Why a term plan?
It lets your family keep their lifestyle, repay loans and reach long-term goals even in your absence.
- High life cover at an affordable premium
- Financial security for dependants
- Loan and liability protection
- Tax benefits
- Peace of mind
Types of term plans
01Level term
The sum assured stays the same throughout.
02Increasing term
The sum assured rises over time to keep pace with inflation.
03Decreasing term
The sum assured falls over time, usually matched to a loan.
04Return of premium (TROP)
Premiums are returned at maturity if you survive the term.
05Term with riders
Add accidental death, critical illness or disability cover.
How much cover, and for how long?
Cover should ideally be 10–15 times your annual income, allowing for future expenses, liabilities and inflation. The policy term should run through your earning years, until your major financial responsibilities are done.
Tax benefits
Tax benefits are as per prevailing tax laws and are subject to change. Deductions under 80C / 80D apply to the old tax regime.
Riders
Riders add protection for a small extra cost.
Myths
Before you buy
- Adequate sum assured
- Policy term
- Claim settlement ratio
- Premium affordability
- Rider options
Insurance is the subject matter of solicitation. For details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
