Flipkart, an e-commerce marketplace and Aegon Life Insurance have tied-up to offer life insurance policies to those who are between age 18 and 65. The policy will be a term insurance plan for a one-year period wherein only the death benefit is paid to the nominee if the death happens during the period of insurance. To buy the policy, one needs to register on the Flipkart platform and pay the one-time premium after meeting the terms and conditions.
The instant life insurance cover will be available as a Group insurance cover and will be issued without any medical tests or paperwork. However, it is important to go through the terms and conditions and declare correctly about existing health conditions and diseases.
As per the website, one can get life insurance for a sum assured of Rs 1 lakh, Rs 5 lakh, Rs 10 lakh, Rs 25 lakh, Rs 40 lakh by paying a one-time premium of Rs 129, Rs 644, Rs 1288, Rs 3220, Rs 5152 respectively. Also, it states that one can get Section 80C tax benefit on the premium paid.
If one buys the policy, the policy document or the certificate of insurance is received in the email. Make sure, your nominees are well-recorded and are informed about the policy.
Anyone with financial dependants needs to buy life insurance. A term insurance plan is a low-cost, high-cover plan as it only covers death. There is no maturity value in the policy. As a thumb rule, one should have a cover of at least ten times of one’s annual take-home income. The coverage should typically be for a period till one has liability and there are family members who are financially dependant on you. Generally, keeping a coverage till age 60 helps as by that time one is free from financial liabilities.