Term Insurance அடிப்படை விளக்கம்

Term Insurance அடிப்படை விளக்கம்

Term Insurance என்பது குறிப்பிட்ட காலத்திற்கான காப்பீடு ஆகும். இது குடும்ப பாதுகாப்புக்கு மிகவும் முக்கியமானது. Term Insurance இல், நீங்கள் குறைந்த premium செலுத்துகிறீர்கள், மற்றும் உயர் coverage பெறுகிறீர்கள்.

Term Insurance என்றால் என்ன?

Term Insurance என்பது குறிப்பிட்ட காலத்திற்கான (term) காப்பீடு ஆகும். இந்த காலத்தில் policyholder இறந்தால், nominee க்கு death benefit கிடைக்கிறது. காலம் முடிந்த பிறகு, coverage முடிவடைகிறது.

Term Insurance இல் maturity benefit கிடைக்காது. இது pure protection policy ஆகும்.

Term Insurance இன் நன்மைகள்

குறைந்த Premium

Term Insurance இல் premium குறைவு. இது அதிக coverage பெற உதவுகிறது.

உயர் Coverage

Term Insurance இல் உயர் coverage பெறலாம். ₹1 கோடி அல்லது அதற்கு மேல் coverage பெறலாம்.

குடும்ப பாதுகாப்பு

Term Insurance குடும்ப பாதுகாப்பை வழங்குகிறது. Policyholder இறந்தால், குடும்பத்திற்கு நிதி பாதுகாப்பு கிடைக்கிறது.

வரி விலக்கு

Term Insurance premium Section 80C கீழ் வரி விலக்கு கிடைக்கிறது. ஆண்டுக்கு ₹1.5 லட்சம் வரை.

Term Insurance எவ்வாறு செயல்படுகிறது?

Premium செலுத்துதல்

நீங்கள் மாதாந்திரம் அல்லது ஆண்டுக்கு premium செலுத்துகிறீர்கள்.

Coverage Period

குறிப்பிட்ட காலத்திற்கு coverage கிடைக்கிறது. பொதுவாக 10-40 ஆண்டுகள்.

Death Benefit

Policyholder இறந்தால், nominee க்கு death benefit கிடைக்கிறது.

Maturity Benefit

Term Insurance இல் maturity benefit கிடைக்காது. காலம் முடிந்த பிறகு, coverage முடிவடைகிறது.

Term Insurance தேர்ந்தெடுப்பது

Coverage Amount

Coverage amount தீர்மானிக்க வேண்டும். பொதுவாக, வருமானத்தின் 10-15 மடங்கு coverage எடுக்கலாம்.

Policy Term

Policy term தீர்மானிக்க வேண்டும். பொதுவாக, 60-65 வயது வரை coverage எடுக்கலாம்.

Premium

Premium தொகையை கணக்கில் எடுத்துக்கொள்ள வேண்டும். Premium உங்கள் வருமானத்திற்கு ஏற்றதாக இருக்க வேண்டும்.

Term Insurance வகைகள்

Level Term Insurance

Level Term Insurance இல், coverage amount மாறாமல் இருக்கும். இது பொதுவான வகை.

Increasing Term Insurance

Increasing Term Insurance இல், coverage amount காலப்போக்கில் அதிகரிக்கும்.

Decreasing Term Insurance

Decreasing Term Insurance இல், coverage amount காலப்போக்கில் குறையும்.

Term Insurance vs Other Insurance

Term Insurance vs Whole Life Insurance

Term Insurance குறைந்த premium, ஆனால் maturity benefit இல்லை. Whole Life Insurance அதிக premium, ஆனால் maturity benefit உள்ளது.

Term Insurance vs Endowment Plans

Term Insurance pure protection. Endowment Plans காப்பீடு மற்றும் சேமிப்பு இரண்டையும் வழங்குகிறது.

முடிவு

Term Insurance குடும்ப பாதுகாப்புக்கு மிகவும் முக்கியமானது. குறைந்த premium மற்றும் உயர் coverage வழங்குகிறது.

Term Insurance Premium Calculation Examples

Example 1: 30-Year-Old, ₹1 Crore Coverage

Details:

• Age: 30 years
• Coverage: ₹1,00,00,000 (₹1 Crore)
• Term: 30 years
• Estimated Premium: ₹8,000-12,000/year (₹667-1,000/month)

Example 2: 35-Year-Old, ₹50 Lakh Coverage

Details:

• Age: 35 years
• Coverage: ₹50,00,000 (₹50 Lakh)
• Term: 25 years
• Estimated Premium: ₹6,000-9,000/year (₹500-750/month)

Example 3: 40-Year-Old, ₹2 Crore Coverage

Details:

• Age: 40 years
• Coverage: ₹2,00,00,000 (₹2 Crore)
• Term: 20 years
• Estimated Premium: ₹25,000-35,000/year (₹2,083-2,917/month)

Note: Premiums vary by insurer, health status, lifestyle factors, and add-on riders.

How to Choose Term Insurance - Step-by-Step Guide

Step 1: Calculate Coverage Amount

Methods:

Method 1: Income Replacement (10-15x annual income)

• Annual Income: ₹6,00,000
• Coverage: ₹6,00,000 × 12 = ₹72,00,000 to ₹90,00,000

Method 2: Human Life Value

• Current Age: 30
• Retirement Age: 60
• Remaining Working Years: 30
• Annual Income: ₹6,00,000
• Coverage: ₹6,00,000 × 30 = ₹1,80,00,000

Method 3: Financial Needs

• Outstanding Loans: ₹20,00,000
• Children's Education: ₹30,00,000
• Family Expenses (10 years): ₹50,00,000
• Total Coverage: ₹1,00,00,000

Step 2: Choose Policy Term

Guidelines:

• Until retirement age (60-65 years)
• Until children become independent
• Until major loans are repaid
• Minimum: 20-25 years recommended

Step 3: Compare Premiums

Factors to Compare:

• Premium amount (annual/monthly)
• Coverage amount
• Policy term
• Riders available
• Claim settlement ratio
• Company reputation

Step 4: Check Riders

Common Riders:

• Accidental Death Benefit: Additional coverage for accidental death
• Critical Illness: Lump sum for critical illnesses
• Disability: Coverage for permanent disability
• Waiver of Premium: Premium waived if disabled

Step 5: Medical Check-up

Requirements:

• Age 40+: Usually mandatory
• High coverage: May require medical tests
• Health conditions: May affect premium or coverage
• Lifestyle factors: Smoking, occupation considered

Term Insurance Application Process

Online Application

Step 1: Research and Compare

• Compare policies from different insurers
• Use online comparison tools
• Check claim settlement ratios

Step 2: Fill Application Form

• Personal details (name, age, address)
• Coverage amount and term
• Nominee details
• Medical history
• Lifestyle information

Step 3: Medical Tests (if required)

• Blood tests
• Urine tests
• ECG (if age 40+)
• Other tests as required

Step 4: Premium Payment

• Pay first premium
• Policy documents received
• Policy active

Offline Application

Step 1: Contact Agent/Branch

• Visit insurance company branch
• Or contact insurance agent
• Get application form

Step 2: Fill Form and Submit

• Complete application form
• Submit required documents
• Medical tests (if required)

Step 3: Policy Issuance

• Underwriting process
• Policy approval
• Premium payment
• Policy documents received

Term Insurance Claim Process

Death Claim Process

Step 1: Inform Insurance Company

• Contact insurer immediately
• Provide policy details
• Submit claim form

Step 2: Submit Documents

• Death certificate
• Policy documents
• Nominee identity proof
• Medical reports (if applicable)
• FIR (if accidental death)

Step 3: Investigation

• Company verifies claim
• May investigate circumstances
• Usually 30-90 days

Step 4: Claim Settlement

• If approved: Payment to nominee
• If rejected: Reasons provided
• Can appeal if needed

Claim Settlement Time

• Standard Cases: 30-60 days
• Complex Cases: 60-90 days
• Disputed Cases: Longer, may require legal process

Term Insurance vs Other Insurance - Detailed Comparison

Term Insurance vs Whole Life Insurance

Term Insurance vs Endowment Plans

Term Insurance vs ULIP

Tips for Term Insurance

Tip 1: Buy Early

• Lower premiums at younger age
• Better health = lower premiums
• Longer coverage period
• Lock in lower rates

Tip 2: Adequate Coverage

• Don't under-insure
• Consider all financial needs
• Factor in inflation
• Review coverage periodically

Tip 3: Compare Before Buying

• Compare multiple insurers
• Check claim settlement ratio
• Read policy terms carefully
• Understand exclusions

Tip 4: Disclose All Information

• Medical history honestly
• Lifestyle habits (smoking, etc.)
• Occupation details
• Non-disclosure can lead to claim rejection

Tip 5: Review Periodically

• Increase coverage with income growth
• Add riders if needed
• Update nominee if required
• Don't let policy lapse

Common Mistakes to Avoid

Mistake 1: Insufficient Coverage

Problem: Coverage too low for family needs

Solution: Calculate properly, consider all financial obligations

Mistake 2: Wrong Term Selection

Problem: Too short or too long term

Solution: Choose term until retirement or major financial goals achieved

Mistake 3: Not Comparing

Problem: Buying first policy without comparison

Solution: Compare at least 3-4 insurers, check premiums and features

Mistake 4: Hiding Information

Problem: Not disclosing health/lifestyle information

Solution: Always be honest, non-disclosure can void policy

Mistake 5: Not Reviewing

Problem: Set and forget approach

Solution: Review coverage annually, increase with income growth

முடிவு

Term Insurance குடும்ப பாதுகாப்புக்கு மிகவும் முக்கியமானது. குறைந்த premium மற்றும் உயர் coverage வழங்குகிறது. Pure protection policy, maturity benefit இல்லை. Coverage amount (10-15x income), policy term (until retirement), premium comparison, riders consideration, medical check-up important. Buy early, adequate coverage, compare before buying, disclose all information, review periodically. Avoid common mistakes: insufficient coverage, wrong term, not comparing, hiding information, not reviewing.

அடிக்கடி கேட்கப்படும் கேள்விகள் (FAQ)

Term Insurance என்றால் என்ன?

Term Insurance என்பது குறிப்பிட்ட காலத்திற்கான காப்பீடு ஆகும். இது குறைந்த premium மற்றும் உயர் coverage வழங்குகிறது. Pure protection policy, maturity benefit இல்லை. Policyholder இறந்தால் nominee க்கு death benefit கிடைக்கிறது.

Term Insurance இன் நன்மைகள் என்ன?

குறைந்த premium (affordable), உயர் coverage (₹1 crore+ possible), குடும்ப பாதுகாப்பு (financial security), வரி விலக்கு (Section 80C, ₹1.5 lakh), simple and transparent, no investment risk Term Insurance இன் நன்மைகள் ஆகும்.

எவ்வளவு coverage எடுக்க வேண்டும்?

பொதுவாக, வருமானத்தின் 10-15 மடங்கு coverage எடுக்கலாம். Methods: Income replacement (10-15x annual income), Human Life Value (income × remaining working years), Financial Needs (loans + education + expenses). Minimum ₹50 lakh recommended, ideal ₹1 crore+.

Term Insurance premium எவ்வளவு?

Term Insurance premium வயது (younger = lower), coverage amount (higher = higher premium), policy term (longer = higher), health status, lifestyle factors (smoking, occupation), add-on riders ஆகியவற்றைப் பொறுத்து மாறுபடும். Example: 30 years, ₹1 crore, 30 years = ₹8,000-12,000/year.

Term Insurance maturity benefit கிடைக்குமா?

இல்லை, Term Insurance இல் maturity benefit கிடைக்காது. இது pure protection policy ஆகும். Policy term முடிந்த பிறகு coverage முடிவடைகிறது. Premium paid back இல்லை. Low premium because no maturity benefit.

Term Insurance எப்போது எடுக்க வேண்டும்?

Early as possible (younger age = lower premium). When you have dependents (family, children). When you have loans (home loan, personal loan). When starting career (lock in lower rates). Ideal age: 25-35 years.

Term Insurance term எவ்வளவு எடுக்க வேண்டும்?

Until retirement age (60-65 years). Until children become independent. Until major loans are repaid. Minimum 20-25 years recommended. Longer term = higher premium but better protection.

Term Insurance riders எவை?

Accidental Death Benefit (additional coverage), Critical Illness (lump sum for critical illnesses), Disability (permanent disability coverage), Waiver of Premium (premium waived if disabled). Riders increase premium but provide additional protection.

Term Insurance claim எவ்வாறு செய்வது?

Death claim: Inform insurer immediately, submit claim form, provide documents (death certificate, policy, nominee ID, medical reports), investigation (30-90 days), claim settlement. Accidental death: FIR also required. Claim settlement ratio check before buying.

Term Insurance vs Whole Life Insurance?

Term Insurance: Low premium, high coverage, no maturity benefit, pure protection. Whole Life Insurance: High premium, moderate coverage, maturity benefit, protection + savings. Term Insurance better for young families needing high coverage at low cost.

Term Insurance vs Endowment Plans?

Term Insurance: Low premium, high coverage, no returns, pure protection. Endowment Plans: High premium, moderate coverage, guaranteed returns, protection + savings. Term Insurance + separate investments usually better than endowment plans.

Term Insurance medical test தேவையா?

Age 40+: Usually mandatory. High coverage: May require medical tests. Health conditions: May affect premium or coverage. Lifestyle factors: Smoking, occupation considered. Younger age, lower coverage: May not require tests.

Term Insurance premium increase செய்யலாமா?

Some policies allow premium increase with coverage increase. Review coverage periodically (annually). Increase coverage with income growth. Add riders if needed. Don't let policy lapse.

Term Insurance multiple policies எடுக்கலாமா?

ஆம், multiple Term Insurance policies எடுக்கலாம். Different insurers. Total coverage should match needs. Multiple policies provide flexibility. Premiums separate for each policy.

Term Insurance nominee change செய்யலாமா?

ஆம், nominee change செய்யலாம். Policy documents update செய்யவும். Nominee details change form fill செய்யவும். Life changes (marriage, children) க்கு nominee update important.

குறிப்பு: இந்த தகவல் கல்வி நோக்கத்திற்காக மட்டுமே. இது நிதி ஆலோசனை அல்ல. Insurance தேர்ந்தெடுப்பதற்கு, தகுதிவாய்ந்த Insurance ஆலோசகரிடம் ஆலோசனை பெறலாம்.