Term Insurance

• Financial Protection for Your Family: One of the most important term insurance benefits is that it provides money to your family if you pass away. The death benefit helps your spouse, children, or parents manage daily expenses and future needs without financial trouble.

• Protect Your Home and Assets: Loans like home loans or car loans can put pressure on your family if you are not there. A major benefit of term insurance is that it helps clear these debts, so your loved ones don’t have to worry about repayments. 

• Maintain Your Family’s Lifestyle: Another valuable term insurance benefit is that it helps your family manage daily living costs. If you earn and have dependents, the payout in your absence makes sure they don’t have to compromise on their standard of living. This support gives them stability during difficult times.

• Strong Protection Without High Costs: A term insurance policy gives a large death benefit at very low premiums. At ACKO, life cover starts @ just ₹18/day*.  This makes it an easy and smart way to protect your loved ones. Remember, term insurance is the simplest type of life insurance and is meant only for pure protection.

• Support for Your Family in Uncertain Times: Life can bring sudden challenges. Events like accidents or serious illnesses may be beyond your control, but their financial impact can be managed. According to the ACKO Accident Index 2024, 78% of road accidents in India happen in metro cities. The most accident-prone cities include Hyderabad and Delhi NCR, followed by Pune and Bengaluru. On the other hand, critical illness treatments can cost several lakhs, with medical inflation rising yearly. Having a term plan is about caring for your loved ones and making sure your family is protected from future money challenges due to loss of income.

• Additional protection with Riders: Everyone has different needs, and term insurance can be customised with riders for extra protection. For example, you can choose riders for critical illness, accidental death, disability income, etc. This makes your term insurance plan more useful by covering more than just life protection. 

• Multiple Payout Options: Term insurance gives you different ways to choose how your family will receive the money - all at once, every month, or a mix of both. You can pick the option that works best for them.

• Tax Benefits: Another term insurance benefit is that you can save on taxes. The premiums you pay are eligible for deductions under Section 80C of the Income Tax Act, depending on the tax regime you choose. Also, the payout your family receives is usually tax-free under Section 10(10D). As per the latest GST rule, term insurance premiums are now tax-free (0% GST). This exemption makes life protection more affordable and supports the vision of ‘Insurance for All by 2047’. PIB press release on GST change (Sept 2025).

• Low Entry Age: You can get term insurance from age 18. Starting early means lower premiums and longer coverage.

• Long Term Protection: Term insurance provides coverage for a stated or specified period, such as 10, 20, or 30 years. If the insured lives beyond the stated term, then the policy expires and pays no benefit.

• Simplicity & Easy to Buy: Term insurance is quite simple in nature, making it easier to understand and purchase compared to other types of life insurance.

• Easy Premium Payment Options: You can choose how you want to pay premiums: monthly, quarterly, yearly, or even once. Choose what works best for you.

• Optional Riders: Options to add additional protection through riders like accidental death benefit, accidental total permanent disabilities, and life insurance critical illness. These riders add an extra layer of financial protection on top of the sum assured provided by the term plan.

• Customisable Coverage: The amount of coverage can be increased or decreased in most cases according to your needs and financial responsibilities (e.g., paying off a mortgage or dependents).

• Affordability: Term insurance is usually more affordable than whole life or universal life because it does not include a saving or investment component. The premiums are normally lower.

• Convertibility: A conversion option means that you may convert your term policy into a permanent life insurance policy, such as whole life or universal life, without showing evidence of insurability. This is particularly useful if your health changes or you decide later in life that you might want lifetime coverage.

• Fixed Premiums: When paying for term insurance, the premiums are fixed for the duration of the term. That is to say, the amount paid for protection is constant throughout the term. Hence, locking in these premiums early in life is a smart financial move.

• Renewability: There are term insurance policies that allow renewal of the policy after the term is over, generally at an increased premium. The good thing here is that you can extend the coverage without a new medical exam, although the premium will surely increase as you get older.

• Payout Options: Multiple payout choices for how your beneficiaries receive the money in case of your ultimate demise.

• Death Benefit: When the policyholder dies during the period known as the 'policy term,' a tax-free death benefit is paid to their named beneficiaries.

• No Cash Value: Term insurance does not build any cash value or investment component; it is purely a protection policy designed to pay a death benefit.

• Young and Healthy People: Buying term life insurance when you're young and healthy can be cheaper. It's like locking in a good deal for the future.

• Earning Members: If you're the one who earns for your family, term life insurance is essential. It ensures your family won't face financial difficulties if you're no longer there to support them.

• People with loans or EMIs: If you have loans or debts, like a home/personal/car loan, term life insurance can cover those debts so your family doesn't get burdened.

• Taxpayers: If you're looking to save on income tax while securing your family's future, term life insurance is a smart choice. Premiums paid are eligible for tax deductions under Section 80C, and the payout to your family is tax-free under Section 10(10D).

• Homemakers / Non-Working Spouses: Homemakers play an important role in running the household and supporting the family. Term insurance for non-working spouses helps ensure that daily needs like childcare, groceries, and household support are taken care of, in case of an unforeseen event.

• Working Women: In today’s workforce, women stand shoulder-to-shoulder with men. Term insurance for working women offers tax savings and helps secure a family's financial future. Additionally, many plans include riders, such as critical illness coverage, for life-threatening illnesses commonly affecting women.

• Newly Married Couples: When you're beginning your married life, term insurance provides financial protection for your spouse in case something happens to you. Buying early also means lower premiums.

• Single Parents: If you're a single parent, your children depend on you entirely. Term life insurance can give you peace of mind, knowing that your kids will have financial support if something happens to you.

• Estate Planners: If you want to leave your heirs and inheritance or financial legacy, term life insurance can help ensure they receive it.

• Business Owners: If you own a business, term life insurance can be crucial to ensure the smooth transition of your business or to cover business debts in case something happens to you.

• People with Ageing Parents or Dependents: Many Indians support their parents or siblings financially. A term plan ensures that your dependents won’t be left helpless in your absence. 

The question of when to buy term life insurance is determined by your needs and financial objectives. However, it is important to understand that when you buy term insurance early, the amount you pay (called the premium) is much lower.

• Minimum Entry Age 18 Years: Most insurers in India permit the buying of term life insurance from age 18 onwards. In most cases, this constitutes the minimum entry age for a policy.
• Maximum Entry Age 60 Years: The maximum purchase age to buy a new term life insurance policy ranges from 55 to 60 years. A few insurers may offer age 65, but options can be limited, and the premiums can be higher.

1. Health Conditions: If you are in good health, purchasing term life insurance is generally easier and more affordable. The longer you wait, the more health problems you may have, which means the more you may have to pay, or you might not get coverage at all.
2. Starting a Family: Term life insurance would ensure that your spouse, children, or other dependents are protected to preserve their standard of living in case of anything adverse.
3. Taking on Debt: Large debts, such as a mortgage or car loan, can be paid off upon one's death through term life insurance policies, thus avoiding financial burdens on the family.
4. Growing Your Family: With each addition to the family comes an increase in financial responsibilities. Life insurance will help provide for future expenses and protect your family's future financially.
5. Changing Jobs or Careers: A job change, especially an upgrade in salary or increase/decrease in responsibilities, could be an opportune time for reviewing life insurance needs.
6. Estate Planning: As you begin considering estate planning, term life may become a convenient way to pay estate taxes or other costs that come due upon your death.

When you first buy ACKO’s Flexi Plan, the premium rates for different coverage amounts are fixed based on your age at the time you start the policy.

• If you're 30 years old in 2025 and buy a term plan with a ₹1 crore sum assured.
• Later, in 2035, when you turn 40, you decide to increase the coverage to ₹2 crore.
• The premium will be calculated as if you're a 40-year-old in 2025, not in 2035.
• This protects you from paying higher premiums that would normally apply to a 40-year-old in 2035.

Market Comparison

In the last 4 years, term insurance premiums have increased by more than 40% on average. ACKO's Life Flexi Term Plan can potentially help you save up to 40% on premiums in the long run, assuming these historical price trends continue. Most market plans do not offer a similar lock-in mechanism for future premium hikes related to sum assured increases.

Choosing the best term insurance plan in India can feel confusing. You want something that fits your needs just right. Here are the steps to help you pick the right term insurance plan for you.

• Determine your Coverage Need

1. Income Replacement: Find out how much income your family would require to maintain their present lifestyle if you were no longer around.
2. Debt Coverage: You must account for loans and other liabilities in the coverage as well.
3. Future Expenses: Consider future expenses like education, the marriage of children, etc., for long-term  financial goals.

• Select Correct Coverage Amount: The sum assured should be 15-20 times your annual income, which may vary depending on your requirements.

• Select the Policy Term: Select a term that considers your financial liabilities and objectives. Standard terms range from 10 to 30 years. Ideally, you should have coverage until you're 70 years old to ensure adequate protection.

• Age and Health: Your health and age would determine the premium and coverage options. The younger and healthier you are, the lower the premiums might be.

• Check the Insurer's Claim Settlement Ratio: The high claim settlement ratio explains the reliability of the insurer in case of claim settlement. Research this ratio to determine the performance of the insurer. According to the IRDAI, the claim settlement ratio for the public sector insurer was 98.52% as of March 31, 2023. For private insurers, the claim settlement ratio was 98.02% for the fiscal year 2022-23. For additional details, please refer to the IRDAI Annual Report 2022-23.

• Comparison of Premiums and Affordability: Look at the premiums for various plans and see which ones fit your budget. Some insurers offer flexible premium payment options, too. 

• Riders and Additional Benefits: Check if the policy offers riders such as accidental death benefit, critical illness cover, or even a premium waiver. These riders can provide extra protection and benefits to the insured.

• Check the Reputation of the Insurer: Go through customer reviews, financials, and the reputation of the insurer in the market. Go for the one that has good customer support and service.

• Understand the Terms and Conditions of the Policy: The policy document has to be read with care to understand the terms, exclusions, and conditions. Check whether there is some clause that may affect the coverage.

• Professional Advice: A financial or insurance expert will help advise based on the particular situation of the individual.

1. Pick a Term Insurance Plan as per your age

Age plays a key role in deciding your term insurance premium. As you grow older, the premium amount usually increases, and your life cover needs may also change. That’s why it is important to choose the right coverage amount based on your age and financial requirements.

2. Pick a Term Insurance Plan as per the policy term

The right term (duration) for an insurance policy is based on your needs and situation. Consider a few of the following when pre-determining how long your term should last.

• Financial Responsibilities: Consider how long you'll have certain financial responsibilities, such as a mortgage or dependent children. For example, if you have a 30-year mortgage, it might make sense to opt for a 30-year term policy to ensure coverage until the mortgage is paid off. It is wise to extend your coverage until you're 70 years old to ensure comprehensive protection.
• Income Replacement: If, for instance, the aim is to replace income for your dependents if something were to happen to you, you may want a policy that can last until they become financially independent. 
• Cost vs. Coverage: Policies with longer terms generally tend to be more expensive, so balance your needs with your budget and select a policy term accordingly.

Here are some of the popular policy terms in term insurance that many people prefer.

3. Pick a Term Insurance Plan based on your Salary

Your budget is crucial in choosing the right sum assured. Ensure the premium you'll pay for the term plan comfortably fits your budget. You want to avoid straining your finances by going for a sum that's too high. Here are some popular options in term insurance for salaried individuals:

Read more about other term insurance options based on your life stages and financial goals.

Let’s examine how term insurance can protect a family’s future using Mr. Suresh as an example, a regular, responsible family man. 

Mr. Suresh was a 32-year-old software engineer living in Bengaluru. He was the sole earning member of a family of four: his wife and two young children. He had many dreams to fulfil. But life took a tragic turn when he passed away suddenly. What made all the difference was that Mr. Suresh had a ₹1 crore term insurance plan. 

Now, let’s look at how that one decision protected his family’s future:

• Replaced His Monthly Income: His wife received a ₹1 crore payout. This helped replace his income and cover essential expenses like rent and groceries, just like his salary did. Estimated monthly expenses for a 4-member middle-class Indian family range between ₹45,000 and ₹70,000, according to various 2024 estimates and surveys.

• Cleared Outstanding Loans: Mr. Suresh had loans, like a home loan and personal/car EMIs. His term plan helped pay them off, so the family didn’t lose their home or fall into debt. With per capita borrower debt rising by nearly 23% over the past two years and non-housing debt representing around 55% of household liabilities, financial pressure on Indian families is growing.

• Helped with His Children’s Education: His kids, aged 5 and 9, had money saved for school and college. Because of the term plan, they didn’t have to rely on luck or donations. As per a study covering 2014–2018, the cost of engineering education in India’s top colleges averaged ₹15–18 lakh, while MBA programs from tier 1 and tier 2 institutes ranged between ₹18–20 lakh.

• Supported His Wife’s Future: His wife used some of the money to start a small business at home. This helped her earn on her own and take care of the family. Today, many women entrepreneurs in India are primary earners in their households. This reflects a strong shift toward financial independence and greater responsibility.

Several key factors affect premiums for term insurance plans. Some of them include your age, health, lifestyle habits, coverage amount, and policy duration.

• Age: Your age plays a big role. The younger you are when you buy a term insurance policy, the lower your premium will be.

• Health status: Your health condition matters a lot. Insurance companies may ask you to undergo a medical check-up. If you're healthy, you'll likely get a lower premium. But if you have health issues, your premium may be higher.

• Lifestyle choices: If you smoke or drink alcohol, it can increase your premium. These habits are associated with higher health risks, so insurance companies may charge more to cover those risks.

• Policy Term: The length of your insurance policy also affects the premium. Longer-term policies often have higher premiums compared to shorter ones.

• Sum Assured: This is the amount of money your family would receive if something happens to you. If you want a higher sum assured, your premium will be higher too.

• Rider Benefits: Some policies offer extra benefits called riders, like critical illness or accidental death coverage. Adding these riders will increase your premium, but they provide additional protection.

• Occupation: Your job matters too. Risky jobs, like working in construction or mining, can lead to higher premiums.

• Hobbies: If you have a risky hobby, like skydiving or racing, it can also increase your premium. Insurance companies consider your lifestyle when setting the rate.

• Gender: In some cases, your gender can affect your premium. Historically, women have had lower premiums because they tend to live longer and have fewer health problems, but this gap is narrowing.

Choosing the right term insurance cover is important. It helps protect your family’s future if something happens to you. Here’s a simple way to figure it out:

• Think About Your Income: A good rule is to choose a cover that is 10 to 15 times your yearly income. For example, if you earn ₹5 lakhs a year, your cover should be around ₹50 to ₹75 lakhs.
• Human Life Value: Human Life Value (HLV) is the estimated total income you would earn for your family during your working years, adjusted for inflation, liabilities, and future goals.

The sum assured is the prime factor in a term insurance policy, as it forms the actual amount the insurance company pays out to the beneficiaries in case of the death of the policyholder. Here's why it is an important factors:

• Financial Security for Dependents: Term insurance provides much-needed financial support for your dependents in case you are not around. The sum assured ensures that your dependents have enough resources to meet living expenses, pay off debts, and achieve life goals with minimum disruption.

• Adequacy of Cover: The selection of an adequate sum assured is of prime importance to ensure the sufficiency of cover for the family. This amount should be enough to replace your income and cover future expenses, such as children's education or mortgage payments.

• Peace of Mind: Knowing your loved ones were well taken care of and that the sum assured would financially secure them would give you peace of mind. 

Here are some of the most common coverage options to explore: 

You want to make sure your family is financially secure if something happens to you. But you need to figure out how much coverage you need or how much it will cost. That's where a Term Insurance Calculator comes in. In simple terms, a Term Insurance Calculator helps you determine how much insurance you need and how much it will cost. It's like a virtual assistant that takes the guesswork out of protecting your loved ones financially.

• Provide basic information about yourself, such as your age and gender, and how much money you want your family to receive if you pass away.
• Answer a few simple questions about your habits and health conditions.

Then, the calculator does some quick maths and gives you an estimate of how much you'll pay for the insurance each month or year. It also tells you how long the coverage will last (usually a specific number of years).

The right term for an insurance policy is based on your needs and situation. Consider a few of the following when pre-determining how long your term should last.

• Financial Responsibilities: Consider how long you'll have certain financial responsibilities, such as a mortgage or dependent children. For example, if you have a 30-year mortgage, it might make sense to opt for a 30-year term policy to ensure coverage until the mortgage is paid off. It is wise to extend your coverage until you're 70 years old to ensure comprehensive protection.

• Income Replacement: If, for instance, the aim is to replace income for your dependents if something were to happen to you, you may want a policy that can last up until they become financially independent or up until they are not relying on your income anymore.

• Cost vs. Coverage: Policies with longer terms generally tend to be more expensive, so balance your needs with your budget and select a policy term accordingly.

1. Buy Early:

Buying term insurance early helps reduce your premium because when you are young and healthy, the risk is lower for the insurer. This means you pay a smaller premium compared to buying the same plan later in life. Starting early also ensures long coverage and gives your family strong financial protection at an affordable cost.

2. Consider Existing Assets and Savings: 

Consider any savings, investments, or assets your family can rely on in an emergency. Subtracting these from the required sum assured helps you decide the right coverage amount. This ensures you don’t overestimate your needs and end up paying extra premiums.

3. Compare Policies Online: 

One of the best ways to reduce your term insurance premiums is by comparing policies online. Get quotes from multiple insurers, check the premium for your chosen sum assured, and review features and benefits. This helps you find the best term plan at the most affordable cost.

4. Save on Premiums by Staying Healthy:

Living a healthy lifestyle not only improves your well-being but can also help lower your term insurance premiums. Insurers often offer better rates to non-smokers and individuals with no major health issues. 

5. Select Only the Riders You Need:

Adding too many riders can increase your term insurance premiums. Pick only the term plan riders that match your needs, such as critical illness or accidental death, and skip the ones that don’t apply to your situation. This way, you get the right balance of cover without overspending.

6. Reduce Premiums by Paying Annually:

Paying your premiums annually instead of monthly or quarterly can help reduce the overall cost of your term insurance plan.

There are different payout options in term insurance to match your family's needs. Term insurance payout options can include a lump sum, monthly income, or a combination of both.

• Lump Sum Payout: Your family gets all the money at once. This is the most common option available and gives them immediate access to the entire amount.

• Monthly Payout: Instead of one big payout, your family receives a fixed amount every month for a set number of years. It could be 5 years, 10 years, depending on the policy details. This helps with regular household expenses

• Increasing Income: The monthly amount increases every year. This helps your family handle rising prices and living costs.

• Lump Sum + Monthly Income: Part of the money is paid upfront as a lump sum, and the rest is given as monthly income over a fixed period. This gives your family quick support and steady income.

Remember to choose the right death benefit payout option in your term insurance plan. To do that, first check what options your insurance company is offering. Then, think about what suits your family best. For example, do you have any loans to pay off? Who is your nominee, and can they manage money well? Accordingly, select your term insurance payout option wisely.

A term insurance rider is an optional add-on to a term life insurance policy that offers additional benefits and enhanced coverage. There are various types of term life insurance riders available in India, such as critical illness rider, accidental death benefit rider, critical illness and more.

You can choose riders based on what you need and what you can afford. Riders cost a little extra, so pick only the ones that give you useful benefits without making the premium too expensive.

• Increase Your Coverage: Add a rider to your base plan for extra protection and greater peace of mind.
• Stronger Protection: Easily get financial protection against accidental death, accidental disabilities, critical illness, etc.
• Meets Specific Needs: Riders are designed to match different personal and family needs under term insurance.

1. Increase Financial Protection: Riders increase the overall protection of your policy. For example, a critical illness rider provides a payout if you are diagnosed with a serious disease, while an accidental death rider gives extra coverage in case of an accident. These add-ons ensure your family gets more support beyond the basic life cover.
2. Affordable and Customisable: One of the main benefits of term insurance riders is that they are affordable. You can pick and choose riders based on your needs without having to buy a separate policy. This makes your plan customisable and flexible at a low cost.
3. Additional Tax Benefits: Adding riders to your term insurance plan may also give you extra tax savings. Premiums paid for certain riders, such as critical illness, can qualify for deductions under Section 80D of the Income Tax Act, in addition to the usual 80C benefits.
4. Peace of Mind: The biggest benefit of term insurance riders is peace of mind. Whether it’s illness, accident, or disability, these add-ons make sure your family is financially supported in tough times.

To take a term insurance policy, you must fulfil certain eligibility criteria defined by the insurer. Knowing these criteria helps you select the appropriate plan.

• Age Limit: The majority of insurers provide term plans to people aged between 18 and 65 years.

• Income Criteria: Your income determines the maximum coverage amount you can choose.

• Medical Fitness: Certain policies could ask for a medical test to evaluate your well-being.

• Nationality & Residency: Applicable for Indians and NRIs according to insurance company guidelines.

• Occupation & Lifestyle: Hazardous occupations or lifestyles like smoking could impact premium charges.

Note: Satisfying these conditions gives you a seamless approval process and brings you closer to ensuring your dear ones' future.

• Insufficient Calculation of Coverage Requirement: The biggest mistake is incorrectly calculating the coverage requirement. Factor in outstanding debts, future expenses such as children's education, and income replacement. If underestimated, this might result in less than adequate coverage for dependants.

• Ignoring the Importance of Policy Duration: Choose the policy duration that coincides with your financial liabilities. In other words, if you have a mortgage of 20 years, you'd probably want your policy to last at least as long as the mortgage. Choosing insurance coverage until you’re 70 is a smart choice. Extending it beyond 70 can make your premiums (the amount you pay) much higher.

• Not Considering Renewal Provisions: Most term insurance policies are renewable, but the premiums at renewal may be higher. Understand what the renewal provisions are, and how they compare to buying a new policy at a later date.

• Not Comparing Quotes: Compare several quotes from different insurers to ensure that you get the best rate and terms for your needs.

• Not Reading the Fine Print: Read the policy details carefully, and check the exclusions, limitations, and conditions that may apply to your coverage. You can also refer to the IRDAI’s Do’s and Don’ts for Life Insurance to understand what to look out for before buying a policy.

• Not Accounting for Inflation: Consider how the value of your coverage may erode over time and additional coverage is needed to account for this.

• Not Updating the Policy: Life circumstances change. Periodically review your policy and update it to determine whether it meets your needs.

• Cheaper isn't Better: While the cost is an important factor in nearly anything, sometimes the cheapest policy isn't always the best. Make sure the insurer has a good reputation in terms of claim payouts and service to customers.

• Not Researching the Insurer's Financial Health: Another mistake may be failing to research the insurance company's financial rating. An insurer that is financially stable is more likely to pay claims when they arise.

• Not Knowing the Conversion Option: Many term policies have the option to convert to a permanent policy without a medical examination. This can be of great value if you believe that your needs might warrant permanent insurance protection in years to come.

• Not Using Additional Riders: See if the policy offers additional riders, such as critical illness coverage or accidental death benefits that apply to you.

Buying a term plan online is quick, simple, and convenient. You can easily compare plans, choose what suits you best, and skip the paperwork. When you buy from ACKO, you get a smooth digital experience, transparent pricing, and helpful support.  Here are some of the key benefits of buying your term insurance plan online:

• Convenience: Buying term insurance online at ACKO is easy. You need not visit an office or meet an agent; you can complete the process anytime, anywhere, and at your own pace.

• Cost-effective: Online term insurance plans at ACKO are pretty reasonably priced. With no middlemen or agents, you will be able to easily compare quotes from various providers and select the plan that fits your budget.

• Transparency: Buying term insurance online from ACKO will show all the details and terms of the policy on our website. No hidden charges or confusing jargon-just straightforward information, pretty much like reading a book with no fine print.

• Faster Process: There is no tedious paperwork and meetings. You can get the whole process done a lot faster at ACKO, sometimes in just a few minutes.

• Multiple options at your fingertips: With ACKO, you have a wide variety of coverage options. In addition, you can customise your term insurance policy by choosing the coverage amount, policy term, and additional features like critical illness or accidental death benefit cover.

• No Pressure: You may review every feature of the policy, understand its details, and eventually decide accordingly.

• Secured Transactions: ACKO secures all your personal and financial information with advanced encryption and secure payment gateways. Your data is safe and secure.

The process to buy the ACKO Life Flexi Term Plan is simple and straightforward. Follow the steps below:

• Initiate the purchase journey via the widget on the website/app.
• Select the plan
• Answer the questions to determine eligibility and premium.
• Pay the premium online.
• Receive the policy via email or download it from the app.

Note: This is a generic process; the exact steps can vary depending on the chosen plan and other details. 

ID Proof

• Aadhaar Card
• Voter ID
• PAN Card
• Passport

Address Proof

• Electricity, Telephone Bill etc (not more than 2 months old)
• Aadhaar Card
• Driving License

Age Proof

• Birth Certificate
• PAN Card (can be used again)

Income Proof

• Salary Slip (for salaried people)
• ITR (Income Tax Return) or bank statement (for self-employed)

Medical Reports (if asked)

• Recent medical reports (health check-ups like blood test, blood pressure, etc)

Nominee KYC Documents

• KYC documents of the nominee may be required. Some of these documents include Aadhaar Card, PAN Card, Passport, etc. 

To make a life term plan claim, you need to keep some important documents ready.  Here is a list of documents required for a life insurance claim as per IRDAI. 

• Death Certificate: This is the most crucial document. It proves that the person insured has passed away. You can get this from the local municipal authority or hospital where the person died.

• Policy Document: You'll need a copy of the term life insurance policy. It shows the details of the insurance, like the coverage amount and beneficiary information.

• Identification Proof: You'll need to prove who you are. Common forms of ID include a passport, Aadhaar card, or voter ID.

• Medical Records: If the death was due to a medical reason, the insurance company might ask for medical documents or reports related to the illness or condition.

• Police Report (if applicable): If the death happened under unusual or suspicious circumstances, you may need to provide a copy of the police report.

• Nominee/Beneficiary ID: The person who will receive the insurance money (the nominee or beneficiary) must also prove their identity.

• Bank Details: You must provide your bank account information where the insurance payout should be deposited. This is usually done through a cancelled cheque or a bank statement.

• Proof of Relationship: If the nominee/beneficiary isn't the spouse, you may need proof of the relationship, like a marriage or birth certificate (for children).

• Additional Documents: Depending on the specific circumstances of the claim, we might ask for more documents.