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Term Insurance

Term insurance provides coverage for the specified number of years, known as the policy term. In case of an unfortunate event during this period, your nominee will receive the sum assured in your policy. Term insurance offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable. Read more

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Frequently Asked Questions

What is Term Insurance?

Term insurance is a type of life insurance policy that provides pure life coverage without any savings or investment component. As the name suggests term insurance is a life insurance plan taken for a particular period. It offers financial protection to the policyholder's beneficiaries in the event of the insured person's death during the policy term. If the policyholder survives the term, there is no maturity or survival benefit. Term insurance is known for its affordability and is designed to provide a high coverage amount for a relatively low premium.

Why Term Insurance?

Term insurance is an essential financial tool for individuals who need to secure the financial future of their loved ones. Here are some reasons why term insurance is important:

Financial Security: Term insurance ensures that your family and dependents receive a lump sum amount in case of your untimely demise, helping them meet financial needs such as daily expenses, debts, and education costs.
Affordability: Term insurance policies offer a high coverage amount at a low premium cost.
Customizable: You can tailor term insurance to meet your specific coverage requirements, selecting the policy term and sum assured that aligns with your financial goals.

How Term Insurance Works?

The term insurance policy will ensure financial security for your family and take care of future liabilities even in your absence. You choose a policy term and a sum assured based on your needs and budget. You pay regular premiums to the insurance company for the duration of the policy term. If you pass away during the term, the insurer pays the predetermined sum assured to your beneficiaries. However, if you survive the term, there is no maturity benefit, and the policy simply expires.

Which is the Best Term Insurance Plan?

Determining the best term insurance plan depends on your individual needs and preferences. It's essential to consider factors such as the coverage amount, premium rates, the reputation and financial stability of the insurance company, and any additional features or riders that align with your requirements. Research and compare various term insurance plans at PolicyBachat to find the one that best suits your specific circumstances and financial goals.

Is Term Insurance Covered Under 80C?

Yes, term insurance premiums are eligible for tax benefits under Section 80C of the Income Tax Act 1961. Policyholders can claim a deduction of up to Rs. 1.5 lakh per financial year for the premium paid towards their term insurance policies.

What is Terminal Illness in Term Insurance?

Terminal illness coverage is a feature available in some term insurance plans. It provides a portion of the sum assured to the policyholder if they are diagnosed with a terminal illness and have a life expectancy of typically less than 12 months. This payout helps policyholders cover medical expenses and other financial obligations during their critical period of illness, ensuring financial support when needed most.

What is Term Life Insurance?

Term life insurance is a type of life insurance in which the insurance company pays the claim to the nominee of the insured in case of the death of the insured. According to term life insurance meaning, the life insurance coverage is provided for a particular period which is known as the “term”. The period in term life insurance can be anywhere between 5 years to 60 years depending on the type of term insurance policy. The term life insurance calculator is used to calculate the premium of the term life insurance policy.

What is Term Life Insurance?

Term life insurance is a type of life insurance in which the insurance company pays the claim to the nominee of the insured in case of the death of the insured. The term insurance coverage is provided for a particular period which is known as the “term”. The period in term insurance can be anywhere between 5 years to 60 years depending on the type of term insurance policy. If the policyholder expires during this period, the nominee of the policy will receive the death benefit. No benefit will be paid to the policyholder if he/she survives the policy term.

Is Term Insurance Tax-Free?

The payout received from a term insurance policy, known as the death benefit, is generally tax-free in India under Section 10(10D) of the Income Tax Act, 1961. This means that the beneficiaries of the policy do not have to pay tax on the money received from the insurance company in the event of the insured person's death.

What is Group Term Life Insurance?

Group Term life insurance policy is a type of life insurance policy that provides coverage to a group of people under a single group term life insurance policy. Group term life insurance is a contract between the insurance company and the Corporate Company in which the life insurance company promises to pay the claim in the event of the death of any employee of the corporate company covered under the group term life insurance policy. The premium for the group term life insurance policy would be paid by the Employer but the claims would be paid to the nominee of the employee in case of death of the employee due to an insured peril.

How to Choose a Term Insurance Plan?

Choosing a term insurance plan can be a daunting task, as there are many factors to consider. Here are some tips that can help you make an informed decision:

Determine your coverage needs
Choose the right policy term
Compare policies online
Check the claim settlement ratio
Check the riders/add-ons
Read the policy document

Is Natural Death Covered in Term Insurance?

Yes, term insurance typically covers natural death, just like any other cause of death. Whether the policyholder passes away due to natural causes, accidents, or illness, the beneficiaries are eligible to receive the death benefit as long as the death occurs during the policy term and the policy is in force. Term insurance is designed to provide financial protection in the event of the insured person's demise, regardless of the cause.

Can We Change Nominee in Term Insurance?

Yes, you can change the nominee in your term insurance policy at any time during the policy term. Insurance companies provide a nominee change form that policyholders can fill out to update the nominee's details.

What is the Difference between Term Insurance and Life Insurance?

The difference between term insurance and life insurance is that life insurance provides coverage on the maturity of the insurance policy. In life insurance, if the person is alive or dies, the payment is guaranteed as per norms. The policyholder can set a term for the policy and if the policyholder dies then the money is given to the nominee. Term Insurance policy provides coverage for the premature death of the policyholder within the fixed term. Insurance companies provide financial protection to the nominee of an insured if the person dies within the term of the policy. There can be no claim to the money if the person survives till the maturity of the policy tenure.

Can I Buy Multiple Term Insurance?

Yes, you can purchase multiple term insurance policies from different insurance companies or the same company. This can be a valid strategy if you have varying coverage needs or want to ensure that your beneficiaries receive multiple death benefits in the event of your demise. However, when applying for multiple policies, it's essential to provide accurate information and disclose existing policies to the insurance companies to avoid any issues during the claims process.

Is Term Insurance Good?

Term insurance is an excellent choice for individuals who need cost-effective life insurance coverage with a high sum assured. It provides essential financial protection for your loved ones in case of your untimely demise.

Is Accidental Death Covered in Term Insurance?

Yes, accidental deaths are covered under a term life insurance policy. The sum assured amount is paid to the nominee in case of an unfortunate event that happens to the insured person as an accidental death benefit. When an insured person is disabled because of an accident, income is offered to the insured for a specific term, as per the policy terms.

Which Company is best for Term Insurance?

There are several best term insurance plans offered by different insurance companies in India, and the best company for term insurance would depend on individual preferences, requirements, and budget. It is important to compare different term insurance plans offered by these companies based on features, benefits, premiums, and claim settlement ratios before making a decision. You should also read customer reviews and ratings to understand the company's reputation in the market and its customer service quality.

How Many Term Insurance Can I Buy In India?

There is no specific limit to the number of term insurance policies you can buy in India. You can purchase multiple term insurance policies from different insurers to meet your coverage needs. However, insurance companies may assess your eligibility based on your income and existing coverage.

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