Term insurance ensures that your loved ones are financially protected in the event of your untimely demise. It provides a death benefit to your beneficiaries, which can help cover various expenses such as outstanding debts, mortgage payments, daily living expenses, education costs, and other financial obligations.

The simple formula to calculate the coverage of term insurance depends on the age and the yearly expenses. You can go up to 10 times your annual earnings to confirm that you have sufficient cover to protect your family.

A term policy is a financial support instrument for your family when they don't have the insured around. It should be long enough, till the age the family has financial dependence on the insured Ideally, it should be in sync with their liabilities, loans, and retirement plans.

If you want to leave a legacy for your loved ones, you can also opt for whole-life coverage of term insurance, where you will be covered up to 100 years as per the plan. 

The sooner you purchase life insurance, the lower premium you will pay, as it becomes more expensive with each passing year. Additionally, your policy application could get rejected or premiums may increase by 50-100% if you develop a lifestyle disease.

No. The premium you pay for term insurance will remain the same throughout the policy term; unless any adverse declarations are made at a later stage.

Claim rejection can be avoided by ensuring the below points:

1. Make sure that the beneficiaries' list is updated and that they are aware of the active policies. Keep the PayBima Claim Assistance Card with them.
2. Ensure that all the information is correctly provided at the time of policy issuance including existing medical conditions, income, age, other declarations, etc.
3. Pay policy premium on time to avoid policy lapse
4. Read and understand the terms and conditions of your insurance policy thoroughly before purchasing it. Be aware of any exclusions or limitations that may apply to your coverage.

Maintain proper records of all policy-related documents, premium payments, correspondence with the insurance company, medical reports, and any other relevant paperwork. These records can help support your claim if required.

Inform the insurance company promptly about any changes in your personal information or circumstances that may affect your coverage, such as a change of address or change in nominee details

PayBima guarantees dedicated claim support in the insured's absence. We will assist the nominees with all their claim-related queries, claim filing, documentation, etc, for a stress-free claim experience.

Add-ons are optional but including them in the primary policy can be very useful during unexpected events. They provide enhanced life cover at affordable premiums while offering additional benefits within a single policy, like waiver of premium, critical illness benefit, accidental death benefit, additional payout on disability, etc.