Term insurance pays a lump sum to your nominee if you do not survive the policy term. There is no maturity value, and that is exactly why the cover is so large for so little premium: every rupee buys protection rather than savings.
For most earning adults with dependants, term insurance is the first policy to put in place — before any savings or investment-linked plan. We size the cover against your income, liabilities and the number of years your family would need to replace it.
Who needs this cover
- Anyone with a spouse, children or dependent parents
- Borrowers with a home, business or education loan
- Single-income households
- Business owners who have given personal guarantees
Key benefits
- Very high cover at a low premium
- Level premium locked in for the full term
- Optional riders for accident, disability and critical illness
- Tax benefits as per prevailing income tax provisions
What is typically covered
- Death benefit paid as a lump sum to the nominee
- Optional monthly income payout instead of a lump sum
- Rider benefits where selected and accepted
Eligibility
- Typically 18 to 65 years at entry, varying by insurer
- Income proof and medical underwriting are usually required
Key exclusions and limitations
- Suicide within the first policy year, as defined in the policy
- Death arising from non-disclosure or misstatement of material facts
- Specific hazardous activities where the insurer has applied an exclusion
Exclusions differ between insurers and product variants. Always read the policy wording for the exact list.
Claim information
Intimate the claim to the insurer as early as possible. The nominee will typically need the policy document, the death certificate, claim forms, identity and bank proofs, and — depending on the cause — medical or police records. We assist with the documentation and follow up with the insurer until settlement is tracked to a close.