Term insurance is a type of pure life insurance policy that provides life insurance cover against the fixed premium paid for a specified term of the year. As a protection plan, term life insurance offers higher insurance coverage at lower premium rates. The term life insurance plan provides financial coverage to the beneficiary of the policy if the life insurer dies during the active 'term' of the policy.
Note: In the case of survival of the life insured the coverage at the earlier rate of premiums is not guaranteed after the expiry of the term insurance policy. The buyer has to either obtain extended coverage with different payment conditions or forgo the coverage entirely.
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Table of Content
"Term Insurance" is a pure life insurance policy that has financial coverage for a specific tenure. It provides financial protection to the beneficiary of the policy in case of the unfortunate demise of the policyholder during the policy tenure.
A term life insurance plan not only offers financial security to your family but also is capable of fulfilling its future needs such as your child’s higher education, child’s marriage, etc. Among all the life insurance products, term life insurance offers the highest life coverage for the minimum premiums during the term of the policy. For example, an individual can buy a life cover of Rs. 1 Crore at a premium rate of a minimum of Rs. 411 per month. Some insurance companies also cover permanent or partial disability wherein the policyholder’s regular income is disrupted.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
There are various reasons to buy a term life insurance plan. However, here are the key and basic reasons that you must buy term insurance:
Term life insurance plans offer financial security to the family of the insurer with the highest life coverage for the minimum premiums during the 'term' of the policy
Any individual with financial dependents should consider purchasing an online term insurance policy. This includes young professionals, parents, married couples and people who want to gain tax benefits as a term insurance plan provides tax benefits under section 80C of Income Tax Act 1961. Hence, any individual who wants to provide life protection to their family at an affordable premium rate along with the benefit of tax exemption should purchase a term insurance policy.
|Insurers||Term Plan||Claim Settlement Ratio||Max Maturity Age||Premium (for a cover of 1 crore)|
|Aditya Birla Sun Life Insurance||ABSLI LifeShield Plan||98.02%||75 years||Rs. 623/month|
|Aegon Life||iTerm||98.01%||100 years||Rs. 479/month|
|Bajaj Allianz||Life Cover||98.48%||85 years||Rs. 458/month|
|Canara HSBC OBC Life Insurance||iSelect+ LumpSum||98.12%||99 years||Rs. 480/month|
|EXIDE Life insurance||Exide Life Elite Term||98.54%||70 years||Rs. 451/month|
|Edelweiss Tokio||Zindagi Plus+ Lump sum||97.0%||80 years||Rs. 478/month|
|Future Generali||Future Generali Flexi Online Term-Lumpsum||95.2%||75 years||Rs. 486/month|
|HDFC Life||Life Option||98.01%||85 years||Rs. 709/month|
|ICICI Prudential||iProtect Smart Lumpsum||97.9%||85 years||Rs. 647/month|
|India First||e-Term Plan||96.81%||65 years||Rs. 422/month|
|Kotak Life||e-Term||98.5%||75 years||Rs. 654/month|
|Max Life||Smart Term Plan Life Cover||99.35%||75 years||Rs. 571/month|
|PNB Metlife||Mera Term Plan-Full Lumpsum payout||98.17%||99 years||Rs. 585/month|
|Reliance Nippon Life Insurance||Reliance Digi-Term||97.71%||65 years||Rs. 500/month|
|SBI Life||eShield||94.5%||80 years||Rs. 589/month|
|Tata Aia||TATA Maha Raksha Supreme Lumpsum||98.02%||85 years||Rs. 927/month|
|Key Features||Benefits Offered|
|Death Benefits of Term Life Insurance||A predefined amount is paid out to the nominee in case of the unfortunate demise of the policyholder|
|Maturity Benefits||Available under Term Insurance with Return of Premium option|
|Tax Benefits||Available under all types of term insurance plans.|
|Riders/ Add-on Covers||A number of rider benefits or add-on covers such as critical illness, waiver of premium, extra payout on accidental death/disability are available with Term insurance plans.|
|Coverage Against Various Liabilities of Term Insurance||Most of the Term insurance policies provide coverage against various liabilities of the policyholders like mortgage, loans, and other types of debts.|
|Buying Process||Online and Offline|
|Claim Process||The easy online and offline claim process|
|Physical Paperwork||Only in case of offline policy purchase|
|Premium Payment Frequency in Term Life Insurance||Annual
|Payout Options of Term Plan||One Time Payout, One Time Lump-Sum Plus Fixed Monthly Payouts, Fixed Monthly Payouts, and One Time Lump Sum Payment Plus Increasing Monthly Payouts|
|Sum Assured (Min/Max)||Minimum – Starts at Rs. 5 Lakhs/ Maximum – No Limit|
|Variants of Term Insurance Plan||Benefits|
|Basic Term Plan||The death benefit is offered in a lump sum amount at low premium rates|
|Term Plan with Monthly Income||Offers Fixed and stable income for family along with the death benefit|
|Term Insurance with Growing income (monthly)||The death benefit is offered along with the growing monthly income for a family|
|Term Insurance with Return of Premium (TROP)||Upon the maturity, return of all the paid premiums, along with the death benefit during the policy term.|
|Group Term Insurance||This plan provides life coverage for a group of individuals under a single policy|
Term insurance plan are specifically designed to secure your family's basic 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 during the tenure of the policy.
There are a number of term plans available in the market from various insurance companies in India. All of these companies offer both types of online and offline term life insurance with each term policy having its own set of specific features that make it the best term insurance plan in the market. To understand these term plans we need to look at them a bit more in-depth.
The level term plan is one of the easiest types of term plan wherein during the policy tenure the sum assured remains unchanged and the benefits are paid to the beneficiary on the demise of the policyholder. The level term plan is easily available in PAN India and is offered by various insurance companies. The rule is simple the younger you are when buying this type of term life insurance plan the premiums will be that pocket-friendly.
Along with the benefit of life cover, this term plan comes with critical illness cover that is paid out in case the life assured is diagnosed with any of the 34 specific critical illnesses such as heart attack, cancer, kidney failure, etc.
Under this term plan option, the policyholder can choose to pay the premium of the policy for a limited tenure. However, the benefits of the plan continue for the entire tenure of the policy.
Under this plan option, the beneficiary of the policy receives the life cover along with the benefit of accidental death cover in case of accidental demise of the life assured during the policy tenure.
A standard term life insurance plan is one where the insured person gets a cover against various risks against payment of a certain term life insurance premium amount. The most common term plan and generally also considered the best term insurance policy is the one that charges a yearly premium for an annual cover.
A term insurance return of premium policy is a term plan that refunds the premium paid for the cover in case the insured party survives the policy period. These term plans are increasingly becoming popular as the policyholder gets the money they have invested in the term insurance policy at the end of the policy period.
These term insurance policies also give the insured the option to add on riders that they feel are essential. These riders add to the premium of such a term plan just like any other standard term insurance policy.
Group term insurance are a term insurance plan that is specially designed for businesses, companies, societies, associations, or large families and provides term plan insurance cover for all the members of the group. These policies provide the same set of benefits that an individual term plan offers but the overall coverage is generally more in terms of illnesses or other factors that are generally excluded in the individual policies. Most of these term plans are offline as each policy is generally customized to suit the needs of the group taking the policy.
The cover and the term life insurance premium increase over the overall tenure of the renewable term insurance plan. This term plan helps to cover against risk from rising inflation costs that may affect the real value of the death benefits that the insured individual's family would receive. The cover under these term insurance plan rises at a pre-specified rate and keeps increasing until the overall value of the cover is 1.5 times the original cover under the term policy.
The decreasing term insurance plan is a renewable term plan where the sum assured of the policy decreases every year by a fixed percentage over the tenure of the policy. These policies are generally offered as mortgage clearing plans. Decreasing term plan is taken to clear debts and loans. In case of the demise of the insured person, the available sum assured amount is paid towards the repayment of the loan. The premium rate of decreasing term plans is less as compared to the normal term Plan. This term insurance policy provides financial security to the insured’s family and offers the benefit of tax exemption at an affordable premium rate.
This type of term insurance plan is generally offered by some insurance companies in India. As the name suggests the key highlight of taking a term plan is that when buying this term insurance plan you can opt for the alternative to convert the plan into some other plan in the coming times and accordingly select a date. For instance, if you had taken a term insurance plan let’s just assume for 25 years, however, after 5 years, you intend to convert this into any other plan like an endowment plan or any other plan, you can go ahead.
A joint term insurance plan works out to be cheaper than buying two individual term insurance plans. Moreover, the features and benefits remain the same, ensuring both the members get the same advantages of the plan.
These policies are ideal for a couple with children as they will ensure the dependents will not have to worry about their future if the unfortunate comes to pass and both parents pass away. A joint term insurance policy is the best option to go with as it also provides insurance cover for the surviving spouse.
Offline term plans are those that are sold through traditional methods such as through an agent or a branch, while online term plans refer to term insurance plans that are sold over the internet. Term insurance providers offer an online term plan at a significantly discounted rate than the offline plan. The primary reason for this is the lack of any intermediaries such as the agent or the branch between the policyholder and the insurance company for an online term insurance plan.
People could now buy online life insurance at the click of a mouse in a few minutes. Research shows that an online term insurance plan may be cheaper by as much as 40% in some cases than the offline plan that offers the same features and benefits. There are various reasons for the low premium in an online term insurance policy.
|Plans||Entry Age||Policy Term||Premium Paying Term||Sum Assured||Incurred Claim ratio|
|Aviva Life Shield Advantage Plan||18 years/55 years||10 years-30 years||Single pay, Regular pay||Min-Rs.35,00,000 Max-Option A- No upper limit Option B- Rs.50,00,000||96.06%|
|Bajaj Allianz iSecure Plan||18 years/60 years||10,15, 20,25 & 30 years||Regular pay||Min- Rs.2,50,000(general category)Rs.20,00,000 (split category) Max- No upper limit||95.01%|
|Bharti Axa Life Flexi Term Plan||18 years/65 years||5, 10,15,20 years||Regular pay||Min- Rs.10,00,000 Max-Rs.25,00,000||97.28%|
|Canara HSBC iSelect Term Plan||18 years/65,55, 50, 45 years||N/A||Single pay, limited pay||Min-Option 1- Rs.25,00,00 Option 2- Rs.50,00,000 Option 3- Rs.15,00,000 Max- No upper limit||94.04%|
|Edelweiss Tokio Life Protection Plan||18 years/60 years||10-30 years||Single pay, regular pay||Min- Rs.15,00,000 Max- No upper limit||95.82%|
|Exide Life Elite Term Plan||21 years/60 years||10-40 years||Regular Pay||Min- 50L Max- 10 Cr||98.54%|
|Future Generali Flexi Online Term Plan||18 years/55 years||10 years- 65 years minus entry age(smokers) 10 years-75 years minus entry age (non-smokers)||Equal to policy term||Min- Rs.50,00,000 Max- 10,00,00,000||95.16%|
|HDFC Life Click 2Protect Plus||18 years/65 years||5 years-85 years minus the age at entry 10 years-40 years||Regular pay, limited pay & single pay||N/A||99.04%|
|ICICI Pru iProtect Smart Plan||18 years/65 years||5,10,15,20 years||Single pay, limited pay, regular pay||N/A||98.58%|
|IDBI Federal Termsurance Life Protection Plan||18 years/60 years||10-30 years||Single Pay, regular Pay||Min-Rs.5,00,000 Max- No upper limit||95.79%|
|Kotak e-Term Plan||18 years/65 years||5 years-40 years||Regular pay, limited pay, single pay||Min-Rs.25,00,000 Max- No upper limit||97.40%|
|LIC Tech Term Plan||18 years/65 years||10 years-40 years||Equal to policy term||Min-Rs.25,00,000 Max- No upper limit||97.79%|
|Max Life Smart Term Plan||18 years/60 years||Regular Pay- 10 years-50 years Limited Pay- 15 years-50 years||Regular pay, limited pay||Min-Regular Pay- Rs.25,00,000 Limited Pay- Rs.25,00,000 Max- Rs.100 crore||99.22%|
|PNB Metlife Mera Term Plan||18 years/65 years||10 years-81 years||Regular Pay & limited pay||N/A||96.21%|
|Pramerica Life TruShield||18 years/45,50,55 years||7 years, 10 years, 12 years, 15 years &20 years||Regular pay, limited pay||Min-Rs.5,00,000 Max-Rs.50 Crore||96.80%|
|SBI Life eShield Plan||18 years/60 years, 65 years||5 years- 80 years minus the age at entry 10 years-75 years minus the age at entry||Equal to Policy Term||Min-Rs.35,00,000 Max-No upper limit||95.03%|
|Shriram Life Smart Protection Plan||18 years/65 years||10 years-30 years||Equal to policy term||Minimum- Rs,1,00,000 Maximum-Rs.14,00,000||85.03%|
|Star Union Dai-ichi Life Abhay||18 years/65 years||15 years-40 years||Single pay, regular pay||Min-Rs.50,00,000 Max-Rs. 100crore||96.74%|
|TATA AIA Sampoorna Raksha||18 years/70,65,50 years||10years-85 years minus age at entry, 15 years-85 years minus age at entry For Whole Life- 100 years minus age at entry||Limited Pay, Regular Pay||Min-Rs.50,00,000 Max- No upper limit||99.07%|
Apart from the hassle-free and simple process of purchase, an online term plan offers many other benefits.
Purchasing an online term insurance plan is more affordable as compared to purchasing the plan offline. This is because there are no agents involved in between. The policy buyers can directly purchase the online term plan by visiting the website of the insurance company. By purchasing the plan online, the paperwork and processing fees automatically decrease as everything is done online and these benefits are offered to the customers as discounts. Thus, buying an online term plan is more beneficial as compared to the offline term insurance policy.
This is yet another benefit of buying an online term insurance plan. Mostly, the sum assured amount offered by an online term plan tends to be higher in contrary to an offline term insurance plan, because the overall cost of purchase is low. Moreover, while purchasing the term plan online, most insurance companies do not ask for any medical test. A medical test of the insurance buyer has only required in case the sum assured amount of the policy is above Rs.50 lakhs.
One of the perks of buying an online term insurance plan is that it offers the advantage to compare term insurance policies online and then choose a particular plan as per one’s own requirement and suitability. By comparing term insurance plan online, the insurance buyers can zero in on the most beneficial plan at the most affordable premium rates.
The online process of policy purchase is more reliable. The online term insurance policy offers transparency while purchasing a policy. The policy buyers can know about the features, terms and conditions of the policy in a more detailed way by simply visiting the website of the insurance company. Moreover, in order to make an informed decision, the insured can also check the reviews of the plan.
Unlike offline term insurance policies, the online term insurance plan can be accessed easily. The insurance holder has the convenience to access and know the policy details whenever they require. Moreover, they can also check and keep track of the policy status from time to time.
The best thing about the online term plan is the freedom of the policy holder to select the most suitable policy. In addition to this, the online term insurance plan as well brings some additional responsibility on the insured of staying focused and informed about the features of the product. It is only when one matches his/her requirements with the term plan; he/she is eligible to purchase it. Mentioned below are three steps for making the right choice while buying a term policy:
The first step that every term life insurance buyer should consider while purchasing is to find out the amount of coverage as per the requirements of his/her family’s future needs. To find out the same, there are many term insurance calculators available online. One can use one of these calculators and find out how much he/she should invest per month so that the future requirements of his/her family are met when he/she is not around.
If one wants to calculate it manually, then he/she can do the same by following the thumb rule of the term policy calculation. According to this rule, the life or term insurance coverage should be 15 times the annual salary of the policyholder. So, if Mr. A’s annual income is Rs.12 Lakh, then he requires term insurance of Rs.1.8 Crore. However, the second step is also added in this, wherein one should also find out the required coverage from term life insurance for covering his/her other financial obligations like the higher education of policyholder’s children and other outstanding loans. For example, the sum of these financial obligations on Mr. A is Rs.50Lakh, and then the total coverage from the life or term insurance that he wants is Rs.2.3 Crore.
Term insurance plans are the purest form of life insurance. Term insurance premiums are lower than other life insurance plans. However, in order to ensure the right plan, one should go for a term insurance comparison. Compare term insurance with other insurance plans online and stay covered.
A term insurance aspirant as well is suggested to compare term insurance Plan through online term insurance comparison websites. One should compare different term insurance plans on various features such as duration of the term, maximum coverage provided, etc. It is also suggested to search for the background of the term insurance provider like the claim settlement ratio of the company, the company’s existence in the insurance industry, etc.
Term Plan as well allows purchasing riders for widening the risk coverage for the family of the policyholder. For example, to provide coverage against critical illnesses or accidents, there are riders provided by most of the term insurance providers. One can check for an appropriate rider on an online term insurance provider’s website. The riders are available at an additional cost, but most of the insurers make these available at affordable premiums. Therefore, it is worth attaching a suitable rider in the term insurance plan. In this way, the policyholder will have better risk coverage and he/she can give better protection to his/her family.
Purchasing an online term plan provides its policyholder with a lot of coverage. However, it is the responsibility of the insured to select the most affordable and suitable term insurance plan without missing out on any required detail. This is because a term plan secures the future of the family of the insured.
To select the best term insurance plan, a policyholder should look into the following factors:
The record of term insurance claim settlement provides a clear picture of the insurance provider to the prospect policy buyers. The ratio of claim settlement is released by the Insurance Regulatory and Development Authority (IRDA) India every year. A claim settlement ratio that is consistently good indicates that the insurance provider has been quick and robust in its claim settlement process.
The reputation of a company and stability is very important in any sector of business, especially in the sector of life insurance for the customers to trust. Before zeroing in on a plan, it is important to check the credibility of the insurance company.
If the policyholder gets affected by some terminal illness, then all the future premiums for his/her term policy will be waived off.
The solvency ratio is something that tells whether the insurance provider chosen will be capable financially of settling the claims if the requirement arises. As per IRDA, every life insurance provider should maintain a solvency ratio of 1.5 at least.
Some of the specific insurance companies offer the option of enhanced cover in the term plan. In this option, the policyholders can enhance the coverage of the policy under particular circumstances or critical situations.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
As the simplest form of life insurance product, term insurance is the most affordable insurance plan which offers higher insurance coverage. As the purest insurance product, the only death benefit is offered by the term plan. Under the online term insurance plan, the insurance company gets into an agreement with the insurance buyers.
According to this agreement, a lump-sum, sum assured amount is paid to the beneficiary of the term insurance policy as a death benefit in case of the unfortunate demise of the policyholder during the policy tenure. The insurer pays the sum assured amount to the beneficiary as mentioned in the term insurance policy documents.
The sum assured amount is paid on the basis of the type of payout option chosen by the insured at the time of policy purchase. The payouts can be made as a lump-sum payment at one go or as monthly income at specific intervals of time.
1. Lump-sum The entire sum assured amount is paid at one go to the beneficiary of the term insurance policy.
For example- Sum assured= 1 crore Payout= Rs.1 crore as a lump-sum payment to the beneficiary of the term insurance policy.
2. Lump-sum + Monthly Income Half of the sum assured amount is paid as a lump-sum payment to the beneficiary of the term insurance policy, whereas, the other half of the sum assured amount is paid as monthly income to the beneficiary of the policy.
For example- Sum assured= Rs.1crore Payout= Rs.50 lakh as a lump-sum payment at the time the claim is made by the nominee and Rs.50,000 every month as a death benefit.
3. Income Replacement or Monthly Income A fixed percentage of the sum assured amount is paid as monthly income from the first month of the life insured’s death.
For example- Sum assured= Rs.1 Crore Payout= Rs. 1 lakh per month (Rs. 12 lakh yearly) for 83 months approximately.
The eligibility criteria to buy a term insurance plan is as follows:
Minimum age at entry
Maximum age at entry
Minimum Policy Tenure
5 years (may vary with insurer)
Maximum Policy Tenure
No limit for term plan (may vary with insurer)
Disclaimer: The aforementioned eligibility criteria are generic and may vary with the insurer. Please check with your insurer about the exact eligibility criteria for its term insurance plan.
The right term life insurance plan will depend on your needs. But before buying the right term plan online you should consider these factors:
Cost Of Premiums
Term life insurance policies are ideal for those individuals who want high coverage at low premium rates. Entire life customers pay more premium charges for less life coverage but they have the security and protection for life. Most of the buyers favor the cost-effectiveness of term insurance, paying premiums for a long time and availing of no such benefit after the expiration of the term plan is an unpleasant feature. At the time of renewal, the premiums of term policy increase with age and become high-priced over time. The renewal term premium charges may be comparatively higher than the permanent life insurance premium charges.
Availability Of Coverages
The insurance company could refuse to renew the term life coverage at the end of the policy term if in case the life assured is diagnosed with a serious disease/illness. Permanent insurance companies provide life coverage if the premiums are paid timely.
Some of the buyers prefer permanent life insurance because the policies can have savings or investment instruments. A part of each payment of premium is assigned to the cash value, which might give you a guarantee of growth. Some policies pay bonuses, which may be paid or kept in deposits within the policy tenure. At this time, the growth of cash value may be adequate to pay the policy premium charges. Different types of tax benefits are also there.
Financial advisors advise that the policy’s growth rate along with the cash value is sometimes worthless when compared to other financial instruments like mutual funds. Further, administrative charges are also deducted from the rate of returns. So, buy the term and invest in the differences. It is fixed and has tax benefits.
There are some other factors to be considered in term insurance which are:
The premium payable for term insurance is an important parameter that governs the purchase decisions. The policyholder should always make the selection as per their requirements and future goals. Term insurance plan offers different premium payment options such as regular pay, limited pay, and single pay.
A Term life Insurance policy is a must for every person and one cannot articulate its importance completely. Term plan is the only life insurance product that is specially designed to solve the sole purpose of protection. Now that everyone knows, it covers death perils and risks; here are some other core benefits of term insurance Plan in India:
Term insurance also aids in providing safety for the dependents from your fiscal liabilities such as loans or any other debts that you have.
Together with offering life cover, a term life plan also offers protection against critical illness. For a tiny add-on premium amount, Critical Illness cover offers lump sum payment when any critical illness such as kidney failure, cancer, or heart attack, etc. is first detected. Online Term Plan also takes care of family in case of your disability or critical illness. It provides
One of the most alluring features of a term plan is that the premiums are always the lowest, unlike the other life insurance products. Moreover, the sum assured offered under the term plan is relatively higher when compared to the premium amounts. Regular term insurance plan, including TROP Plan, come with a 105% return on the premium benefit when the policy matures.
The term plan comes loaded with tax benefits on the term policy premiums paid. New-age term life insurance plan along with critical illness cover also provide some additional tax benefits on the premiums paid by the policyholder. One can also avail benefits subject to the conditions u/s 10(10D) on the amount that his/her family receives in the case of an untimely demise or unfortunate event.
In some of the term plans, the insurance provider pays the future premiums in the case of permanent or total disability. Consequently, the policyholder’s life insurance cover continues even if s/he is not able to make payment of the premiums.
So as to amplify the security of the family, a term insurance plan offers add-on pay-out in the case of an accidental or untimely demise.
On the demise of the life assured during the tenure of the policy, the nominee/ beneficiary of the policy receives the total death benefit chosen at the time of commencement. Depending on the type of term life insurance plan, the death benefit may stay the same over the whole tenure of the plan (standard term Plan), decrease (decreasing term Plan), or increase (increasing term Plan). The insurers provide various options of payment for the term life insurance. These include a lump sum payment, lump-sum payment plus an annuity that may be monthly, quarterly or yearly, or simply annuities that are spread over the agreed number of years.
Term insurance plan don't come with any survival or maturity benefits. If one wants maturity benefits, then a TROP (Term Return of Premium) plan is suggested.
A standard term plan does not have any survival benefits. However, the demand from investors has meant that various companies have opted to launch term insurance plan with survival benefits. Called Term Return of Premium (TROP) Plan, the term plan refunds the premium at the end of the term plan tenure if the insured person survives the period. The TROP plan is becoming popular with people who are looking for savings as well as insurance with their term plan.his term insurance plan has a higher premium than the standard term plan but has the advantage of assurance that the policyholder will get back the premium he or she paid to the life insurance company for the cover. Policyholders should read the insurance terms and conditions carefully to ensure they know the amount of money they will get back as survival benefits. Check out the term insurance policy that meets your needs with our term insurance comparison.
|Type of Benefit||Term Insurance||Life Insurance|
|Coverage||Term insurance provides cover for the premature death of the life assured within the fixed tenure||Life insurance provides cover on the maturity of the plan|
|Tenure||10 to 30/45 years||5 to 30 years|
|Duration||Term insurance is less expensive in comparison to life. The premium rates are low and pocket-friendly.||Premium rates are comparatively higher than the term insurance cover.|
|Death Benefits||Death benefits are payable if the life assured dies till the policy’s maturity||Life insurance plans provide benefits for both types of the condition if the life assured is alive or with his death on the policy’s maturity.|
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