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10 Year Term Life Insurance

A 10 year term insurance plan provides fixed premium payments and coverage for a period of 10 years. The premium remains constant throughout the policy term, ensuring your family’s financial security at affordable premiums. These ten year term life insurance plans are ideal for individuals looking for affordable and temporary financial protection for their families. 

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What is a 10 Year Term Life Insurance Policy in India?

A 10 year term insurance is a type of term insurance that provides life cover for a fixed period of 10 years. If the policyholder passes away during this time, the insurer pays a lump sum death benefit to the nominee. However, if the policyholder survives the term, the coverage ends unless the plan includes renewal or return-of-premium benefits. This policy is ideal for those looking for affordable life insurance with short-term financial protection.

Note: Now that you know that what does 10 year term life insurance mean, you should also get to know about what is term insurance to buy a term plan for your loved ones.

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+

How Does a 10 Year Term Life Insurance Policy Work?

A 10 year term insurance policy offers financial protection for a fixed period of 10 years. During this time, the policyholder pays regular premiums to keep the policy active. If the policyholder passes away within the term, their nominee receives the sum assured as a death benefit. However, if they outlive the policy term, the coverage expires unless the policy has a renewal or conversion option.

Let us understand this with the help of an example:

For example, Amit, a 40-year-old professional, purchases a 10 year term life insurance with a sum assured of ₹1 crore. He pays an annual premium of ₹10,000. If Amit passes away within these 10 years, his wife, the nominee, will receive the ₹1 crore term insurance death benefit, which can be used for household expenses, children’s education, or loan repayments. However, if Amit survives the term, the policy will end with no payout unless it is a return of premium plan. In that case, he may receive the premiums paid over the years. If he still needs coverage, he can either renew the policy, purchase a new one, or convert it into a whole-life plan if his insurer allows it.

What are the Benefits of Buying 10 Year Term Life Policy?

Here is how you can benefit by buying a 10 year term life policy in India:

  • Affordable Premiums – A 10 year term life policy offers lower premiums compared to longer-term policies, making it a budget-friendly option.

  • Fixed Premiums – The premium amount remains unchanged throughout the 10 year term insurance policy tenure, ensuring financial predictability.

  • Guaranteed Death Benefit – In the event of the policyholder’s death during the term, the nominee will receive a lump sum payout, providing financial security.

  • Flexible Renewal Options – Many insurers offer the option to renew the policy at the end of the 10 year term insurance policy tenure, allowing continued coverage if needed.

  • Convertible to Whole Life Insurance – Some policies offer the flexibility to convert the term plan into a whole life insurance policy without requiring a medical examination.

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What are the Features of a 10 Year Term Insurance Plan?

Here is a list of all the key features of this 10 year term life insurance plan:

  • Fixed Premiums – The premium remains constant for the entire 10 year term life policy tenure, ensuring that the premiums remain within your budget for the entire policy term.

  • Guaranteed Death Benefit – The 10 year term insurance provides a lump sum payout to your family in case of your unfortunate demise during the policy term.

  • Short-Term Coverage – Since the plan covers you for a 10 year tenure, it is ideal for covering temporary financial responsibilities like loans or education expenses.

  • Convertible Option – Some 10 year term life insurance policies allow conversion to a longer-term plan without medical underwriting.

  • Renewable Option – Various term life insurance providers offer the option to renew after 10 years, though at a higher premium.

Who Should Consider a 10 Year Term Insurance Plan?

Here is a list of individuals who should consider buying a ten year term life insurance:

Category Who It’s For
Home Loan Borrowers Those with ongoing financial obligations like home loans or child’s education.
Affordable, Short Commitment Individuals who want coverage without long-term commitments at lower premiums.
Business Owners Entrepreneurs needing protection during business growth or loan repayment.
Parents Securing Children’s Future Parents wanting financial security for children until they are independent.
Near-Retirement Individuals Those nearing retirement who need temporary coverage before pension or other benefits start.

Life Insurer Piller

Comparison Table: 10 Year vs 20 Year Term Insurance

Feature 10 Year Level Term 20 Year Level Term
Premiums Lower Slightly higher
Coverage Duration 10 years 20 years
Best For Short-term financial security Long-term financial planning
Renewal Possible, but premium increases Available, with a higher starting premium
Convertibility May convert to whole life Available with some insurers

Why Should You Choose a 10 Year Term Life Policy?

Before purchasing a 10 year term life insurance, it is essential to evaluate the following factors to ensure it meets your needs:

  • Financial Goals – Assess whether the policy aligns with your short-term and long-term financial responsibilities, such as loan repayments, child’s education, or income replacement.

  • Affordability – While the premiums for a 10 year term life policy are lower than longer-term policies, renewal premiums can be significantly higher. Ensure you can afford the policy both now and in the future.

  • Health Condition – Some insurers require a medical examination before issuing the policy. If your health deteriorates over time, renewing the policy after 10 years might become costly or difficult.

  • Renewability & Convertibility – Check if the policy allows renewal or conversion to a whole life or longer-term policy without a new medical exam. This flexibility can be beneficial if you later decide you need extended coverage.

  • Inflation Impact – A fixed sum assured today may lose its value over time due to inflation. Consider whether the coverage amount will still be sufficient for your family’s future financial needs.

  • Additional Riders – To enhance your policy’s coverage, consider adding riders such as critical illness cover, accidental death benefit, or waiver of premium. These can provide extra financial security in case of unexpected life events.

Is a 10 Year Term Insurance Plan Right for You?

A 10 year term life insurance is a great fit if you need short-term coverage with affordable premiums. However, if you require longer protection, a 20 or 30 year term insurance might be a better choice. You can use the term insurance premium calculator to get the accurate estimates of the premiums and the sum assured. You can also carry out extensive financial analysis of your earnings, assets, and future finances using other financial planning tools.

How to Buy 10 Year Term Insurance in India Online?

The online process of buying the best ten year term life insurance plan is as follows:

Step 1: Visit the term insurance page of policybazaar

Step 2: Fill in the required details like your name, gender, and contact details

Step 3: Select the right smoking habits, annual income, occupation type, and educational qualifications

Step 4: Choose the best ten year term life insurance plan and proceed to pay

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

FAQs

  • Q: What does 10 year level term life insurance mean?

    Ans: A 10 year level term life insurance policy is a term insurance plan covering for 10 years at fixed premiums and life cover. This means, the life cover and the premium rates would not increase throughout the policy tenure.
  • Q: What is the difference between level term and decreasing term insurance?

    Ans: The 10 year level term life insurance policy offers protection at constant premium rates throughout the policy term. On the other hand, decreasing term life insurance cover keeps decreasing as the policy reaches the maturity date. Premiums are generally lower for decreasing term insurance covers.
  • Q: How is level term life insurance different from increasing term insurance?

    Ans: Unlike 10 year level term life insurance policy, where the cover remains constant throughout, the coverage in increasing term insurance keeps growing to serve bigger expenses in the future. With increasing coverage, the premiums also keep getting higher.
  • Q: What are the advantages of 10 year level term life insurance policy?

    Ans: The advantages of 10 year level term life insurance policy are as follows:
    • Affordable premiums
    • Multiple premium payment terms
    • Enhance cover with riders
    • Fixed premiums
    • Tax benefits
    • Helps plan finances
  • Q: What happens at the end of a 10 year term life insurance?

    Ans: At the end of a 10 year term life insurance policy, the policy will terminate and cease to financially cover the policyholder’s family. The policyholder can stop paying premiums, and the nominee will not be eligible to receive death benefits on death after the expiration of the 10 year term life insurance. A notice or a mail may be sent to the policyholder stating the end of the policy tenure with an offer to buy a new term plan for extended coverage.
  • Q: How does a 10 year term life insurance work?

    Ans: A 10 year term insurance policy works by offering financial security to the policyholder’s family in exchange for regularly paid premiums. The 10 year term life insurance plans may provide the needed coverage in case you are of a certain age, have health conditions, or are a smoker.
  • Q: Is 10 year term life insurance good?

    Ans: Yes, a 10 year term insurance is a good option for individuals whose kids are going to no longer be dependent in the next 10 years. However, if you have younger kids, you may want to consider buying a term plan with longer tenure.
  • Q: Can you cancel a 10 year term life insurance policy?

    Ans: Yes, you can cancel your 10 year term life insurance policy by simply informing the insurer about your intent to cancel the policy and stopping paying premiums. However, it is important to note that after cancellation, your family may be unprotected in case of your untimely demise. Therefore, it is suggested that you continue the 10 year level term life insurance for the entire policy tenure.

Premium By Age

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.



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