Low cost Insurance Plan providing life cover/financial stability to the family in case of death during term of the policy. Suits for all those who wish to avail cover at all levels at a cheaper premium rates.
- Plan Type:
- Without Return of Premium - On death Sum Assured is payable.
- Riders available:
- Double Accident Benefit (Additional Sum Assured is payable on death due to accident)
- Critical illness Benefit (coverage for list of selective critical illnesses)
- Special Features:
- Ask for MWPA endorsement
- Companies recommended:
- ICICI Prudential , Kotak Life & LIC of India for their-
- Reasonable pricing, Services, Simplified process etc...
- To get Quote from Company with Benefit Illustration
- Filling up of Proposal form with all requirements
- Medicals to be done if applicable
- Payment by Cheque / online
- Income Tax Benefits
Under Section 80C/80CCC – Life Insurance
- Benefit is available to Individual assessee and Hindu Undivided Family assessee. In case of individual assessee - Himself/herself, spouse, children of such individual In case of HUF assessee - any member of HUF
- If the amount of premium paid in a financial year for a policy is in excess of 20% of the actual capital sum assured, then deduction will be allowed only for premiums upto 20% of the sum assured.
- For insurance policies issued on or after April 01 2012, deduction is allowed for only so much of the premium payable as does not exceed 10% of the actual capital sum assured.(15% of actual capital sum assured in case of person with severe disability or specified ailment).
- Above benefits shall be reversed if the policy is terminated/cease to be in force within 2 years for traditional products and 5 years for ULIP products after the date of commencement of policy. Sec 80CCE - Maximum amount of deduction that an assessee can claim under Sections 80C, 80CCC will be limited to Rs. 1,50,000
- Pure Term Life Insurance - Check List
PURE TERM LIFE INSURANCE - CHECK LIST
1 ID PROOF PAN / PASSPORT / DRIVING LICENSE / VOTER'S ID / RATION CARD / EMPLOYEE ID CARD 2 AGE PROOF AADHAR DOB / PAN / PASSPORT / DRIVING LICENSE / GOVERNMENT ID / BIRTH CERT / SCHOOL(OR)COLLEGE RECORD 3 ADDRESS PROOF AADHAR / PASSPORT / DRIVING LICENSE / BANK STATEMENT LATEST 3'MONTHS / VOTER'S ID / RATION CARD 4 PHOTO PASSPORT SIZE PHOTO 5 PAN CARD COPY REQUIRED 6 Bank Details Cancelled Cheque Leaflet with Name Printed 7 FULL NAME OF PERSON TO BE INSURED To be filled 8 COMMUNICATION ADDRESS To be filled 9 PERMANENT ADDRESS To be filled 10 MOBILE NUMBER To be filled 11 E-MAIL i.d To be filled 12 MARITAL STATUS MARRIED / UNMARRIED / WIDOW 13 EDUCATION QUALIFICATION To be filled 14 OCCUPATION To be filled 15 NAME OF THE BUSINESS/Website To be filled If Applicable 16 ANNUAL INCOME To be filled 17 INCOME PROOF Income Tax Returns 18 HEIGHT 19 WEIGHT 20 NOMINEE NAME 21 NOMINEE DOB 22 RELATIONSHIP 23 SUBSTANCE CONSUMED TOBACCO / ALCOHOL / ANY NARCOTICS 24 HEALTH DIAGNOSAD,CANCER, SUGAR (OR) ANY OTHER BELOW ASSURED 25 PROPOSED SUM ASSURED 26 SUM ASSURED ALREADY COVERED AS PER EXISTING POLICIES
Note: Usually 10 to 20 times of Annual Income is considered as Sum Assured under Pure Term Life Insurance Plan depending up on the age
If Additional Sum Assured is required the following additional supporting documents are required:
1 Home-Loan Documents / RC & Insurance copy of a car owned by the Life Assured 2 Bank-statement for last 6 months 3 Any documents regarding Investments like Mutual Funds, FD..etc.