of IndiaFirst Anytime Plan - Term insurance online

§  A term insurance cover for a maximum term of up to 30 years at a reasonable price

§  The customer can now get the life insurance cover through IndiaFirst Life Insurance website

§  The family of the life assured is financially secured, as they get a lump sum amount immediately, in case of the an unfortunate death of the assured

§  The applicant can choose a minimum life cover of Rs. 10,00,000 and a maximum cover of Rs. 49,00,000

§  Premium amount can be paid in monthly, six monthly, yearly or lump sum as a single premium for the whole term

§  Under Section 80C, the policyholder you can enjoy tax benefits on the premium that is invested.

§  The life assured’s family also gets a tax benefits on the amount they receive as a claim under Section 10(10D)

Policy Term options available under the above mentioned term insurance online plan

Regular premium	Single premium
5 to 30 years	5 to 30 years

Are maturity benefits available under term insurance plan?

Since IndiaFirst Anytime Plan is a pure term insurance plan, there are no maturity benefits available under it.

Calculate premium for IndiaFirst Anytime Plan

 

To calculate premium for the term insurance plan, refer the chart given below:

The term insurance premium is primarily dependent on age of the policyholder at the time of application, the sum assured and the term of the plan. For example, for a sum assured of Rs. 30 lakhs, a policyholder will have to pay the following regular insurance premium

Premium table for IndiaFirst Anytime Plan:

Age and Term		5	10	15	20	25	30
30		3,472	3,472	3,675	4,012	4,416	4,888
35		4,180	4,416	4,922	5,630	6,338	7,045
40		5,832	6,405	7,416	8,529	9,675	10,787
45		8,461	9,843	11,495	13,214	15,001	-
50		13,517	15,574	18,068	20,832	-	-
55		20,562	23,967	28,147	-	-	-