Exclusive personal life and health insurance benefits for Oyster members

Term life insurance is a pure protection policy that offers a substantial, 100% tax free cash payout to the chosen dependents/nominees in the event of untimely death of the insured during the policy term.

Term life insurance offers financial protection to your family incase of your untimely death through the policy term. Example: You purchase a term life insurance policy with INR 3cr sum assured till the age 85. If you pass away before the age 85, your nominee(s) get INR 3Cr, tax-free.

Once your term life insurance policy is issued, your nominee(s) are eligible to get the complete sum assured in case of your untimely death through the policy tenure, even if such an eventuality happens one day post policy issuance. In summary, the policy is effective immediately post issuance.

Anyone between the ages of 18-65 and holding an Indian passport can purchase a term life insurance policy in India. 

You are eligible to purchase a term life insurance if you are at least 18 years old and at most 65 years old.

Yes you can purchase term life insurance for your family.

Individual policies will be structured for each family member based on their date of birth, gender and whether they smoke or not. You can pay the premiums on your family’s behalf.

In the event of your untimely death, or that of any of your family members’, term life insurance will offer a substantial payout to the nominee(s) to help them navigate through the loss of a loved one and sustain financial liabilities and needs. It is one of the most cost-effective ways to ensure substantial financial security for your loved ones in case of your death or that of a family member.

Yes you can have multiple term life insurance policies, and all of them will pay out if active at the time of your demise.

As your parents get older, there is the possibility of rising healthcare costs. There is always a chance that your existing health insurance cover may not meet their healthcare expenses. A super top-up can help enhance their existing health insurance cover (which they may have purchased in a personal capacity or may have obtained through your insurance plan) if they don't have any pre-existing conditions.

Your age, gender and whether you smoke are three factors that will affect your premium. Results of your medical test (which if often a requirement before policy issuance) can also impact your premium.

As long as you are paying your premiums on time, your policy stays with you irrespective of where you work or whether you are employed. 

You will be given an opportunity to upgrade your cover only when you get married or when you have children. There is limited flexibility allowed during these occasions to upgrade your policy. Example: When you get married, you are eligible to upgrade your sum assured by up to 50%When you have children, you are eligible to upgrade your sum assured by up to 25%. On both these occasions, the upgrade is subject to a go-ahead from the insurer post medical test(s). Premium will also be increased accordingly. It is often preferred to go ahead and purchase an additional term life insurance policy instead of tweaking the existing one. You can hold multiple term life insurance policies in your name and all remain active as per term selected.

Your date of birth, gender and whether you are a smoker or not - if entered   incorrectly can not be changed later. Premium calculated is as per these details.
You will have to cancel the ongoing policy and apply for a new one in such a scenario. It is recommended that you fill out details as per your government-issued IDs (eg. Aadhaar card).