Buy Term Insurance Plan & Policy Online
Life is uncertain, and one can never foretell what the future holds for us. We cannot be certain about anything in life, whether we will be successful, get married, or have kids, but there is just one thing that is guaranteed: Death.
We cannot control life's unpredictability, but we can prepare for the unexpected just as we plan to lead a good life. The most crucial factor towards achieving this objective is ensuring your family is financially secure even after you are gone.
While most of the products in our investment basket are directed toward the objective of wealth creation, Life Insurance has a much broader purpose. It is financial support to the family in the unfortunate event of the breadwinner's demise. Term Insurance is the most fundamental kind of life insurance.
What is Term Insurance?
Term insurance is a type of life insurance policy that provides coverage for a specified duration known as the “Term” of the policy. It offers financial protection to the policyholder's beneficiaries in the event of the policyholder's death during the term.
Unlike other types of life insurance, such as whole life insurance or endowment policies, term insurance does not accumulate cash value over time. Instead, it focuses solely on providing a death benefit to the beneficiaries.
Term insurance policies are typically more affordable compared to permanent life insurance options, making them an attractive choice for individuals seeking cost-effective coverage for a specific period, such as during their working years or mortgage repayment period.
Why Do You Need Term Insurance?
Who Should Buy a Term Insurance Policy?
Any individual with financial dependents, such as a spouse, parents, retirees with liabilities, or business people with financial liabilities, must invest in a term insurance plan.

Young Professionals
Young, freshly employed individuals usually think they don't need Term Insurance since they don't have any dependents. However, this thought might not be correct. At a young age, with a healthy body and no liabilities, your premium would be much less than it becomes in the later stages of life and it remains the same for the entire term.

Newly Weds
Post-marriage, we start a new life and build a new lifestyle. We don't have just an emotional dependency on each other, but there is a financial dependency too. So, while we are still lost in the roses and chocolates, do take time to purchase a gift that will secure your partner's future life. Buy a term plan.

Tax Payers
Term Insurance premiums fall under tax exemption under section 80C of the Income-tax. The payouts from term insurance are also exempt from tax, subject to some T&C under section 10(10 D) of the Income Tax Act. Hence, term insurance is a wise investment when it comes to securing life and saving tax.

Home Loan Borrowers
The purchase of a home is a huge expense; if done through a Home loan, it’s a huge liability. Unfortunately, if the primary earner passes away, it would be difficult for the dependents to repay the home loan. Life Insurance provides this assurance that the burden of a loan would not come on the family members in such unfortunate circumstances.

Parents
Parents are vital in securing their children’s financial future through activities like paying for education and saving for university; mitigating these burdens with a term insurance plan ensures their dreams remain within reach, even in unforeseen circumstances.

Working Woman
Working women are pivotal in their families' financial well-being, and a term insurance plan safeguards their family's lifestyle and aspirations, covering any debts and serious health conditions and providing peace of mind.
Retirees
For retirees, term insurance is key to ensuring their partner’s financial comfort and healthcare needs in the later stages of life, maintaining their living standards without worry.

Housewives
Housewives also significantly contribute to their family's financial stability; term insurance guarantees that, in their absence, the household and childcare costs are manageable, preserving their family's way of life.

Self-Employed
Self-Employed individuals can protect their family's future and business obligations with term insurance, ensuring financial continuity and household stability after they're gone.

Non-Resident Indian
NRIs can support their family back home through a term insurance plan. This plan offers a safety net against the economic challenges of medical care and travel, ensuring peace of mind across miles.
Why Should You Buy Term Insurance Online?
Buying term insurance online offers several advantages:
Easy Comparison of Plans
Buying term insurance online allows you to quickly compare different plans and understand their benefits, ensuring that you make an informed decision.
Lower Premiums
Online term insurance plans often have lower premiums compared to offline plans.
Quick and Simple Process
The online buying process is quick and straightforward, saving you much time.
Convenience
You can compare, choose, and pay for the most suitable plan at your convenience without physical meetings or paperwork.
Comfort and Flexibility
The entire process can be carried out from the comfort of your home at any time that suits you, making it highly convenient.
Accurate Information
Opting for an online purchase reduces the risk of misinformation and inaccuracies that can sometimes occur when buying through a sales agent over the phone. This method ensures that all the information you receive is precise and reliable.
FAQs about Term Insurance Policy in India
Is there an age limit to buying a term insurance plan?
What are the types of deaths covered in term insurance?
The following types of deaths are considered valid by an insurance provider at the time of claim settlement:
- Natural Death
- Death due to any critical illness
- Accidental Death
- Death due to natural calamities like earthquakes, floods, etc.
- Suicide is covered if it happens after 12 months of buying the policy. However, if it occurs within 12 months, a certain proportion of the sum assured is paid to the nominee. This depends from one insurer to the insurer.
What types of deaths are not covered by insurance?
- Any Death that involves self-harm or self-infliction of injury like suicide is not covered under insurance.
- Death due to driving under the influence of alcohol or drugs is not covered.
- Death due to participating in hazardous activities
- Death due to the involvement in illegal activities when either the life insured was involved in any criminal activity or the nominee is criminal, and it is discovered that the life insured was killed with the nominee's involvement.
Can I buy more than 1 term insurance policy?
Can I change the nominee in my term plan, and how many times can I do so?
Should we take riders along with term insurance?
Do we get any return in term insurance?
Can I get term insurance if I'm not in a job?
Can husband and wife both take term insurance?
What is the difference between term insurance and accidental insurance?
Why should I buy term insurance when I already have life insurance from my employer?
What would happen if a person has two term insurance policies?
Can Non-Resident Indians (NRIs) buy term plans in India?
Does the premium remain the same throughout the tenure of a policy?
What if I do not want my term cover once I have taken it?
On maturity, can a fresh policy be availed at the rate of the old premium?
What is the contestability period in life insurance?
If I stop smoking today, or maybe 6 months before taking a Term Insurance Policy, will I get a Non-Smoker rate?
What is the best kind of life insurance policy?
What is the difference between term insurance and life insurance?
Under which sections of the Income Tax Act can policyholders claim term insurance tax benefits?
Term insurance offers tax benefits under various sections of the Income Tax Act.
- Section 80C of Income Tax Act: Term insurance policyholders can claim a deduction of up to ₹1.5 lakh in premiums paid annually. This section also covers other investments like the Public Provident Fund, National Savings Certificates, ELSS, and tax-saving FDs.
- Section 80D of Income Tax Act: While this section primarily applies to health insurance plans, term insurance policyholders with additional covers (such as Critical Illness or Surgical Care) can also save taxes on premiums paid.
Is term insurance refundable?
What is the policy term?
Does term insurance have maturity?
What expenses are covered in my term plan?
How long should be the term of the plan?
Choosing the longest possible term insurance duration, depending on individual needs and responsibilities, is generally a good idea. Consider your current age, expected retirement age, your children's age, and any significant financial liabilities.
For example, if you are 30 years old and think you will only need life insurance for the next 30 years, opting for a 40-year tenure is still recommended.
How to get low premiums on term insurance plans?
What happens at the end of the policy tenure?
Is there any age limit to getting a term insurance plan?
Why is term insurance essential at every stage of life?
What is the rule of term insurance?
Do you get your money back at the end of the policy term?
What are the advantages and disadvantages of each premium payment option?
- The Single Premium Payment Option entails paying the full premium upfront, avoiding monthly hassles. However, due to its size, it can strain budgets.
- Regular Premium Payment Option allows for periodic payments (monthly, quarterly, half-yearly, or yearly), making it budget-friendly, though it might incur extra charges.
- Automatic payments ensure timely contributions and help avoid missed payments by requiring enough funds in your account to prevent late fees or coverage lapses.
- Lump-sum payments may attract discounts, benefiting upfront payers, but require careful financial consideration to prevent strain.
Which is the most common type of term insurance?
Who can be a nominee in term insurance?
How to claim term insurance after death?
Please ensure that you remember the following steps to claim the assured sum as a nominee of the term insurance policyholder:
- Step 1 - As a nominee, notify the insurance company about the claim
- Step 2 - Keep your documents handy to ensure a smooth claim process.
- Step 3 - The insurance company will carefully evaluate your claim.
- Step 4 - Claim settlement