Best Term Insurance in India 2020

What is Term Insurance?

Term insurance is a type of life insurance plan which provides financial protection (death benefit) in case of death of the insured person. The protection is provided only for a specific time period, i.e. the term. A term insurance plan offers the highest life coverage at lower premiums.

Term insurance covers the risk of an untimely death of the insured during the policy term. A term plan offers a life cover to the insured at the lowest premium.

Why is Term Insurance Plan Necessary?

Do you know How long are you going to live? Well, nobody has the answer to this question.

Will your family live comfortably in your absence? Don’t know the answer, well you have the power to respond with a YES.

How? You ask it is simple, protect your life, Buy a Term insurance plan.

A term insurance plan helps your prepare against the risk of untimely death. It is the most affordable insurance you can buy with a large cover. Being cheap on pocket has made this form of insurance immensely popular among the people. Term insurance works on a straightforward principle if you die, your family receives the life cover amount. Thereby, they can live a comfortable life even when you are not around. If you survive, nothing gets paid back. That’s not all, Have you taken any loan like Home Loan, Car Loan, Personal Loan, Outstanding Credit Card dues? You obviously wouldn’t want your family members burdened with your outstanding loans and debts.

So, if you want your family to live a comfortable life, buy a term insurance plan. Ensure that you have a large cover amount, which would take care of your family as you would have done until you retire.

Reasons Why Term Insurance is Affordable

  • It is a pure insurance plan with no investment component
  • The insurance company will pay to the nominee only in case where the life assured dies during the policy period
  • With online purchase of term insurance you save lot of money on administration and other charges
  • For a cover of20 times of your annual income, you just pay annually a sum of2-3% of your annual income

Types Of Term Insurance

Standard Term Insurance

Standard term insurance is the most simple and straightforward term plan. The life assured pays the premium as per the mode decided at the time of policy purchase. The premium payment frequency can be annual, half-yearly, quarterly or monthly. The premium amount and life coverage (sum assured) are fixed at the time of selection and purchase. The policy period can be anywhere between 5 to 40 years as per the current age and the maturity period opted.

Note:In case, the life assured passes away during the policy period, the insurance company pays the sum assured to the nominee as per the payout opted by the policyholder.

There is only death benefit under the standard term plan. There is no maturity benefit or survival benefit offered that means if the life assured outlives the policy term, there is no payout.

Example of a Standard Term Insurance Plan:

Let’s see the below two sample premium rates for men and women buying a standard term insurance. Let’s say, a 30 years old non-smoker opts for a term plan with a sum assured of Rs.50 lakh with a maturity age up to 65 years.

The sum assured and the premium amount stays fixed throughout the policy period. The payouts are as opted by the policyholder.

30 yearMale35 yearsRs.50 lakhRs.4,500 – Rs.6,700
30 yearFemale35 yearsRs.50 lakhRs.3,900 – Rs.6,000

Term Return of Premium (TROP)

In the Term Return of Premium (TROP), if the life assured survives till the end of the policy term, the insurance company pays back all the premiums paid.

Example of Term Return of Premium (TROP)

If you pay Rs.7,000 p.a. for 25 years for a cover of Rs.50 lakhs, and if you outlive the policy period, you would get an amount of Rs.1,75,000 (exclusive of applicable taxes).

The premiums of TROP are usually higher than the standard term plans.

Increasing Term Insurance Plan

This plan is similar to the standard term insurance plan with regards to premium payment, and policy term, except, under the Increasing Term Insurance cover with the increasing age, the life cover also increases.

Increasing term plan helps in matching inflation and therefore has been structured accordingly. The coverage of this type of plan increases up to 1.5 to 2 times the original cover. You can lower your stress of remaining under-insured by purchasing this type of term plan. Your life cover increases at a pre-determined rate in this plan.

Your sum assured (coverage) will increase over a number of years. In most of the increasing term plan, the sum assured will increase on every policy anniversary. The increment could be 5% or 10% on the base coverage.

Example of Increasing Term Insurance Plan:

Let’s say, a 30 years old non-smoker opts for an increasing term insurance plan with a sum assured of Rs.1 crore. Every year the coverage will increase by 5% on the base coverage, subject to the maximum increase in the coverage offered by the insurance company.

30 yearMale35 yearsRs.1 croreIf the Life Assured dies in the 5th year from the inception of the policy, the effective sum assured is Rs.1.25 crore @5% p.a.At the time of Claim, the Effective Sum Assured is Paid

Life Stage Event Term Insurance Plan

In Life Stage Event Term Insurance Plan, on your significant life stage milestone, you can increase the coverage.

If opted, your sum assured (coverage) and premium increases with each life’s milestone, first marriage, first child, a second child, etc.

Marriage (First Marriage Only)50%
Birth of 1st Child25%
Birth of 2nd Child25%

In case, the life assured passes away during the policy period, the insurance company pays the effective sum assured to the nominee as per the payout opted by the policyholder.

Convertible Term Plan

A convertible term plan allows you to convert your term insurance plan into a whole life insurance or an endowment plan. You can switch your term plan into a whole life plan at a later stage in your life. Charges may be applicable at the time of conversion from a term plan to an endowment or a whole life plan.

Joint Life Term Plan

A joint life term insurance covers you and your better half in a single policy. You and your spouse are covered against the risk of unexpected death in one single term insurance policy.

As a married couple you can now cover yourself and your spouse under a joint life term plan.

How does a Joint Term Insurance plan work?

You pay a combined premium, and both the individuals are covered under a joint term plan. The term period is fixed at the time of buying a policy, and if during the policy period any of the partners die unexpectedly, the surviving partner being the nominee gets the life cover amount.

Example of a Joint Life Term Plan

A married couple purchases a joint term life plan with coverage of Rs.1 crore each for a policy term of 30 years.

The husband is 30 years old, and his wife is 28 years old. In case of any unfortunate event, if the husband dies in the 5th year from the inception date of the policy issuance during the policy period, the surviving partner will receive the sum assured of Rs.1 crore as a lumpsum. But the policy will continue and the insurance company will pay a lump sum of Rs.1 crore on the death of the surviving partner during the policy term to the nominee and terminate the policy. In this way, the total payout will be Rs.2 crore.

Note:The premium and payouts are indicative. These may vary from insurer to insurer.

Single life or Joint Life Term Plan

Who is covered?Both the partners are covered in a single policy.Needs two different term plans to cover both the partners.
Life CoverageDepending on the annual income of the policyholder – sum assured can be same for both the partners or maximum 50% for the spouse. Both the partners are covered on the same terms.Sum assured may vary for each partner. Each spouse can select as per the needs and annual income.
In case any of the partners dies during the policy term?Full payout of the sum assured, and the plan continues for the surviving spouse, depending on the planning scheme or the surviving partner who is no more insured, may need to buy another term plan.Full payout of sum assured and policy of that life assured terminates. The surviving partner stays covered under his term plan.
What if both the partners die?Single payout of sum assured or respective sum assured to the legal heir(s) depending on plan.The double payout from both the term insurance policies to the legal heir(s).
Suitability1. It is suitable for middle age couples, as buying two different policies in middle age may have higher premiums which are not advisable. 2. It is also suitable for couples not having much age differences. 3. Preferably, for couples living the same lifestyle, as smoker or non-smoker, else the premium would be higher for both even when one of the partners doesn’t smoke.1. It is advisable to opt at a young age, as the premium will be lower. 2. It is also suitable for couples having a big age gap between them. Because then the overall premium paid will be far lower and will be as per the age and sum assured. 3. It is suitable if any of the partners is not a non-smoker, in which the premium and sum assured could differ.
Who should buy?If any of the partners is a homemaker or have a low income, one should opt a joint term plan.If both the partners are working and are contributing to the family’s income should opt for two single term plans covering each individually.

Group Term Insurance

Group term plans are life coverage plans for employees of businesses, companies, or any large group of people associated together, which provides life cover to all the members of the group. Group term insurance plans are same as individual term plan, except they are meant and priced for a group as a whole, and the premium changes every year. As soon as an individual leaves the group, he/she will not be a part of a group term plan.

Features & Benefits of Term Insurance

Features of Term Insurance

Here are a few essential features of a term plan that you must know:

  • Large Cover at Pocket-Friendly Price
  • All-round Protection
  • Complete Flexibility
  • Discounted Premium Rates
  • Free Look Period

Benefits of Term Insurance

Here are a few benefits of term insurance that you must know:

  • High Sum Assured
  • Easy Buying Process
  • Income Tax Benefits

How to Choose the Best Term Insurance Plan

The wide range of term insurance policies offered by insurance companies in India make it a challenge for an individual to make a decision on the policy that will be the best suited for him/her. Not just selecting a reliable insurance company, individuals also have to make up their mind on a term insurance from the wide array of term policies being offered by the same insurer. This makes it important for an individual looking for a term insurance policy to be aware of the parameters that he/she should consider, so that he/she can make a well-informed decision.

The core purpose of opting for a term insurance is to ensure the financial stability and security of your family in case of your unforeseen demise. Therefore, you have to make a conscious decision now, so as to provide for your family in your absence when they will need it the most. If you survive through the policy tenure, it serves as an effective investment tool for fulfilling your future plans like child’s marriage or higher education, higher education for self to improve your qualification, retirement goals, etc.

The best term insurance is one that offers the highest sum assured at the lowest possible monthly premium. This means that it is the best to start early because the younger you are, the lower will be the premium that you can avail for a high sum assured. You should keep a few essential parameters in mind to decide on your sum assured, which will be analysed by the term insurance calculator to determine your monthly premium amount.

Factors Affecting Term Insurance Premium

Insurers determine the premium rate based on the risk involved when you apply for a term insurance plan:

  • Age:Age is the first and most dominating factor of your premium amount. The older you are when you apply for a term insurance plan, the higher your premium will be. As the cost of premiums tends to increase with age, getting a term insurance plan as soon as possible is always suggested.
  • Gender:Studies have shown that women, on average, live five years longer than men. Hence the insurer feels that insuring the life of a woman is less risky than a man. For this reason, premiums charged for men are comparatively more than women.
  • Occupation:The Occupation you are involved in also plays an essential part in determining your premium amount. Insurers consider some professions as high risk than others. For example, soldiers, pilots, fishers, miners, off-shore oil or gas industry workers, etc. are considered more dangerous occupations than people working in offices with a desk job, shop workers, teachers, etc. Hence the premiums for people working in safer environments pay lower premiums than others.
  • Geographical location:The place of your stay also plays a vital role in determining how much you would pay for your term plan. If you live in disaster-prone areas facing natural calamities like earthquakes, tsunamis, etc. you would be paying a higher premium as the likelihood of you getting affected by it is more than people living in other locations.
  • Height and Weight:Insurers take your height and weight into consideration to determine whether you have a healthy body mass index. If you’re overweight, you’re more likely to suffer from weight-related medical conditions, such as breathing problems, heart disease, or diabetes, also affects the premium charged to you.
  • Lifestyle Habits:
    • Smoking or Tobacco Use: It is a proven fact that people who do not consume tobacco products live a longer and healthier life than those who do. Smokers are prone to contracting life-threatening diseases such as lung cancer, throat cancer, etc. therefore, they pay higher premiums. Generally, if you’ve have consumed tobacco products in any form in the last 12 months, you’ll be considered a smoker. Insurers generally don’t distinguish the people applying based on how many cigarettes they smoke – if you have a habit of smoking 20 sticks-a-day or even one per day, you’ll be considered a smoker.
    • Alcohol Consumption: Drinking more than the recommended amount of alcohol can lead to alcohol-related health issues. Hence, insurers charge higher premiums.
  • Medical History:Your past medical history also affects your premium. If, in the past, you have suffered from any severe illnesses or are currently suffering with, will raise the premium you require to pay. Life-threatening illnesses or diseases like type one diabetes will increase the premium needed to be paid by you. If you have previously had cancer, most insurers won’t offer you the plan at all; however, if you have survived for at least five years without any signs of relapse, they might consider your case.
  • Family Medical History:If any of your immediate family members like father, mother, brother, sisters have been or had contracted with life-threatening diseases at an early age, their medical condition will affect your premium amount. The reason being you may also get affected by the same at a later stage in life.
  • Sports and Hobbies:If you love adventure sports or indulge in hobbies like motorsports, skiing, rock climbing, sky diving, or horse riding – you are more likely to meet an accident than other people. Involvement in such dangerous hobbies or adventure sports can affect your premium negatively.

Top Term Insurance Plans in India

Here is a list of top term insurance plans in India for 2020:

ICICI Pru iProtect SmartRs. 2,400 (Under Life Option) p.m.
HDFC Life Click 2 Protect 3D PlusRs. 1023 p.m.
Max Smart Term Plan OnlineRs. 9700 p.a.
Aegon iTerm PlanRs. 8394 p.a.
Tata AIA Life Insurance – Sampoorna RakshaRs. 5000 (non-smoker) p.a.
PNB MetLife Mera Term PlanRs. 955 p.m.
Kotak e-Term PlanGet protected @ Less than Rs. 9/day only
ABSLI DigiShield PlanRs. 1037 p.m.
Aviva i-Term SmartRs. 3450 p.a.
Reliance Nippon Life Digi-Term Insurance PlanRs. 5549 p.a.

Term Insurance Plans by Number of Years

5 Year Term Insurance Plans This is a term insurance plan which comes with a minimum policy term of 5 years. Here are a few examples of 5 year term insurance plans:

Aegon Life iTerm Plan – Features and Benefits

  • Comprehensive low-cost protection plan
  • Choice of Life Cover till the age of 100 years
  • Life Cover throughout Policy Term
  • Lump Sum payout + Regular Income, post your 60th birthday
  • Immediate issuance of life cover with in-built InstaCover benefit
  • Flexibility to opt for ‘Protect Plus’ plan option that provides ‘Auto-Increase of Cover’ Benefit
  • Inbuilt Terminal Illness benefit
  • Additional coverage against Accidental Death
  • Provides discount if the policyholder quits smoking

Base Sum Assured– Rs. 25 lakhs minimum, no such limit on maximum amount

LIC’s Tech Term – Features and Benefits

Death Benefit– The sum assured is payable where sum assured is the highest of:

For Regular premium and Limited premium payment policy,

  • 7 times of annualised premium; or
  • 105% of all the premiums paid as on the date of death; or
  • Absolute amount assured to be paid on death For Single premium policy, Sum Assured on Death is defined as the higher of:
  • 125% of Single Premium
  • Absolute amount assured to be paid on death Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured Special Premium Rates for Women

Benefit of attractive High Sum Assured Rebate

Minimum Basic Sum Assured : Rs. 50,00,000/- Maximum Basic Sum Assured: No Limit

SBI Life eShield – Features and Benefits

  • Two benefit structures with inbuilt Accelerated Terminal Illness Benefit
  • Two rider options for comprehensive coverage
  • Seamless online application process
  • Discount on premiums for non-smokers
  • Rider Benefit – SBI Life Accidental Death Benefit Rider and SBI Life Accidental Total & Permanent Disability Benefit Rider
  • Increasing cover benefit

Basic Sum Assured– Rs. 35 lakhs minimum, no such limit on maximum amount

10 Year Term Insurance Plans – This is a term insurance plan which comes with a minimum policy term of 10 years. Here are a few examples of 10 year term insurance plans:

HDFC Life Click 2 Protect 3D Plus – Features and Benefits

  • An online term plan with a choice of 9 plan options
  • On diagnosis of Critical Illness, all future premiums are waived on Accidental Total Permanent Disability
  • Life Stage Protection feature offers to increase insurance cover on certain key milestones
  • Flexibility to increase your cover every year through top-up option
  • Special premium rates for women lives
  • Option of Whole of Life Protection
  • Return of Premium option
  • Minimum Basic Sum Assured – Rs. 10,000

Bajaj Allianz iSecure – Features and Benefits

  • High sum assured rebate
  • Option to select your policy term of 10, 15, 20, 25 or 30 years, policy term & premium payment frequency
  • Rider Benefits – Bajaj Allianz Accidental Death Benefit Rider, Bajaj Allianz Accidental Permanent Total / Partial Disability Benefit Rider or Bajaj Allianz Waiver of Premium Benefit Rider
  • Option to take an Individual or a Joint Life policy
  • Option to receive death benefit in installments
  • Minimum Base Sum Assured is Rs. 2,50,000 for general category and Rs. 20,00,000 for the categories split by preferred – Non-Smoker or Smoker

Max Life Smart Online Term Plan – Features and Benefits

  • Multiple Death Benefit Options
  • Multiple Payment Options
  • Option to Return Your Policy
  • Long Term Coverage
  • 5% loyalty discount for existing policyholders
  • Coverage for Smokers
  • Return of premium upon surviving the policy term
  • Comprehensive protection against 40 critical illnesses
  • Flexible premium payment options

Minimum Base Sum Assured

  1. Non-medical sales – Rs. 10 lakhs
  2. Medical sales – Rs. 25 lakhs

Decreasing and Increasing Term Insurance Plans

Decreasing Term Insurance Plan

A decreasing term insurance plan is a renewable term insurance plan where the sum assured of the policy decreases every year by a fixed percentage over the tenure of the policy. Such plans are often taken to cover debts/loan or mortgage. In case of the death of the policyholder, the sum assured amount is paid towards the repayment of the loan.

Increasing Term Insurance Plan

An increasing term insurance plan is a renewable term insurance plan where the increases over the tenure of the policy. The cover increases at a pre-specified rate (percentage) and keeps increasing until the overall value of the cover is 1.5 or 2 times the original cover.

Single Life and Joint Life Term Insurance Plan

As the name suggests, a single life is an individual term insurance plan while the joint term insurance plan covers the spouse of the policyholder. This is ideal for a couple with dependent children. In addition, it is cheaper than purchasing two individual term insurance plans.

Online and Offline Term Insurance Plans

Offline term insurance plans are traditional term insurance plans which are sold via agents, brokers or branch banking. Online term insurance plans are sold over the internet. Online plans are cheaper compared to traditional plans as online plans do not incur the cost of intermediaries and agent commission. An online plan can be directly purchased from the website of the insurer and it is a hassle-free paperless process.

Why Is It Important to Compare Term Insurance Plans?

The insurance market in India is dominated by multiple insurers. Different insurers provide different types of term insurance plans and each plan varies across different parameters. Every individual person has different insurance requirements. Therefore, it is very important to check the basic aspects of a term plan such as coverage, maturity age, claim settlement ratio etc.

Term Insurance Comparison Chart

Here is the comparison of a few term insurance plans:

ICICI Pru iProtect Smart18-65 yearsRs. 10 lakhs min, no such limit on max amount5-40 years
Aegon iTerm Plan18-65 yearsRs. 25 lakhs min, no such limit on max amount5-40 years
HDFC Click 2 Protect Plus18-60 yearsRs. 10 lakhs min, no such limit on max amount10-40 years
Max Life Term Insurance Plus18-60 yearsRs. 25 lakhs min Rs. 100 Cr max10-40 years
LIC’s e-Term Plan18-60 yearsRs. 50 lakhs min, no such limit on max amount10-35 years

Why Buy Term Insurance Online

Right from clothes to shoes to house-hold items we love to shop online. We like this way of shopping because we get so many choices to pick and choose from. Then why shouldn’t this be applicable to buy term insurance online too? We love exploring all the possible options. Coverfox.com offers you a plethora of term insurance plans under one roof with benefits like unbiased advice and after sales-services! Let’s have a look at the reasons to buy term insurance online:

  • Pocket-friendly:Experts say online term insurance plans are almost 40% cheaper than the offline plans. Now, who doesn’t want to save their hard-earned money? You skip all the intermediary charges like paper-cost, agent’s commission, processing fees etc. The insurance company therefore passes on their benefits to their customers.
  • User-friendly:Don’t worry if you are a newbie to the internet. Coverfox.com has a user-friendly gateway to take you through the process of buying term insurance conveniently. Comparing term insurance with different insurers would help you make a right choice.
  • Expert-knowledge:Any broker is licensed with the Insurance Governing Authority (IRDAI). They offer you the finest approach for all your needs related to insurance. Essential and top-notch services make them more reliable.
  • Back-up of your policy documents:In case you buy a term insurance plan with Coverfox.com, you can login and view your purchased term insurance policy on your online account. Besides, you also receive a soft-copy on your email address that gets saved too!
  • Reminders for renewal:Coverfox.com sends you timely renewal reminders to help you avoid from lapsing your policy.

List of Best Term Insurance Plans in India

Edelweiss Tokio Life Totalsecure Plus Term PlanThe term plan offers low-cost comprehensive coverage with 35 critical illness cover and a long-term life cover till 80 years of age. The plan offers flexibility in designing your coverage as per needs and has optional additional riders for enhanced protection.
Aviva i life Total Term PlanThe term plan gives you 4 plan options to choose your cover which suits the requirement of you and your family. The plan is packed with great features like inbuilt terminal illness benefit, accidental death benefit, maturity benefit, monthly income and many more.
Canara HSBC OBC iselect term planA pure protection plan that provides life insurance and terminal illness cover along with cover against accidental death/ disability, and the option to secure an income for your family even in your absence. It has 4 benefit payout options viz. Lump Sum, Lump Sum + Monthly Income, Monthly Income for a fixed term, Monthly Income till the end of your policy term.
PNB Metlife Mera Term PlanThis term plan can be customisable as per individual requirement which gives you the flexibility to choose from four pay-out options and also offers coverage for your spouse in the same policy. The plan has been designed to suit individual needs and offers enhanced protection for your family.
Aegon life iterm planThis is an online term plan offering comprehensive insurance benefit for you and your family. The key features of the plan include low cost coverage, flexibility to increase life cover, pay-out on the diagnosis of terminal illness, additional covers for enhanced protection and many more.

Nominee Assistance Program

Coverfox.com is helping their customer’s family at the time of claim, Coverfox.com now offers NOMINEE ASSISTANCE PROGRAM to their Term Insurance Customers.

You and your family can now be rest assured about the full end-to-end assistance throughout the claims process, and also get financial, legal and psychological counselling. All this “FREE of Cost.”

We ensure that your loved ones are well-assisted with care in their hour of need.

To help the family of the life assured at the time of claim, they get:

  • Claim Assistance
  • Legal Counselling
  • Financial Counselling
  • Psychological Counselling

Remember:No Extra Cost. You or any of your family member are not charged for this service under Nominee Assistance Program.

Term Insurance Claim Process

Losing your loved ones is devastating. It causes emotional distress and prolonged suffering.

When someone is suffering through such an emotional grief, it is not easy to think of other things, for instance, financial stability or income flow, which may arise because of the unexpected death of the breadwinner.

If the breadwinner has a term plan, it is important to know how to claim the death benefit of a term insurance plan.

How to File a Term Insurance Claim in the Event of Death?

Lodging a Term Insurance Claim

The first step is to lodge a claim. The nominee/claimant must intimate the insurance company and lodge a claim on the death of the life assured. To lodge a term insurance claim, the nominee/claimant needs to contact the insurance through any of their established claim reporting channels like:

  • Visit the claims section on company’s official website for online claim intimation
  • Call the insurance company on their 24 x 7 toll-free claim intimation service
  • Visit the nearest Insurance company’s branch office
  • E-mail them on the claim intimation email id provided

Please Note:A claim will be formally accepted and registered only after the insurer receives a written request of claim settlement with a duly filled claim form and other relevant documents. One must lodge a term claim through a phone call or visiting the insurance company’s branch to quicken the claim process.

Claim Process

The claim process starts when the nominee/claimant lodges a claim with a duly filled claim form along with all the valid and supportive claim documents.

Required Documents to File a Term Insurance Claim:

In case of a natural death

  • Term Insurance policy document
  • Duly signed and filled claim forms (As provided by the insurance company – To download visit their official website)
  • Original or Copy of the Life Assured’s Death Certificate
  • Claimant’s statement
  • Any other relevant document as requested by the insurance company.

In case of an accidental death

  • Police FIR report, Police Inquest Form and Final Police Investigation Report
  • Medical attendant’s certificate or Attending Doctor’s Statement
  • Hospital Certificate and medical reports including admission and discharge summary of the life assured, death summary, test reports, etc.
  • Post mortem report
  • Claimant’s statement
  • Any other relevant document as requested by the insurance company

The Claims Assistance team of the insurance company will verify all the supportive documents and nominee declaration. The claimant/nominee may be asked to provide other additional documents if necessary.

Approval of Filed Term Insurance Claim and Payouts

Once the insurance company verifies all the documents and accepts the claim, the pay-outs to the nominee will be made as per payment options mentioned in the term plan.

The pay-outs to the beneficiary are usually through ECS, for which, the nominee must submit the bank details – cancelled cheque/photocopy of the bank account passbook (may require to get attested by bank authorities).

Other Important Things Related to Term Insurance Claim Process

  • In case, the nominee dies along with the life assured, the pay-out is made to the next legal heir.
  • In case, the nominee dies before life assured, the policyholder needs to appoint another person as the nominee before the term plan expires.

Please Note: Kindly read the “Exclusions” as mentioned in the policy wordings/document before filing a death claim as it will help you to file a death claim under a term plan without any difficulty.

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