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The iSelect Star Term Plan permits to increase the life cover at every key life milestones. This plan will not let you reconsider any big decisions in life. The iSelect Star Term Plan will help to secure a good life for the family members.
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It is a highly flexible plan, which can be aligned to the life stage and insurance needs. This plan also offers various options not only for coverage but for benefit payouts and premium payment.
Note: Know more about what is term insurance first before reading this article.
Term Plans
The table below shows the eligibility criteria of the iSelect Star Term Plan:
|
Parameters |
Minimum |
Maximum |
|
Entry Age |
18 Years |
65 Years PPT of 60 years (Life Option)* - 55 Years
PPT of 60 Years (Other Options)* - 50 Years Single-Premium Option - 45 Years
Non-Working Spouse- 50 Years |
|
Maturity Age |
28 Years |
80 Years
Whole Life Coverage* Under Life Option - 99 Years
ADB / ATPD - 75 Years |
|
Policy Term |
Life Option - 5 Years**
Other Options - 10 Years |
Life Option - 62 and 99 years minus the age at entry for Whole life Coverage plan
Other Options - 30 Years |
|
Premium Payment Term (PPT) |
Life |
Single-Premium ( Unavailable for Whole Life Coverage)
Limited Pay - 5* / 10 / 20 / 25 / Upto 60 Years****
Regular Pay - The same as the term of the policy |
|
Life with Return of Premiums |
Limited Pay - 10 / 20 / 25 / Upto 60 Years***
Regular Pay - The same as the term of the policy |
|
|
Life Plus |
Limited Pay - 10 / 20 / 25 / Upto 60 Years***
Regular Pay - The same as the term of the policy |
|
|
Sum Assured |
Life Option - ? 25,00,000
Optional In-Built Covers - ? 25,00,000
Other Options - ? 15,00,000 |
As per Underwriting Policy as Approved by the Board
For ADB - ? 3,00,00,000
For ATPD PPP - ? 1,00,00,000
For Non-Working Spouse - ? 25,00,000 |
ADB - Accidental Death Benefit, ATPD PPP - Accidental Total and Permanent Disability Benefit Premium Protection Plus
*Option not available if opted for Spouse Coverage
** The policy term of 5 to 9 years is only available for the age of entry at 35 years and above. Similarly, a PPT of 5 years with a policy term of up to 9 years is available only for the age of entry at 35 years or above.
***The minimum premium paying term for this option will be 5 and 10 years for the Life Option and other Plan Options, respectively.
**** Option not available if opted for Spouse Coverage and the minimum premium paying term for this option will be 5 and 10 years for the life Option and other Plan Options respectively.
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The iSelect Star Term Plan has a plethora of benefits that other companies in the sector fail to offer at an affordable price. Listed are a few of the benefits of the plan:
Life Insurance has three options: Basic Life Insurance, Life Insurance with a Return of Premium, and Life Plus.
Under the Plan Option Life, if the life insured dies or is diagnosed with a terminal illness, either of, which occurs first, the Sum Assured as promised under the clause for Death is payable to the nominee.
Both the Life Insured and Spouse of the Life Insured can be covered for the term of the policy under the pretext of specific terms and conditions.
Under the Plan Option Life with Return of Premium Plan, if the policyholder dies or is diagnosed with any terminal illness, either of, which occurs first, the Sum Assured as promised under the clause for Death is payable to the nominee.
If the policyholder outlives the above conditions, he/she is entitled to the total premiums paid upon maturity of the plan.
For the Option Life Plus, benefits of both Life and Life with Return of Premium Plan are applicable with an added benefit that the policy will continue even after the maturity till the life insured turns 99 years old. This is the Extended Cover Period.
Sum Assured is paid out under the Extended Cover Period if the life insured dies or is diagnosed with a terminal illness. On attaining the age of 99 years, the Sum Assured is paid to the policyholder, and the plan terminates upon successful payout.
Increased Sum Assured for the three Life Events. To avail of the benefit, one needs to notify the insurer of the Life Event within a year from the date of the Life Event.
Upon marriage, an increase of 50% of the Sum Assured is applicable.
In the event of childbirth, an increase of 25% of the Sum Assured is applicable.
In the event of the purchase of a new house, an increase of 25% of the Sum Assured is applicable.
Additional coverage with four in-built coverage options listed below:
Additional Sum Assured is paid to the nominee if the life insured dies due to an accident.
In an accident, if the life insured suffers a disability, either permanent or total, the Company will waive off all future premiums, and the policy continues till its term period.
Same as the above benefit, but the life insured is paid the Sum Assured promised under the ATPD clause.
In the event of the death of the life insured or diagnosis of any terminal illness, the life insured is paid an additional Sum Assured under the CSB clause to safeguard the future of his/her child.
The three payout options are:
In the payout option Lump-Sum, upon the Life Insured’s death, the nominee gets the whole Sum Assured.
In the payout option Monthly Income, one can opt to get a monthly income for 120 months or till the expiration of the policy for up to 40 years. It could be level monthly income or increasing income at 5/10% per annum.
In the payout option Part Lump-Sum Part Monthly Income, the proportion between the both could be 25%-75% or 50%-50% or 75%-25%. The monthly income will remain fixed, or it will increase at a rate of 5%/10% per annum.
Listed below are the documents required to buy the iSelect Star Term Plan:
To buy the iSelect Star Term Plan online, one needs to visit their website and fill in some relevant information. The policy could be bought in 4 easy steps. The steps are:
If the life insured commits suicide within 12 months from the commencement of the policy, the beneficiary is entitled to 80% of the premiums paid or the surrender value, whichever is higher. In the event of suicide within 12 months of the revival of the policy, the same conditions apply.
If the policyholder is diagnosed or treated for any illness deemed terminal within 48 months before the commencement of the policy, exclusions are made, and no death benefit is paid. Death due to the influence of alcohol or abuse of drugs shall not be entitled to the death benefit.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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
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