Digit Glow Term Life Insurance

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Buy Term Life Insurance in Mumbai in 2025

Term insurance in Mumbai is the need of this hour considering the high-risk lifestyle of the residents due to several factors. Mumbai residents constantly need to balance between the urban realities and aspirations in their daily life. Many residents have to settle for unsafe or cramped accommodations, as they cannot afford the skyrocketing housing costs here.

On the other hand, hours-long commutes and relentless traffic congestion in Mumbai often increase the risk of accidents and pollution. Rampant pollution and insufficient public health infrastructure let lifestyle diseases and respiratory problems flourish, threatening both well-being and financial stability.

Not only that, the job market in Mumbai is also unpredictable despite multiple opportunities in the city. In such a scenario, maintaining the ongoing EMI payments, coping with the rising education and household expenses becomes challenging. This situation can get even worse if the breadwinner passes away. Term insurance in Mumbai plays a crucial financial tool during such situations, securing your family’s financial future, no matter what uncertainties life brings.

Why Having Term Plan is Crucial in Mumbai?

Though Mumbai is the city of opportunities, it brings some challenges for the residents when their family's financial stability is threatened due to unforeseen circumstances. The table below represents the crucial factors that indicate the need for term insurance in Mumbai:

Reason	Detail	How Term Insurance Helps
Road Traffic Accidents	Mumbai’s densely packed roads, increasing number of vehicles, and risks of fatal accidents may lead to the sudden loss of a family's breadwinner. According to a data of 2022, nearly 33,383 road accidents were reported in Maharashtra. [source]	With term insurance, the dependants will receive the much-needed financial support to cover their living expenses and liabilities if the policyholder passes away during the policy tenure.
Healthcare Expenses	The annual medical inflation rate in Mumbai leads to rising healthcare costs. Thus, residents need to bear huge treatment expenses if anyone in the family gets a chronic disease.	With add-ons like critical illness riders, term insurance enables policyholders to get a lump sum payout, which can cover treatment costs for chronic diseases.
Rising Cost of Living	The rising rent and property prices, as well as the high cost of education, utilities, and daily expenses, can gradually erode the purchasing power of a Mumbai resident. As per records, the cost of living in Mumbai is approximately ₹1,27,984. [source]	A term insurance payout provides a lump sum amount that replaces the lost income of the breadwinner in the event of an untimely death. This helps your dependents maintain their lifestyle standards despite inflation.
Life Expectancy	The average life expectancy of an individual in Maharashtra is around 72 years. However, lifestyle-related diseases or environmental factors can lead to the untimely death of the primary income earner of the family, increasing the concerns for financial security. [source]	Term insurance in Mumbai acts as a safety net for your family, covering their future expenses due to the premature death of the policyholder.

What are the Recommended Sum Assured Coverage Options for a Term Plan in Mumbai?

The need for term insurance in Mumbai is comparatively higher than any other Tier-1 cities in India. The high living cost, increasing risks of accidental deaths due to uncontrolled tragic congestion, and the healthcare expenses calls for a secured financial backup.

However, residents must know the ideal term insurance coverage they need based on their income slab, life stages, and more. Here are some recommendations for the same:

₹1 Crore Term Insurance Plan

Best for: Young professionals, newly married couples, or families with limited liabilities
Ideal Income Range: ₹4–12 LPA
Premiums: Starting from ₹800/month*

Why is it required:

Covers 8–10 years of essential household expenses in the city
Helps clear smaller home/car loans
Ideal starter coverage for those in early career stages

₹2–3 Crore Term Insurance Plan

Best for: Mid-career professionals, dual-income families, parents with school-going children
Ideal Income Range: ₹12–25 LPA
Premiums: Starting from ₹1200/month*

Why is it required:

Covers 1 home loan (~₹80L–₹1Cr) + 10+ years of family income
Secures children’s education (local or international plans)
Balances lifestyle aspirations with practical financial safety

₹5 Crore Term Insurance Plan

Best for: High-net-worth individuals, business owners, large loan borrowers
Ideal Income Range: ₹25 LPA+
Premiums: Starting from ₹4500/month*

Why is it required:

Protects against major financial commitments like international education, large home loans, or business loans
Ensures dependents can sustain Mumbai’s high cost of living without compromise
Fits ambitious families with long-term wealth goals

₹7–8 Crore Term Insurance Plan

Best for: Entrepreneurs, CXOs, ultra-high-net-worth individuals with complex financial portfolios
Ideal Income Range: ₹50 LPA+
Premiums: Starting from ₹8000/month*

Why is it required:

Shields against significant liabilities, investments, or cross-border financial commitments
Secures wealth continuity for family and business across generations
Ensures a global lifestyle remains uninterrupted

Quick Comparison of Term Insurance Coverage with their Premiums in Mumbai

Coverage	Life Stage Fit	What it Secures	Typical Premium*
₹1Cr	Young professionals, small families	8–10 yrs expenses + small loans	Starting from ₹800/month
₹2–₹3Cr	Parents, dual-income families	Home loan + education + 10 yrs income	Starting from ₹1200/month
₹5Cr	HNIs, business owners	Major loans + overseas education + lifestyle	Starting from ₹4500/month
₹7–₹8Cr	CXOs, UHNWIs	Wealth continuity + global lifestyle + large liabilities	Starting from ₹8000/month

Digit Glow Term Life Insurance

Suitable for self-employed and young salaried professionals who want smart and early protection.

Choose your sum assured, from ₹25 Lakhs up to ₹1 Crore, to match your financial goals.

Protection starting at just ₹301/month* (for 25 Lakhs) to fit your fixed income.

No physical forms or waiting, just buy your policy online with PAN and Aadhaar.

Digit Glow Term Life Insurance

Digit Glow Plus Term Life Insurance

Suitable for salaried professionals, entrepreneurs, and high-income earners.

Access up to ₹20 crore sum assured to cover your extensive financial goals and liabilities.

Terminal Illness Benefit is included and covered at no additional cost.

Gain long-term protection up to Age 85 that supports post-retirement responsibilities.

Digit Glow Plus Term Life Insurance

Accidental Death Benefit Rider

Why it matters: Mumbai’s traffic congestion and road accident rates are among the highest in India.

What it does: Pays an additional lump sum if death occurs due to an accident.

Who should consider it: Daily commuters, bikers, and anyone exposed to high travel risks.

Accidental Death Benefit Rider

Critical Illness Rider

Why it matters: Lifestyle diseases like heart attacks, cancer, and strokes are rising in Mumbai.

What it does: Offers a payout upon diagnosis of major illnesses, helping cover treatment costs and income loss.

Who should consider it: Anyone with a family history of illness or working in high-stress environments.

Critical Illness Rider

How to Reduce Term Insurance Premiums?

Select a Longer Policy Term

Policies with a longer term come with a reduced annual premium burden. You can avoid a premium hike due to growing age by locking in the current premium rates.

Purchase Early

Purchasing term insurance at a younger age, such as in your 20s or 30s, allows you to lock in affordable premium rates compared to those in your 40s. The premium amount for younger policyholders is low compared to that of older individuals.

Choose Your Riders Wisely

Riders help in extending your insurance coverage, but adding unnecessary riders will increase your premium burden.

You can save on the premium amount by choosing the term life riders that you need.

Compare Policies Online

Check the insurer’s claim settlement ratio, policy inclusions and exclusions and the claim settlement process. You can save on term insurance costs by comparing term policies with the most competitive rates.

Opt for Annual Premium Payment

The annual payment mode helps you save on administrative fees. Avail discounts and offers from your insurance provider and save on your overall premium cost.

Make Staying Healthy Your Top Priority

Healthy individuals can qualify for term insurance at their preferred rates, as they have a lower-risk profile compared to those with any kind of health issues. If you don’t have any health issues, you can avail discounts from the insurance provider on your overall term insurance cost.

Opt for Accurate Disclosure

Do not hide your health information from the insurance provider. Accurate disclosure of health information helps reduce the risk of claim rejection at times of need.

How Digit Life Term Insurance Can Cover the Needs of Mumbai Residents?

A strong financial backup is necessary for residents of Mumbai to stay prepared for unforeseen mishaps. Considering the ever-rising living cost, healthcare expenses, uncertain job markets, etc. a term insurance in Mumbai is much needed financial protection.

Here’s how Digit Life term insurance can cover the needs of Mumbai residents to meet secure their financial future:

Flexible Sum Assured Range

Digit Glow Term Plan offers coverage from ₹2.25 lakhs up to ₹1 crore, allowing Mumbaikars to choose protection tailored to their high cost of living and financial obligations.

Multiple Premium Payment Options

With monthly, quarterly, half-yearly, and annual premium payment options, Digit helps city dwellers manage cash flow amid Mumbai’s unpredictable income patterns and expenses.

Accidental Death & Disability Riders

Given Mumbai’s high accident and road risk, Digit’s optional riders for accidental death and permanent disability provide essential extra financial security specific to local dangers.

Seamless Digital Process for Urban Convenience

Mumbai’s fast-paced lifestyle demands quick services—Digit’s fully online policy purchase, minimal paperwork, and claim settlement within 72 hours suit urban residents’ need for hassle-free insurance.

Why Choose Digit Life for your Term Plan in Mumbai?

Transparency Policy Wording - No hidden clauses. No jargon. Just clear terms and real coverage. What you see in your policy is exactly what you get, so there’s no second-guessing when it counts.
Quick Online Processes - From policy purchase to claim filing, everything happens online; no paperwork, no running around. You get a smooth, fast process backed by human support when you need it.
Worldwide Claim Support - Your family can still claim online if something happens to you outside India, without running around with fast claim process and support across time zones. T&C*.
Eligible for NRIs of Indian Origin - NRIs of Indian origin can buy a plan while in India and manage it from anywhere. Premiums can be paid through NRE/NRO accounts, and coverage remains valid globally.

Explore Other Term Plan Coverages offered by Digit Life in Mumbai

Choosing the right sum assured is crucial for selecting the best term life insurance plan to protect your family’s financial future. Here are the available options for sum assured amounts that might suit your needs:

25 Lakh

Term Insurance Plan

50 Lakh

Term Insurance Plan

75 Lakh

Term Insurance Plan

Recommended

1 Crore

Term Insurance Plan

3 Crore

Term Insurance Plan

5 Crore

Term Insurance Plan

10 Crore

Term Insurance Plan

15 Crore

Term Insurance Plan

20 Crore

Term Insurance Plan

Disclaimer: The sum assured specified applies to the term insurance plans and is subject to eligibility, terms, and conditions. It is essential that you review the official plan details thoroughly and choose the coverage that best aligns with your needs before proceeding with your purchase.

Find the Right Term Insurance Plan for Your Lifestyle

Term Insurance for Young Professionals

Family Term Insurance Plans

Term Life Insurance Plan for Disabled

Term Insurance for NRIs

Term Insurance for Home Loan Protection

Term Insurance for Diabetic Patients

List Of Digit Life Insurance Offices In Mumbai

Here is the list of offices in Mumbai, as of August 18th, 2025:

Current Address	Google Maps Link
2nd and Third Floor, Birla Centurion, Pandurang Budhkar Marg, Woori Bank, Worli, Mumbai	📍 View on Maps
13th floor, Godrej Colesium, 628A/2, Kurla Village, Lokmanya Pan Bazar, Behind Everand Nagar, Sion, Mumbai 400022	📍 View on Maps

Considering Mumbai's steep living expenses and the uncertainties of life in this bustling metropolis, having a term insurance plan is essential to protect your family's financial future in your absence. With inflation and costs expected to rise continuously, a low coverage amount will lose its effectiveness over time.

Thus, it's essential to select a sum assured that accounts for future needs, inflation, and liabilities, ensuring your family's financial security even if the unexpected happens.

Beyond basic term plans, Life Insurance options like Endowment Plans and ULIPs also offer a blend of protection and savings.

Thus, it’s crucial that you choose a coverage amount that will be sufficient to cater to your loved one’s needs in the upcoming years, taking into account inflation, value erosion, and rising liabilities. This way, you can ensure that your family remains financially stable even in the event of your untimely demise.

FAQs about Term Insurance in Mumbai

Does Mumbai’s high cost of living affect the sum assured I should choose for term insurance?

The high cost of living in Mumbai, which is driven by ongoing inflation, gradually reduces the actual value of the sum assured in your policy. Furthermore, your financial obligations tend to increase with age, such as paying for your children's school, getting married, or buying real estate and cars. Your term insurance death benefit must account for inflation to provide adequate coverage and ensure your family's long-term financial stability, as these needs represent future financial requirements.

If I buy a ₹1 crore term insurance plan for a family in Mumbai, would that be sufficient?

₹1 crore may be sufficient for a small family with moderate liabilities; however, families with home loans, multiple dependants, and higher incomes should consider higher coverage.

Can my home loan EMI payments affect my term insurance coverage?

Your term insurance cover should be 10-15 times your annual income and must at least cover your outstanding home loan amount. This will prevent your family from facing repayment burdens in your absence.

What if I move out of Mumbai after buying my term insurance?

Most Indian term insurance policies cover you nationwide. Moving out of Mumbai does not typically affect your coverage or premiums. Therefore, if you have dependants, you should continue the term insurance policy even after relocating out of Mumbai.

Does Mumbai’s medical inflation affect my term insurance requirements?

Rising healthcare expenses in Mumbai make it essential to opt for a higher sum assured or include critical illness riders in your term insurance plan. This ensures sufficient financial support to cover expensive medical treatments and protect your family from unexpected health-related costs.

What is the ideal duration for reviewing my term insurance coverage?

It is ideal to review your term insurance coverage every two to three years, or after any major life events, such as marriage, changes in income, or the birth of a new child.

If I’m a single earner, should my term cover be higher?

As the sole breadwinner, your family relies entirely on your income to meet their financial needs. Therefore, it is crucial to choose a higher sum assured in your term insurance plan to ensure comprehensive protection and secure your future comfortably.

Will my term insurance premium be higher just because I live in Mumbai?

The ideal sum assured for a person varies by city due to differing living expenses. For example, a ₹75 lakh term plan may be adequate in a Tier 3 city, but in a Tier 1 city like Mumbai, maintaining a similar lifestyle often requires coverage of ₹3–5 crore. With Mumbai’s higher-than-average inflation and growing financial responsibilities over time, the ideal sum assured increases, which can lead to relatively higher term insurance premiums.

Can I increase my sum assured later if my living costs rise?

A regular term insurance plan provides a fixed coverage amount throughout the policy term, which cannot be increased later. If expenses rise, buying a new policy is necessary. In contrast, an increasing term insurance plan automatically raises the sum assured by a fixed percentage annually, helping keep pace with inflation and growing financial needs. This ensures the coverage remains adequate over time without needing a new policy.

What are the riders available for term insurance in Mumbai?

Term insurance riders available in Mumbai commonly include Accidental Death Benefit Rider, Critical Illness Rider, Waiver of Premium Rider, and Permanent Disability Rider. These provide extra financial protection tailored to Mumbai’s high accident risks, rising medical costs, and financial uncertainties.

What is the ideal term insurance coverage for a resident in Mumbai?

The ideal term insurance coverage for a Mumbai resident is generally 10 to 20 times their annual income, considering the city’s high living costs, mortgage loans, and future financial needs like children’s education and healthcare. This coverage ensures that families can maintain their lifestyle and meet expenses even in the absence of the breadwinner.

What are exclusions for term insurance coverage in Mumbai?

Term insurance exclusions in Mumbai typically include death due to suicide within the first policy year, participation in criminal activities, death caused by drug or alcohol abuse, death during war or civil unrest, and death from hazardous activities like skydiving or racing. Pre-existing medical conditions not disclosed at the time of purchase may also be excluded from coverage.

Do Mumbai residents need to go through medical checkups while buying a term insurance policy?

Mumbai residents may need to undergo medical checkups when purchasing term insurance depending on their age, sum assured, and health history. Young applicants with lower coverage might skip tests, but older or higher-sum policies usually require basic to detailed medical exams.