Best Term Insurance Plan
Life Insurance is an agreement by which the insurance company undertakes to give a lump sum assured amount to the nominee on the policyholder's sudden death during the policy term, against recurring premiums. A few plans also provide maturity benefits on term maturity.
Protect Your Family with Term Insurance
Why Life Insurance?
Life Insurance is a financial safety net that safeguards your loved ones against uncertainties of life like death, disability, accidents, or retirement. Since life is full of uncertainties, it helps keep your family financially secure in challenging times, paying for bills and sustaining their standard of living. It provides peace of mind knowing your family is protected.
You require life insurance to:
Give your family financial assistance upon premature death
Cover the educational and other future expenses of your children
Construct a retirement and savings plan for a sustainable income after retirement
Provide additional income in the event of severe sickness or injury
Handle lifestyle needs and unforeseen financial crises
Types of Life Insurance Plans
Understand the various types of life insurance plans available in India.
Term Insurance Plans
Pure protection plan providing high cover at reasonable premium costs. In case of the death of the policyholder during the policy period, the nominee gets the sum assured.
Whole Life Plan
Guarantees coverage for the whole lifetime of the policyholder (up to 99 years in most cases) with maturity benefits as well.
Endowment Plan
Combinations savings and insurance. Payouts a lump sum on maturity if the insured lives, along with life cover.
Money Back Plan
Pays periodic income during the policy term and includes life cover for liquidity and financial stability.
Child Insurance Plan
Builds a savings corpus for your child's education, wedding, and other future expenses while also offering life cover.
Pension/Retirement Plan
Guarantees constant income after retirement, providing both annuity and life cover advantages for economic independence.
Advantages of Term Insurance Plan
Discover the key advantages of choosing a term insurance plan.
Security for Loans & Obligations
Safeguards your family against the financial burden of unpaid loans.
Critical Illness Cover
Add-on facility to cover serious illnesses.
Higher Sum Assured at Lesser Premiums
Maximize coverage at low costs.
Tax Benefits
Premiums paid qualify for tax relief under Section 80C and 10D.
Death Benefits
Financial protection to your nominee on your untimely death.
Add-on Covers / Riders in Term Life Insurance
Add on strength to your life insurance policy with riders that offer extra protection
Accidental Death Benefit Rider
Additional payment if death results from an accident.
Term Rider
Additional term cover at minimal cost.
Critical Illness Rider
One-time lump sum payment on diagnosis of serious illness.
Waiver of Premium Rider
Future premiums waived off in the event of disability or critical illness.
Income Benefit Rider
Pays family regular income upon death of policyholder.
Disability Rider
Funds to support in the event of permanent or partial disability.
Simple & Quick Claim Process
We offer a fast, transparent, and convenient Term insurance claim process in 4 easy steps:
Cashless Claim Settlement
Inform your insurer
Informs the insurer at once.
Survey
Claim details are reviewed by the insurance company.
Fill the claim form
Files necessary documents and claim form.
Approval
The hospital is directly paid by the insurer.
Reimbursement Claim Settlement
Register the claim
Notifies the insurer about the claim.
Fill the claim form
Submits relevant documents and bills.
Survey
Insurer evaluates the claim.
Approval & Payout
Expenses reimbursed within usual timelines.
Frequently Asked Questions
Find quick answers to the most common questions about filing insurance claims.
What is term life insurance and who is eligible to buy it?
Term life insurance is a pure risk protection plan. Any Indian resident—urban or rural—aged 18 and above can apply, subject to IRDAI-approved underwriting norms and medical evaluations.
How much term life insurance coverage should one choose?
A general guideline is 10–15 times your annual income. Consider children's future education, outstanding loans, and ongoing household expenses when deciding coverage.
Is undergoing a medical test compulsory for term life insurance?
Medical tests are required for higher sum assured plans. For lower coverage, some insurers may allow non-medical underwriting based on lifestyle and health disclosures.
What happens if you miss paying term insurance premiums?
Policies offer a grace period (typically 30 days; Tamil Nadu policies may vary). If unpaid, the policy lapses but can be revived within a 2-year IRDAI-approved revival window.
Can people in villages or remote areas get term life insurance?
Yes. Most insurers offer online applications and arrange local medical tests. You'll need valid KYC documents, address proof, and truthful health declarations.
Is it possible to convert a term plan to whole life or endowment?
Some insurers offer limited-time convertibility options. It's less common, so always review your policy terms and conditions before purchase.
What are popular term life insurance riders in India?
- Accidental death benefit rider
- Critical illness rider for major diseases
- Waiver of premium rider in case of disability
- Term return of premium rider for maturity benefit
Do term life insurance premiums vary by geographic location?
Not significantly. Premiums depend on age, health, lifestyle, and sum assured. Location may have minor impact due to pollution levels or healthcare access.
Can misrepresentation or non-disclosure affect term insurance claims?
Yes. Concealing health issues (e.g., heart conditions) can lead to claim rejection. Always disclose medical history truthfully to avoid disputes.
Are term life insurance premiums and benefits tax-exempt in India?
Yes. Premiums qualify for deduction under Section 80C, and death benefits are tax-free under Section 10(10D), subject to IRDAI and Income Tax rules.
