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Term Life Insurance Plans

Term Insurance plans or protection plans are the simplest form of life insurance providing coverage for a defined period of time, at a fixed rate of payment. If the insured expires during the relevant term, the death benefit is payable to the nominee, who is typically a family member. However, in case of survival, the coverage at the earlier rate of premiums is not guaranteed after the expiry of the policy. The customer has to either obtain extended coverage with different payment conditions or forgo coverage entirely.

Term insurance plans are the least expensive ways of buying substantial life cover over a particular period of time. Unlike other life insurance plans, term insurance does not have any investment component or cash build up value. It only extends guaranteed level of premiums and a specific amount of coverage for a specific period of time.

Key Features of Term Insurance Plans:

Term Insurance Plans are specifically designed to secure your family's core financial needs in case of death or uncertainty. According to the plan, family/dependents of the life insured is/are eligible for a lump sum amount in case of death or critical illness, if applied for, of the life insured and during the term of the policy. Such an insurance plan can help your family to have sound financial independence, even if you are not around.

The key features of term insurance plans are:

  • Policy Term: The minimum policy term is 5 years, with the maximum varying from 25 years to whole of life for equated monthly premium payments. For single premium payment policies, the policy term is 5 to 15 years.
  • Plan Choice: Term insurance provides flexibility in terms of choosing the plan on single life basis or joint life basis.
  • Entry Age: To be eligible for term insurance plans, the minimum age of entry is 18 years, with a maximum age limit of 65 years with optional add on benefits.
  • Death Benefits: On death of life assured during the term of the plan, the nominee or assignee, in case where the policy has been assigned to someone else, will receive the total/ assigned death benefit chosen at the time of commencement.
  • Maturity Benefits: Term insurance plans don't come with any survival or maturity benefits. If one wants maturity benefits, then a TROP (Term Return of Premium) plan is suggested.
  • Additional Optional Benefits: Additional optional benefits such as critical illness and accidental death/ disability or Accelerated Sum Assured, are available for choice.

Eligibility Criteria for Term Insurance Plans(varies as per insurers)

  • Entry Age: Minimum 18 years | Maximum 65 years
  • Policy Term: Minimum 5 years | Maximum 30 - 55 years
  • Maturity Age: Maximum 75 years/ Whole of life;
  • Annual Premium: Minimum INR 2,000 | Maximum - Based on Sum Assured and age of applicant
  • Premium Payment Mode: Single | Regular - Yearly, half-yearly, quarterly, and monthly

Flexibilities:

"What are the flexibilities that you enjoy with a term insurance plan?"

The question is indeed pertinent, and we have the best answer for it:

  • Flexibility to choose your preferred Sum Assured.
  • Flexibility to choose your premium payment option - single or regular.
  • Flexibility to choose your policy term.
  • Flexibility to choose add on protection.

Tax Benefits of Term Life Insurance Plans:

Term life insurance plans come with excellent tax benefits. You can avail lucrative tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Additionally, the premiums paid for the Critical Illness Benefit also qualify for a deduction under Section 80D.

Tax benefits are subject to changes in tax laws. Please consult your tax advisor for details.

How to Choose the Best Term Insurance Plan?

Term insurance plans have become extremely popular in the last few months. However, the choice of your term life insurance policy should be made good, considering the important factors like:

  • How much death benefit coverage do you need
    • This typically depends on the lifestyle characterized by annual income, dependents and liabilities.
      • Ideally, one should have a life cover of 15-20 times their annual income.
      • A married person with children should have higher life cover than a bachelor.
      • Somebody with a home loan to pay off should have higher life cover.
  • Determine the term of coverage for your plan.
    • Typically the plan should be for a term as long as one expects to have financial dependents.
  • Consider the factor of inflation in paying premiums and coverage benefits.

Your search for the best online term life insurance plans ends at policybazaar.com. We help you compare the best Term Plans available in India by providing you with lowest Term Insurance Quotes. We also let you compare plans based on Features, Coverage, etc.

So compare multiple plans on policybazaar and we will get back to you with the best term insurance quote for you that gives maximum benefits at least cost.

Get started right away!!

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Frequently Ask Question

What is Term Insurance?

Ans:

Term insurance is life cover that provides a death benefit to the beneficiary if the insured dies during the specified policy period. If the insured survives until the end of the policy term, the coverage ceases without value and a payout or death claim cannot be made. These are the cheapest insurance plans with high cover.

Why Term Insurance?

Ans:

Term life insurance provides you with a high cover at very low cost and cover you comprehensively for large periods of time The plans are simple to understand and give you choice to choose your plan, inclusions, premiums and payment frequency Life insurance gives you tax benefits under section 80(C). Many term insurance plans are easily available online

How much life cover would you like?

Ans:

Though the need varies from one person to other, as a rule of the thumb, your term insurance cover should have at least 20 times of your gross annual income. Depending upon your age, the multiplier will decrease as you grow older.

Documents Required (if any)

Ans:
  • Age Proof
  • Identity Proof
  • Address Proof
  • Income Proof
  • Duly Filled Proposal Form
  • Some plans may require you to undergo Medical Tests

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EXPERT SPEAK

If you’re reading this article, i presume somewhere you’re already aware of the benefits of term insurance plans and are looking for one more reason to convince yourself to buy it. having worked in a life insurance company for close to 5 years, i was always convinced of the benefits myself but never pushed my friends to purchase life insurance lest they may think that i’m hard selling my companies’ plans! but, one day, an incident occurred that changed my outlook.  there was a colleague ...

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I almost bought a term policy from Agent. Thanks to Policybazaar, I came to know that the premium I am paying for this policy to agent is much more higher than online policy. I would not hesitate to call PolicyBazzar for any future requirement. Gyan Sinha -

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I am very happy to receive such a good service from you by taking a term plan which has protected my family. Manu Gopal -

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