Term Life Insurance

  • Term Life insurance provides coverage for a fixed period of time at a fixed premium rate.
  • In case of untimely death of the life insured during the policy term , the nominee of the life insured gets the Total Payout/Benefit. The benefit can be paid out as a lump sum payout or a combination of Lump sum & Monthly payout or only as a Monthly payout.
  • Therefore Term plans are said to be pure protection plans which ensure financial stability of the dependants in case of untimely death of the life insured.

Benefits of Term Life Insurance

  • Death Benefit: In the unfortunate event of death of life insured during policy term, the nominee shall receive the Total Payout as a Lump sum amount or a combination of Lump sum & Monthly amount.
    • Lump sum amount to take care of immediate financial liabilities.
    • Monthly income to sustain the family lifestyle.
  • Tax Benefit: The premiums paid for Term Life Insurance are Tax free under section 80(C) upto an amount of Rs 1,50,000.
  • Rider Benefits: Riders are an important addition to the basic plan offering & provide an option to customize the coverage to the life insured.
    • Accidental Death Benefit rider offers an additional sum assured over the base plan offering in case death occurs due to an accident.
    • Accidental Disability rider offers an immediate lump sum payment on occurrence of any disability due to an accident.
    • Critical Illness rider offers an additional sum assured over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.
    • Waiver of Premium rider offers the waiver of all policy premiums in case the life insured is diagnosed permanent disability or critical illness.
    • Option to increase Death benefit: Certain plans have offerings where the life insured can increase the life cover at key stages in life like marriage , birth of child.

    Know more about Term Plan

    LIC Term Plans

    • Amulya Jeevan

      LIC Amulya Jeevan (Table - 823) is a term life insurance plan which provides financial protection to your family in case of unfortunate demise. Its similar to Anmol Jeevan - 2 with a minimum sum assured of 25 Lakhs. Sum assured lesser than 25 Lakhs can be taken in Anmol Jeevan.


    • Anmol Jeevan

      LIC Anmol Jeevan -2 (Table 822) is a pure term insurance policy which provides financial protection to your family in case of unfortunate demise.

      In this plan, your nominee will get the entire Sum assured if death occurs within the policy term and nothing is payable on maturity. So if nothing happens to you till the maturity period of the plan, nothing will be returned.

    HDFC Term Plans

    • HDFC Click 2 Protect Plus

      HDFC Life Click 2 Protect Plus is a term insurance plan in India which provides you comprehensive protection at an affordable price and helps you to protect yourself and your loved ones against the uncertainties that life may throw at you. This term life insurance policy provides wide range of cover options and you can choose the cover depending on your need. You can even secure your family’s day to day requirements when you are not around by way of monthly income under Income & Income Plus Option.

    Aegon Term Plans

    • iTerm Plan

      On diagnosis of any Terminal Illness, 25% of the base sum assured will be paid (max.of Rs.100 lacs) & the base sum assured will be reduced by an amount equal to the benefit paid under this clause.


    • iReturn Plan

      If you are looking for pure protection along with return of Premiums, this plan is for you.


    • iSpouse Plan

      If you want to protect your spouse’s and your life in one policy, this plan is for you.