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Your car is more than just a vehicle; it’s a part of your daily life. Whether it’s a minor dent or a major accident, Car Insurance protects you from unexpected financial burdens. At FinArray, we make it easy for you to compare, customize, and buy car insurance online—so you can drive worry-free!

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How Term Insurance Works?

Let us understand how term insurance works with the help of an example:

Meet Sameer

Sameer, a Healthy and non smoking male.

Bought Policy

Sameer bought ₹1crore Term Insurance for a 25- year policy term to secure his wife financially.

Unfortunate Death

In the 9th Polilcy year, Sameer suffered an unfortunate death.

Claim

His wife recelved a ₹ 1 Crore death benefit from the insurer

After Claim

His wife can use the: benofit& maintain her current quality of life.
Life is unpredictable, but your family’s financial security shouldn’t be. A Term Insurance Plan ensures that your loved ones remain financially stable even in your absence. It’s the simplest and most affordable way to secure their future. At FinArray, we bring you the best term plans from India’s top insurers, ensuring maximum coverage at the lowest premiums—all in just a few clicks!

Why Choose Term Insurance?

We work on a wide range of building typologies and projects

Financial Security for Your Family

Ensures your loved ones are covered in case of an unfortunate event.

High Coverage, Low Premiums

Get a large sum assured at affordable prices.

Tax Benefits

Enjoy tax savings under Section 80C & 10(10D) of the Income Tax Act.

Flexible Payouts

Choose between a lump sum, monthly income, or a combination of both.

Critical Illness & Disability Riders

Enhance your policy for added protection.

Why Buy Term Insurance from FinArray?

We work on a wide range of building typologies and projects

Compare Top Plans in One Place

No bias, just the best options.

Instant Quotes, Zero Hidden Costs

What you see is what you pay.

Expert Guidance

Get expert guidance to choose the right term insurance plan tailored to your needs.

Seamless Digital Process

Buy your policy 100% online—fast and hassle-free.

Term Insurance Buying Checklist

Claim Settlement Ratio (CSR): You should buy term insurance online from a company with a CSR of above 95%
Solvency Ratio: You should check the company's ability to take care of their future liabilities
Grace Period: You should always check the grace period for different payment frequencies.
Free Look Period: Make sure that the free look period for the policy is per your liking.
Rider Benefits: Alays check the additional riders, their benefits offered, and conditions
Smart Exit Benefit: Some insurers offer the option to exit the plan early and receive all the premiums paid.
Type of Plan: Check the ideal type of term insurance for your needs before buying.

What are the Term Insurance Policy Features?

Term life insurance plan is one of the preferred types of life insurance because of its affordable premiums, low entry age, and easy-to-buy features. Long-term protection, the flexibility of choosing policy and premium payment terms, customisable cover, and liability protection are some other benefits of term insurance plans.

What are the Factors That Can Affect Term Insurance Premiums?

Various factors like your age, gender, health, family medical history, current health conditions, and lifestyle can affect your term insurance premiums in the following ways:

Common Term Insurance Claim Rejection Reasons

Term insurance claim process is not very complicated and difficult, but you have to understand some common reasons of term insurance claim rejection:
If the policyholder has provided incorrect/false information on the application form.
If the policyholder has not paid the premiums on time.
If the nominee of the policy makes a fraudulent claim to get the amount of the claim.
If the reason for the death of the policyholder is excluded from the term insurance policy like suicide or death due to drugs, alcohol, or substance abuse.

How to Avoid Term Insurance Claim Rejection?

Below-mentioned are some tips to avoid term insurance claim rejection. These include:

1

False Information

Do not give false information like age, lifestyle habits, qualification, earnings, previous policies, and claims when filing the form. Provide correct information so that you can get your claims settled.

2

False Information

You must pay your premiums on time. And if you fail to pay the premium, you can use the grace period to pay the premium. It is important that you set a reminder to pay the premiums on time.

3

Medical History

It is important to disclose your correct medical history. You must tell the insurer about your previous or existing medical conditions, surgeries, etc.

4

Information of Nominee

The nominee is the one who receives the death benefits, so it is important to update the information of the nominee and ensure the insurer has all the required information.

5

Existing Policies

While you purchase a new plan, it is important to disclose information about the existing policies. If you hide this information, your claim can get rejected. So, you must disclose this information to the insurance company.