Buy Regular Premium Term Insurance Plan in India
If you are looking to protect your family’s financial future, understanding a regular term insurance plan is essential. It is a type of life insurance that provides life coverage along with certain additional benefits at an affordable price. It ensures financial security for your loved ones in case of unforeseen circumstances during the policy term.
The following section explores all aspects of term insurance, its benefits, features, mistakes, etc.
Table of Contents
Considering their financial status, the insured can use a term insurance calculator to decide whether to pay regular premiums. However, it's important to note that regular premiums are typically higher in total compared to a single premium payment.

Illustration of Regular Premium Term Insurance
Ramesh purchased a regular premium term insurance plan to ensure his family's financial security. He opted for a ₹1 crore term insurance policy with a 20-year term. The annual premium for this policy was ₹10,000.
Hence, to claim all the benefits, he would have to pay the premium yearly, failing which the company would offer him a grace period. If he fails to pay even within the grace period, the policy will lapse.
Ramesh paid his premiums regularly every year. Unfortunately, at the age of 45, he met with an untimely accident and passed away. Since Ramesh had a term insurance plan, his family received the sum assured of ₹1 crore from the insurance company.
Who Should Consider Regular Premium Term Insurance?
The following types of people should consider the regular premium term:

Professional Earners
People who have a steady job, earn a decent amount of money at regular intervals, and can afford the premiums should consider buying regular premium term insurance plans.

Tax Savers
People who pay a lot of tax annually can opt for regular premium terms to receive tax deductions.
Retirement Planning
People who want to cover their complete age till retirement should consider buying the regular premium term plans.

Parents
Parents can use term insurance to secure their children’s future and ensure they have the financial resources for education and other needs.

Homeowners with Loans
A term insurance plan ensures your family won’t have to bear the burden of home loans or other liabilities if something happens to you.

Business Owners
Entrepreneurs can use term insurance to ensure business continuity and repay debts in case of their untimely demise.
Features and Benefits of Regular Premium Term
The following section lists certain benefits and features of a regular premium term plan:
Simplicity
The terms and conditions of a regular term plan are quite easy to understand. No complex clauses are included; you mainly pay a premium against your life coverage.
Add-on Riders
Regular term plans come with add-on riders that help policyholders get maximum benefits from a term insurance policy. The riders are available at a very nominal price.
Affordable Premiums
Compared to other types of life insurance, term insurance plans offer premiums that are quite affordable for common people. The earlier the policy is bought, the lower the premium.
Flexible Premium Payment Modes
You can choose from various payment frequencies: monthly, quarterly, half-yearly, or annually. This allows you to manage your finances better.
High Sum Assured
These plans provide a significant sum assured at a relatively low cost, ensuring your family is financially protected even in your absence.
Policy Term Customization
You can select a policy term that aligns with your financial goals, such as covering your family until your children become financially independent.
Tax Benefits
You can avail yourself of the various tax deduction benefits under Section 80(C) and 80(D) when you opt for regular-term premium plans.
Return of Premium
If the policyholder opts for term insurance with return of premium option, he will receive a maturity benefit. However, the premiums will be a bit higher in that case.
What are the Types of Term Insurance Premiums?
There are mainly 6 types of term insurance premiums, including the regular premium term insurance. The types of term insurance premiums are discussed in the following table:
Things to Consider While Choosing a Regular Paying Term Insurance Plan
The following things should be kept in mind while choosing a regular paying term insurance plan:
Assess Your Needs
Before jumping on to buy a term insurance plan, analyse its core purpose. The main purpose of term insurance is to have financial security. So, you only choose to buy a regular-paying term insurance plan if you have dependants or anticipate it in the coming future.
Choose the Right Coverage
When you choose a term insurance plan, make sure the amount you choose provides adequate coverage for your family. Consider every liability, loan, and expense you currently have and decide on the right sum.
Commit to Regular Payments
The premiums need to be paid for a long time, and once you opt for term insurance, you need to keep in mind that it is a commitment for a long duration. Missing even a single payment of a premium will result in the lapse of your policy.
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How to Buy a Regular Premium Term Insurance Plan?
Buying a regular premium term insurance plan is a simple process:

Visit Digit Website/App
Visit the official Digit Life Insurance website or app and compare the types of term life insurance policy options.
Enter Details
Fill in your personal information, share your lifestyle habits, date of birth, annual income, and mobile number.
Coverage & Payment
Now it’s time to choose your ideal coverage, premium payment methods, and any additional benefits you want!
Payment & KYC
Complete your payment, and then finish the KYC process and fill in your nominee details.
Access Documents
Congratulations! Your policy documents will be sent to your email and WhatsApp. You can also access it 24/7 on the Digit App.
How to Download Term Insurance Policy Document With Digit App?
Need a copy of your term life insurance policy document? You can download it easily through the Digit App by following these simple steps:

Login Your Account
Visit the Digit website or app and click on ‘Login’ at the top-right corner. Enter your registered mobile number and verify with OTP.
Visit ‘Active Policies’
Once logged in, navigate to the Active/My Policies section. Here, you can check the policy number, end date & start date.
Download the Policy
Done! You can save, share, print or email the policy for future reference anytime, anywhere.

Common Mistakes to Avoid While Buying Regular Term Plan
Go through the following section to learn the common mistakes that people make while buying regular-term plans:
Ignoring the Terms and Conditions
You must read every detail related to your regular term plan thoroughly to get an idea of what you are signing up for. Go through every line and every word, get your doubts clarified by the company's employees, and then make your decision.
Choosing Excessive or No Riders
Buying an excessive number of riders along with your regular term plan may result in a very high premium value, which may look unreasonable in the future. Hence, assess your condition and buy riders to get the maximum benefit out of your term plan.
Improper Research
Conducting thorough research before buying a regular term plan will help you lock in the right sum and an affordable premium. Compare the plans offered by various other insurance companies and then choose one.
Choosing Insufficient Period
Cover your maximum age to extract the most benefit from a term insurance plan. Even though shorter time periods have lower premiums, they get increased when you renew them down the line.
Determining Insufficient Sum
The main purpose of a term insurance plan is to provide financial coverage to your family in case of your death based on your present income and lifestyle. Hence, if you spend less money, your family may find it difficult to maintain their lives after you
A regular premium term insurance plan is an excellent way to safeguard your family’s financial future. It offers affordable coverage, flexible payment options, and peace of mind, making it a must-have in your financial portfolio.
By carefully assessing your needs, comparing plans, and selecting the right insurer, you can ensure that your loved ones remain financially secure even in your absence.
Take the first step toward financial security today: compare, choose, and buy a regular premium term insurance plan that best suits your needs. Your family’s future deserves nothing less.
FAQs about the Regular Premium Term Plan
What is the regular premium term insurance?
What is the difference between a single premium and a regular premium?
Why is regular pay better for term life insurance premiums?
Does the premium amount remain the same throughout a regular premium term insurance plan?
What types of death are covered under a regular premium term insurance plan?
What happens if I no longer require the cover after purchasing a regular premium term insurance plan?
What is the difference between regular premium and limited premium term insurance?
What are single premium and regular premium term insurance?
Can you switch between a limited premium and regular premium term insurance?
Will my term insurance cover hospital bills too?
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