Term Insurance Plans

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Go for term insurance to Keep your family financially independent

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Life is uncertain and you don’t know how long you are going to live. But as a responsible member of the family you are worried about your family and how the family is going to manage financially if you were not there besides them.

Insurance companies can help take this worry off from your mind, as they offer a term life insurance plan. A Term insurance plan costs only a fraction of the cost you pay for regular insurance policies (ULIP, endowment or money back plan). Besides, these also offer you an opportunity to buy a significantly high sum Assured amount for the protection of your family. The Sum Assured amount that you can afford in a regular insurance Policy is much lower, because a larger part of the Premium that you pay is allocated towards investments and only a very small part of it goes into covering the mortality risk.

Under a term life insurance plan, you can be assured that your family needs would be met even in your absence. Regular premiums that you pay for a Term Insurance policy goes to cover the Risk of your death. In case of the unfortunate demise of the Insured during the policy tenure, the family of the insured will be offered a lump sum amount equal to the sum assured.

Term insurance policy is a very simple plan and does not involve the complexity of the typical life insurance plans that combine investment with insurance. The premium that you pay for a term insurance plan is dependent primarily on three factors –

1) Your existing age –

It is best to buy term plan early in your life, as this will help you save a considerable sum on your premium amount. The premium amount payable for the same amount of sum assured will go up as your age increases.

2) Sum assured –

Premium amount that is payable is directly proportional to the sum assured amount. The sum assured that you should choose would depend on your needs as defined by the number of dependents, the quality of life that you are seeking, your current age, net current liabilities or net current assets. Experts recommend that the sum assured amount should be around ten times your annual income and this does include provision for meeting long term loan liabilities like home loan etc.

3) Policy Tenure –

Term plans are available in various tenures (15, 10, 20, 25 and 30 years) and you may choose the one that fits your needs the best. It is best to get a term plan that will cover your life till the point in time you think your family would be solely dependent on your earnings.