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  • 5 Year Term Life Insurance Policy in India

     4.5 / 5.0   by 880 users
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    Plan Benefits

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    Policy Coverage

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    An insurance policy is essential in today’s world, given its unpredictability. Lack of an insurance policy could have a huge impact on the lives of everyone surrounding us and a 5 year term life insurance policy acts as a great saviour during unforeseen circumstances. A 5 year policy offers short term benefits and is ideal in this fast moving world.

    Features and Benefits

    Some of the salient features and benefits of a 5 year term life insurance policy are mentioned below.

    • Death benefit In the event of unfortunate demise of policyholder during this term period, his/her nominee will receive a death benefit which is generally higher than the death benefit offered by traditional plans.

    • Income Tax benefit Individuals can avail income tax benefits under Section 80C of the Income Tax Act, saving tax and reducing the financial burden on a taxpayer.

    • Surrender benefit Policyholders are entitled to surrender benefits if they choose to surrender their policies before maturity.

    • Additional riders Policyholders can choose to avail extra cover by adding additional riders to their plan, enhancing protection to meet their individual requirements.

    • Low premiums 5 year policies can come with low premiums, depending on the age of policyholder. Flexible payment modes and discounts make these premiums light on the pocket.

    • Loans It is possible to avail loans against these policies.

    • Planning Opting for this scheme helps one plan for the immediate future, knowing where to invest money and offering peace of mind for this period.

    Note These features and benefits might vary depending on the service provider and it is recommended to check with the provider first.

    Who is this plan suited for

    A 5 year term life insurance policy is suited for individuals who have immediate financial concerns which could aggravate post their demise. It is apt for those who feel their demise could push their family towards hard time in the near future. Individuals approaching a ripe age can opt for this policy, provided they are healthy and fit to be offered protection. It is also suited for individuals who have to look after their family, with educational or marriage responsibilities on them. Individuals with limited means can choose this policy as the premium is generally lower compared to traditional life insurance policies.

    How this plan works

    The working of a 5 year term life insurance policy is simple to understand, with a straightforward working methodology. Under the plan, an individual is expected to pay premiums for the duration of this policy and he/she is entitled to protection during this term. In the event of his/her unfortunate demise during this term, his/her nominee will receive a death benefit which depends on the premium. There is no maturity benefit under this scheme and an individual is not entitled to any monetary return on maturity of the policy. Also, no benefit will be paid if an individual passes away after the policy has expired or lapsed.

    Best 5 year term life insurance plan in India

    Some of the best 5 year term life insurance plans in India are mentioned below.

    1. LIC Amulya Jeevan I – This plan offers great claim settlement numbers and premiums designed to meet individual requirements

    2. SBI Life e-Shield his non linked non participating plan offers customization with cover ranging from Rs 20 lakh onwards

    3. Aegon Life iTerm Plan This plan comes with flexible options with a cover ranging from Rs 10 lakh onwards

    FAQs

    1. Q. How long does it take to settle a claim?

      A. The claim settlement depends on the organisation and documentation. An insurance provider is expected to settle a claim within 30 days of receipt of information.

    2. Q. What documents would be needed to request a claim?

      A. A nominee will have to furnish adequate proof to an insurer, including original policy documents, death certificate, FIR/hospital report (in certain cases) and valid ID card. Other additional documents might be required in certain cases.

    3. Q. Are rebates provided on large sum assured?

      A. Yes, certain insurance providers offer rebates ranging from 0.50% to 1% in cases where the sum assured exceeds a certain limit.

    4. Q. What is the maximum age at entry for such policies?

      A. Generally the maximum age at entry is restricted to 60 or 65 years, with different policies in place in different organisations.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    5 Year Term Life Insurance Policy Reviews

  • Page 1 of 44 1 2 3 4 5
    • LIC Life Insurance
      "Great policy"
      0.5 5.0/5 "Blown Away!"
      The policy tenure is 20 years. I have to pay the premium amomunt of Rs. 10500. I used to make the payment of cheque. I have visited the branch many times, the response is very much great. I do not remember about the sum assured. I used to get a 40000 every 5 years. It is a tax benefitable policy. I will recommend this policy to everyone.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 06, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI Life from last 5 years and it is a short term policy. I am happy with the returns and benefits of this policy. I pay a premium of Rs 15000 on yearly basis through net banking and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      This LIC policy is an money back policy. I have a two LIC money back policy. I used to make the payment half yearly. I don't remember about the exact premium amount. I used to get a money back in every 5 years. I used to make the payment through online net banking.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 06, 2018
    • review Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      It is a ULIP linked policy. I used to pay the premium amount of Rs. 30000 per year. I'm not sure about the sum assured amount for that i have to go through the documents. Total tenure of the policy is 15 years. I can withdraw some money in 5 years. For Maximum benefits i have to keep the policy till get matured. Risk coverage policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 05, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 5 years and it is a long term policy. The tenure for this policy is 20 years. I pay my premium once in 3 months by cheque and i am convenient with the payment options. I am happy with the returns and tax benefits of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 01, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 4-5 years and it is a long term policy. I am satisfied with the coverage and returns of this policy. I pay my premium on annual basis by cash and i am convenient with the payment options. The maturity period for this policy is 18 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 29, 2018
    • ICICI Prudential Life Insurance
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      I've been using the ICICI Prudential Life insurance policy for a while. I am paying a premium of 50000 Per year. After 5 years I'll be receiving money back and bonus amount. The premium gets Automatically debited from the account via ECS. Their Chat support and phone support is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 27, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 4-5 years and it is a money back policy. I get a money back after every 5 years. I pay my premium once in 6 months and i am convenient with the payments options. I am happy with the returns of this policy and the maturity period is after 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 26, 2018
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • Reliance Life Life Insurance
      "Worst Experience in Reliance "
      0.5 1.0/5 "Really Bad"
      The policy is not good. I paid the amount of 12000 for every quarter. I lose in this card. Agency is fraudulent one. I called the customer care, they asked me to contact the other city branch which is not possible In 15 months, i will get 15 lakhs from this policy. I have to make the payment for 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 4-5 years and it is a long term policy. I am happy with the coverage and returns of this policy. I pay my premium once in a year and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 08, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 5 years and it is a long term policy. The tenure of this life insurance policy is 15 years. I pay my premium once in 3 months by cash and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a Money Back policy with the LIC. I pay a premium of 7000 Per year. I need to pay the premium for the first 15 years and the after 15 years I don't have to pay the premium for the remaining 5 years. After 20 years they will be paying a lump sum payout to me. Overall I never had any issues with the services of LIC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 05, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      Got the Jeevan anand life insurance policy around 5 years ago. This policy has the tenure of 18years. I pay the premium amount of Rs,4500 in every 3months once. The customer support service and the response is good with the LIC.I would say , I am satisfied having this life insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on May 31, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      Using the Life insurance policy from the HDFC life. The customer support service and the response is average with the HDFC life and I hold this life insurance policy for more than 5 years. This policy has the tenure of 6years. The premium amount is Rs,10,000 per year.
      Was this review helpful? 0
      , chennai
      Reviewed on May 31, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 5 years and it is a long term policy. I am happy with the returns of this policy as i get good tax benefits. I pay a premium of Rs 60000 on yearly basis through net banking. The maturity period for this insurance policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 28, 2018
    • ICICI Prudential Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance form Icici prudential 5 years back . As this policy covers accidental coverage and critical illness. As the premium amount is low compare to other insurance company . I pay through annually through online banking .
      Was this review helpful? 0
      , new delhi
      Reviewed on May 28, 2018
    • LIC Life Insurance
      "Money back with LIC"
      0.5 5.0/5 "Blown Away!"
      From Life insurance corporation of India i have taken a insurance and the premium amount was around 5000 which i have to pay on every quarterly basis. The total maturity period is for 20 years and after the 5 years i used to get some amount as this is a money back policy.
      Was this review helpful? 0
      , kochi
      Reviewed on May 25, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 5 years, i pay my premium once in 3 months through direct deposit and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy and the maturity period of this policy is 15 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2018
    • LIC Life Insurance
      "LIC poilcy"
      0.5 4.5/5 "Excellent!"
      I have been using LIC Jeevan Saral policy for last 5 years. I have been paying premium of 6005 every year for the tenure of 35 years. Nice service and online payment options make things simpler. The policy provides various flexible options
      Was this review helpful? 0
      , mumbai
      Reviewed on May 19, 2018
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