• 5 Year Term Life Insurance Policy in India

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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 43 1 2 3 4 5
    • 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
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Got the jeevan suraksha Life insurance policy from LIC around 5 years ago. The customer support service and the response is good with the LIC . The tenure of this policy is 10 to 20years. I pay the premium amount of Rs,3000 for this policy. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I got the Jeevan anand life insurance policy around 5 years ago. The customer support service and the response is good with the LIC life insurance company. The tenure of this policy will be 10 to 20 years. I pay the premium amount of Rs,3000 annually. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • LIC Life Insurance
      "Good 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 coverage and returns of this insurance policy. I make my premium payments once in a year through direct deposit. The maturity period of this insurance policy is after 20 years.
      Was this review helpful? 0
      , dehradun
      Reviewed on May 17, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 4-5 years and it is a long term policy. The tenure of this life insurance policy is 15 years. I pay my premium every month through ECS and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 14, 2018
    • LIC Life Insurance
      "Money back with LIC"
      0.5 4.0/5 "Great!"
      From LIFE INSURANCE CORPORATION OF INDIA i have taken a life insurance policy. Its a money back policy and the yearly premium is 35000 for the maturity period of 25 years. After completing the first 5 years i will start getting the money back. Later after 25 years i will get the sum assured+the interest.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 14, 2018
    • LIC Life Insurance
      "LIC life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy from LIC. The premium which i have to pay is 2000 for every month. The total maturity period is for 5 years. After the maturity period i will get the sum assured + the bonus. Its a good policy with LIC.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 11, 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. I am not aware of the maturity period of this policy. I pay my premium once in 3 months by cheque and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 07, 2018
    • LIC Life Insurance
      "Good Policy for Children"
      0.5 5.0/5 "Blown Away!"
      I'm paying Rs. 6500 for quarterly sum assured amount of Rs. 5 lakhs. Total tenure of the policy is 18 years. After 3 to 5 years waiver is available. I took the policy for 5 years. I'm very much satisfied with this policy. People can take this policy for children's high studies and marriage.
      Was this review helpful? 0
      , chennai
      Reviewed on May 07, 2018
    • LIC Life Insurance
      "Best Money Back Policy"
      0.5 5.0/5 "Blown Away!"
      My friend suggested me to take this money back policy. I'm paying Rs.8000 per quarter for 5 lakhs. I took the policy 15 years before. Every 5 years i will be receiving 1 lakh/ every 5 years. After 20 years they will give rest of the amount. This is the best money back policy ever.
      Was this review helpful? 0
      , chennai
      Reviewed on May 07, 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 long term policy. I am happy with the coverage and returns of this policy. I pay a premium of Rs 15000 once in 6 months through cheque and i am convenient with the payment options. The maturity period is after 35 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 03, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 4-5 years, it is one of the good insurance policy to use. I am not aware of the maturity period of this insurance policy. I pay my premium once in a year through net banking and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 02, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with HDFC LIFE from last 4-5 years and it is a long term policy. A premium has to be paid once in 6 months through net banking and i am convenient with the payment options. The coverage value is good in this policy and the tenure of this policy is 15 years.
      Was this review helpful? 0
      , kochi
      Reviewed on May 02, 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 for 20 years. I make my premium payments once in a year and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 30, 2018
    • LIC Life Insurance
      "Better policy to use "
      0.5 5.0/5 "Blown Away!"
      Holding Jeevan Saraal life insurance policy for the past 5 years. The customer support service and the response is good with the LIC and they give good response to the customer. I pay the premium amount of Rs,9000 per month. The benefits and the coverage is good with the Jeecan saraal policy and I am satisfied with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 27, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the life insurance policy from the LIC and I hold the jeevan anand policy for the past 5 years,. This policy has the tenuity until I get retired. I pay the premium amount of Rs,9000 in every month once. The plan benefits and the policy coverage is good with the Jeevcan anand policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Life insurance with BAJAJ"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from BAJAJ ALLIANZ and the policy premium is 30000 annually. This is an investment come insurance policy so i will get some interest from mutual funds. We have to pay the premium for 5 years. The customer service and response with the card is fine.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 27, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with LIC from last 5 years and it is a long term policy. The tenure of this insurance policy is for 20 years. I pay my premium once in 3 months through net banking. I am happy with the coverage and returns of this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2018
    • HDFC Life Life Insurance
      "Average policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the HDFC life insurance policy around 5 years ago. This policy has the tenure of 25years. The endowment plan has better plan benefits and the policy coverage . The communication part is not up to the mark with the HDFC life . The promises has not fulfilled with the the hdfc life.. The premium has been paid through online
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Better child plan "
      0.5 4.0/5 "Great!"
      The customer support service is good with the LIC and I hold a child plan life insurance policy, which is good to use and I have it for more than 5 years. I pay the premium amount of Rs,15000 every year once. I pay the premium though online mode which is easy to do.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
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