Buy Best Term Insurance Plan & Policy Online in India 14th September 2024 @ ₹18/day*

Term Insurance is one of the most common types of life insurance plans. You pay a fixed premium for a specific year or period, i.e., a policy term, and get a large life coverage in exchange.

Term insurance is a financial protection tool designed to provide security to your loved ones in your absence. The benefit can cover various expenditures like children's education, loan repayments, daily expenses, and maintenance of living standards even after losing a crucial income source. It's an excellent choice for individuals with financial dependents. Regular Term Insurance, Return of Premium Term Insurance, Increasing Term Insurance, and Decreasing Term Insurance are popular term plans in India. 

Here's why you should buy a Term Insurance Plan online in 2024

Term insurance works on a simple concept of income replacement for your financial dependents in your absence, i.e. ensuring that the expenses of the family related to loans (personal, home, education, etc.), kids' education, daily expenses and lifestyle expenses (travel, car, etc.) are taken care of in the event of an unforeseen circumstance.

The Term insurance plan works as follows:

Let's look at an example:

Rohit, a 29-year-old, protects his family's future with a 20-year insurance plan covering INR 1 Crore. He is a non-smoker, so he pays just Rs 620/month, ensuring financial protection for his loved ones in case of any unfortunate event (untimely death). All this while he enjoys his peace of mind. 

Term insurance is an excellent choice for parents, newly married couples, working women, young professionals, and taxpayers. Let's explore some of its distinct features for a clearer understanding:

ACKO Life Flexi Term Plan is a unique plan offering flexible coverage for your changing lifestyle! This exclusive plan is known for its unmatched flexibility. Here is a list of things you can customise in your ACKO Life Flexi Term Plan

Sum Assured or Coverage amount required to provide safety to financial dependents can change over a period of time as the financial dependents increase (kids) or financial obligations such as loans are taken (home, personal or education loans) or lifestyle changes as income levels change (you get promoted etc.)

Extensive life coverage at an affordable premium. 

Flexibility to customise policy terms, payment frequency, payment options, change nominees, add riders and more to accommodate changes across life.

Easy and Convenient: Easily buy or make claims on your term insurance policy. No more hassle, just simple and quick steps.

Will creation services: Create a will to draw a clear picture of which assets go where.

Let's understand the flexibility of ACKO Life Flexi Term Plan with an example: 

Meet Rahul, who has an annual income of 10 lakh. He got married at 30 and bought a 1 crore coverage ACKO Flexi Term Life Plan for his spouse, Rina.

At 35, with two kids (Nirvana and Kavir) and a 50 lakh home loan, he increased the coverage to INR 2 Crore as his responsibilities increased. By 45, after repaying the home loan and accumulating a substantial income corpus for his kids' education, he reduced coverage back to 1 crore. This shows how ACKO Life Flexi Term Plan adapts to individuals' changing life circumstances.

ACKO Life Flexi Term Plan comes with an option to enhance your coverage with the help of useful add-ons. 

1. ACKO Life Accidental Death Benefit Rider

Accidental Death Benefit Rider is one of the most affordable riders, purely designed to protect your family with an additional amount of money if your death is caused by an accident.

2. ACKO Life Accidental Total Permanent Disability Benefit Rider

Accidental Total Permanent Disability Rider is designed to protect your financial well-being in case a major accident leaves you permanently unable to work or care for yourself. It provides an extra amount to cover daily expenses. Additionally, we will waive off all future premiums of your ACKO Life Flexi Term Plan.

3. ACKO Life Critical Illness Benefit Rider

ACKO’s Critical Illness Rider is an extra layer of protection for your term insurance. If you get seriously ill, this rider can provide you with a large amount of money to help you through a tough time. 

Another key benefit of this rider is that ACKO waives off all future premium payments due for your ACKO Life Flexi Term Plan. We cover 21 critical illnesses, including life-threatening common illnesses among women, such as breast cancer, cervical cancer, fallopian cancer and ovarian cancer. 

List of Covered Critical Illnesses

The process to buy ACKO Life Flexi Term Plan is simple and straightforward. 

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

Buying term insurance is a long-term commitment you make. Calculate your life coverage with the ACKO insurance calculator and get accurate premiums and life insurance.

Check Here to calculate your term cover

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.

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).

Choosing the best term insurance plan in India is like picking the perfect pair of shoes – you want something that fits your needs just right. Here's a simple guide on choosing the best term insurance plan with the right sum assured for your family.

1. Assess Your Financial Responsibilities: 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.

2. Estimate Future Expenses: 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.

3. Factor in Inflation: 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.

4. Consider Existing Assets and Savings: 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.

5. Think About Your Budget: 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.

6. Compare Quotes: 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.

7. Review and Update Regularly: 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 ACKO Life Flexi Term Plan, you can easily change your policy through the ACKO app.

Here is a list of documents you may need to file a claim. 

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. For full disclaimer kindly click https://www.acko.com/life/disclaimer/