FAQ
1
What is a term insurance plan?
Term insurance is a type of life insurance, which offers financial coverage to the policyholder for a defined period. In case of the sudden demise of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary. The primary purpose of term insurance is to provide financial security and stability to your loved ones against the loss of income that could arise due to unfortunate events.
2
What is the minimum and maximum age to buy a term insurance policy?
The minimum eligibility age is 18 years and the maximum ranges between 65-69 years.
3
How much risk cover should I buy?
Your term cover primarily depends upon your annual income, including the number of dependents, investment requirement, affordability and the lifestyle you wish to provide to your family. However, the general thumb rule says that your risk cover should be 10-15 times of your annual income and can go up to 25 times for younger age policyholders.
4
Does Term Life Insurance Cover COVID-19?
All term insurance plans cover COVID-19 death claims.
5
Is it possible for an NRI to buy a term insurance policy?
Yes! Today, The Foreign Exchange Management Act (FEMA) allows Non-Resident Indian to purchase term insurance plans that would fulfil their requirement, secure the future of their loved ones and provide financial security in their absence, irrespective of them currently residing in India or not.
6
Whom should I contact if my term insurance policy claim is rejected?
If your term insurance policy claim gets rejected even after submitting all the required documents and adhering to the rules, you should immediately get in touch with a specific insurance company and seek help.
7
Is it possible to cancel my term insurance policy?
Yes, if you wish to cancel the term insurance policy, you may do so but only within the free-look period offered within the plan.
8
Can I add a rider in my existing term insurance policy?
Yes, you can add an optional rider in your existing term insurance policy by paying a minimal applicable charge.
9
Why term insurance premium rates are higher than that of a non-smoker?
As per the current rules and regulations, insurance companies charge a high premium of term plan from smokers or tobacco users compared to non-smokers as there is more risk involved in insuring a smoker. Since the odds of a smoker becoming more susceptible to diseases and dying from smoking-related grounds are so much more, life insurance companies charge higher premiums to combat high risk.
10
What is the benefit of buying term insurance at an early age?
The biggest advantage of buying term life insurance early is the low premium amount, including enjoying tax benefits from the early stage of your career, cover for your family earlier etc. As you grow older, the premium amount for term life insurance policies increases significantly.
11
What documents will I need to buy term insurance plans?
Life insurance companies require the following documents from you when you purchase a term insurance plan:

a. Bank statement or passbook with latest entries for 6 months.

b. Aadhar Card.

c. Passport

d. Voter's ID.

e. Driving license.

f. Electricity / Telephone bill.

g. Ration Card.

1
What is MyPolicyJunction?
MyPolicyJunction is an Indian Insurance Aggregator based in Bangalore, India. It is an online insurance platform where you can compare numerous policies and plans from top-rated insurance companies and buy the policy that best suits your needs. With 24/7 claim support, complete insurance product suite, customized advice, we cater to different sets of customers to protect their loved ones from financial hardships.
2
What are the benefits of buying insurance online at MyPolicyJunction?
MyPolicyJunction offer insurance products that range from life to health & auto to travel, available online to help you get insured from the comfort of your home. Get your policy in your inbox within minutes; buy a policy with large insurance cover for an affordable premium and thousands of quotes to choose from.
3
How MyPolicyJunction Works?
Buying an insurance policy on MyPolicyJunction is simple and easy with the following steps:
  • Fill in your details and get premium quotes from top insurers instantly
  • Compare the best quotes and choose a plan from numerous available quotes
  • Make the payment, sit back, relax and get your policy right in your inbox
4
What kind of insurance policies does MyPolicyJunction offer?
MyPolicyJunction offers a wide variety of insurance policies including Term Insurance, Health Insurance, Car Insurance, Two-Wheeler Insurance, Home Insurance, General Insurance and more.
5
How long does it take to buy an Insurance Policy on MyPolicyJunction?
The insurance issuance process at MyPolicyJunction is simple and easy. Right from entering the details, comparing the best quotes to making payment, you are just a few clicks away from getting your policy right into your inbox.
6
How do I pay for policy purchase on MyPolicyJunction?
You can pay using a credit card, debit card, net banking, UPI, wallet/cash cards and QR scan on MyPolicyJunction.
7
How to make a claim?
Get in touch with your insurer and inform the insurance company about your claim at the earliest. Depending on the type of insurance (term/home/health/vehicle) the insurer will guide you about the claim settlement process and the documents to be kept handy for processing of the claim.
8
I have a query about the policy I want to buy. Whom shall I contact?
For all insurance related queries/issues, you can reach out to our dedicated support team on 080 - 45691999.
9
What happens if my payment gets failed?
On account of such an occasion, your payment will be reversed. This will reflect in your source account used for the original transaction within 5-7 business days. For further information please refer Cancellation & Refund/Chargeback Terms and Conditions.
10
I have not received any payment confirmation. What should I do?
Typically, a payment confirmation is sent right away once the insurance policy is made. In rare cases, payment has failed and the amount is debited from your bank, it will be refunded back to your account within 5-7 working days by your bank. For further information please refer Cancellation & Refund/Chargeback Terms and Conditions.