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Term insurance helps you secure your loved ones in the event of your unfortunate demise. These plans provide financial stability by offering your nominees the death benefit in your absence. Apart from this, term insurance has many more benefits, right from affordable premium rates to riders for enhanced coverages, which are listed below.
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Here is a list of all the top 8 term insurance benefits you can avail of by buying a term life insurance in India in 2024.
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. 473 per month.
You can use the online term insurance calculator to estimate the required premiums for a term plan of your desired life cover.
Term Plans
Term insurance in India is that it is easy to buy as you can purchase the most suitable term plan from the comfort of your home in 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.
One of the main benefits of term 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.
Most term insurance companies in India provide the policyholder with the option to select the suitable benefit payout option. The policyholder can choose if he/she wants the death benefits of term insurance to be paid in a lump sum amount, monthly installments, or a combination of both.
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.
Term plans come with riders that you can select to increase the base term insurance benefits. You can also add all these riders to your term insurance plan by paying a small amount of premium. 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.
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.
A term insurance plan provides life cover to the nominee/beneficiary in case of the life assured’s unforeseen death. It doesn’t provide any maturity benefit. However, you can receive maturity benefits under a term plan if you buy a Term Return of Premium Plan (TROP). This option needs you to pay higher premiums and return the full premium paid by you if you survive the policy term.
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Let us take a look at all the available riders that you can add to the base plan to enhance your term insurance benefits:
Critical Illness Rider: A critical illness rider pays the rider sum assured in case of diagnosis of a critical illness listed under the policy documents to help take care of the treatment costs.
Terminal Illness Rider: A terminal illness rider pays out either the entire or a part of the base sum assured to the policyholder in advance on the diagnosis of the terminal illness.
Accidental Death Benefit Rider: In case of policyholder’s accidental death during the policy term, the insurer pays the rider sum assured along with the base life cover to the nominee of the policy.
Accidental Total Permanent Disability (ATPD) Rider: On the total and permanent disability due to an accident, the insurer pays the ATPD rider sum assured to the policyholder.
Waiver of Premium Rider: In case of a job loss due to the diagnosis of a critical illness or accidental total permanent disability of the policyholder, the insurer waives off all the remaining premiums. The term insurance policy will still remain active and continue its cover as usual for the entire policy term.
Hospicare Benefit Rider: The hospicare benefit rider pays a percentage of the base sum assured in case the policyholder is hospitalized. These rider benefits of term insurance are especially helpful in paying off hefty hospital bills and help you focus on your recovery without straining your bank.
Buying term insurance online from Policybazaar offers you the following benefits:
Policybazaar offers dedicated claim assistance for term insurance
The company offers an exclusive lifetime discount of up to 5% 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 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
With the availability of various term plans online, choosing the best term plan for your needs is difficult and then determining the benefits of term life insurance. Thus, with the help of below factors, getting enough term coverage can be easy:
Sum Assured: Always check the higher and the lower limits of the sum assured for the different term plans. This provides greater flexibility when selecting adequate coverage for a family’s financial security.
Policy Term: Choose a term plan that provides flexibility in policy terms. Select a life cover that suits your needs, whether it's for 15 years, 40 years, or even up to 100 years, with specific term plans, ensuring you can adequately protect your family for the desired duration.
Low premium rates: While term plan premiums are affordable, the specific amount may differ between plans. Comparing various term plans enables you to identify policies with affordable premiums, preventing financial strain.
Claim Settlement Ratio (CSR): The term insurance company should always have a reliable and high CSR. This parameter indicates that the insurance company will settle the death claim when required, without any hassle.
Option to opt for Riders: Your term plan should provide a selection of optional riders. This way, you can choose additional coverage against specific risks or events, such as critical illness or hospitalisation costs.
Buying online: Buy term plan that offers easy online purchase. In addition to instantly accessing the policy documents, you should have the convenience of customizing the plan and making premium payments online from your digital device.
There are many benefits of term insurance, but the most important of those is the financial security it provides to the policyholder's family, a chance to beat inflation with the maturity benefit option, and the term insurance tax benefits. You can also avail of these term insurance benefits by comparing and buying the most suitable term plan online in just a few clicks.
˜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.
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