Term Insurance

Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term.
There is no cash value, dividend or investment component to term life insurance. The premium for life terms insurance whether paid annually, semi annually, quarterly remains fixed throughout the term of policy. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
If the life insured dies during the term, the death benefit will be paid to the beneficiary.
-Some term plans allow you to add riders like, accidental death cover, waiver of premium riders, critical illness rider or specific disease riders, like cardiac cover etc. Riders are the additional benefits that come against a nominal premium.

Find the best Term insurance plans.

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Income Tax Benefits

In respect of premium paid, you can avail a deduction of up to Rs.150, 000 per annum under Section 80C of the Income Tax Act 1961. Also, the death benefit paid to your nominee (in case of unfortunate death) is tax free under Section 10 (10D) of the income Tax Act 1961.
The premium charged for term insurance policies depend on the following variables:

  • The age of the person whose life is to be insured
  • Whether that person is or not a smoker,
  • Other significant health issues or conditions
  • The duration of the term for which coverage is sought
  • The policy limits applied for.

There is a great deal of competition among insurers for term life business, which means low cost coverage for the consumer. The premium you pay is a small price compared to the benefits attached to a life insurance term plan.

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