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Term Insurance
- Financial Security for your family
- Tax Deduction Under 80C
- Affordable Premium
- Get Upto 10% Online Discount
What is Term Insurance ?
Term insurance is the simplest type of life insurance that offers financial cover for a set period (number of years). This type of life insurance provides a death benefit to the nominee in case of the assured’s unforeseen death during the policy term
Life Insurance : Benefits & Features
Financial Security
The primary benefit of a life insurance policy is that it offers long-term financial protection to the policyholder’s family in case of an eventuality, like death, disability, or illness. You can buy the best term insurance policy or life insurance plans to secure your family’s financial future.
Guaranteed Returns
Life insurance plans guarantee that you receive a fixed amount after a specific term. Your return can help pay the loan, child’s higher education, and other expenses.
Maturity Benefits
Depending on the type of life insurance policy, insurers may offer the applicable benefit amount as maturity benefit at the end of the policy term. The maturity amount in different plans, like term return of premium plans, can also be the return of premiums paid throughout the policy tenure.
Wealth Creation
Certain types of life insurance policy plans, such as ULIP, endowment, or savings plans offer wealth creation benefits along with protection benefits. You can choose the types of plans based on your risk appetite and build a corpus for your future goals.
What is a Life Insurance Policy?
Meaning and definition?
A Life insurance plan is a contract between a policyholder (life assured) and an insurance provider. Under this life insurance plan, the company promises to pay a fixed amount to the family members of the policyholder in case of policyholder’s death during a chosen policy term or after a specified time. In exchange, the policyholder pays a small money as a premium to the insurer. Some life insurance plans also offer a maturity benefit after the policy term ends and adds more value to your investment.
In various types of plans, the policyholder can choose for critical illness benefits or choose extra protection to cover against an unforeseen event because of an accident. Let’s learn about these benefits, features and types of life insurance plans below.
Term Life Insurance Plans
Pure Protection plans, also called term insurance plans, are designed to protect your family's financial future by providing a lump sum payment in case of your untimely demise.
Savings/Investment Plans
A savings plan is a financial product that helps you plan long-term goals like buying a home, paying for children’s higher education, and more while providing benefits for life coverage.
Term Insurance at a Glance
| Categories | Specifications |
|---|---|
| Sum Assured | ₹5 Lakhs to up to ₹20 Crores |
| Policy Term | From 5 years to 99/100 years |
| Premiums | Affordable |
| Critical Illness Cover | Available |
| Death Benefit | Available |
| Accidental Death Benefit | Available |
| Terminal Illness Cover | Available |
| Accidental Total Permanent Disability | Available |
Frequently Asked Questions (FAQs)
What is term insurance?
ife insurance is a contract between you and an insurance company. In exchange for regular premium payments, the company provides a lump-sum payment, known as a death benefit, to your beneficiaries upon your death.
How is term insurance different from whole life insurance?
Term insurance provides coverage for a limited period (e.g., 10, 20, or 30 years), while whole life insurance provides coverage for the entire lifetime of the insured. Additionally, whole life insurance includes a savings component that builds cash value over time, whereas term insurance does not.
What are the key benefits of term insurance?
Key benefits of term insurance include affordability, simplicity, and the ability to provide substantial coverage for a relatively low premium. It offers financial protection to your loved ones in the event of your untimely death.
How much term insurance coverage do I need
The amount of coverage you need depends on various factors, such as your income, debts, future financial obligations (e.g., children’s education), and your family’s living expenses. It’s advisable to calculate your needs and consider getting coverage that is 10-15 times your annual income
How long should the term of my policy be?
Premiums are based on factors such as your age, health, lifestyle, and the amount oThe term of your policy should align with your financial responsibilities and goals. For instance, if you have young children, you may want a term that lasts until they are financially independent. Common term lengths are 10, 20, and 30 years. coverage you choose. Generally, the younger and healthier you are, the lower your premiums will be.
Can I convert my term insurance into a permanent policy?
Some term insurance policies offer a conversion option that allows you to convert your term policy into a permanent life insurance policy (such as whole life or universal life) without undergoing a new medical examination. Check with your insurance provider for details.