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Term Life Insurance
Guaranteed Protection that secures your family
Welcome to Qian, where we are on a mission to secure our Clients with the best Term Life Insurance Plans.
You have been lucky to have a dream life. An amazing spouse, lovely kids and a great work-life Now you wish to travel the world with your family. You look forward to send your kids for their Graduation to an amazing university overseas.
Now, what would happen to those dreams in case of your Death? It’s a possibility that no family wants to think about but should always be prepared for.
We, at Qian, will assist you in choosing the Best Term Life Insurance Policy based upon your family goals and requirements so that the needs of your family are well taken care of even in your absence.
Remember, a Term Life Insurance Policy is for the Long-Term Security of people dependent on you.
What is Term Life Insurance?
A Term Life Insurance Policy is an Insurance Policy which reimburses the Insured Person’s Nominee in the event of the Insured Person’s Death. Term Insurance Policies pay a benefit only if the Insured Person dies during the Policy Period. There is no Maturity Benefit payable under a Term Life Insurance Policy.
A Term Life Insurance Policy provides High Life Insurance Cover at Reasonable Premium and is a must have in order to provide financial protection for your family.
Why do you need a Term Life Insurance Policy?
Secure the Financial Well-Being of your Family:
An Adequate Term Life Insurance Cover will secure the financial protection of your family. The money from the Term Insurance Policy can be used to accomplish the family member’s goals such as a kid’s marriage expenses or an education abroad. It helps replace the Insured Person’s Income that is lost on account of Death.
Repayment of Loans:
The proceeds from Term Insurance can be used to repay a Home Loan or a Business Loan that an Insured Person might have.
What are the Benefits of a Term Life Insurance Policy?
Some Term Insurance Plans offer additional benefits like the following:
Permanent Disability Benefit:
All Future Premiums are waived off in case of Permanent Disability due to Accident while the Death Cover continues as before.
Terminal Illness Benefit:
This benefit pays the Life Cover Amount on diagnosis of Terminal Illness like AIDS or Cancer of Specified Severity even before Death.
What are the various Add-On Covers in a Term Life Insurance Plan?
Most Term Insurance Plans have the below mentioned Add-On Covers that an Insured Person can opt for:
Accidental Death Benefit:
This Add-On Cover pays the Accidental Death Benefit Sum Assured in addition to the Base Sum Assured of the Term Life Policy in case of Death of an Insured Person due to an Accident.
Critical Illness Benefit:
This Add-On Cover reimburses the Critical Illness Sum Assured if the Insured Person is diagnosed with the Specified Critical Illnesses. This Add-On Cover provides financial support to treat serious ailments like Cancer or Bypass Surgery which require expensive medical treatments.
A Term Insurance Policy will provide Cover till what Age?
Most Term Insurance Plans provide Cover upto 85 years of Age. There are also Whole Life Plans which provide Cover till 99 years of Age though they have Higher Premiums.
How to choose the Correct Sum Insured under a Term Life Insurance Policy?
Choosing the right Sum Insured is one of the most important factors in selecting a Term Insurance Policy. A general thumb rule is to select a Sum Insured equal to 15-20 times your Current Annual Income which should be sufficient to provide security for dependents.
However, the Applicant must also keep in mind the future financial goals and commitments while selecting a Sum Insured for a Term Life Policy.
How to purchase a Term life Insurance policy?
Following documents are required to purchase a Term Life Insurance Policy:
Duly Filled and Signed Proposal Form
Photo Identification Proof and Address Proof of the Insured Person
Income Tax Return and Computation of Income for the last 3 years for people in business OR last 3 months’ Salary Slips and last 3 months’ Bank Statements for people working in a Job
Medical Reports if required by the Insurance Company
How to purchase a Term Life Insurance Policy under the Married Women’s Protection Act (MWP Act)?
The most important reason for purchasing a Term Insurance Policy is to ensure financial security for your family in your absence. However, on your Death, your Creditors or Relatives may claim the amount received from the Term Life Insurance Policy.
You can ensure that the proceeds from the Term Life Policy are protected by buying a Term Insurance Policy under Married Women’s Protection Act. This implies that the Proceeds from the Insurance Claim will go only to the Wife or the Children and cannot be used to settle the Loans that the Insured Person has availed from Banks or Relatives.
What factors determine my Term Insurance Premium?
Term Insurance Premium depends on a variety of factors listed below:
Sum Insured which you opt for
The Age at which you are buying a Term Life Insurance Policy
The Riders (Add-On Covers) that you select as part of your Term Insurance Policy
If the Person purchasing a Term Insurance Policy is Smoker or not
Premium Payment Option opted for (Monthly, Annual, Single Pay or Limited Pay)
Claim Payout Option Selected (LumpSum Claim Payment or Monthly Income Claim Payment)
What are the various Premium Payment Options in a Term Life Insurance?
A Term Life Insurance Policy has Multiple Premium Payment Options as mentioned below:
Monthly Premium Payment Option:
Many Term Insurance Plans offer an option to pay Premium on a Monthly Basis till the Term of the Policy. This is a feasible option for people who find Annual Premiums expensive
Annual Premium Payment Option:
This is the most common form of Premium Payment where the Insured Person pays Premium on an Annual Basis for the Policy Duration.
Limited Period Premium Payment Option:
Here the Insured Person pays Premium for a Limited Period ie. 5 years, 10 years etc.
Single Premium Payment Option:
Here the Insured Person pays Premium in a lumpsum manner in a single payout at the Inception of the Policy.
What are the various Claim Payout Options in a Term Life Insurance Policy?
Most Term Life Insurance Plans offer various Claim Payout Options as mentioned below:
Single Lumpsum Payout of Claim:
The entire Claim is paid to the Insured’s Nominee on the Death of the Insured Person as a Single Bullet Payment.
Part Lumpsum and Part Monthly Installment Payout of Claim:
The Insured can choose to receive the Payout as a Part Lumpsum and Part Installment. The Installment Benefit will be paid as a Monthly Income to the Nominee while the Lumpsum Benefit will be paid out as a Single Bullet Payment.
Regular Monthly Payout of Claim:
The Payout is paid to the Nominee as a Monthly Installment. This is useful in providing the family with a Monthly Income to meet expenses in the Insured Person’s Absence.
How to Claim a Term life Insurance Policy after the death of the Insured Person?
In the eventuality of the Death of the Insured Person, the first step is to intimate the Insurance Company either through your Insurance Broker or by contacting the Insurance Company yourself.
The documents required in case of a Natural Death are as mentioned below:
Term Life Insurance Policy Copy
Copy of Death Certificate
Duly Filled and Signed Claim Form
Signed Statement of the Nominee
Photo Identification Proof and Address Proof of the Nominee
Cancelled Cheque of the Nominee
In Case of Death where the Insured Person was hospitalised, the Insurance Company may ask for Additional Documents such as:
Copy of Medico Legal Cause of Death Certificate
Copy of Medical Records (Discharge Summary, Test Reports, Doctor Reports)
Attending Doctor’s Certifcate
The following additional documents are required in case of an Accidental Death:
Police FIR Report
Post Mortem Report
Copy of Medical Records (Discharge Summary, Test Reports, Doctor Reports)
Attending Doctor’s Certifcate
Cover upto 85 years of age
Range of Premium Payment Terms – Single, 5 yrs, 10 years, Annual Premium lasting till policy expires All Risk Cover
Select Add On Covers as per your needs
Premiums that are friendly to your pocket
Why should I buy a Term Insurance Plan through an Insurance Broker?
An Insurance Broker is empanelled with various Insurance Companies and will assist you in selecting an Adequate Sum Insured depending on the Insured Person’s Income and Age. A Term Life Insurance Broker will also make sure that you are informed of the various options available in terms of Premium Payments and Claim Payouts.
Insurance Brokers assist in Claim Intimation, Preparation of required documents and following up regarding the Claim Status. Finally, they also help in Claims Assistance where the requirement of an Insurance Broker will be the most acute.
Term Life Insurance – Get a FREE Quote in 15 mins
Qian has partnerships with the Top Term Life Insurance Companies and can assist you with a Comprehensive Cover at the Best Quotes. You can get a FREE Consultation with the Experts at Qian for your Term Life Insurance Policy.
Also, if you are a Business Owner, you can secure your employees and their families with a Group Term Life Insurance Policy. You can learn more about Group Term Life Insurance Policy here.
You need to have the following documents to purchase a Term Life Insurance Policy:
Photo Identification Proof
Duly filled and signed term life insurance proposal form
Income Tax Return and Computation of Income for the last 3 years for people in business OR Last 3 months Salary slips and last 3 months bank statements for people working in a job
Yes, Term Insurance Covers Accidental Death where the Nominee mentioned in the Policy is paid the Sum Insured on the Death of the Insured Person. In addition, you can also opt for an Accidental Death Benefit cover where the Nominee will be paid an Additional Sum Insured if the Policyholder dies due to an Accident.
No, Term Life Insurance does not cover Disability. If you wish to Insure yourself from Disability, you need to buy a Personal Accident Insurance policy. To know more about Personal Accident Insurance, Click Here
You can opt for a Critical Illness Cover as an Add-On Cover as part of your Term Insurance Policy. This Add-On Cover pays the Pre-Specified Sum Insured on detection of select Critical Illnesses.
In order to increase the Sum Insured for a Term Life Insurance, the applicant must make a fresh application for additional Sum Insured. The applicant will have to follow the same process as if he is applying for a New Term Life Insurance Policy.
Alternatively, the applicant can select a Term Life Policy with an increasing Sum Insured where the Sum Insured increases by a Pre-Specified Percentage, say 5% ever year.
No, Term Life Insurance Policies do not have a Maturity Value or a Survival Benefit. Insurance Proceeds are received only on Death of the Insured Person.
No, Term Life Insurance Policies do not have a Surrender Value. Term Life Insurance Policies have a Surrender Value only under the Single Pay Premium Option.
Surrender Value for a Term Life Insurance under Single Pay Premium Option
Surrender Value = (Single Premium* Surrender value factor/100)
I purchased a term life insurance Policy from Qian Insurance Broking. The team helped me with term life plans of various companies like HDFC, Bajaj, Tata, Kotak and select the best one amongst various options at competitive price. I would recommend Q
The team at Qian was very helpful for my term life insurance policy. They gave me quotes from 5 term life insurance quotes from 5 insurance companies and my term insurance policy was issued with Tata AIA in 3 days.
Dealing with Hemik from Qian has been a different experience compared to other insurance Agencies - Absolutely PROFESSIONAL, SUPPORTIVE, and HELPFUL. - He not only helped me to decide on the right plan from the MULTIPLE OPTIONS that he offers but al