Term Insurance

Term insurance is a type of life insurance that provides coverage for a specific period of time, usually 10, 20, or 30 years. It's a simple and affordable way to protect your loved ones financially if something were to happen to you during that time. Think of it like a safety net that you hope you'll never need, but that gives you peace of mind just in case. It's a straightforward and effective way to ensure your family's financial security, should the unexpected happen.

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Term Insurance - Your Key to Financial Security for Your Loved Ones

Have you ever thought about what would happen to your family if something unexpected were to happen to you? It's not something anyone wants to think about, but it's important to plan for the future. That's where term insurance comes in.

Term insurance is a type of life insurance that provides coverage for a fixed period of time. If something were to happen to you during that time, the person you've chosen as your beneficiary would receive a sum of money to help them manage financially. It's a way to ensure that your loved ones are taken care of, even if you're not there to provide for them.

What's great about term insurance is that it's affordable, especially if you purchase it online. With this type of policy, your family can maintain their current lifestyle and even pay off any debts or outstanding bills. It's a smart and responsible way to plan for the future, and to give yourself peace of mind knowing that your loved ones will be taken care of, no matter what.

How Does Term Insurance Works?

A step-by-step guide of how term insurance works:

  • Choose the coverage amount: When you purchase a term insurance policy, you'll need to decide on the amount of coverage you want. This is the amount of money that will be paid out to your beneficiaries if you pass away during the term of the policy.
  • Choose the term length: You'll also need to choose the length of time that you want to be covered. This can range from 1 year to 30 years, depending on the policy.
  • Pay premiums: To keep the policy in force, you'll need to pay premiums, which can be paid monthly, quarterly, or annually. These premiums are based on a number of factors, including your age, health, and lifestyle.
  • Benefit payout: If you pass away during the term of the policy, your beneficiaries will receive the coverage amount tax-free. This money can be used to pay for living expenses, pay off debts, or in any other way your beneficiaries see fit.
  • Policy expiration: If you outlive the term of the policy, there will be no payout, unless you have a return of premium term plan.

Overall, term insurance is a simple and affordable way to provide financial protection for your loved ones in the event of your unexpected passing. By choosing the right coverage amount and term length, and paying your premiums on time, you can have peace of mind knowing that your family will be taken care of.

Why Should You Buy Term Insurance?

Term insurance is a must-have financial tool for anyone looking to secure their family's future in India. Here are some reasons why you should consider buying term insurance:

  • Affordable: Term insurance is one of the most affordable types of life insurance policies available in India. With a relatively low premium, you can ensure that your family is financially secure even after you're gone.
  • Protection for your family: The primary reason to buy term insurance is to provide financial protection to your loved ones in case of your unexpected passing. The sum assured can help your family cover expenses such as daily living expenses, children's education, and outstanding debts.
  • Tax benefits: Term insurance also provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. The premium paid towards the policy is tax-deductible, and the payout received by the nominee is tax-free.
  • Flexibility: Term insurance policies offer various riders and add-ons that can be customized to suit your individual needs. You can choose riders such as critical illness, accidental death, and disability, among others.
  • Peace of mind: Knowing that your family is financially secure even after your passing can give you peace of mind. It allows you to focus on your present and future without worrying about what may happen to your loved ones in the event of an unfortunate event.

In summary, buying term insurance in India is a wise decision as it provides affordable and flexible financial protection to your family while also offering tax benefits. So, why wait? Invest in term insurance today and secure your family's future!

Who Should Buy Term Insurance?

Term insurance is a type of life insurance that provides financial protection to your loved ones in the event of your unexpected passing. Here's who should consider buying term insurance and why:

  • Parents with dependent children: If you have children who are dependent on you for their education and living expenses, term insurance can provide a safety net for them. It can help your children continue with their education and maintain their standard of living in your absence.
  • Homeowners with mortgages: If you have a mortgage on your home, term insurance can ensure that your family can continue to make mortgage payments in case of your passing. This helps prevent the possibility of losing your home due to financial difficulties.
  • Self-employed individuals: If you're a self-employed individual, you may not have the same benefits as those who work for a company. Term insurance can provide a financial cushion to your family and business partners in case of your sudden death.
  • Young and healthy individuals: Young and healthy individuals can benefit from purchasing term insurance as they can lock in a lower premium rate. The younger you are when you purchase term insurance, the lower your premium rates will be.

Overall, anyone who has loved ones that depend on them financially should consider buying term insurance. It provides peace of mind knowing that your family will be taken care of in case of your unexpected passing.

Why Should Buy Term Insurance Online with Insurejoy.com?

Buying term insurance online has become increasingly popular due to its convenience and accessibility. Here are some potential benefits of buying term insurance online with a reputable insurance provider:

  • Easy comparison: You can easily compare different term insurance policies from multiple insurers online. This allows you to compare the features, coverage, and premium rates of different policies and choose the one that best fits your needs.
  • Cost-effective: Buying term insurance online can be cost-effective as insurers do not have to pay agents' commissions, which reduces the premium rates.
  • Time-saving: You can buy term insurance online from the comfort of your own home, without having to physically visit an insurance company or an agent.
  • Transparent: Online term insurance policies are usually transparent and offer complete details on coverage, policy features, and premium rates. This ensures that you know what you are paying for and what benefits you can expect.
  • Quick processing: Online term insurance policies are processed quickly, and the policy document is sent to you via email. This saves you time and hassle.

Overall, buying term insurance online can be a convenient, cost-effective, and transparent way to protect your family's financial future. However, it's important to choose a reputable insurer and carefully read the policy document before making a purchase.

How to Renew Term Insurance: Step by Step Guide

Are you approaching the end of your term insurance policy? Don't worry, renewing your policy is now easier than ever before! With just a few clicks, you can renew your policy online from the comfort of your own home. Here's what you need to do:

Step 1:

Review your policy - Take a close look at your existing policy and assess if any changes or additions are required. You may want to increase your coverage or add riders to your policy.

Step 2:

Log in to the insurer's website - Visit the insurer's official website and log in with your credentials or policy details. Once you're in, you can preview your policy and make any necessary changes.

Step 3

Make the renewal payment - The final step is to make the renewal payment using your preferred method of payment. You can choose from credit/debit cards, UPI, net banking, NEFT, e-wallets, and more.

Remember to renew your policy within the renewal period to avoid any complications. With online renewal, you can save time and hassle while ensuring that your loved ones are protected.

Types of Term Insurance Plans in India

If you're looking to get term insurance, it's important to know that there are different types of plans available. Let me break it down for you:

In-patient Hospitalization Expenses - If you require hospitalization for more than 24 hours due to an illness or injury, the medical expenses incurred during your stay will be covered by the insurance company.

  • Pure term insurance: This is a simple plan that pays a fixed amount to your family in case of your unfortunate death during the policy term. This plan does not offer any survival benefits.
  • Term insurance with return of premium: If you outlive the policy term, you get all the premiums you paid back. And in case of your demise during the policy term, your nominee gets the full sum assured.
  • Group term insurance: This plan is bought by employers to cover their employees under a single plan.
  • Increasing term insurance: As your responsibilities grow over time, your coverage amount increases at a predetermined rate throughout the policy term.
  • term insurance: If your financial responsibilities decrease over time, this plan is perfect for you. The coverage amount keeps on decreasing as per your requirements.

Key Features of Term Insurance

As we all know, term insurance policy plays a crucial role in providing financial support to your family in case of your unexpected demise. Here are some key features of a term policy that make it a preferred choice:

Early Entry Age: Unlike other insurance policies, term insurance can be availed at an early age of 18 years itself. This allows you to secure your family's future as early as possible.

Flexible Payment Options: The premium for term insurance can be paid on an annual, half-yearly, quarterly, or even monthly basis as per your convenience.

Flexible Payment Options: The premium for term insurance can be paid on an annual, half-yearly, quarterly, or even monthly basis as per your convenience.

Easy to Buy:With the advent of technology, purchasing term insurance has become extremely easy. You can buy it online from the comfort of your home, customize the policy as per your needs, pay the premium and receive the policy in your inbox.

Flexible Death Benefit Payout Options: You can choose from various options such as lump-sum payout, regular payout, or increasing payout to ensure your family's financial security.

Adjustable Coverage: You can adjust the sum assured based on your evolving requirements and ensure that your family receives the adequate financial assistance in case of your sudden demise.

Liability Protection: Term insurance policy also provides liability protection, which means that the payout from the policy can be used by your family members to pay off your existing loans, thereby easing their financial burden.

So, if you want to secure your family's financial future, term insurance is definitely worth considering.

How to Choose Best Term Insurance Plans?

Prioritize Your Needs:

To select the right term insurance policy, start by assessing your coverage requirements. Consider factors such as your loved ones' daily financial needs, lifestyle, and future goals. With many term insurance plans available, choose the one that meets your specific coverage requirements.

Opt for High Coverage:

Term insurance policies provide extensive coverage at affordable premiums compared to other life insurance plans. As a rule of thumb, opt for coverage that is 15-20 times your annual income, factoring in inflation. For example, you can get a life cover of Rs. 1 crore for a minimum premium rate of Rs. 500 per month. Choose a term plan with high coverage based on your current expenses, lifestyle, and inflation rate.

Compare Multiple Options:

Before settling on a term insurance policy, compare several plans from different insurance providers. Each term plan comes with its own set of features and benefits, so you'll want to analyze which one suits your needs best. Use a premium calculator tool to compare multiple term insurance plans based on your budget and coverage requirements.

Check Claim Settlement Ratio:

It's essential to do a background check on the insurance provider's claim settlement ratio before purchasing a term plan. A high claim settlement ratio indicates that the provider can be trusted to settle claims promptly without any hassles. Choose an insurance provider with a high claim settlement ratio.

Understand Available Riders:

Opt for a term plan that offers comprehensive coverage by adding riders. Riders are additional coverages that can be purchased along with the term insurance plan by paying extra premiums. Examples of term insurance riders include critical illness, accidental death benefit, and waiver of premium. Check for the availability of riders before choosing a term plan.

Avoid Very Cheap Premiums:

While it may be tempting to choose a term plan with a very cheap premium, it's important to review the policy's terms and conditions. Some cheap term plans may not cover certain aspects, so it's best to avoid them. Choose a term plan that offers adequate coverage and fits within your budget.

What are the Rider Options available in Term Insurance?

There are several term insurance riders available in India that can be added to a base term insurance plan to provide additional coverage. Some common term insurance riders available in India are:

Critical illness rider:

This rider provides a lump sum payment in case the policyholder is diagnosed with a critical illness covered under the policy.

Accidental death benefit rider:

This rider provides an additional death benefit if the policyholder dies due to an accident.

Accelerated terminal illness rider:

This rider provides an advance payment of the sum assured if the policyholder is diagnosed with a terminal illness.

Waiver of premium rider:

This rider waives off future premiums in case the policyholder becomes disabled or dies during the policy tenure.

Accidental total and permanent disability rider:

This rider provide a lump sum payment in case the policyholder becomes totally and permanently disabled due to an accident.

Some common FAQs for Term Insurance:

Ans. Term insurance is a type of life insurance policy that provides coverage for a specific period of time, or term. If the insured person passes away during the term of the policy, their beneficiaries receive a death benefit payout.

Ans. Term insurance provides coverage for a specific term or period of time, while whole life insurance provides coverage for the entire lifetime of the insured person. Whole life insurance also has a savings component, known as cash value, which builds up over time and can be borrowed against or used to pay premiums.

Ans.Term insurance is a good option for anyone who has dependents and wants to ensure that they are financially protected in case of the policyholder's untimely death. It can be particularly important for people with young children, spouses who are not employed, or other family members who depend on their income.

Ans.The amount of coverage you need will depend on a number of factors, including your income, your expenses, your outstanding debts, and your financial goals. As a general rule of thumb, most experts recommend purchasing coverage equal to 10-12 times your annual income.

Ans. The length of your term insurance policy will depend on your individual circumstances and financial goals. If you have young children or other dependents, you may want to choose a longer term, such as 20 or 30 years, to ensure that they are protected until they are able to support themselves financially.

Ans. If you outlive your term insurance policy, the coverage will expire and you will not receive a payout. However, some policies offer the option to renew or convert to a permanent life insurance policy at the end of the term.

Ans. Yes, you can cancel your term insurance policy at any time, although you may not receive a refund of your premiums. It's important to review the terms of your policy carefully before canceling to ensure that you understand any penalties or fees that may apply.

Ans.Yes, in India, term insurance premiums are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, any payouts received by your beneficiaries in case of your death are tax-free under Section 10(10D). However, it's important to consult a tax advisor for more information on your specific circumstances.
Term Insurance

Term insurance is a type of life insurance that provides coverage for a specific period of time, usually 10, 20, or 30 years. It's a simple and affordable way to protect your loved ones financially if something were to happen to you during that time. Think of it like a safety net that you hope you'll never need, but that gives you peace of mind just in case. It's a straightforward and effective way to ensure your family's financial security, should the unexpected happen.

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