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A Long term insurance plan is an affordable financial product that protects your family’s financial stability for a long term. It ensures that your family receives the death benefits in your absence and can easily take care of their financial needs. Let us take a detailed look into what is long-term insurance and how it can benefit you.
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Long term plan is a term insurance plan that offers financial coverage to the family of the policyholder for a long term. These plans provide a large life cover at affordable premiums, during the policy term. This type of life insurance plan pays the sum assured selected at the time of policy purchase as a death benefit in case of the policyholder’s untimely death. Your family can use this benefit amount to take care of their financial needs like paying rent, taking care of remaining loans, and other liabilities.
Term Plans
There are several benefits of buying the best term insurance plan for a long term cover in India 2025:
Death benefits: In case of the unfortunate demise of the policyholder, the nominee receives the total death benefit as per the terms of the policy. The payout can be done in the form of lump sum or regular instalments.
Family’s Financial Benefit: The benefit payout can be paid to your family in the form of death benefits that can help them take care of their financial needs like rent, paying for child’s fees, and taking care of other liabilities.
Loans and Debts: If you suffer an untimely death before paying off your remaining loans, your family may be burdened with having to pay it off. The long term insurance payout can help them pay off outstanding loans in your absence.
Return of Premium: The Term Return of Premium plans allow you to receive the premiums paid at the termination of the policy on outliving the policy term at the maturity of the policy.
Smart Exit Benefits: With the smart exit benefits, you can exit the plan early and receive up to 2X of the premiums paid until that point. The window during which you can exit the plan to receive all the premiums back is determined by the insurer.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
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Here is a list of the key features of long term insurance plan in India:
Cost Effective: A long term plan is usually much more cost-effective than any other types of life insurance plans. The premiums are so low that the premiums for a 1 crore term insurance start at just ₹487 per month.
Long Term Protection: With a long term plan, you can secure the financial stability of your family for a longer tenure and ensure that they receive a financial benefit in your absence.
Add Relevant Riders: Additional rider benefits such as terminal illness rider, accidental total and permanent disability rider, critical illness rider, and more term insurance riders are also available.
Multiple Payment Modes: You can choose to pay the premiums in the monthly, quarterly, quarterly, or annual payment modes or the limited, regular, or single premium pay terms depending upon your budget and ease.
Tax Benefits: You can claim term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961. The death benefits payout in term insurance is completely tax-free for your family.
While both long-term term insurance and whole life insurance offer extended coverage, they differ in key areas like policy duration, premiums, and benefits. Understanding these differences can help you choose the right plan for your specific needs. Here's a breakdown of how they compare:
| Feature | Long Term Insurance | Whole Life Insurance |
| Coverage Duration | 30–40 years or until age 85 | Entire life (up to 99/100 years) |
| Premiums | Lower, but fixed | Higher, but fixed |
| Death Benefit | Paid if death occurs during the term | Paid whenever death occurs |
| Maturity Benefit | Yes, in the form of return of premium benefits | Cash value accumulated is paid as maturity benefits |
| Loan Facility | No | Yes, after cash value has started accumulating |
Here is a list of individuals who should buy long term plans and how it can benefit them:
| Type of Individual | Benefits of Buying a Long Term Plan |
| Young Professionals | Low premiums at an early age, long-term financial security, ideal for covering future responsibilities. |
| Parents | Covers family’s financial needs, including children’s education, marriage, and other milestones. |
| Working Women | Financial security for dependents, coverage for home loans, and peace of mind in managing career and family. |
| Business Owners | Ensures business continuity, helps pay off debts or business loans, provides financial protection to dependents. |
| NRI | Safeguards international assets and family in India with long-term protection and tax benefits. |
| High-Net-Worth Individuals | Provides estate planning benefits, ensuring wealth transfer without liabilities or taxes burdening heirs. |
| Home Loan Borrowers | Ensures that outstanding home loans or EMIs are paid off, protecting the family from financial burdens. |
| SIP Investors | Complements long-term investments, securing financial goals like retirement planning or child’s education. |
The following documents are required while purchasing a long-term plan:
Pan Card
Proof of address: Latest Bank statement, utility bills, ration card, Voter Id, Passport
Proof of Identity: Passport, Aadhaar Card, Driving License
Proof of Income: Salary Slip, Form 16, Income Tax returns
Recent Photographs
Proof of Age: Mark sheet, birth certificate.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
Long-term plans can help your family maintain their current quality of life in case of your unexpected demise. It can help them cover their rent, child’s fees, remaining loans, or take care of any other financial emergencies. With multiple long term plan options available, you can easily compare the features and benefits and select the one that suits you the best.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜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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