Term life insurance is the simplest, most affordable way to protect your family financially. You pay a small annual premium and, if you pass away during the policy term, your nominee receives a large lump sum (the sum assured). There is no payout if you outlive the term unless you choose a return-of-premium variant.
Term life insurance is a pure protection life cover. You choose a sum assured (for example, Rs 50 lakh or Rs 1 crore) and a term (say, until age 60, 75 or even 99). In exchange for a relatively small premium, the insurer promises to pay that sum assured to your nominee if you die during the policy term.
Because it carries no investment or savings component, term insurance gives you the highest cover for the lowest premium of any life product. It is meant to replace your income and clear liabilities so your family can maintain their lifestyle, repay loans and meet long-term goals even if you are no longer around to provide.
Anyone with people who depend on them financially should consider term life insurance. This includes salaried professionals and business owners who are the primary earners, parents with young children, newly married couples, and anyone carrying a home loan, car loan or other liabilities they would not want passed on to their family. SME owners also use it to cover business loans, key-person risk and partnership buy-sell arrangements. A common rule of thumb is cover of 10 to 15 times your annual income, though the right amount varies with your liabilities, dependants and goals.
Term plans offer the largest sum assured for the lowest premium because you pay only for protection, not investment. Lock in a low rate by buying young and healthy.
A lump sum payout helps your dependants replace lost income, clear loans and keep meeting goals like education and retirement without financial strain.
You can choose terms that run up to age 99, ensuring protection through your earning years and, with whole-life variants, for legacy planning.
Premiums qualify for deduction under Section 80C and the death benefit is generally tax-free under Section 10(10D), subject to prevailing tax law and limits.
Add accidental death, critical illness or premium-waiver riders to widen your protection so a single policy covers more of life's risks.
As an IRDAI-licensed broker we compare 15+ insurers to find the right cover and price for you, with no bias toward any single company and full claims support.
Tell us your age, income, health, smoking status and how much cover you need. Assurmate uses this to shortlist suitable plans.
We compare premiums, claim settlement records and policy wordings side by side so you can choose with confidence and no sales bias.
Fill the proposal form accurately and complete any tele or medical check-up. Honest disclosure is the single biggest factor in a smooth future claim.
Once the insurer accepts your proposal and the premium is paid, your cover begins. Assurmate stays with you for renewals, changes and full claims support.
The things people ask us most about this cover.
A common guideline is 10 to 15 times your annual income, plus outstanding loans and major future goals, minus existing savings. The ideal figure varies with your dependants and liabilities, and Assurmate can help you arrive at the right number.
A standard term plan has no maturity payout, which is why it is so affordable. If you want your premiums returned on survival, you can choose a return-of-premium variant, which costs more.
The death benefit is generally exempt from tax under Section 10(10D), and premiums you pay qualify for deduction under Section 80C, subject to prevailing tax law and limits. Tax rules can change, so check the current position when you buy.
Insurers give a grace period, typically 15 to 30 days, to pay without losing cover. If the policy lapses, you can usually revive it within a defined window by paying dues and meeting the insurer's revival conditions, which may include fresh medicals.
Yes. Smokers usually pay higher premiums, and some health conditions may raise the premium or add exclusions. The most important thing is to disclose everything honestly, because non-disclosure is a leading reason for claim rejection.
Assurmate is an IRDAI-licensed broker, so we compare 15+ insurers to find the best fit and price for you rather than pushing one company's product. Our advice is free and conflict-free, and we support you through the entire claims process.
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