Questions regarding the Term Plan?

POSTED BY ammuluhari ON December 2, 2010 10:12 am COMMENTS (2)

1) With annual renewable term insurance, the policy holder pays a low premium at first, which increases annually as he or she gets older. Is this correct? Will the premium increases as the age increases for a policy holder?

2) Will the term plans cover all kinds of deaths? (accidents/diseases/natural/natural-disasters/suicides)?

3) What is the Effective date of the term plans?

4) will the termp plans only covers death? will they cover anything leads to survial but loss of employment?

5) Will the term plans allow you to renew after the policy has elapsed its period?

6) What is type of premiums for term plans?is it a constant premium or increasing premium amounts? which is better?

7) which category does this term plan falls under?

* Level Term

* Increasing and Decreasing Term

* Renewable Term

* Convertible Term

* Group Term

what does these mean? which is better?

8) is there a group term plan for family?

9) Both the parents are working. Can the kid be put as dependent on both the parents?

10) if the policy holder expires, and the policy holder’s wife is working … can she get the insurance money?

11) if the policy holder expires, and the policy holder’s wife is working … can she claim the insurance money for the dependent daughter?

12) if the dependent has enough resources to support her already…can she claim the insurance?

13) Can both the parents take the policy for the same dependent?

14) what the eligibility criteria for the dependents to claim after the expiry of the policy holder?

15) If the dependent has other sources of income (regular),can she get the insurance money?

16) What is the process of claiming?

17) What documents we need to submit during the claiming?

18) Can a person take multiple term plans from the same company or different? Will all the dependents get the insurance money from all the policies (ULIP/Termplans)?

2 replies on this article “Questions regarding the Term Plan?”

  1. 1) no , premium is constant

    2) yes , It will not cover death by WAR or some things mentioned in policy

    3) no idea what you wanted to ask ?

    4) no , it covers on death , there are riders which you can take for insuring yourself for risk against job risk

    5) yes, it does , but then additonal health checkups are done .

    6) contant

    7) These all types of term plans , generally its always constant , but some companies also provide increasing and decreasing !

    8) No

    9) You always put nominee name , there is nothing like dependent !

    10) Nominee gets the money , you have to declare the nominee while taking the plan or you can change it later .

    11) same as 10

    12) It has nothing to do with her current situation , money can be claimed on policyholder death .

    13) yes

    14) nothing , the nominee can always claim the money

    15) yes

    16) too long to share !

    17) same as 16

    18) yes

    Manish

  2. Suhas Zore says:

    Most of queries are already answered in review of I-term policy in blog section.
    Plz go thru all comments you will find tons of info

    thnx

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