Term Insurance

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Term Insurance

What is Term Insurance?

Term insurance is a straightforward and fundamental type of life insurance that provides financial coverage to the policyholder for a specified duration by paying fixed premiums. As the name suggests, term insurance offers coverage for a specific term or period. Selecting the best term insurance plan is crucial for individuals with dependents, as it offers both security and value for money. The premium for a term insurance plan depends on various factors such as age, gender, premium payment term, policy term, and sum assured chosen by the policyholder. It's essential to carefully consider these factors when choosing a term insurance plan to ensure adequate coverage and financial protection for loved ones.

Term insurance is a type of life insurance policy that provides coverage for a specified period, known as the "term," typically ranging from 5 to 50 years. It is considered one of the simplest and most affordable forms of life insurance. In a term insurance policy, the policyholder pays regular premiums in exchange for a death benefit payout to the beneficiaries if the insured person passes away during the term of the policy.

Key features of term insurance include:

Death Benefit: If the insured person dies during the term of the policy, the death benefit is paid out to the beneficiaries named in the policy. This lump-sum payment is often tax-free and can be used by the beneficiaries to cover living expenses, pay off debts, or fulfill financial obligations.

Affordability: Term insurance typically offers higher coverage amounts at lower premiums compared to other types of life insurance, such as whole life or universal life insurance. This makes it an attractive option for individuals seeking affordable life insurance coverage.

Fixed Premiums: Term insurance policies usually have fixed premiums for the duration of the term. This allows policyholders to budget for insurance costs without worrying about fluctuating premiums.

Variety of Terms: Term insurance policies offer flexibility in choosing the duration of coverage, with terms typically ranging from 5 to 50 years. Policyholders can select a term that aligns with their financial goals and needs, such as covering a mortgage or providing income replacement during the working years.

Benefits of Term Insurance

  • High Life Cover at Affordable Premiums
  • Protection from Illnesses
  • Long Term Coverage
  • Disability Benefits
  • Income Options in case of Unfortunate Events
  • Protection Against Liabilities
  • Riders for Additional Benefits
  • Multiple Premium Payment Options
  • Tax Benefits

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Term insurance is a type of life insurance policy that provides coverage for a certain period of time, such as 30 years. If the insured dies during the time period specified in a term policy and the policy is active, then a death benefit will be paid.

A term plan holds a low premium compared to most other life insurance policies. However, you should invest money in a term plan at a young age. The primary justification for investing in a term plan early is that the earlier you begin, the lower the premiums you will have to pay and the greater the coverage amount.

Receive payouts upon the first diagnosis of any critical illness1 covered under the plan. Receive full payout of life coverage upon diagnosis of any terminal illness. Pay lower premiums starting from ₹ 460/- per month. Choose from four payout options, namely Lump Sum, Lump Sum + Income, Increasing Income and Income.

One can buy a term insurance plan if they are in the age bracket of 18-65 years. However, it is possible to buy a term plan at 65 years of age and opt for life cover up to the age of 99. The age of the policyholder is a crucial factor in premium calculation.