Prices Increasing soon Prices Increasing Soon

Benefits Of Income Replacement Insurance

Income Replacement Insurance provides financial support for your family by delivering regular income payments if you, unfortunately, pass away during the policy period. This plan is designed to protect the financial futures of your loved ones. Income replacement insurance serves as a safety net for the long run. In this article, we will understand the benefits of Income Replacement Insurance. 

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

What is an Income Replacement Insurance Plan?

An income replacement insurance plan, also called a term plan, is a type of life insurance. Designed to offer your family or dependents a financial safety net in the unfortunate event of your demise, this plan replaces your income, ensuring your loved ones can sustain the life you dreamt of. It supports them in pursuing their shared dreams, covering significant life events like children's education and weddings even after you're no longer with them. The payout from this income replacement insurance can be received either as a lump sum or periodically, providing flexibility based on your preferences.

Let’s understand this with the help of an example:

Ramesh, a non-smoking man of 33 years of age, with a yearly salaried income of Rs. 12 Lakhs, bought a term life insurance plan to financially protect his family. As the sole earning member of his family, he planned on buying one of the best term plans for his dependents. By comparing among 15+ term plans on Policybazaar, he chose the one that best suits his preferences. Ramesh opted for a 1 Crore sum assured for a 30-year policy term and will be paying Rs. 1021/month for the same term. Hence, in the event of his death, Ramesh's income will be substituted by the life cover, which his beneficiaries/nominees will receive as a death benefit.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What Are The Benefits Of Income Replacement Insurance?

Here are the key benefits of Income Replacement Insurance:

  • Financial Security: Income replacement insurance ensures financial stability for your family, covering daily expenses, debts, and providing a safety net.

  • Childrens’ Education Fund Assurance: Secure your children's education by guaranteeing a steady income stream for their academic needs.

  • Debt Relief and Funeral Expenses: Ease the burden of outstanding debts and funeral costs, preventing financial stress during difficult times with the help of income replacement insurance.

  • Flexibility in Coverage and Tax Benefits: Tailor the insurance to your needs and enjoy potential tax advantages, optimizing your financial strategy.

  • Peace of Mind: Income replacement insurance offers peace of mind, assuring your family is financially protected in your absence.

*Note: You can use the term insurance calculator to calculate the premium amount of your chosen term plan.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

What Are The Different Payout Options To Receive The Death Benefit Of Income Replacement Insurance?

Here are the different payout options to receive the death benefit of Income Replacement Insurance:

  • Lump Sum Payout Option:

    The entire death benefit is paid to the nominee in one single payment.

  • Monthly Income Payout Option:

    Regular and equal monthly payments, resembling a monthly salary.

  • Combination of Lump Sum and Monthly Payout:

    Choose a specific lump sum amount and receive the remaining as monthly income.

  • Increasing Monthly Payout Option:

    Monthly payments as death benefits, with the flexibility to increase the payment annually to address inflation.

How To Buy Income Replacement Insurance From Policybazaar?

Here are the steps to buy Income Replacement Insurance from Policybazaar:

  • Step 1: Visit Policybazaar’s official website and click on ‘Term Insurance’ 

  • Step 2: Fill in the basic details such as date of birth, name, contact details

  • Step 3: Click on ‘View Plans’

  • Step 4: Mention further details about your smoking or tobacco habits, yearly income, occupation and education

  • Step 5: Choose the plan that suits your financial needs and proceed to pay

  • Step 6: Select your preferred payment method and pay to complete the purchase

*Note: It is advisable to know what is term insurance and compare first and then proceed to buy the ideal term plan.

Wrapping It Up!

Income Replacement Insurance is important for individuals who support their families, have dependents, or aim to protect their businesses. To ensure long-term family security, it is recommended to compare term plan options from 15+ insurers on Policybazaar. This way, you can choose the ideal term plan that aligns with your needs and provides comprehensive financial protection for your loved ones or business.

Different types of Plans


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
19 Feb 2024

Kotak 75 Lakh Term Insurance

Securing your family's financial future demands a lot of

Read more
15 Feb 2024

ICICI 75 Lakh Term Insurance

Ensuring the financial well-being of your family requires

Read more
15 Feb 2024

ICICI 70 Lakh Term Insurance

Securing your family's financial future demands thoughtful

Read more
15 Feb 2024

Kotak 70 Lakh Term Insurance

Ensuring the financial well-being of your family requires

Read more
15 Feb 2024

Kotak 1 Crore Term Insurance

In the realm of financial planning, ensuring the well-being of

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
12 Jun 2018

Claim Settlement Ratio of Term Insurance Plan Providers

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL