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Term Insurance is very helpful in a family's difficult moments. It can provide financial protection to family members in case of the policyholder’s absence and help them live comfortably without worrying about money.
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Term Insurance plans have different components that can be chosen according to your unique financial needs. One important feature is the policy term. Choosing the right policy term is important for securing your family’s financial security in coming years.
Let’s discuss what is a policy term and how it works:
The meaning of the policy term is the maximum time the life cover in the plan will stay active. When purchasing the life insurance plan, you should decide the policy term for your life cover. Generally, it is not possible to change the policy term of a term insurance plan after buying. This is the reason why you should choose the policy term of your plans wisely.
Definition of policy term: Policy term is the duration of the policy for which the sum assured remains active to be given to the nominee of the policy in case of the policyholder's demise before the end of the policy term.
Term Plans
Let’s understand this with the help of an example:
Raju, a 28-year-old male who recently got married, chose to purchase a term insurance plan with a 30-year term. This policy will provide coverage until he turns 58, aligning with his retirement age. A long-term policy ensures financial security for his spouse and future children.
It can help his spouse manage daily expenses, support his child’s education, and meet other financial needs. Additionally, it serves as a safety net for any future loan repayments Raju may have.
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Depending on your financial needs and life cover, you must select different policy terms for different plans. Below are the factors that can affect the selection of your policy term:
The financial objective or need the plan will cover
Complete or partial withdrawal rule from the plan
Your retirement age
Maximum policy term
Cash flow from the term insurance policy
Following is a list of different types of policy terms:
Short term plans are insurance policies that comes with comparatively shorter durations of 5-10 years. These types of plans are suitable for individuals who don’t have long term financial obligations like expenses of children’s higher education, wedding and more. They are ideal for short-term liabilities such as loans or other expenses.
Long-term plans offer long policy terms and provide coverage for 30 years or even your whole life. They are ideal for ensuring long-term financial security for your family, including your spouse, children, and potentially future generations.
Flexible policy terms don’t have a fixed policy term and can be adjected to suit the policyholder’s financial needs. These plans are suitable if you're unsure about your future financial obligations and want the ability to adapt your coverage.
We often hear that the ideal plan to buy a term plan is as soon as you start earning. This is because the premiums are more affordable when younger, healthier and relatively disease-free.In fact, many term insurance policies offer discounts if the policy is bought for a longer period which is possible if the policy is bought at a younger age.
Apart from the time you start earning, the following are some of the other ideal times to buy a term policy:
When you get married: To protect the financial future of your wife
When you have children: One can increase the coverage and premium of existing policy if one does not want to take a new policy for their children
When you take a loan: The repayment burden doesn't fall on your family in case of your unfortunate absence.
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In fact, in many policies, one is not allowed to change the policy term of a term life insurance policy after purchasing it. Therefore, it becomes vital for the policyholders to consider the following factors while deciding to choose the right policy term:
Your Age: Younger people usually qualify for longer terms because they're statistically likely to live longer.
Your Income: A steady income makes insurers more comfortable offering longer terms, as they know you can pay the premiums.
Your Financial Goals: The length of your policy should match your financial goals. A longer policy term is best for long-term goals like your child's education or your retirement.
Understanding the concept of policy term is crucial for anyone who are thinking of buying term insurance. With the right policy it is also important to choose the right policy term. To make the most out of your term insurance plan, it is important to align the policy term with your age,life goals and your liabilities. factors mentioned above.
Note: You should also check the term insurance benefits if you plan 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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