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Term Life Insurance – An Overview
Term Life Insurance is a type of life insurance that provides coverage for a specified term, usually between 10 to 30 years. It pays a death benefit to the beneficiaries if the policyholder dies within the term of the policy. If the policyholder survives the term, no benefit is paid.
Affordable Premiums: Term life insurance is one of the most affordable life insurance options, providing substantial coverage at lower premiums.
Simple and Straightforward: With no investment component, term insurance is simple, making it easy to understand and buy.
Flexible Coverage: Policies can be customized for varying periods, coverage amounts, and renewal options, offering flexibility to policyholders.
Documents Required for Term Life Insurance
The following documents are generally required for applying for Term Life Insurance:
Identity Proof (Aadhar Card, Passport, Voter ID)
Address Proof (Aadhar, Utility Bill, Passport)
Passport Size Photograph
Medical Reports (if applicable)
Income Proof (Salary Slip, Tax Return, Bank Statements)
Term Life Insurance Timeline
The approval and policy issuance process for Term Life Insurance generally takes between 7 to 14 days, depending on the insurer and the underwriting process.
Frequently Asked Questions
- What is Term Life Insurance?
- Can I Convert My Term Life Insurance to a Whole Life Policy?
- What Happens If I Stop Paying My Premium?
