what is policy bazar term insurance plan

Policybazaar Term Insurance Plan

Policybazaar is known as a one stop destination for providing insurance products in the Indian insurance market. Through this you can buy any insurance product online.

It is worth noting that Policybazaar itself does not offer any insurance product rather it brings together the insurance products of various insurance product providers at one place so that customers buying insurance products can conveniently choose an insurance product. Can buy

Policybazaar helps customers to buy an insurance product by comparing various insurance products with each other through its official website. Insurance customers can compare all insurance products by visiting the official website of Policybazaar and choose any insurance product as per their requirement through Policybazaar.

Various types of insurance products are provided by Policybazaar which include term insurance, life insurance, health insurance, motor insurance etc. Any customer can choose any insurance product as per his requirement through Policybazaar. The main advantage of buying insurance products through Policybazaar is that you can manage your various insurance products at one place.

Features And Benefits Of Policybazaar Term Insurance Plan

Following are the features and benefits of Policybazaar Term Insurance Plan :

  1. Easy Manage:

By purchasing a term insurance plan through Policybazaar, you can easily manage the different types of insurance products you have taken at one place. You get all kinds of information related to your insurance product such as premium to be charged, duration of coverage etc. at one place and you also get information about it from time to time through SMS and email.

  1. Customer Support:

While buying an insurance product, the first thing we consider is its customer support. If the customer support service of an insurance company is good then buying insurance products from that company is very beneficial. The customer support of Policybazaar is of a very high standard. By this the solution of your problem is provided immediately. You can contact Policybazaar’s customer support to get any queries related to insurance products answered 24×7.

  1. Low Cost:

This is available to you at a very low cost when you buy a term insurance plan through Policybazaar. You do not need to pay any extra commission to any middlemen when you buy term insurance plans online through Policybazaar. Thus you save on the commission you pay to the middlemen and you can get your term insurance plan at a very low cost by getting additional discounts through Policybazaar.

  1. Death Benefits:

In a Policybazaar term insurance policy, if the life assured dies during the policy term, the death benefit is provided to the nominee by the life assured. Through this, the family members of the insured person can easily fulfill their needs.

  1. Maturity Benefits:

No maturity benefits are provided in a Policybazaar term insurance policy. If the life assured survives the policy term then no benefit is provided to him.

But now such term insurance plans are also being offered by insurance companies in which the premium paid is returned to you at the end of the policy term. This is known as term plan with return of premium . However, you have to pay some additional premium to avail this facility.

  1. Riders:

Policybazaar term policies also give you the option of enhancing your term plan coverage through riders. You can enhance the coverage of your term plan by adding various riders such as critical illness, accidental death benefit etc. You have to pay some additional premium for adding riders.

what is policy bazar term insurance plan
  1. Financial Security:

With a Policybazaar term insurance plan, you can secure your family financially in the future. Through this, if you die accidentally, then in that case your family’s financial liabilities can be met with the benefit you get through Policybazaar term insurance plan.

  1. Free Look Period:

In a Policybazaar term insurance plan, you are provided with a free look period of 15 days. If you are not satisfied with your Policybazaar term insurance policy, you can choose to exit the policy within these 15 days. If you choose this option, the premium paid by you is returned.

  1. Grace Period:

You are provided with a grace period of 30 days in Policybazaar term insurance policies. If you do not pay your premium by the due date, you are provided with a grace period of 30 days to pay the premium. If you pay your premium during this period, you can continue with the coverage of your Policybazaar term insurance plan.

  1. Tax Benefits:

You also get tax benefits on the premium paid for Policybazaar term insurance plans. You are eligible for tax exemption for the premium paid under Indian tax law under section 80C of the Income Tax Act 1961.

Eligibility For Policybazaar Term Insurance

Eligibility for buying term insurance plan from Policybazaar is as follows-

  • You have to fulfill the minimum and maximum age qualification.
  • You have to get a medical test done.

Documents Required For Policybazaar Term Insurance Plan

Documents required for Policybazaar Term Insurance Plan are as follows-

  • filled application form
  • medical examination report
  • identity proof
  • age proof

Policybazaar Term Insurance Plan Premium

To continue the coverage of a Policybazaar term insurance plan, you need to pay regular premiums. Your Policybazaar term insurance plan lapses if you do not pay the premium regularly.

You are provided with several options for premium payment by the insurance company. You can choose any premium payment frequency.

You can choose any of the premium payment frequency mentioned below-

  • monthly,
  • quarterly,
  • half yearly,
  • annual,
  • outright.

How To Buy Policybazaar Term Insurance Plan?

Buying a term insurance policy through Policybazaar is quite easy. For this you have to visit the official website of Policybazaar. You can choose any term insurance plan as per your requirement through online medium by visiting the official website of Policybazaar.

On the official website of Policybazaar, you will find term insurance plans offered by various insurance companies. You can buy that term insurance policy online through Policybazaar by choosing any term insurance plan as per your requirement.

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