List of Term Insurance Companies in India

Due to the unpredictability of life, it is often difficult to foresee what the future holds. Individuals starting a family need to ensure that their spouse, children, parents and other family members remain financially secure, even if some unfortunate event occurs to the individuals.

For instance, a sudden disease may cut short your remaining lifespan, leaving your family stranded without any means of livelihood. 

Life insurance policies or more specifically, term insurance plans safeguard your loved ones against just such events. These policies provide a sizable compensation to your family members in the event of your demise.

With this death benefit, people in your family can move on with their life, without facing financial shortfalls.

Term insurance plans are specific types of life insurance policies where the death benefit is the sole advantage.

Unlike many other life insurance plans where policyholders can claim a substantial return on an investment after the policy tenure ends, term insurance offers no such additional benefit.

One can claim such a policy only if the insured individual passes away due to natural circumstances during the tenure of such a plan.

However, if the death occurs after the tenure runs out, nominees cannot claim any financial compensation from the insurer.

The primary benefit of a term insurance plan is the lower premiums linked with them. Additionally, the death benefit amount related to such a policy is significant vis-à-vis most other types of life insurance policies. Additional benefits include:

• Availability of multiple riders to enhance financial protection offered by a standard term insurance plan
  
• Term insurance providers offer innovative features and discounts, including rebates to policyholders who do not smoke. 
  
• You can increase life cover at critical points in your life, such as during marriage, or when you become a parent for the first time.