Life Protection · Family Security · Insurance
Term Insurance Plans
Affordable life protection designed to provide financial support to your family if the life insured dies during the policy term.
Financial Protection
Helps protect dependents from loss of income.
High Cover
Pure term plans can offer substantial life cover.
Flexible Term
Choose a policy term based on financial responsibilities.
Family Support
Death benefit can support family financial needs.
Optional Riders
Additional benefits may be available with selected riders.
Overview
What is Term Insurance?
Term insurance is a life insurance protection product that provides financial support to nominated beneficiaries if the life insured dies during the policy term. A standard pure term plan generally does not provide a maturity benefit if the insured survives the term.
Financial Protection
Daily household and living expenses
Outstanding home loans and liabilities
Children's education expenses
Future financial goals
Support for spouse, children or parents
Protection against loss of income
Eligibility
Who Can Buy Term Insurance?
- Individuals who meet the insurer's eligibility requirements
- Entry age and maximum maturity age vary by product
- Income, occupation and health may be considered
- Medical history and lifestyle may form part of underwriting
- Sum assured and requested policy term affect eligibility
Documents
Documents Required
- PAN, Aadhaar or other accepted identity proof
- Address proof as accepted by the insurer
- Age proof such as birth certificate or passport
- Income proof such as salary slips, ITR or Form 16, where required
- Bank statements or business income documents, where applicable
- Medical information or tests, where required
Coverage
Choosing the Right Life Cover
Consider your responsibilities
Consider outstanding loans, family expenses, number of dependents, children's education, future goals and existing savings or insurance before selecting the sum assured.
Choose a suitable term
The policy term should generally cover the period when your family depends significantly on your income or when major financial obligations are expected to continue.
Premium
What Determines Your Premium?
- Age of the applicant
- Health condition and medical history
- Lifestyle and habits
- Sum assured selected
- Policy term and premium payment term
- Occupation and insurer underwriting criteria
- Optional riders selected
Death Benefit
How Can the Benefit Be Paid?
Option 01
Lump Sum
The applicable death benefit can be paid as a one-time amount.
Option 02
Regular Income
Some policies may offer regular monthly income payout options.
Option 03
Combination
Depending on the policy, lump sum and regular income may be combined.
Optional Benefits
Riders & Additional Protection
- Accidental death benefit
- Accidental disability benefit
- Critical illness benefit
- Waiver of premium benefit
Riders are optional and may involve additional premiums, exclusions, waiting periods and specific conditions.
Tax
Tax Benefits
Premiums for eligible life insurance policies may qualify for tax benefits under applicable provisions of the Income-tax Act, subject to the applicable limits, policy structure and tax regime.
Tax treatment of insurance proceeds depends on the applicable tax provisions and individual circumstances.
Where to Buy
Insurers & Authorised Intermediaries
Term insurance can generally be purchased through life insurance companies, agents, brokers and authorised digital platforms.
Verify that the insurer or intermediary is authorised before purchasing a policy.
IRDAI Consumer Information →Returns
Is Term Insurance an Investment?
A standard pure term insurance plan is primarily a protection product, not an investment product. If the life insured survives the policy term, a standard pure term plan generally does not provide a maturity benefit.
Some products offer a Return of Premium option, subject to their specific policy terms.
Things to Know
Before You Buy
- Pure term insurance generally has no maturity benefit
- Premium depends on age, health, lifestyle, cover and policy term
- Always disclose medical and lifestyle information accurately
- Read exclusions, waiting periods and claim conditions carefully
- Premium payment terms and consequences of missed payments should be understood
- Claim settlement ratio should not be the only factor when choosing an insurer
- Keep nominee and policy details updated
Need help choosing term insurance?
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