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What is Term Insurance?

Term Insurance plan is a simple and pure risk cover form of life insurance. It provides financial protection to your family against a fixed premium paid for a specified term. You can get a largeamount of term insurance cover (sum assured) at affordable premiums.The nominee receives the term insurance amount in case of death of the policyholder

When should buy a Term Plan?

The earlier you buy a Term Plan, the better it is as the premiums are lower when you are young. Also, with current lifestyles and increasing instances of illnesses, it may become difficult to get a term plan later, as you grow older.

When should buy a Term Plan?

Parents

If you have children or dependent adult family members and are responsible for paying for their needs and upkeep then you must buy a term plan

Young individuals

The premium for term insurance increases with age. So it makes smart sense for young professionals without financial liabilities to buy term plan early this way they get lower premium rates and the rates will not increase over time

Newly married couples

A term plan can help you create a financial safety net for your growing family so that their dreams are never compromised, even when you are not around

Home loan repayment

In case of an unfortunate incident, the responsibility of paying the outstanding loans should not fall on your loved ones. In case of your unfortunate demise, the death benefit payout from the term plan can be used by your family to repay your loans

How much Term Insurance cover do I need?

The term insurance cover you need depends on your current annual income. We recommend that a term insurance cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family

If budget is a problem, you can go for a monthly premium payment option over a yearly commitment. However, it is important to have a sufficient term insurance cover so that your family’s financial security is not compromised. A term insurance premium calculator will help you in choosing the term insurance cover well suited to your budget

What is limited pay option?

With the limited pay option, you can pay premiums for a specific pre-agreed period of time (5, 7 or 10 years) and enjoy the term insurance cover for the whole policy duration, irrespective of the premium payment period. You can save up to 65%

Which payout option should I choose?

Our Term Insurance Plan has four payout options:

Lump sum – The entire life cover is payable as a lump sum (single payment)
Regular income – 10% of the life cover is payable every year for 10 years. This is paid in equal monthly installments
Increasing Income – The life cover is payable in monthly installments for 10 years starting with 10% of the life cover in the first year. The income amount will increased by 10% per annum thereafter
Lump sum + Income – You have the flexibility to split the life cover amount that you want your nominee into two parts one part of the life cover as a lump sum and the remaining life cover will be paid in equal monthly payments for 10 years

Additional Benefits

What is Accidental Death benefit ?

In case the policyholder dies due to an accident during the policy term, the nominee/legal heir will be paid an extra amount. A maximum cover of ₹2 crore is available with this benefit, which you can add during purchase or even after the purchase

What is Critical Illness benefit?

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What is Inbuilt Terminal illness benefit?

What is Inbuilt Permanent disability benefit?

Term Insurance

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What is Term Insurance?

When should buy a Term Plan?

When should buy a Term Plan?

How much Term Insurance cover do I need?

What is limited pay option?

Which payout option should I choose?

Additional Benefits

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