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💰 Quick Coverage Calculator
Rule of Thumb: Your term insurance coverage should be at least 10-15 times your annual income
Example: ₹10 Lakhs income = ₹1-1.5 Crores coverage needed
1
Calculate Your Coverage Needs
Determine the exact amount your family would need to maintain their lifestyle and achieve financial goals in your absence.
Consider These Factors:
- Outstanding home/car/personal loans
- Children's education expenses (school + college)
- Daily living expenses for 20+ years
- Medical and emergency funds
- Retirement corpus for spouse
- Other financial goals and liabilities
2
Choose the Right Policy Term
Select a policy duration that covers your income-generating years and major financial responsibilities.
Term Selection Guide:
- Age 25-35: 30-35 years term recommended
- Age 36-45: 20-25 years term recommended
- Age 46-55: 10-15 years term recommended
- Cover till your retirement age or till children become independent
3
Compare Plans from Multiple Insurers
Research and compare term plans based on premium rates, claim settlement ratio, and policy features.
Comparison Parameters:
- Premium amount for same coverage
- Claim settlement ratio (aim for 95%+)
- Policy exclusions and waiting periods
- Additional riders available
- Company reputation and service quality
4
Check Eligibility & Requirements
Ensure you meet the age, income, and health criteria of your chosen insurance plan.
Common Eligibility Criteria:
- Age: Usually 18-65 years
- Income: Minimum annual income requirements
- Health: Medical tests may be required
- Occupation: Some high-risk jobs may have restrictions
5
Fill the Application Form Accurately
Provide complete and truthful information about your personal details, health history, and lifestyle habits.
Important Notes:
- Never hide or misrepresent health information
- Disclose smoking/alcohol habits honestly
- Provide accurate income details
- Choose the right nominee carefully
6
Complete Medical Check-up (If Required)
Undergo medical tests as requested by the insurance company for risk assessment.
When Medical Tests Are Required:
- Coverage above certain amount (usually ₹50L+)
- Age above 40-45 years
- Declared health issues in application
- Insurance company's standard procedure
7
Review Policy & Make Payment
Carefully read all policy terms and conditions before making the first premium payment.
Final Checklist:
- Verify all personal details are correct
- Check coverage amount and policy term
- Review premium payment schedule
- Understand policy exclusions
- Keep policy document safely
💡 Pro Tip: Buy Early for Better Rates
Term insurance premiums increase with age. Buying at a younger age locks in lower rates for the entire policy term. A 25-year-old can save 40-50% compared to buying at age 35 for the same coverage.
Documents Required for Application
🆔
Identity Proof
Aadhaar Card, PAN Card, Passport, Driving License
🏠
Address Proof
Aadhaar, Utility Bills, Passport, Bank Statement
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Age Proof
Birth Certificate, PAN, School Certificate, Passport
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Income Proof
Salary Slips, ITR, Form 16, Bank Statements
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Photographs
Passport-sized recent color photographs
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Medical Reports
If required based on age/coverage amount