Term insurance is the simplest and cheapest way to protect your family's future. You pay a fixed premium; if you die during the policy term, your nominee receives the sum assured. The earlier you buy, the lower the premium stays for the whole term.
Who needs it
- Earning members with dependants: spouse, children or parents
- Anyone with a home loan or other large loan
- Self-employed people with no employer life cover
What's covered
Death benefit
The sum assured paid to your nominee, as a lump sum or monthly income.
Terminal illness
Many plans pay out early on diagnosis of a terminal illness.
Fixed premium
The premium stays the same for the whole policy term.
Tax benefits
Premiums may qualify under Section 80C and the payout under Section 10(10D), as per prevailing tax law.
What's not covered
We show you the catch before you buy. Common exclusions (exact terms vary by insurer and plan):
- Suicide within the first 12 months (the nominee receives a refund of premiums as per the policy terms)
- Claims rejected for non-disclosure of health, habits or income: always disclose fully
- Death from risky activities excluded in the policy wording
- Lapsed policies where premiums were not paid within the grace period
Popular add-ons
Accidental death benefit
An extra payout if death is due to an accident.
Critical illness
A lump sum on diagnosis of listed serious illnesses.
Waiver of premium
Future premiums are waived if you become disabled or critically ill.
Documents checklist
To get a quote or buy
- PAN card and Aadhaar (or another officially valid ID) for KYC
- Income proof: salary slips, Form 16 or ITRs
- Passport-size photo
- Medical tests, if the insurer asks
To make a claim
- Death certificate
- Policy document
- Claim form
- Nominee KYC and bank details
- Medical records or FIR / post-mortem report, depending on the cause
Frequently asked questions
How much cover should I take?
A common rule of thumb is 10 to 15 times your annual income, plus outstanding loans. We will work out a figure with you.
Do I get money back if I survive the term?
Not with a pure term plan, which is why it is so affordable. Return-of-premium variants exist but cost much more.
Can I change my mind after buying?
Yes. There is a free-look period after you receive the policy in which you can cancel for a refund, minus a few charges.
Why does disclosure matter so much?
Most rejected life claims are due to hidden health conditions or habits. Honest disclosure is what makes the claim certain.
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