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Term Insurance is a life insurance plan that provides financial protection to the family in case of the insured person’s death during the policy term. It offers high life cover at a low premium.
Sum Assured
Sum Assured is the total amount paid by the insurance company to the nominee in case of the insured person’s death during the policy term.
Premium Payment Term
Premium is the amount paid regularly to keep the insurance policy active.
It means how long the premium will be paid.
Regular Pay → Premium paid throughout the policy term
Limited Pay → Premium paid for limited years only
Rider / Add-on
Rider is an additional benefit added to the basic policy for extra protection by paying extra premium.
Add-on means optional extra coverage added to improve policy benefits.
CIDR (Critical Illness Disability Rider)
CIDR provides additional financial protection in case of specified critical illnesses or disability.
It may also include Waiver of Premium, which means future premiums are waived after a covered illness/disability claim.
COMMON TERMS AND CONDITIONS
Education Proof Required
Education proof may be required for certain insurance policies.
Example: Graduation certificate or other educational qualification documents.
Income Proof Required
Income proof is required to verify earning capacity for higher insurance coverage.
Examples:
Salary Slip
ITR (Income Tax Return)
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