Term Life Insurance
Term insurance offers multiple benefits to customers. Here are a few you should be aware of:
- Affordable Premiums - You can get a high-value life cover from a term insurance plan by paying an affordable premium amount of ₹ 540/- p.m2a. Premium payments can be made either monthly/half-yearly/yearly. The earlier you buy a term insurance plan, the lower the premium amount you have to pay
- Whole Life Cover - Term insurance plans offer substantially longer coverage. Whole life insurance plans offer coverage till the age of 99 years
- Payout of Sum Insured - In case of the unfortunate demise of the person insured, the family members will receive the sum assured as a payout. The policyholder can choose for this payout to be in the form of a lump sum, an income that is either monthly or annual, a combination of lump sum and income or an increasing income at the inception. This will help take care of financial needs and household expenses among other costs
- Critical Illness Coverage - In case optional Critical Illness Coverage1 is included in your term insurance plan, you will get a lump sum payout upon diagnosis of any critical illness1 that is covered in the plan
- Accidental Death Benefit - You can add the Accidental Death Benefit3 to your term insurance plan. This will offer protection against any mishaps in the future
- Coverage for Terminal Illnesses - Term insurance plans can give you lump sum payouts in case of diagnosis of terminal illnesses2 such as AIDS
- Tax** Benefits - You can get tax** benefits on premiums paid under Section 80C along with premiums paid towards critical illness benefit under Section 80D. The lump sum amount received by nominees as the sum assured/death benefit is also exempted from taxes subject to Section 10 (10D) of the Income Tax Act, 1961
