Term life insurance
Pure life cover: a large sum assured for a fixed term, paid to your family if you die during it. The simplest and usually the cheapest way to protect the people who depend on your income.
What it covers
Cover varies between insurers and plans. The policy wording is what decides whether a claim is payable, so read it before you buy.
- A lump sum, or a regular income, to your nominee if you die during the policy term
- Death from illness or accident, as the policy defines
- Terminal illness benefit, where the plan includes it
- Optional riders such as accidental death, critical illness, disability and waiver of premium
- Nothing on survival: a plain term plan has no maturity value, which is why the cover is large for the premium
Key features
- Entry age and maximum cover age set by the insurer: [AGE LIMITS]
- Policy terms available: [POLICY TERM OPTIONS]
- Premium is level for the term on most plans, and depends on age, health, habits, occupation and cover
- Payout as a lump sum, a monthly income, or a mix, chosen in the proposal
- Medical tests and proof of income are normally part of underwriting
- Cover can be arranged for a homemaker or a non-earning spouse, where the insurer allows it
How to buy it
Four steps, with an advisor you can reach at any of them.
Tell us what to cover
Tell us your age, income, habits and the cover and term you have in mind.
Compare plans
See premium, cover, exclusions and key terms from our partner insurers side by side.
Share details & KYC
Add the details the insurer needs and complete KYC with your PAN.
Get your policy
Pay online, the policy reaches your email, and your advisor stays with you at claim time.
Term life insurance: FAQs
How much cover do I need?
A common approach is to cover your family's living costs for the years they would need them, add outstanding loans, and subtract existing savings and cover. Our cover calculator walks through it as an estimate, not as advice.
What happens if I outlive the policy?
Nothing is paid back on a plain term plan; the cover simply ends. If you want the premiums returned, compare a return of premium plan, which costs more for the same sum assured.
Do I have to disclose smoking or a medical condition?
Yes. Non-disclosure is the most common reason a life claim is disputed. Declare health, habits, occupation and family history fully. The premium may be higher, but the claim is secure.
Can I increase the cover later?
Some plans allow the sum assured to be stepped up at life events such as marriage or the birth of a child, if that option was chosen at the start. Otherwise you can buy an additional policy, subject to fresh underwriting.
Is there a tax benefit on term insurance?
Premiums can qualify for deduction under the Income Tax Act. The benefit depends on your tax regime and on the tax law in force, so please check with your tax advisor.