The main difference between term life insurance and whole life insurance is the duration of coverage and the presence of a savings component. Term life insurance provides coverage for a specified period and does not accumulate cash value, making it more affordable. Whole life insurance, on the other hand, covers the policyholder for their entire lifetime and includes a savings component that grows over time. Term insurance is ideal for those seeking maximum coverage at a lower premium, while whole life insurance offers lifelong coverage with an investment element.

The amount of term life insurance coverage you need depends on several factors, including your income, financial liabilities, and future expenses. A general rule of thumb is to choose a sum assured that is 10 to 15 times your annual income. This ensures that your family can maintain their current lifestyle, pay off debts, and meet long-term financial goals, such as education and retirement, in your absence. We help you calculate the right coverage amount based on your unique circumstances.

Yes, you can enhance your term life insurance policy by adding riders, which are additional coverages that provide extra protection. Common riders include critical illness coverage, accidental death benefit, waiver of premium, and income benefit. These riders allow you to customize your policy to better meet your needs and provide comprehensive protection for your family. As your broker, we guide you in selecting the most beneficial riders for your situation.

If you outlive your term life insurance policy, the coverage ends, and no death benefit is paid out. Some insurers offer the option to renew the policy at the end of the term, though premiums may be higher based on your age and health. Alternatively, you can convert the term policy to a permanent life insurance policy before the term expires. We help you explore these options to ensure continued protection for your family.

No, the death benefit received from a term life insurance policy is generally tax-free under Section 10(10D) of the Income Tax Act, 1961. This means that the amount paid to your beneficiaries upon your death is not subject to income tax. Additionally, the premiums you pay for the policy are eligible for tax deductions under Section 80C, making term insurance both a protective and tax-efficient financial tool.

Yes, you can buy term life insurance even if you have pre-existing medical conditions, but it may affect your premiums and coverage options. Insurers typically assess the severity and management of the condition before offering coverage. In some cases, the insurer may impose a waiting period or charge higher premiums. We help you find the best term insurance plans that offer coverage despite pre-existing conditions.

Choosing the right term length depends on your financial goals and the duration of your liabilities. For example, if you have a mortgage that will be paid off in 20 years or plan to retire in 30 years, you may choose a term length that matches these timeframes. The goal is to ensure that your coverage lasts until your major financial obligations are fulfilled. We assist you in selecting a term length that aligns with your specific needs.

Some term life insurance policies allow you to increase your coverage at specific life stages, such as marriage, the birth of a child, or purchasing a home. This feature, known as a life stage benefit, allows you to enhance your coverage without undergoing additional medical exams. However, not all policies offer this option, so it’s important to choose a plan that provides flexibility for future needs. We help you select a policy that accommodates your evolving coverage requirements.

To file a claim under a term life insurance policy, the beneficiary must notify the insurance company of the policyholder's death and submit the required documents, such as the death certificate, policy document, and proof of identity. The insurer will review the claim and, if everything is in order, will disburse the death benefit to the beneficiary. We provide full support during the claims process, ensuring a smooth and timely settlement.