Term insurance is a pure life insurance plan that provides financial protection for a fixed period. It pays a large sum of money to your family if you pass away during that time, but it does not give any money back if you live after the policy end date. It is a pure protection plan that offers high coverage at affordable premiums. Cover start at, for ₹1 Cr Families secured on Policybazaar Average claim settlement ratio Tax saved under 80C+10(10D) What is Term Insurance? (Definition) ↗ What, Why, When and How’s of Buying Term Insurance ↗ How Does Term Insurance Work? ↗ 6 Types of Term Insurance Plans ↗ Key Benefits of Term Insurance ↗ Who Should Buy Term Insurance? ↗ How Much Does Term Insurance Cost? ↗ How Much Cover Do I Need? ↗ Tax Benefits of Term Insurance ↗ What is Term Insurance Meaning and Definition? By definition, term insurance is a type of life insurance which offers life coverage for a fixed ‘term’ or ‘duration’. In case of your death within the policy term, the nominee will get a death benefit. And if the life assured survives the policy term, there is no payout (unless a Return of Premium option was chosen), and the plan expires, as it has no cash value. The premium amounts are typically lower as compared to other life insurance plans, making it an affordable option. Additional riders are also available to increase coverage in most of the plans. In simple words, term insurance meaning is a type of Term life insurance is a type of policy that provides financial coverage for a specific period of time (or "term"). Understanding the term insurance details, such as policy tenure, sum assured, premium amount, rider benefits, and claim conditions, can help you choose a plan that best meets your family's financial needs. Term Insurance in India acts as a financial safety net designed to replace your income and help your family manage expenses, repay outstanding loans, and achieve future financial goals if something unfortunate happens to you. Let’s Understand What is Term Life Insurance Meaning with a Simple Example: Suppose Ravi, a 30-year-old salaried professional, buys a ₹1 crore term insurance plan for 30 years by paying just ₹635 per month. If Ravi passes away during the policy term, say in the 14th year, his family receives the full ₹1 crore death benefit to manage household expenses, loans, and future financial needs. However, if Ravi survives the entire 30-year policy term, no payout is made, and the policy simply expires. This does not mean the money was wasted. Throughout those 30 years, Ravi and his family stayed financially protected against life's biggest uncertainty. What, Why, When and How’s of Buying Term Insurance ‘What’ insurance to buy? When you start researching life insurance, you'll come across many options- endowment plans, ULIPs, return-of-premium plans, and more. But the recommendation stays consistent: stick with plain term insurance . Remember why insurance exists. It's meant to protect your family financially if something happens to you, not to grow your money. If you outlive the policy and get nothing back, that isn't wasted money; it's the cost of having protection during the years you needed it. Combining insurance with investment (through ULIPs or return-of-premium plans) usually means paying more for a diluted version of both. ‘Why’ is Term Insurance Important? The core purpose of term insurance is to make sure your family stays financially stable in your absence. The payout can help your dependents cover daily expenses, repay outstanding loans, and continue working toward long-term goals like education or retirement — without having to liquidate other savings under pressure. . ‘When' Should You Buy Term Insurance? The best time to buy term insurance is when you are young. Premiums are locked in at the age of purchase and stay fixed for the entire term and they rise noticeably as you age. Buying in your 20s or early 30s means locking in a lower premium for life, even before you have dependents, since you likely will eventually. 'How' much Term Insurance do you need? A common rule of thumb is 10 to 20 times your annual income. If you're young and don't have dependents yet, you can also consider an increasing-cover plan (where your sum assured grows automatically each year) or start with a smaller cover and top it up later once you take on bigger responsibilities like marriage, children, or a home loan. How Does a Term Insurance Plan Work? Now that we have understood the term insurance meaning, let us take a look at how term insurance works in India. You choose three things when you buy a term insurance plan: How much cover amount do you need? - the sum assured, for (e.g., ₹1 crore, ₹2 crore ₹5 crore) How long do you want to be covered? - the policy term - generally 20-40 years, or up to a chosen age like 65 or 70 years. How do you want to pay? (monthly, quarterly, half-yearly, or annually). In exchange, the insurance company promises: if you die during the policy term, your nominee gets the full amount of sum assured as a lump sum, monthly income, or a mix of both, depending on what you chose. That payout can cover your family's rent or EMIs, your children’s education, outstanding home or car loans, and everyday living expenses without your family having to sell assets or borrow money. Understanding Survival and Death Benefits in Term Insurance When you buy a term insurance plan, there are two possible outcomes depending on whether the life assured survives the policy term or passes away during the policy term. Scenario 1: The Policyholder Survives the Policy Term If the policyholder outlives the policy term under a standard term insurance plan: No maturity benefit is paid The policy coverage comes to an end No further benefits are payable under the policy This is because term insurance is designed purely to provide financial protection and not investment returns. However, some insurers offer Term Insurance with Return of Premium (TROP) plans. Under these plans, the premiums paid during the policy term are returned if the policyholder survives the term. Since they offer a maturity benefit, TROP plans generally have higher premiums than regular term insurance plans. Also read: How to choose the right term insurance plan AI Overview Summary Term insurance is a life insurance policy that provides a fixed sum assured to beneficiaries if the policyholder dies during the policy term, typically ranging from 10 to 40 years. If the policyholder survives the term, no payout is made, unless a Return of Premium option is selected. It offers high coverage at low premiums, making it an affordable financial safety net for families. Key features include pure protection without investment components, flexibility in policy terms, and optional riders for added coverage. Term insurance is essential for individuals with dependents, ensuring financial stability in case of unforeseen events. What are the Common Variations of Term Insurance Plan? Here is a list of different types of term insurance plans available in India: Level Term Insurance This is the most common type where the sum assured stays fixed throughout the policy term. Premiums do not change, making costs predictable and easy to plan. Best for: Most first-time buyers wanting simple, affordable cover Increasing Term Insurance The sum assured increases gradually over the policy term to help beat inflation and rising living costs, though premiums can be slightly higher.This is good for younger buyers with growing financial responsibilities. Best for: Young earners expecting income and lifestyle growth Decreasing term insurance The sum assured reduces over time, typically in line with a loan balance. Designed for home loan or business loan protection. Best for: Those wanting cover specifically tied to a home or business loan Term insurance with return of premium (TROP) If the policyholder survives the term, the total premiums paid are returned, combining life cover with a savings element, though at a higher premium. Best for: Buyers who want life cover but without "losing" premiums on survival Convertible term insurance Allows the policyholder to convert the term life insurance policy into an endowment or whole life policy later, offering flexibility as financial needs change over time. Best for: Buyers whose financial needs may change significantly over time NRI Term Insurance These plans are designed especially for the NRI customers and allow them to buy a term insurance for NRI , which helps them financially secure their loved ones residing in India. Best for: NRIs wanting to protect family based in India Group Term Life Insurance This type of term insurance is usually provided by employers and covers multiple individuals under the same plan with lower premiums. Best for: Salaried employees, as a supplement, not a replacement What are the Benefits of Term Insurance? Term life insurance provides pure financial protection for a specific period. In exchange for affordable premiums, it offers a high sum assured. If the policyholder passes away during the term, the insurer pays a tax-free death benefit to nominated beneficiaries to secure their future. After understanding the term life insurance meaning, let us take a look at the term insurance benefits you can avail in India 2026: What Riders are Available Under Term Insurance? Critical Illness Rider: Provides a lump-sum payout if you are diagnosed with specific life-threatening ailments (e.g., cancer, heart attack, stroke). This money helps manage expensive treatments and ongoing medical costs. Accidental Death Benefit (ADB) Rider: Pays an additional sum assured to your nominee if you pass away due to an accident. This provides an extra financial cushion for your family over and above the base death benefit. Accidental Total & Permanent Disability (ATPD) Rider: Offers financial support or a regular income if an accident leaves you permanently disabled and unable to work. Waiver of Premium (WOP) Rider: Waives all future premium payments if you are diagnosed with a critical illness or suffer permanent disability. This ensures your policy remains active even if your income stops. Terminal Illness Rider: Allows you to receive a portion of the death benefit early if a doctor diagnoses you with a terminal illness with a limited life expectancy. Income Benefit Rider: Converts part of the death benefit into a monthly income stream for the family instead of a lump sum. Who Should Buy Term Insurance? Term insurance is suitable for anyone whose income supports their family's financial needs or who has long-term financial responsibilities. Whether you are just starting your career or planning for retirement, a term insurance plan can help protect your loved ones from financial uncertainty. Here are some individuals who should consider buying term insurance. Term Insurance vs Whole Life Insurance Plans Let us now take a look at what is the difference between pure term life insurance and whole life insurance: You Can Also Search What is Term Insurance as Key Features of Term Insurance Term insurance is a pure life cover plan that pays a death benefit to your family if you pass away during the policy tenure, with no maturity or savings component, which keeps premiums low and coverage high. It is designed to replace lost income, repay outstanding debts, and protect your family's financial future at an affordable cost. Below are the core features of term insurance that will help you understand what is term insurance better. Affordability Term insurance offers high life cover at an affordable premium, making it ideal for individuals who want strong financial protection without putting pressure on their monthly finances. Term insurance offers high life cover at an affordable premium, making it ideal for individuals who want strong financial protection without putting pressure on their monthly finances. Pure protection To understand what is term insurance, it is a pure life cover plan focused only on providing a death benefit, ensuring your family gets financial support in your absence. Pure protection To understand what is term insurance, it is a pure life cover plan focused only on providing a death benefit, ensuring your family gets financial support in your absence. Flexibility You can choose the policy tenure based on your life stage, such as till retirement, till your home loan ends, or until your children become financially independent. You can choose the policy tenure based on your life stage, such as till retirement, till your home loan ends, or until your children become financially independent. High coverage amounts Term plans allow you to secure a large sum assured, helping your family manage daily expenses, future goals, and large liabilities with ease. High coverage amounts Term plans allow you to secure a large sum assured, helping your family manage daily expenses, future goals, and large liabilities with ease. Supplementary coverage It works well alongside your savings, investments, and health insurance to build a more complete financial safety net. Supplementary coverage It works well alongside your savings, investments, and health insurance to build a more complete financial safety net. Lifestyle-related risks In 2026, rising lifestyle diseases make riders like critical illness cover increasingly important, helping protect your finances against major health conditions during your lifetime. Lifestyle-related risks In 2026, rising lifestyle diseases make riders like critical illness cover increasingly important, helping protect your finances against major health conditions during your lifetime. Protect your assets A term plan helps your family repay outstanding loans on your home, car, or business, reducing the risk of losing hard-earned assets during difficult times. Protect your assets A term plan helps your family repay outstanding loans on your home, car, or business, reducing the risk of losing hard-earned assets during difficult times. No Maturity Benefits Unlike other life insurance products, such as endowment or ULIP policies, term insurance does not provide any maturity or survival benefits if the policyholder outlives the term. This is why term insurance is more affordable: the premiums cover only the death benefit. No Maturity Benefits Unlike other life insurance products, such as endowment or ULIP policies, term insurance does not provide any maturity or survival benefits if the policyholder outlives the term. This is why term insurance is more affordable: the premiums cover only the death benefit. What is Term Insurance Quora? In quora, term insurance meaning is defined as a pure, high life cover life insurance plan that financially protects your dependents if you pass away during the policy term. Quora financial experts highly recommend it because it is affordable, offers no investment distractions, and keeps premiums low. Some common Questions asked by Quora users: What are the Pros and cons of term life insurance? Pros: Affordable premiums, high coverage, and financial protection for your family. Cons: No maturity benefit (unless it's a return-of-premium plan) and coverage ends after the policy term. What are the Pros and cons of term life insurance? Pros: Affordable premiums, high coverage, and financial protection for your family. Cons: No maturity benefit (unless it's a return-of-premium plan) and coverage ends after the policy term. What exactly is the definition of term insurance? Term insurance is a type of life insurance that provides financial protection for a specific period and pays a death benefit to the nominee if the policyholder passes away during the policy term. What exactly is the definition of term insurance? Term insurance is a type of life insurance that provides financial protection for a specific period and pays a death benefit to the nominee if the policyholder passes away during the policy term. Is it good to take term insurance? Yes, term insurance is considered one of the most cost-effective ways to secure your family's financial future with substantial life cover at affordable premiums. Is it good to take term insurance? Yes, term insurance is considered one of the most cost-effective ways to secure your family's financial future with substantial life cover at affordable premiums. What is the difference between life insurance and term insurance? Life insurance is a broad category that may include savings or investment benefits, whereas term insurance offers pure life coverage for a fixed period without any investment component. What is the difference between life insurance and term insurance? Life insurance is a broad category that may include savings or investment benefits, whereas term insurance offers pure life coverage for a fixed period without any investment component. What is your experience in claiming term life insurance? The claim experience generally depends on the insurer, but timely claim settlement is usually smoother when policy details are accurate and all required documents are submitted properly. What is your experience in claiming term life insurance? The claim experience generally depends on the insurer, but timely claim settlement is usually smoother when policy details are accurate and all required documents are submitted properly. Why Should You Buy Term Insurance in 2026? Purchasing term insurance in 2026 is essential to protect your family from mounting debts and income loss. It guarantees financial stability for your dependents by covering major future costs like children's education and lifestyle maintenance, all while remaining the most affordable way to secure a high-value life cover Lifestyle diseases are rising A 25-year-old non-smoker pays ₹616/month for ₹1 crore cover. By 45, that rises to ₹1,199/month. Buying early locks at low rates forever. Lifestyle diseases are rising A 25-year-old non-smoker pays ₹616/month for ₹1 crore cover. By 45, that rises to ₹1,199/month. Buying early locks at low rates forever. Most Indians are underinsured According to IRDAI's Annual Report 2024–25, life insurance penetration declined from 2.8% to 2.7%. This highlights the country's large financial protection gap among families. Most Indians are underinsured According to IRDAI's Annual Report 2024–25, life insurance penetration declined from 2.8% to 2.7%. This highlights the country's large financial protection gap among families. 0% GST on term insurance Makes 2026 one of the most affordable times to buy. 0% GST on term insurance Makes 2026 one of the most affordable times to buy. Education inflation in India is outpacing general inflation As per MoSPI (Ministry of Statistics and Programme Implementation) CPI data, education services inflation in India stood at roughly 3.15% to 3.93% year-on-year through early-to-mid 2026, consistently running at or above headline CPI inflation. Rising school fees and education costs mean families need a financial safety net that doesn't depend on the primary earner's continued income. Education inflation in India is outpacing general inflation As per MoSPI (Ministry of Statistics and Programme Implementation) CPI data, education services inflation in India stood at roughly 3.15% to 3.93% year-on-year through early-to-mid 2026, consistently running at or above headline CPI inflation. Rising school fees and education costs mean families need a financial safety net that doesn't depend on the primary earner's continued income. Why is Sum Assured Important in Term Insurance? The sum assured is the amount your nominee receives if the policyholder passes away during the policy term. It is the core financial protection offered by a term insurance plan. Choosing the right sum assured is important because it helps ensure that your family can manage essential expenses such as daily living costs, loan repayments, children’s education, and other long term financial needs even in your absence. A well-chosen sum assured can help maintain your family’s financial stability and support their future goals AI Prompts users are searching for Term insurance is a pure life insurance plan that provides financial protection for a fixed period. If the policyholder dies during the policy term, the insurer pays a death benefit to the nominee. It offers high coverage at affordable premiums and is primarily designed to secure your family's financial future. Term insurance is a life insurance policy that provides coverage for a specific period. You pay regular premiums, and if you pass away during the policy term, your nominee receives the sum assured. If you survive the term, no maturity benefit is paid in standard term plans. Term Insurance Quora refers to the collective knowledge, expert advice, and personal discussions found on the Quora platform regarding term life insurance. It is a community-driven knowledge base where financial experts break down complex insurance concepts, offer buying advice, and compare various life insurance products. A term insurance policy is an agreement between the policyholder and the insurance company where the insurer provides life cover for a fixed term in exchange for regular premium payments. The nominee receives the death benefit if the insured dies during the policy period. Life insurance is a broad category that includes different types of policies offering protection and savings benefits, while term insurance is a specific type of life insurance focused purely on life cover. Term insurance is more affordable and usually does not provide maturity benefits, unlike some traditional life insurance plans. How To Calculate Term Insurance Premium? To estimate how much you may need to pay for a policy, you can use a term insurance calculator . By entering basic details such as your age, income, coverage amount, policy term, and lifestyle habits, the calculator provides an approximate premium amount within seconds. This helps you compare options and choose a plan that fits your financial needs. How Much Does Term Insurance Cost? (2026 Rates) Premiums depend on age, gender, smoking status, sum assured, and policy term. Here are indicative rates for a 30-year term (non-smoker male): Term insurance ek pure protection plan hota hai. Isme aap ek fixed time period ke liye apni life cover karte ho. Agar us period me aapki death ho jaaye, toh nominee ko lump sum amount (Sum Assured) milta hai. Sabse sasta life insurance hota hai Sabse sasta life insurance hota hai Bade cover milte hain kam premium me (e.g. ₹1 Cr cover sirf ₹400/month se start) Bade cover milte hain kam premium me (e.g. ₹1 Cr cover sirf ₹400/month se start) Simple aur transparent product hai Simple aur transparent product hai Return of premium ka option milta hai Return of premium ka option milta hai Tax benefit milta hai (Section 80C aur 10(10D)) Tax benefit milta hai (Section 80C aur 10(10D)) Natural death ✅ Natural death ✅ Accidental death ✅ Accidental death ✅ Terminal illness (zyaadatar policies me) ✅ Terminal illness (zyaadatar policies me) ✅ Add-on riders (extra premium pe): Accidental Death Benefit Rider Accidental Death Benefit Rider Critical Illness Rider (cancer, heart attack, etc.) Critical Illness Rider (cancer, heart attack, etc.) Waiver of Premium Rider Waiver of Premium Rider Accidental Disability Rider Accidental Disability Rider Kya cover NAHI hota (by default): Suicide (1st year me nahi) Suicide (1st year me nahi) Premium depend karta hai age, gender, health, smoker/non-smoker, aur policy term pe. PolicyBazaar ek online insurance comparison platform hai. Yahan aap alag-alag insurance companies ke plans compare kar sakte ho — price, features, claim settlement ratio sab ek jagah milta hai. Yeh khud insurance company nahi hai, balki ek aggregator/marketplace hai jahan se aap best term plan choose karke directly buy kar sakte ho. Ideal rule: Cover tab tak rakhein jab tak aapki financial responsibilities hain. Minimum recommendation: 60–65 saal ki age tak cover zaroor rakhein. Best age: 25–30 saal — premium sabse kam hota hai Best age: 25–30 saal — premium sabse kam hota hai Latest: 35 saal se pehle le lena accha hai Latest: 35 saal se pehle le lena accha hai Maximum entry age: Zyaadatar companies 65 saal tak deti hain Maximum entry age: Zyaadatar companies 65 saal tak deti hain Jitna jaldi utna accha — kyunki age badhne pe premium badhta hai aur health issues bhi aa sakte hain Jitna jaldi utna accha — kyunki age badhne pe premium badhta hai aur health issues bhi aa sakte hain Policyholder ki death hone par nominee ko sum assured milta hai Policyholder ki death hone par nominee ko sum assured milta hai Nominee ko claim form + death certificate + policy documents submit karne hote hain Nominee ko claim form + death certificate + policy documents submit karne hote hain IRDAI ke rules ke according insurer ko 30 days me claim settle karna hota hai IRDAI ke rules ke according insurer ko 30 days me claim settle karna hota hai Maturity pe paisa NAHI milta — term plan me koi survival benefit nahi hota (sirf Return of Premium plan me jitna premium pay kiya tha utna wapis mil jata hai maturity par) Maturity pe paisa NAHI milta — term plan me koi survival benefit nahi hota (sirf Return of Premium plan me jitna premium pay kiya tha utna wapis mil jata hai maturity par) Top 5 term insurance companies by Claim Settlement Ratio (CSR): Sirf CSR nahi, solvency ratio, premium, riders aur customer service bhi dekhna chahiye. Lena chahiye agar: Aap earning member ho aur family aap par depend karti hai Aap earning member ho aur family aap par depend karti hai Aapke upar loan/EMI pending hai Aapke upar loan/EMI pending hai Aapke chhote bachche hain Aapke chhote bachche hain Aap abhi young aur healthy hain Aap abhi young aur healthy hain Nahi lena agar: Aap par koi dependent nahi hai Aap par koi dependent nahi hai Aapke paas pehle se bahut zyada savings/assets hain Aapke paas pehle se bahut zyada savings/assets hain Short answer: Haan, lena chahiye — yeh sabse zaroori financial protection hai. Income calculate karo — cover kam se kam 10–15x annual income hona chahiye Income calculate karo — cover kam se kam 10–15x annual income hona chahiye Compare karo — PolicyBazaar ya direct company website pe Compare karo — PolicyBazaar ya direct company website pe CSR aur features check karo CSR aur features check karo Riders add karo agar zaroorat ho (critical illness, accidental death/disability) Riders add karo agar zaroorat ho (critical illness, accidental death/disability) Online apply karo — medical test ho sakta hai age/sum assured ke hisaab se Online apply karo — medical test ho sakta hai age/sum assured ke hisaab se Documents: Aadhaar, PAN, income proof, medical records Documents: Aadhaar, PAN, income proof, medical records Term insurance hi sabse sasta insurance hota hai. Online term plans offline se saste hote hain kyunki agent commission nahi hoti. Ye kuch term plan hai jo sabse affordable hai: Max Life Smart Secure Plus Max Life Smart Secure Plus Tata AIA Sampoorna Raksha Supreme Tata AIA Sampoorna Raksha Supreme HDFC Click 2 Protect HDFC Click 2 Protect Term insurance is a pure protection plan. You cover your life for a fixed time period. If you pass away during that period, your nominee receives a lump sum amount (Sum Assured). Cheapest form of life insurance Cheapest form of life insurance Large cover at low premium (e.g. ₹1 Cr cover starting from just ₹400/month) Large cover at low premium (e.g. ₹1 Cr cover starting from just ₹400/month) Simple and transparent product Simple and transparent product Option to get return of premium Option to get return of premium Tax benefits under Section 80C and 10(10D) Tax benefits under Section 80C and 10(10D) Natural death ✅ Natural death ✅ Accidental death ✅ Accidental death ✅ Terminal illness (in most policies) ✅ Terminal illness (in most policies) ✅ Add-on riders (at extra premium): Accidental Death Benefit Rider Accidental Death Benefit Rider Critical Illness Rider (cancer, heart attack, etc.) Critical Illness Rider (cancer, heart attack, etc.) Waiver of Premium Rider Waiver of Premium Rider Accidental Disability Rider Accidental Disability Rider What is NOT covered (by default): Suicide (not in the 1st year) Suicide (not in the 1st year) Premium depends on age, gender, health, smoker/non-smoker status, and policy term. PolicyBazaar is an online insurance comparison platform. You can compare plans from multiple insurance companies — price, features, and claim settlement ratio — all in one place. It is not an insurance company itself, but an aggregator/marketplace where you can choose the best term plan and buy it directly. Ideal rule: Keep cover as long as you have financial responsibilities. Minimum recommendation: Keep cover at least till age 60–65. Best age: 25–30 years — lowest premium Best age: 25–30 years — lowest premium Do not delay beyond: 35 years Do not delay beyond: 35 years Maximum entry age: Most companies allow up to 65 years Maximum entry age: Most companies allow up to 65 years The earlier the better — premium increases with age and health risks rise The earlier the better — premium increases with age and health risks rise Nominee receives the Sum Assured upon the policyholder's death Nominee receives the Sum Assured upon the policyholder's death Nominee must submit: claim form + death certificate + policy documents Nominee must submit: claim form + death certificate + policy documents As per IRDAI rules, the insurer must settle claims within 30 days As per IRDAI rules, the insurer must settle claims within 30 days No payout on maturity — term plans have no survival benefit (only in Return of Premium plan, the total premium paid is returned on maturity) No payout on maturity — term plans have no survival benefit (only in Return of Premium plan, the total premium paid is returned on maturity) Top 5 term insurance companies by Claim Settlement Ratio (CSR): Don't just check CSR — also evaluate solvency ratio, premium, riders, and customer service. You should buy if: You are the earning member and your family depends on you You are the earning member and your family depends on you You have loans/EMIs pending You have loans/EMIs pending You have young children You have young children You are currently young and healthy You are currently young and healthy You may skip if: You have no financial dependents You have no financial dependents You already have significant savings/assets You already have significant savings/assets Short answer: Yes, you should — it is the most essential financial protection tool. Calculate your need — cover should be at least 10–15x your annual income Calculate your need — cover should be at least 10–15x your annual income Compare on PolicyBazaar or the company's website directly Compare on PolicyBazaar or the company's website directly Check CSR and plan features Check CSR and plan features Add riders if needed (critical illness, accidental death/disability) Add riders if needed (critical illness, accidental death/disability) Apply online — medical test may be required based on age/sum assured Apply online — medical test may be required based on age/sum assured Documents needed: Aadhaar, PAN, income proof, medical records Documents needed: Aadhaar, PAN, income proof, medical records Term insurance is the cheapest insurance available. Online term plans are cheaper than offline ones as there is no agent commission. Here are some of the most affordable term plans: Max Life Smart Secure Plus Max Life Smart Secure Plus Tata AIA Sampoorna Raksha Supreme Tata AIA Sampoorna Raksha Supreme

HDFC Click 2 Protect HDFC Click 2 Protect टर्म इंश्योरेंस एक शुद्ध सुरक्षा योजना है। इसमें आप एक निश्चित अवधि के लिए अपनी जीवन सुरक्षा करते हैं। यदि उस अवधि में आपकी मृत्यु हो जाए, तो नॉमिनी को एकमुश्त राशि (सम एश्योर्ड) मिलती है। सबसे सस्ता जीवन बीमा होता है सबसे सस्ता जीवन बीमा होता है कम प्रीमियम में बड़ा कवर (जैसे ₹1 करोड़ का कवर सिर्फ ₹400/माह से शुरू) कम प्रीमियम में बड़ा कवर (जैसे ₹1 करोड़ का कवर सिर्फ ₹400/माह से शुरू) सरल और पारदर्शी उत्पाद सरल और पारदर्शी उत्पाद प्रीमियम वापसी (Return of Premium) का विकल्प मिलता है प्रीमियम वापसी (Return of Premium) का विकल्प मिलता है धारा 80C और 10(10D) के तहत टैक्स लाभ धारा 80C और 10(10D) के तहत टैक्स लाभ स्वाभाविक मृत्यु ✅ स्वाभाविक मृत्यु ✅ दुर्घटना मृत्यु ✅ दुर्घटना मृत्यु ✅ टर्मिनल बीमारी (अधिकांश पॉलिसियों में) ✅ टर्मिनल बीमारी (अधिकांश पॉलिसियों में) ✅ ऐड-ऑन राइडर (अतिरिक्त प्रीमियम पर): एक्सीडेंटल डेथ बेनिफिट राइडर एक्सीडेंटल डेथ बेनिफिट राइडर क्रिटिकल इलनेस राइडर (कैंसर, हार्ट अटैक आदि) क्रिटिकल इलनेस राइडर (कैंसर, हार्ट अटैक आदि) प्रीमियम माफी राइडर प्रीमियम माफी राइडर एक्सीडेंटल डिसेबिलिटी राइडर एक्सीडेंटल डिसेबिलिटी राइडर क्या कवर नहीं होता (by default): आत्महत्या (पहले वर्ष में नहीं) आत्महत्या (पहले वर्ष में नहीं) प्रीमियम आयु, लिंग, स्वास्थ्य, धूम्रपान की आदत और पॉलिसी अवधि पर निर्भर करता है। पॉलिसीबज़ार एक ऑनलाइन बीमा तुलना मंच है। यहाँ आप विभिन्न बीमा कंपनियों की योजनाओं की तुलना कर सकते हैं — कीमत, विशेषताएं और क्लेम सेटलमेंट अनुपात — सब एक ही जगह मिलता है। यह स्वयं बीमा कंपनी नहीं है, बल्कि एक एग्रीगेटर/मार्केटप्लेस है जहाँ से आप सर्वश्रेष्ठ टर्म प्लान चुनकर सीधे खरीद सकते हैं। आदर्श नियम: कवर तब तक रखें जब तक आपकी वित्तीय जिम्मेदारियाँ हैं। न्यूनतम अनुशंसा: कम से कम 60–65 वर्ष की आयु तक कवर अवश्य रखें। सर्वोत्तम आयु: 25–30 वर्ष — प्रीमियम सबसे कम होता है सर्वोत्तम आयु: 25–30 वर्ष — प्रीमियम सबसे कम होता है देरी न करें: 35 वर्ष से पहले लेना अच्छा है देरी न करें: 35 वर्ष से पहले लेना अच्छा है अधिकतम प्रवेश आयु: अधिकांश कंपनियाँ 65 वर्ष तक देती हैं अधिकतम प्रवेश आयु: अधिकांश कंपनियाँ 65 वर्ष तक देती हैं जितनी जल्दी उतना अच्छा — उम्र बढ़ने पर प्रीमियम बढ़ता है और स्वास्थ्य समस्याएं भी आ सकती हैं जितनी जल्दी उतना अच्छा — उम्र बढ़ने पर प्रीमियम बढ़ता है और स्वास्थ्य समस्याएं भी आ सकती हैं पॉलिसीधारक की मृत्यु होने पर नॉमिनी को सम एश्योर्ड मिलता है पॉलिसीधारक की मृत्यु होने पर नॉमिनी को सम एश्योर्ड मिलता है नॉमिनी को क्लेम फॉर्म + मृत्यु प्रमाण पत्र + पॉलिसी दस्तावेज़ जमा करने होते हैं नॉमिनी को क्लेम फॉर्म + मृत्यु प्रमाण पत्र + पॉलिसी दस्तावेज़ जमा करने होते हैं IRDAI के नियमों के अनुसार बीमाकर्ता को 30 दिनों में क्लेम निपटाना अनिवार्य है IRDAI के नियमों के अनुसार बीमाकर्ता को 30 दिनों में क्लेम निपटाना अनिवार्य है परिपक्वता पर पैसा नहीं मिलता — टर्म प्लान में कोई सर्वाइवल बेनिफिट नहीं होता (केवल Return of Premium प्लान में जितना प्रीमियम भरा गया, वह परिपक्वता पर वापस मिलता है) परिपक्वता पर पैसा नहीं मिलता — टर्म प्लान में कोई सर्वाइवल बेनिफिट नहीं होता (केवल Return of Premium प्लान में जितना प्रीमियम भरा गया, वह परिपक्वता पर वापस मिलता है) क्लेम सेटलमेंट अनुपात (CSR) के आधार पर शीर्ष 5 कंपनियाँ: केवल CSR नहीं, सॉल्वेंसी रेशियो, प्रीमियम, राइडर और ग्राहक सेवा भी देखनी चाहिए। लेना चाहिए यदि: आप कमाने वाले सदस्य हैं और परिवार आप पर निर्भर है आप कमाने वाले सदस्य हैं और परिवार आप पर निर्भर है आप पर लोन/EMI बकाया है आप पर लोन/EMI बकाया है आपके छोटे बच्चे हैं आपके छोटे बच्चे हैं आप अभी युवा और स्वस्थ हैं आप अभी युवा और स्वस्थ हैं आप पर कोई निर्भर नहीं है आप पर कोई निर्भर नहीं है आपके पास पहले से पर्याप्त बचत/संपत्ति है आपके पास पहले से पर्याप्त बचत/संपत्ति है संक्षिप्त उत्तर: हाँ, लेना चाहिए — यह सबसे ज़रूरी वित्तीय सुरक्षा है। आय की गणना करें — कवर कम से कम 10–15 गुना वार्षिक आय होना चाहिए आय की गणना करें — कवर कम से कम 10–15 गुना वार्षिक आय होना चाहिए पॉलिसीबज़ार या कंपनी की वेबसाइट पर तुलना करें पॉलिसीबज़ार या कंपनी की वेबसाइट पर तुलना करें CSR और प्लान की विशेषताएं जाँचें CSR और प्लान की विशेषताएं जाँचें आवश्यकतानुसार राइडर जोड़ें (क्रिटिकल इलनेस, एक्सीडेंटल डेथ/डिसेबिलिटी) आवश्यकतानुसार राइडर जोड़ें (क्रिटिकल इलनेस, एक्सीडेंटल डेथ/डिसेबिलिटी) ऑनलाइन आवेदन करें — आयु/सम एश्योर्ड के अनुसार मेडिकल टेस्ट हो सकता है ऑनलाइन आवेदन करें — आयु/सम एश्योर्ड के अनुसार मेडिकल टेस्ट हो सकता है दस्तावेज़: आधार, PAN, आय प्रमाण, चिकित्सा रिकॉर्ड दस्तावेज़: आधार, PAN, आय प्रमाण, चिकित्सा रिकॉर्ड टर्म इंश्योरेंस ही सबसे सस्ता बीमा है। ऑनलाइन टर्म प्लान ऑफलाइन से सस्ते होते हैं क्योंकि एजेंट कमीशन नहीं लगता। ये कुछ सबसे किफायती टर्म प्लान हैं: Max Life Smart Secure Plus Max Life Smart Secure Plus Tata AIA Sampoorna Raksha Supreme Tata AIA Sampoorna Raksha Supreme HDFC Click 2 Protect HDFC Click 2 Protect How To Choose the Best Term Insurance Plan in India 2026? Determine the right coverage amount The most common mistake buyers make is underestimating the amount of cover they actually need. A widely used benchmark is 15 to 20 times your annual income, but that figure alone is incomplete. Your calculation should also factor in outstanding liabilities (home loan, car loan, personal debt), the number of financial dependents, and your family's projected monthly expenses over the next 20–25 years. Pro-Tip: Account for future inflation and a conservative 6% to 7% return rate when calculating your family's future living expenses. Determine the right coverage amount The most common mistake buyers make is underestimating the amount of cover they actually need. A widely used benchmark is 15 to 20 times your annual income, but that figure alone is incomplete. Your calculation should also factor in outstanding liabilities (home loan, car loan, personal debt), the number of financial dependents, and your family's projected monthly expenses over the next 20–25 years. Pro-Tip: Account for future inflation and a conservative 6% to 7% return rate when calculating your family's future living expenses. Verify the insurer's claim settlement ratio and amount settled ratio The claim settlement ratio (CSR) shows the percentage of claims an insurer settles. For 2026, prefer insurers with a CSR of 98% or higher consistently for at least 3 years. Also, check the Amount Settled Ratio, which reflects the actual claim value paid out. Ideally, choose insurers with both ratios above 95% for better reliability. These details are available in the IRDAI Annual Report. Verify the insurer's claim settlement ratio and amount settled ratio The claim settlement ratio (CSR) shows the percentage of claims an insurer settles. For 2026, prefer insurers with a CSR of 98% or higher consistently for at least 3 years. Also, check the Amount Settled Ratio, which reflects the actual claim value paid out. Ideally, choose insurers with both ratios above 95% for better reliability. These details are available in the IRDAI Annual Report. Add only the riders that cover your actual risk profile Riders are add-on benefits that enhance your base term plan for a modest additional premium, but buying all available riders unnecessarily inflates the cost. Assess your personal risk exposure before selecting. You can enhance your term plan with optional riders such as: Critical illness cover Accidental death benefit Accidental Total & Permanent Disability rider , or Waiver of premium rider Add only the riders that cover your actual risk profile Riders are add-on benefits that enhance your base term plan for a modest additional premium, but buying all available riders unnecessarily inflates the cost. Assess your personal risk exposure before selecting. You can enhance your term plan with optional riders such as: Critical illness cover Accidental death benefit Accidental Total & Permanent Disability rider , or Waiver of premium rider Disclose Fully & Read Exclusions Carefully Insurers can reject death claims if you withheld medical history. Always disclose pre-existing conditions, smoking/tobacco use, and occupational hazards at the time of purchase. Equally important, read the policy's exclusion list. Common exclusions include death by suicide (within the first year), hazardous activities, and certain undisclosed illnesses. Disclose Fully & Read Exclusions Carefully Insurers can reject death claims if you withheld medical history. Always disclose pre-existing conditions, smoking/tobacco use, and occupational hazards at the time of purchase. Equally important, read the policy's exclusion list. Common exclusions include death by suicide (within the first year), hazardous activities, and certain undisclosed illnesses. Pick the Right Policy Term Select a policy term that covers your major financial responsibilities. Ideally, the plan should continue until your retirement age or until your dependents become financially independent. Pick the Right Policy Term Select a policy term that covers your major financial responsibilities. Ideally, the plan should continue until your retirement age or until your dependents become financially independent. How to Buy Term Insurance Online on Policybazaar? Here is how you can buy term insurance online on Policybazaar: Step 1: Visit the term insurance page of Policybazaar Step 2: Fill in your name, gender, and contact information Step 3: Select the right annual income, occupation type, educational qualifications, and smoking habits Step 4: Choose the best term insurance for your needs and proceed to pay the premiums You should always first understand what is term life insurance, and then buy the best term insurance for your needs. Common Myths About Term Insurance Here are some common myths and the facts you should know before buying a policy. Myth 1: Term Insurance is Only for Older People Fact: The best time to buy term insurance is when you are young and healthy. Younger buyers usually qualify for lower premiums, enjoy a wider choice of plans, and can lock in affordable rates for the entire policy term. Myth 2: Paying Premiums is a Waste if I Outlive the Policy Fact: The primary purpose of term insurance is to provide financial protection for your family if something happens to you during the policy term. Like health or motor insurance, its value lies in the protection it offers. If you prefer a maturity benefit, you can also choose a Return of Premium (TROP) plan, which refunds eligible premiums paid if you survive the policy term. Myth 3: Term Insurance Covers Every Type of Death Without Exception Fact: Most term insurance plans cover death due to natural causes, illnesses, and accidents during the policy term. However, every policy includes specific terms, exclusions, and waiting periods. For example, many plans have a suicide exclusion during the initial policy period. Reading the policy document carefully helps you understand what is covered and what is not. Myth 4: My Employer's Life Insurance is Sufficient Fact: Group life insurance offered by employers is usually limited in coverage and remains active only while you work for that organisation. A personal term insurance plan stays with you regardless of job changes and allows you to choose the coverage amount and policy term based on your family's financial needs. Myth 5: Buying Term Insurance Online is Risky Fact: Purchasing term insurance online is safe, convenient, and often more affordable because there are fewer distribution costs. You can compare multiple plans, customise your coverage, complete the application digitally, and access your policy documents instantly. Myth 6: Medical Tests Always Increase Premiums Fact: Medical examinations help insurers assess your current health and determine the appropriate premium. A favourable medical report may help you qualify for standard or even lower premium rates, while also reducing the chances of claim disputes later. How Much Term Insurance Cover Do I Need? Let’s look at 4 different methods to calculate how much term insurance you need: Method 1: Human Life Value (HLV) HLV CALCULATION FORMULA HLV = (Annual Income - Personal Expenses) X Remaining working years + Liabilities - Existing Savings - Existing Life Insurance Example: Rahul, 35 Years,15L annual income Not contributing to the family ₹15L − ₹3L = ₹12L / years Present value of future income ₹12L × 25 = ₹3 Crore Add outstanding liabilities ₹3Cr + ₹50L = ₹3.5 Crore Subtract existing assets ₹3.5Cr × 12L = ₹3.38 Crore Final Human Life Value = ₹3.38 Crore Method 2: Income Replacement Method for Term Insurance Coverage This is a simpler approach to figuring out how much term insurance cover you need. It looks at just two things: what you earn today, and how many working years you have left before retirement. Term insurance coverage required = Current Annual Income × Number of years left until retirement For example, if you earn ₹5 lakh a year and have 20 working years left, your required cover works out to ₹1 crore. This is a much simpler method of calculating term insurance . It is based on your annual income now and how many years you have left until retirement. Term insurance coverage required = Current Annual Income x No. of years left until retirement For example, if your annual income is Rs. 5 lakh and you plan to work for another 20 years, then the term insurance you require would be Rs. 1 crore. Method 3: Need-Based Analysis This method is one of the most comprehensive ways to determine your term insurance requirement and often provides the most realistic estimate. Instead of relying on a fixed formula, it calculates the total financial needs of your family and dependents over the long term. The following factors are typically taken into account: Number of dependents and their future financial needs Outstanding liabilities such as home loans and other EMIs Children's education and marriage expenses The lifestyle and standard of living you want your family to maintain Any additional financial goals or special requirements After estimating these future expenses, the value of your existing assets and investments is deducted. The remaining amount represents the term insurance cover required to adequately protect your family's financial future. Method 4: Underwriter's Thumb Rule This is a simple and quick method used to arrive at an approximate term insurance requirement. It is based on a multiple of your annual income, with the multiplier varying according to your age. Individuals aged 30–40 years may require a cover of around 25 times their annual income. Individuals aged 40–50 years may require a cover of around 20 times their annual income. While this approach provides a useful starting point, it does not consider factors such as existing liabilities, future goals, dependents, or lifestyle requirements. How to Check Term Insurance Details? If you already own a term insurance policy or are comparing one before buying, here's how to verify the key details rather than relying on memory or a sales pitch: Check your policy document (policy bond) This is the master document and overrides anything discussed verbally with an advisor. It lists your exact sum assured, policy term, premium payment term, nominee details, and the full list of exclusions and waiting periods. Check your policy document (policy bond) This is the master document and overrides anything discussed verbally with an advisor. It lists your exact sum assured, policy term, premium payment term, nominee details, and the full list of exclusions and waiting periods. Log in to the insurer's official customer portal or app Most insurers let you view your policy number, premium due dates, payment history, and renewal status online. This is also the fastest way to download a duplicate policy copy or premium payment certificate (useful for tax filing under Section 80C). Log in to the insurer's official customer portal or app Most insurers let you view your policy number, premium due dates, payment history, and renewal status online. This is also the fastest way to download a duplicate policy copy or premium payment certificate (useful for tax filing under Section 80C). Verify your nominee details Nominee name, relationship, and share percentage (if multiple nominees) should be checked periodically especially after major life events like marriage, childbirth, or the passing of an existing nominee. This can usually be updated through the insurer's portal or a simple service request form. Verify your nominee details Nominee name, relationship, and share percentage (if multiple nominees) should be checked periodically especially after major life events like marriage, childbirth, or the passing of an existing nominee. This can usually be updated through the insurer's portal or a simple service request form. Confirm your sum assured and rider coverage Cross-check the base sum assured against any riders you've added (critical illness, accidental death, waiver of premium, etc.) the policy schedule usually breaks these down separately, since each rider has its own sum assured and terms Confirm your sum assured and rider coverage Cross-check the base sum assured against any riders you've added (critical illness, accidental death, waiver of premium, etc.) the policy schedule usually breaks these down separately, since each rider has its own sum assured and terms Check the premium payment status and due date Missing a premium can lapse your policy. Most insurers send reminders via SMS/email, but it's worth confirming the due date and grace period directly on the portal, especially if you've changed your bank account or payment method recently. Check the premium payment status and due date Missing a premium can lapse your policy. Most insurers send reminders via SMS/email, but it's worth confirming the due date and grace period directly on the portal, especially if you've changed your bank account or payment method recently. Verify the insurer's claim settlement ratio (CSR) and amount settled ratio This isn't specific to your policy, but it's worth checking periodically — the CSR is published annually in the IRDAI Annual Report and on the insurer's website, and reflects how reliably they've paid out claims in recent years. Verify the insurer's claim settlement ratio (CSR) and amount settled ratio This isn't specific to your policy, but it's worth checking periodically — the CSR is published annually in the IRDAI Annual Report and on the insurer's website, and reflects how reliably they've paid out claims in recent years. Use the IRDAI's Bima Bharosa portal for grievances or verification If you can't get clarity from the insurer directly, or want to verify your policy's authenticity, IRDAI's official grievance and information portal is a neutral source to check policy-related details or file a complaint if needed. Use the IRDAI's Bima Bharosa portal for grievances or verification If you can't get clarity from the insurer directly, or want to verify your policy's authenticity, IRDAI's official grievance and information portal is a neutral source to check policy-related details or file a complaint if needed. Q1. What does term insurance mean? Term insurance is a type of life insurance that provides financial protection to your family for a fixed period. If the policyholder dies during this period, the insurer pays the sum assured to the nominee. It is the simplest and most affordable form of life insurance, designed solely for protection, and does not include a savings component. Q1. What does term insurance mean? Q2. How does term insurance work? When you buy a term insurance plan, you pay a fixed premium for a chosen policy term (e.g., 20 or 30 years). If you pass away during this term, your nominee receives the full sum assured as a death benefit. If you survive the term, the policy expires without a payout unless you have opted for a Return of Premium (TROP) plan. Q2. How does term insurance work? Q3. What is the difference between term insurance and life insurance? Term insurance covers only death during the policy term with no survival benefit, making it the most affordable life cover. Life insurance (such as endowment or whole life plans) offers both a death benefit and a maturity payout if you survive the term. Term insurance is best for pure protection; traditional life insurance combines protection with savings. Q3. What is the difference between term insurance and life insurance? Q4. What is the difference between term insurance and health insurance? Term insurance pays a lump sum to your nominee if you die during the policy term. It secures your family's financial future. Health insurance covers your hospitalisation bills, medical treatments, and illness-related expenses while you are alive. Both cover different risks and are recommended together as part of a complete financial safety net. Q4. What is the difference between term insurance and health insurance? Q5. Is term insurance worth buying in India? Yes, term insurance is worth buying in India because it offers the highest life coverage at the lowest premium. Indian term plans are up to 50% more affordable than equivalent plans abroad, making them especially beneficial for NRIs or those planning to move overseas. It is the most cost-effective way to ensure your family's financial security. Q5. Is term insurance worth buying in India? Q6. Is term insurance good or bad? Term insurance is good for anyone who wants maximum life coverage at a low cost. It is the most efficient tool for income replacement and protecting your family from financial hardship. It is not ideal for wealth creation since it offers no returns if you outlive the policy Q6. Is term insurance good or bad? Q7. Can I get my money back from term insurance? A standard term insurance plan does not return premiums if you survive the policy term. However, a Term Return of Premium (TROP) plan refunds all premiums paid at maturity, provided no claims were made during the policy period. TROP plans carry a higher premium than standard term plans but offer the reassurance of a guaranteed refund. Q7. Can I get my money back from term insurance? Q8. What are the disadvantages of term insurance? Term insurance has no maturity or survival benefit. It means that you receive nothing if you outlive the policy term. It does not build cash value or generate investment returns. Premiums may increase upon renewal, and certain causes of death (such as suicide in the first year or drug-related deaths) are excluded from coverage. Q8. What are the disadvantages of term insurance? Q9. Which is better- term insurance or SIP? Term insurance and SIP are not alternatives; they serve completely different purposes. A SIP (Systematic Investment Plan) builds wealth over time through mutual fund investments, while term insurance protects your family financially if you are no longer there. Financial experts recommend both together: term insurance for protection, SIP for wealth creation. Q9. Which is better- term insurance or SIP? Q10. How much term insurance cover do I need? You need a term insurance cover of at least 10 times your annual income; 15–20 times is considered ideal. For example, if you earn ₹10 lakh per year, a cover of ₹1–2 crore is recommended. Use a Human Life Value (HLV) calculator to factor in your income, liabilities, dependents, and financial goals for a more precise figure. Q10. How much term insurance cover do I need? Q11. What is covered under a term insurance plan? A term insurance plan covers death due to natural causes, illness, and accidents during the policy term. Optional riders can extend coverage to include terminal illness, critical illness, accidental disability, and waiver of future premiums. The sum assured is paid to the nominee as a lump sum or in monthly instalments, depending on the plan chosen. Q11. What is covered under a term insurance plan? Q12. What is not covered under a term insurance plan? Term insurance does not cover: Suicidal death within the first year of the policy Death due to self-inflicted injuries Death caused by HIV/AIDS Death from drug overdose or alcohol intoxication. Review the policy document carefully for the complete list of exclusions before purchasing. Q12. What is not covered under a term insurance plan? Suicidal death within the first year of the policy Death due to self-inflicted injuries Death caused by HIV/AIDS Death from drug overdose or alcohol intoxication. Review the policy document carefully for the complete list of exclusions before purchasing. Q13. What is a rider in term insurance? A rider in term insurance is an optional add-on that enhances your base policy's coverage at a small additional premium. Popular riders include critical illness cover, accidental death benefit, waiver of premium, and permanent or partial disability benefit. Riders let you personalise your term plan to match your specific protection needs. Q13. What is a rider in term insurance? Q14. What is the terminal illness benefit in term insurance? A terminal illness benefit is a rider that pays out the sum assured (or a portion of it) if the policyholder is diagnosed with a terminal illness and has a life expectancy of 12 months or less. This advance payout helps manage medical costs and financial needs without waiting for the death claim. Most leading term plans offer this as an in-built or optional feature. Q14. What is the terminal illness benefit in term insurance? Q15. Is a medical test mandatory to buy term insurance? No, a medical test is not strictly mandatory for all term insurance plans. Many insurers offer "no-medical-exam" term policies that rely purely on self-declared health and lifestyle information. However, the requirement is highly dependent on age, coverage limits, and overall health declarations. Q15. Is a medical test mandatory to buy term insurance? Q16. What is the right age to buy term insurance? The minimum age to buy a term insurance plan is 18 years. Buying early, typically in your 20s or early 30s, locks in the lowest possible premiums for the entire policy duration. The maximum entry age varies by insurer but is typically between 60 and 65 years. Q16. What is the right age to buy term insurance? Q 17. What are the tax benefits of term insurance? Term insurance offers tax benefits under three sections of the Income Tax Act, 1961: Section 80C: Deduction on premiums paid, up to ₹1.5 lakh per year Section 80D: Deduction up to ₹25,000 on critical illness rider premiums Section 10(10D): The death benefit received by the nominee is completely tax-free Q 17. What are the tax benefits of term insurance? Section 80C: Deduction on premiums paid, up to ₹1.5 lakh per year Section 80D: Deduction up to ₹25,000 on critical illness rider premiums Section 10(10D): The death benefit received by the nominee is completely tax-free Q18. What documents are required to buy term insurance? To purchase a term insurance plan, you need: Identity Proof: PAN Card, Aadhaar Card, or Voter ID Address Proof: Aadhaar Card, Passport, or Driving License Income Proof: Salary slips, Income Tax Returns (ITR), or bank statements Age Proof: Aadhaar Card, Passport, or Driving License Q18. What documents are required to buy term insurance? Identity Proof: PAN Card, Aadhaar Card, or Voter ID Address Proof: Aadhaar Card, Passport, or Driving License Income Proof: Salary slips, Income Tax Returns (ITR), or bank statements Age Proof: Aadhaar Card, Passport, or Driving License Q19. Can I add a rider to my existing term insurance plan? Yes, most insurers allow you to add riders to your term insurance policy at renewal. The availability of specific riders and the conditions for adding them vary by insurer. Always confirm rider eligibility, coverage terms, and the impact on your premium before making any changes at renewal. Q19. Can I add a rider to my existing term insurance plan? Q20. Can I buy term insurance for my spouse? Yes, you can buy term insurance for your spouse either as a separate policy or as a joint term insurance plan. A joint term plan covers both partners under one policy with a single premium, making it a simpler and often more economical option. The death benefit is paid to the surviving partner or nominated beneficiary. Q20. Can I buy term insurance for my spouse? Varun has spent years in the insurance space, but what drives him isn't policies or premiums — it's the conversations he's had with real people. A young father in Pune wondering if his salary is enough. A newly married couple in Jaipur putting off "the insurance talk" for later. A mother in Chennai who never knew her husband was underinsured until it was too late. These stories stay with him. As Head of Term Insurance at Policybazaar, Varun knows the numbers well — 52.4% of Indians are aware of term insurance, yet only 9.6% own it. And 87% of families don't realise they're leaving their loved ones with far less protection than they actually need. But behind every statistic, he sees a family that just needed someone to sit with them, explain it simply, and help them take that one step. That's exactly what Policybazaar's term insurance is built to do. In his words, "Most people aren't avoiding protection — they're just waiting for someone to make it easy. That's what we're here for." 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