Term Insurance Policy for ₹18/day*

Think of this as the basic version. You pay a fixed premium every year, and if something unfortunate happens to you during the policy's term, your family gets a lump sum amount (the sum assured). It's like a safety cushion for them.

Buying increasing Term Insurance is a smart step because it takes inflation into account. Your coverage amount (the sum assured) increases every year by a certain percentage. So, it keeps pace with the rising cost of living.

Imagine you have a home loan or some other big debt. This type of term plan is designed for that. As you pay off your debts, the coverage amount decreases because your financial responsibilities are decreasing too.

With Return of Premium Term Insurance, if you outlive the policy term, you get back all the premiums you paid over the years. It's like getting a refund, but it's only if you're alive at the end of the term.

This one is flexible. You can start with a basic term plan and later convert it into a more comprehensive life insurance policy, like an endowment or whole life plan. It's like upgrading your insurance.

Think of riders as add-ons to your term plan. You can customise your policy by adding riders for things like critical illness, accidental death, or disability. They provide extra protection for specific situations.

Sometimes, employers offer Group Term Insurance to their employees as part of the employee benefits package. It covers a group of people under a single policy, and the premiums are usually lower.

Joint Term Insurance is designed for couples. You and your spouse can be covered under one policy. If either of you passes away, the surviving spouse gets the benefit. It's a way to ensure financial security for the family.

Start by listing your financial responsibilities. Consider things like outstanding loans, your family's day-to-day expenses, children's education, and any other financial commitments you have. This will give you a rough idea of how much money your family would need to maintain their lifestyle and meet their future needs if you're not around.
 

Think about your family's future needs. For example, if you have young children, you'll want to ensure enough money for their education and other important life events. If you have a spouse who depends on your income, calculate how much they would need to cover their living expenses.

Remember that the cost of living tends to rise over time due to inflation. It's a good idea to factor in inflation when estimating future expenses. What might seem like a sufficient sum today may not be enough.

Consider any savings, investments, or assets your family can use in case of an emergency. Subtracting these from the required Sum Assured can help you determine a more accurate figure.

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.

Get quotes from different insurance companies and compare their offerings. Look at the premiums they charge for the Sum Assured you need and the features and benefits of their policies.

Life circumstances change, so it's essential to review your term plan and the Sum Assured periodically. If you have significant life changes, like getting married, having children, or buying a new home, consider adjusting your coverage accordingly. With the ACKO Life Flexi Term Plan, you can easily change your policy through the ACKO app.

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.

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.
 

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.

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.

A job change, especially an upgrade in salary or increase/decrease in responsibilities, could be an opportune time for reviewing life insurance needs.

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.

If your need for life insurance is no longer met by an existing policy, or if you are approaching the end term of your current policy, now is the time to purchase a new policy or adjust your existing policy.

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.

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.

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

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.

If the death happened under unusual or suspicious circumstances, you may need to provide a copy of the police report.

The person who will receive the insurance money (the nominee or beneficiary) must also prove their identity.

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.

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

Depending on the specific circumstances of the claim, we might ask for more documents.