FAQs on Term Insurance Plans

What is term life insurance plan?
Term life insurance plan is a basic form of insurance that offers death benefit for a fixed duration in return of periodic payment of the specific premium. In the tragic event of death of the insured person within this specified term, the insurance company pays the predetermined benefits (usually the sum assured) to the beneficiaries mentioned in the policy. There are no benefits from the policy if the insured survives during the term.
Why should I buy term life insurance?
Term life insurance plan is one of the most affordable ways to cover your liabilities if you die during the term of the policy, so as not to let your dependents suffer from financial difficulties.
What are term life insurance advantages? / When is term life insurance the right choice?
1) Lower premium 2) Good for covering specific liabilities such as mortgages or needs of children.
What are term life insurance disadvantages?
1) Higher renewal premium as it is primarily age related. 2) No tangible benefits to the insured if he survives the policy duration
What is sum assured?
Sum assured is the death benefit i.e. the amount for which you have been insured for. This amount is payable only to the nominee in case of death of the insured person.
What should be ideal insurance cover for term life insurance?
What are the characteristics of term life insurance policies? How they impact the premium amount?
Will my final premium rates be the same as the rates quoted here?
Rates quoted on the website depend on the basic information you entered but the final rates are determined by the insurance company through a process called “underwriting”. Underwriting includes a review of your current health status, medical history and family history among other things. In the case that your risk category come out to be different that what you entered, the final rates may vary from the rates quoted by the website.
Is medical examination necessary for the term insurance?
Assessment of health risk is an important criterion to get life insurance. You may be required to undergo medical tests depending upon on the insurance company norms and sum assured. Generally for lower sum assured, medical tests may not be required. However, some insurance companies allow self-declaration about the medical condition in lieu of medical examination.
Is my life insurance policy convertible?
Many term life insurance policies are convertible to other traditional plans like endowment plans or money back plans etc. Convertible policies can generally be converted to permanent policies within a specified period of time from policy issue, without providing new evidence of insurability (unless you increase your benefits). It needs to be identified at the time of buying the policy for the convertibility feature.
What is rider?
Rider is an additional set of benefits that the customer may choose over and above the benefits provided by the base policy. The customer may pay additional premium to avail these benefits.
What is the Accidental Death Benefit rider?
The accidental death benefit rider is an optional policy provision where in event of death due to accident, an additional amount is paid by the insurance company. This amount is over and above the basic sum insured that the beneficiary will get for your term insurance.
What is the Waiver of Premium rider?
The waiver of premium rider is an optional provision that protects your life insurance policy to be cancelled in event of your total disability, even if you are not able to pay the premiums. The payment of life insurance policy's premium is waived off, while the insurance cover continues.
Can I take more than one term plan?
Yes, you can take more than one term insurance plan. Any pre-existing plan needs to be declared to the insurance company while purchasing the new one.

FAQs on Car Insurance Plans

What are the different types of car insurance?
There are two types of car insurance:
  • Liability only policy - This covers Third Party Liability for bodily injury and/ or death and property damage. Personal accident cover for owner-driver may also be included.
  • Comprehensive Package Policy – This covers third party liability, damage to own car and has various features as a package.
What is liability only policy?
Liability only policy covers third party liability (insurance) for bodily injury and/or death and property damage and personal accident cover for owner-driver. It is mandatory under provisions of the India Motor Vehicles Act 1988. It can further be combined with fire and theft covers: • Liability Only Policy with Fire Only Cover • Liability Only Policy and Theft • Liability Only Policy and Fire & Theft.
What does comprehensive package car insurance cover?
Comprehensive car insurance covers damage to own car along with third party liability. It allows safety cover against damage or loss to car against. • Fire, explosion, self ignition, or lightning • Natural disasters like floods, hurricanes and storms, earthquakes, Landslide etc • Burglary, housebreaking or theft • Riot, strike or terrorist activity • Accidents • Malicious act • Whilst in transit by road, rail, inland, waterway, lift, elevator or air. Comprehensive cover includes personal accidental benefit for the owner of the car; you can also take personal accident cover for unnamed passengers.
What are add-on covers?
Add on covers, as the name suggests, are the added benefits or additional insurance covers. One can buy these on payment of an extra premium to cover certain additional risks that might not be covered in the insurance policy otherwise. Some of the add-on covers being offered by various insurance companies are: • Depreciation cover • NCB protection cover • Personal belongings cover • Daily allowance cover • Loss of keys • Road assistance cover.
What is NCB (No Claim Bonus)?
No Claim Bonus is discount given to vehicle insurers on renewal when then is no claim in the preceeding year(s)
What are exclusions?
There are certain conditions and situations where the vehicle is not covered. The list may vary for different companies, general exclusions may be:
  • - Normal depreciation, wear and tear
  • - Mechanical or electrical breakdown failure or breakages
  • - Damage to tyres and tubes unless the vehicle is also damaged
  • - Car driven under the influence of intoxicating liquor or drugs at the time of loss
  • - Damage by person driving without a valid driving license
  • - Damage due to war or nuclear crises
  • - Use of vehicle other than it is meant for
  • - Use of vehicle beyond specified geographical area
  • - Consequential loss
  • - Compulsory deductibles

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