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A term insurance plan provides financial security for your family if you're not there to support them. Term insurance plan is a type of simplest life insurance which provide financial protection for your loved ones along with tax benefits.
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Affordable Premiums: Term insurance is one of the most budget-friendly types of life insurance as you can secure a large sum assured at highly affordable premiums. For example, you can buy a 1 crore term insurance starting at just Rs. 478 per month.
You can use the online term insurance calculator to estimate the required premiums for a term plan of your desired life cover.
Return of Premium Option: A regular term plan does not offer any maturity benefits, but with a term return of premium plans, you can receive all the premiums you paid throughout the policy term at the end of the policy tenure.
Whole Life Cover: One of the main advantages of term life insurance plans is that most term plans offer the option of extending the policy term to cover the policyholder for their whole life i.e., till 99 or 100 years of age. With these whole life insurance plans, the policyholder can ensure that their dependents are financially secure for their whole life.
Flexible-Premium Payment Modes: Term insurance plans often offer a variety of premium payment terms and modes to help the policyholder pay the premiums at their convenience. You can choose to pay for a limited, regular, or single premium payment term on a monthly, quarterly, yearly, or half-yearly basis.
Multiple Death Benefit Payout Options: Most term insurance companies in India allow policyholders to choose how they want to receive the benefit payout. The policyholder can decide if the death benefit will be paid as a lump sum, monthly installments, a mix of both, or as increasing monthly installments.
Add Riders to Strengthen the plan: The rider benefits of term insurance allow you to enhance the base cover of the term plan at nominal premiums. The important term insurance riders in India are an accidental death benefit, accidental total permanent disability benefit, terminal illness benefit, critical illness benefit, hospicare benefit, and waiver of premium benefit riders.
Term Insurance Tax Benefits: There are several tax benefits of term insurance that you can avail of by buying a term plan. You can claim term insurance tax benefits under sections 80C, 80D, and 10(10D) of the Income Tax Act of 1961 as per the prevailing tax laws.
Ease of Buying: One of the most convenient term plan benefits is that it is easy to buy, as you can purchase the term plan in India from the comfort of your home with a few clicks. You can go through the policy documents, compare term plans, and their CSR ratios before selecting the right term insurance for yourself and buy online in just a few minutes.
*Note: Know what is term insurance first and then buy term plan for your loved ones.
Term Plans
Here is a list of term insurance benefits of early purchase in life:
Lower Premiums: One of the biggest term plan benefits of early purchase is that it is available at lower premiums. The younger you are at the time of buying term insurance, the lower your premiums will be.
High Sum Assured: Some term plans may not offer a large life cover at a later stage. Therefore, one main advantages of term life insurance is that the earlier you buy a term plan, the more coverage you can avail.
Lock Your Premiums: On buying early, you can get coverage for a large cover at affordable premiums that remain constant for the entire policy term. So, if you purchased a term plan for 500 per month, the term life insurance benefits are that the premiums will stay the same for the entire policy term, even at 50 and 60 years of age, no matter the age or health conditions later on.
Long-Term Cover: When purchased early, your term life insurance benefits can cover you for your whole life. With a whole life policy, you can get covered under the plan till 99/100 years of age.
Term Plans
Here are the 2 main reasons a term plan can secure your family’s future:
Income Replacement:
The income is designed to replace a substantial part of your lost earnings, providing your loved ones with financial security and stability after your passing.
Instead of a one-time lump sum, the income replacement term plan offers your family a steady income stream, usually delivered through monthly or annual payments.
Covers Loan Liabilities: If you have home loans, car loans, personal loans, or credit card debt, the payout from a term insurance policy can be used by your family to clear these liabilities, preventing them from bearing the financial burden.
Protects Assets: Without insurance, your family might need to sell assets like property, jewelry, or investments to repay debts. Term insurance ensures they can retain these assets while settling the debts.
Prevents Financial Strain: The sum assured provides immediate financial relief, allowing your loved ones to focus on their well-being instead of struggling to manage repayments.
| Age Groups | Premiums for Non-smokers | Premiums for Smokers |
| People in 20s | Rs. 728 | Rs. 1,158 |
| People in 30s | Rs. 760 | Rs. 1,369 |
| People in 40s | Rs. 1,109 | Rs. 1,997 |
| People in 50s | Rs. 1,787 | Rs. 3,364 |
| People in 60s | Rs. 5,795 | Rs. 9,059 |
Buying term insurance online from Policybazaar offers you the following term insurance benefits:
Policybazaar offers dedicated claim assistance for term insurance
The company offers discount of up to 10% on online term plan purchase
All the calls are 100% recorded to avoid misselling to the customers
The Policybazaar advisors are available in over 55 cities and can provide on call and offline support and help you understand the plans and documentation
You can cancel the policy at the click of a button in case you are unsatisfied with your policy purchase
*Note: It is wise to first know the terminal illness meaning before you add the terminal illness benefit in your base term plan.
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You can buy the term insurance plan from policybazaar in the following way:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill in the required details like name, gender, date of birth, and contact number
Step 3: Click on ‘Check Your Premium’ to view the available plans
Step 4: Enter your smoking habits, educational qualifications, occupation type, and annual income
Step 5: Choose the term insurance plan for 1 Crore or more as per your suitability
Step 6: Proceed to pay to initiate the cover of term insurance benefits
There are many benefits of term insurance, but the most important of those is the financial security it provides to the policyholder's family, receive the premiums paid back at the end of the policy, and the tax benefits of term insurance. You can also avail of these term plan benefits by comparing and buying the most suitable term plan online in just a few clicks.
Ans: Here are 4 common benefits of term insurance:
†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
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