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Term insurance is one of the forms of investment that you can trust to protect your family if untimely death should bring about a tragic situation. Term insurance will enable your family to fend for themselves even if you are not around and their needs will be fulfilled through the lump sum. The beneficiary or nominee can easily claim the policy to receive the sum assured as a lump sum or monthly income.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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A nominee is a person you can select to receive the death benefit of your term insurance policy. It can be any person of your choice or who is financially dependent on you like family members. The individual can be anyone such as your partner, child, or parent.
You must provide the details of your nominee at the time of purchasing the policy so that the company knows whom to contact in the event of your demise. If you are unable to decide the nominee while buying the policy, you can always choose someone at a later date and inform your insurer of your decision. It must be noted that you can also opt for more than one nominee to distribute the sum assured or life cover.
Term Plans
Some advantages of nominating a person for a term insurance policy are:
Term insurance is a long term investment. There are several reasons you may find yourself in a position where you wish to switch your nominee. For example, the unexpected death of the nominee before you, change in your relationship or loss of trust. In such a situation, a thorough knowledge of the procedure required to change the nominee is essential.
Listed below is the stepwise process to ensure a successful switch of your nominees:
It is always advised to keep your immediate family members updated with all information regarding all the policies that you have purchased and any changes that you make to them. If you decide to change the nominee of your term insurance policy, you can also update the same information in your will to avoid confusion.
Note: Will of a person and term insurance are two separate policies/documents.
Changing a nominee in a term insurance policy is not a complicated procedure, as assumed by many. You must not hesitate to do so if you feel the need for it.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
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Lapses in decision-making can cost policyholders and their families dearly in the long run. Here is a list of a few mistakes that are commonly observed during the nomination process:
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
The process of being able to provide for your family and loved ones even after your passing is a privilege. You can be assured that they will be well looked after and have something to fall back on. You must carefully purchase a term insurance policy and appoint a nominee to avoid misappropriation of your funds in your absence. However, all insurers advise extreme caution while selecting a nominee.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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