Term Insurance for Family

Term insurance is the best option for one who is the sole earning member of the family. This is the basic life insurance policy that offers death benefits in case of the demise of the insured. There is number of features of financial planning that one needs to consider in order to secure the goals of loved ones. Family Term Plan plays an important role in the familys security. Here are some points you should know about term insurance for family: 

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Term Insurance for Family: An Overview

People can't predict their future but definitely could safeguard their family's future by leaving behind some monetary relief through savings and investing in the life insurance or term insurance. If a person is a sole earner in the family, it is indispensable for him to purchase term insurance for the family.

Family Term Plan

Term insurance for family protects the life insured's family by covering their life during the tenure of the policy. If the life insured dies during the policy term, the beneficiary or the nominee of the life insured is paid a lump-sum amount or amount as monthly payouts. This is based upon the option chosen by the life insured. Some providers offer maturity benefits on family term plan under the TROP option.

Features of Family Term Plan

Term insurances provide a death benefit to the beneficiary in the event of the demise of the life insured. The coverage is valid only during the policys tenure, and if the policy lapses, no benefit is paid out.

Some insurance providers offer maturity benefits for term insurances for families. These plans are referred to as Term Insurance with Return of Premiums (TROP), wherein all the premiums paid by the policyholder are returned upon maturity of the policy. TROP is one of the most common types of policy that people tend to purchase as the investment in the policy does not go to vain even after the maturity of the policy.

A few of the other salient features of term insurance for families are the low premium rate, flexibility to surrender the policy efficiently and seamlessly, unlike the conventional life insurance, and tax benefits to the life insured under the Income Tax Act's provisions Section 80C. A person also has options to pay premiums in various payment-paying terms and choose a rider for additional protection if applicable for the term insurance they desire to purchase.Lets discuss more about Family Term plan:

Benefits of Family Term Plan

Each term insurance policy for a family provided by the various insurance providers has different benefits. These benefits may be the same, or they may not be. At the end of the day, the buyer must weigh the pros and cons of term insurance and purchase the one that suits his lifestyle and is most beneficial for his family. Some term insurances have the premium option as low as Rs 4000 plus taxes, while some have up to Rs 10,000. The death benefits may remain the same with some additional benefits.

Listed below are a few companies that provide term insurance for family and their benefits:

  • Aviva Term Insurance plan

  • Bajaj Allianz Term Insurance Plan

  • Bharti AXA Term Insurance Plan

  • Canara HSBC Term Insurance Plan

  • Edelweiss Tokio Term Insurance Plan

  • Exide Life Term Insurance Plan

  • Future Generali Term Insurance Plan

  • ICICI Prudential Term Insurance Plan

  • IDBI Federal Term Insurance Plan

  • IndiaFirst Term Insurance Plan

  • Kotak Life Term Insurance Plan

  • Max Life Term Insurance Plan

  • PNB Metlife term Plan

  • Pramerica Life Term Plan

  • SBI Life Term Plan

  • Sahara Life Term Plan

  • Shriram Life Term Plan

  • Star Union Term Plan

  • TATA AIA Term Plan

*Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer

The aforementioned are the available term insurance options, which you can consider for yourself and your family. These policies can be availed online and offline at an affordable price. However, dont forget to compare these term insurance for family plans basis on their offerings and premium rates.

Wrapping It Up!

Term insurance plans provide the family members with adequate means to cope with difficult times in life. They also act as strong savings or investment tools to meet long-term financial objectives such as higher education, retirement, etc. If you have not considered family term plan for your family, now is the right time to buy it.

FAQ's

  • Ans: No, not all plans are available online. Often, the company removes specific plans from the online purchase option.
  • Ans: No, the riders are optional and are not mandatory to purchase.
  • Ans: No, each rider has a set premium in addition to the base premiums.
  • Ans: As per the IRDAI’s guidelines, you’re always free to surrender the insurance if need be.
  • Ans: Yes, all these plans could be revived as per plan conditions.

Types of Term Plans


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