Term Insurance is a type of life insurance plan that provides financial protection to your family for a specific period of time (policy term). In case of the policyholder’s unfortunate death during the policy term, the insurance company pays a fixed sum assured to the nominee.
It is a pure protection plan that ensures your family’s financial stability by helping them manage expenses such as household needs, children’s education, loan repayments, and future financial goals in your absence.
Term insurance is a life insurance plan that provides financial protection to your family for a specific period. In case of the policyholder’s unfortunate death during the policy term, the nominee receives the sum assured.
Anyone who has financial dependents such as spouse, children, or parents should consider buying term insurance to secure their family’s future.
Policy term refers to the duration for which the insurance coverage is provided, such as 10, 20, 30 years, or up to a specific age.
In a pure term insurance plan, no maturity benefit is paid if the policyholder survives the policy term (unless you choose a return of premium option).
It is generally recommended to take a cover that is at least 20–25 times your annual income.
Yes, you can enhance your coverage by adding riders such as:
Critical Illness Rider
Accidental Death Benefit Rider
Disability Rider
Yes, depending on your age, health condition, and sum assured, a medical test may be required.