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Term Insurance for Family 

Life can be unpredictable and unfortunate events can happen anywhere anytime. In case something happens to you, it would force your family members into financial difficulties. For such situations, a term insurance plan is one of the best solutions. Term insurance for family is a basic life insurance plan that provides financial protection to your dear ones in case of your absence. The death benefit from a term insurance plan helps your family secure their future and be financially independent. 

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So, if you are a breadwinner of your family, it is a wise decision to buy family term insurance: 

What is Term Insurance for Family? 

Term insurance for family is the type of life insurance plan that includes coverage for each member of your family. This plan protects the life assured's family by covering their life during the tenure of the policy. If the life assured suffers an unfortunate death during the policy term, the nominee of the policy is paid the death benefit. This payout helps their family members to pay off loans, debts, rent, and child fees for higher education. With family term insurance, you can feel safe knowing that in case of an unforeseen illness or accident, your family will be taken care of if you have a plan for a specific period. Some insurance providers offer maturity benefits on family term insurance plans under the Term Return of Premium (TROP) option as well.

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₹75
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@ Starting from ₹ 12/day+

Features of Family Term Insurance 

Let us take a look at some of the features of a family term plan that you avail of in India:

  • Pure Life Protection: Family term life insurance plans are designed to provide protection to your family members in the event of your unfortunate absence. These plans provide monetary help to your family to take care of their financial needs and obligations.

  • Affordable Premiums: The premium rates for a term plan for family members are much more affordable than any other life insurance plan. You can compare the premium rates offered by different plans online and purchase the one that fits within your budget. It is recommended that you use a term insurance premium calculator to calculate the premium required to pay. 

  • Flexible Policy Tenure: You can choose the policy tenure as per your requirements as most term insurance for family members offers a flexible policy term of 5 to 40 years.

  • Large Sum Assured: The family term insurance plans offer a large sum assured at affordable premium rates with which you can secure your loved one’s financial stability. For eg, a 1 crore term insurance plan can easily be purchased at Rs. 384 per month. 

  • Types of Available Term Plans: There are various types of term insurance for family available in India. You can go through the list of term plans offered and purchase the most suitable as per your needs.

  • Rider Benefits: Riders are additional benefits that you can attach to your base term plan to increase the insurance coverage. The riders available with term insurance for family are accidental death, disability, and critical illness rider. These riders can be included at minimal premiums and can provide comprehensive coverage to the policyholder.

Benefits of Family Term Plan

Here is the list of all the benefits of purchasing a family term insurance:

  • Provides Financial Security: A term insurance for family can provide much-needed financial security to your family members in the event of your unfortunate death. This payout can help your family recover from the loss and pay for their financial obligations. 

  • Provides Comprehensive Coverage: A family term life insurance not only provides coverage against death but also other unforeseen events like the diagnosis of critical or terminal illness, accidental disability, and hospitalization by including riders in the base plan.

  • Increase Coverage with Life Stages: Several family term insurance plans provide the policyholder with the provision of increasing life cover with changes in life stages. Plans like Increasing term insurance allow policyholders to increase the plan’s sum assured on marriage, childbirth, or home loan.

  • Peace of Mind: A term plan for family provides the necessary peace of mind knowing that your family is well protected in the event of your unfortunate demise. These plans also provide financial aid in case you are hospitalized or diagnosed with a critical illness.

  • Tax Benefits: You can avail of tax benefits as per the prevailing tax laws of the IT Act of 1961 using the family term insurance.

*Note: To add the terminal illness benefit to your term insurance plan, you must first know the terminal illness meaning.

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Can a Housewife Purchase Term Insurance for Family?

Yes, similar to the husband, a housewife can also financially protect the family in case of an eventuality. We often associate housewives as dependants since they don't contribute financially. But the reality is that housewives are responsible for the smooth functioning of the family and in their absence, the family would be negatively impacted not only emotionally but also financially. Therefore, to avoid such instances, housewives can purchase a term plan to secure their family in her absence. Here is how a term insurance for housewife can benefit your family:

  • Security Against Uncertainty: Uncertainties can happen to anyone at any time, irrespective of their gender. There is no significant difference in the mortality rate between males and females. With term insurance for housewife, the husband and the kids will receive the benefit amount to take care of financial needs in the housewife’s absence. 

  • Increased Life Cover: In case the husband already has an insurance policy of his maximum human life value and is unable to secure a large amount for his family, the housewife can purchase term insurance for family to secure a combined life cover for their family in the event of their unfortunate death.

How To Choose the Best Term Insurance for Family In India 2023?

You can choose the best term insurance for family in India by keeping the following factors in mind:

  • Determine the Right Life Cover: To determine the right life cover amount for yourself, you need to assess your monthly expenses, annual income, the financial situation of your dependents, and future obligations like any remaining loans. You can use a human life value calculator to estimate your suitable life cover.

  • Flexible Policy Term: You need to select the policy term for which you want to be covered. Most insurers offer the option to choose a policy term as per their suitability, but you can also choose to stay covered under the plan for your whole life (till 99 or 100 years old) with a whole life insurance policy.

  • Claim Settlement Ratio (CSR): The claim settlement ratio of term insurance refers to the % of claims settled by the insurer in a year to the % of claims received by them in the same year. You should always opt for a company with a high CSR as they have a better chance of settling your family’s future claims.

  • Available Riders: By adding the available add-ons you can enhance the coverage of the base term plan. The important term insurance riders available in India are terminal illness, accidental death benefit, accidental total permanent disability, critical illness, hospicare benefit, and waiver of premium riders. 

  • Additional Benefits: A lot of the term insurance plans offer additional benefits like premium holidays, special exit benefits, and life stage benefits. You can look through the policy details to see the additional benefits offered under the plan.

  • Policy Documents: You should go through the policy documents to get a better understanding of the additional benefits offered under the term plan to avoid any future confusion. 

  • Compare Term Plans: After assessing all the above factors you can compare the term plans available online and purchase the most suitable plan from the comfort of your home.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

Why Does the Main Income Earner Need Family Term Insurance?

The sole earner of the family needs term insurance because if he/she is no longer around, the family of the policyholder can use the benefit payout to pay off their financial obligations like rent, the child’s higher education, the child’s wedding, or pay off any remaining loans like home or car loans. As a policyholder, you can choose for the death benefit payout to be paid in any of the following methods.

  • Lump sum payment on the death of the policyholder

  • Sum assured paid as regular income paid over a specified period

  • A small lump sum payment on the death of the policyholder and the rest is paid as monthly income

Not only this, the premiums for a family term insurance can also be paid at the policyholder’s convenience. The premiums can be paid for the entire policy term, a limited period, or in a single premium on a monthly, quarterly, semi-annually, or annual basis.

How To Buy Term Insurance for Family Online?

Here is how you can buy term plan from the comfort of your home in just a few minutes.

  • Go to the term insurance page

  • Write in your basic details like gender, date of birth, name, and phone number

  • Fill in the occupation type, annual income, educational background, and smoking habits

  • Select the most suitable term plan and proceed to pay

Note: Know what is term insurance first and then buy a term plan for your loved ones.

Wrapping It Up!

Family term insurance is a financial planning strategy that helps secure the future of your family. You can purchase term insurance for family to make sure that your family has enough monetary help to take care of their monthly expenses and pay off any remaining loans or debts.

FAQ's

  • Are all these plans available online?

    Ans. Yes, all term insurance plans are available online.
  • Is purchasing a rider compulsory?

    Ans: No, the riders are optional and are not mandatory to purchase.
  • Are riders free add-ons?

    Ans: No, each rider has a set premium in addition to the base premiums.
  • Can I surrender the term plan if need be?

    Ans: As per the IRDAI’s guidelines, you’re always free to surrender the insurance if need be.
  • Can these insurance plans be revived?

    Ans: Yes, all these plans could be revived as per plan conditions.
  • Can term insurance be taken for family?

    Ans. Yes. you can take term insurance for family to secure the financial future of your loved ones in case of your unfortunate demise during the policy term. These plans not only provide a large sum assured but also provide long-term coverage at budget-friendly premiums.
  • Can husband and wife take term insurance?

    Ans. Yes, a husband and wife can take term insurance together by either including the spouse within a plan to get joint-life cover or by using the husband’s life cover income proof to buy a term plan for housewife.
  • Which life insurance policy is best for the family?

    Ans. There are several types of family life insurance policies available in India, but the term insurance for family is the better life insurance for family because they offer low premiums and comprehensive coverage for a long policy tenure.
  • How much life insurance does a family of 4 need?

    Ans. A family of 4 needs family term insurance that provides a large life cover at affordable premiums. The policyholder should purchase the term insurance as per the eligibility on the human life value calculator. By the general thumb rule, the term insurance life cover should be at least 10-20 times your current annual income.
  • Is term insurance for individual or family?

    Ans. Term insurance is purchased either for an individual or for joint life. With a term insurance plan, in case of the policyholder's unfortunate death during the policy term, the insurer pays the sum assured as a death benefit to the family of the policyholder.

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