Term Insurance Policy

A commitment to the people who matter the most

A term insurance plan helps protect your loved ones and maintains their standard of living even in unforeseen circumstances. Control what you can—a term plan is what you need to ensure that your family is taken care of in your absence.

The products that we offer as a part of the term insurance category is as given below:

IndiaFirst Life Guaranteed Protection Plus Plan

IndiaFirst Life Plan

Why do I need Term Insurance?

  • To secure your Family’s Future

    A term insurance policy provides financial security to the family in case of untimely demise of the primary breadwinner. As a rule of thumb, you should get a cover equal to ten to twenty times your annual income.

  • Lower premiums

    Since there is no investment element in the insured amount, the premium for all term plans are much lower than any other insurance plans

  • To protect assets

    For all the goals like house, car, child’s education that you have fulfilled through loans, have them covered through term insurance. Term plans will ensure that these do not become liabilities in your absence.

  • To protect family’s lifestyles

    Ensure that the lifestyle that your family leads is not compromised even in your absence. Some Term plans ensure that there is a monthly income even when you are not around

  • Life is full of certainties

    In life everything is certain, even the uncertainties. So why live in fear, instead ensure life time confidence with term insurance.

  • Covid-19 Claims* are covered

    Term insurance covers you against all certainties including various critical illnesses and covid-19

Benefits of buying Term insurance by IndiaFirst Life Insurance

  • IndiaFirst Life Insurance is trusted by over 5.5 million people as customers

  • IndiaFirst Life Insurance guarantees 100% Genuine claim settlement

  • Term Insurance by IndiaFirst Life gives flexible options to choose plans according to your needs

  • You can choose from various premium paying terms also choose the payout options according to your choice

  • IndiaFirst Life insurance is backed by Bank of Baroda and Union Bank of India

  • IndiaFirst Life Insurance policies can be bought online as well as offline.

Know More

IndiaFirst Life Insurance is trusted by over 5.5 million people as customers

IndiaFirst Life Insurance guarantees 100% Genuine claim settlement

Term Insurance by IndiaFirst Life gives flexible options to choose plans according to your needs

You can choose from various premium paying terms also choose the payout options according to your choice

IndiaFirst Life insurance is backed by Bank of Baroda and Union Bank of India

IndiaFirst Life Insurance policies can be bought online as well as offline.

What is Term Insurance?


With a term insurance plan or term cover, an individual can avail coverage for a certain period of time or ‘term’ by paying a specific premium amount during that period. Such a life insurance policy guarantees a death benefit pay-out to the nominees/family members, if the insured dies during the period specified in the term insurance policy.

With the uncertainty and financial strain of the current COVID 19 pandemic, it is even more essential to ensure that your family will be cared for, whatever tomorrow may bring. A term plan helps you do exactly this. As they are regulated under IRDAI (Insurance Regulatory and Development Authority of India), term insurance plans offer a guaranteed pay-out under the specified terms.

How does a Term Insurance Policy work?


Depending on the term plan you choose, your nominees are paid a lumpsum amount of money, in case of the policy holder’s death. By varying the lumpsum amount payable, you can also choose to receive monthly income benefits. A term insurance policy can be expanded to include riders so you can reap better term plan benefits in case of disability, critical illness, or accidental death , Income replacement at nominal prices.

 

Who needs a Term Cover?


While everyone should have a term cover, it is an absolutely essential investment for those who have people depending on them. This includes married couples, those with dependent parents, parents with dependent children, self-employed individuals, business people, and other taxpayers. Here’s why:

  • Newly-married couples: Before splurging on material gifts for special occasions, consider getting yourself and your spouse a gift that will give you peace of mind and financial security—a term insurance policy. In case of the loss of the primary breadwinner, the family has to contend with lack of funds along with their immense grief. With a lumpsum pay-out to address immediate needs as well as optional regular monthly payments, your spouse and dependents will be provided for in their time of need. Make the first present you give your spouse a term policy which tells them that you care about their wellbeing today and forever.
  • Parents: Raising children is not easy, and the costs incurred to meet their needs only increase with time. From diapers and school expenses, to heavier university fees and living expenses, the list of expenses runs long. How would the loss of financial security affect the dreams of your children? One of the responsibilities of parenting is to ensure that your children are not deprived in your absence. A term policy ensures that your children have your financial backing as they try to meet their goals in life, even if you’re not around.
  • Singles/Young Professionals: If you have no dependents, should you buy a term plan? Yes, there are a number of impressive benefits that make a term policy a must-buy for singles and young professionals. Critical illnesses are not just a problem for the elderly—from heart attacks to stress-related conditions, even people younger than 40 are at risk. Furthermore, getting a term plan early in life means that you will pay less premium for the same coverage, and save money on tax (under 80C).
  • Working Women: Women share the responsibility of taking care of the financial health of their families. Other than your own children and spouse, you can also have your parents as your nominees to ensure their financial security. With a critical illness rider, serious yet common conditions like cervical and breast cancer can be better handled with funds from your term insurance plan.
  • Retired People: A term plan is a smart idea for retired people who have dependents. Subject to conditions set forth under Section 10(10D) of the IT Act 1961, term insurance pay-outs are tax-free which means you can leave an inheritance for your children even if you don’t have money saved for them yet.
  • Tax Payers: Whether you are self-employed or in service, term insurance plans are a clever investment for all tax-payers. Reduce your existing tax burden by claiming paid premiums as deductibles under Section 80C.

 

What are the features of Term Insurance?


Uncertainty is the only certainty in life. Possibilities of untimely death, accidents, disabilities, and diseases always exist, even if we don’t like thinking too much about them. What happens to your family members and their dreams in such cases? This is an eventuality that you can control with the right term insurance policy.

Avail a significant life insurance cover in exchange of affordable premiums. Get your term insurance policy at a young age to further lower the premium you need to pay.

Some term insurance policies offer added advantages such as cover for critical illnesses. This will ensure that in case you fall ill with these predefined medical conditions, you can avail quality medical care without worrying about expenses.

Avail a significant life insurance cover in exchange of affordable premiums. Get your term insurance policy at a young age to further lower the premium you need to pay.

  • High cover at affordable rates: Avail a significant life insurance cover in exchange of affordable premiums. Get your term insurance policy at a young age to further lower the premium you need to pay.
  • Option to cover major critical illnesses: Some term insurance policies offer added advantages such as cover for critical illnesses. This will ensure that in case you fall ill with these predefined medical conditions, you can avail quality medical care without worrying about expenses.
  • Staggered monthly pay-outs and/or lumpsum amount: Dependents/nominees receive either a lumpsum benefit amount or a regular monthly pay-out in addition to the lumpsum, depending on the specifics of your term insurance policy.
  • Optional disability and accidental death term plan benefits: Unforeseen accidents could result in permanent or temporary disabilities, and even, death. By adding an optional disability or accidental death rider to your term insurance policy, you can bank on financial aid in such eventualities.
  • Tax benefits under Section 80C for paid premiums and sum assured of term cover: Term insurance plans offer tax savings as specified under Section 80C of the IT Act (1961). Furthermore, the final benefit amount released under a term plan is tax-free under Section 10(10D).
  • Long term cover: Enjoy the benefits of a life cover for a period of up to 99 years of age# Different premium paying options
    Choose convenient premium payment frequencies—monthly, quarterly, half yealry, yearly, or onetime payment of single premium.
  • Liability benefits: Under a term policy, the sum assured that your dependents receive can be used to clear off any loans, debts, or liabilities you may have.

 

Why do you need Term Insurance?


It is only natural to ask “What’s in it for me?” So, what else do you stand to gain by getting a term insurance policy? Here are your answers:

  • Financially securing your family :A term insurance policy provides financial security to your family and dependents in case of the untimely demise of the primary breadwinner/policy holder. As a rule of thumb, it is recommended that you get a term cover that is 10-20x your annual income.
  • Lower premiums :As compared to other insurance plans which have an investment component, term insurance plans are simple, straightforward and effective. The lack of the investment element also results in lower premiums. This amount can be further reduced by getting a term insurance plan at an earlier age.
  • Protection of your assets :Your life-goal purchases, such as house, car, or children’s education, have been fulfilled through loans. By getting them covered against the benefits of a term insurance pay-out, you can rest assured that these do not become a liability for your family in your absence.
  • Protection of your family’s lifestyle: Your family is used to living a certain way. Ensure that your family’s standard of living does not get compromised even in your absence. Regular monthly income and/or a lumpsum pay-out will have your loved ones covered.
  • COVID 19 claims* are covered :The raging global pandemic has cost millions of people their lives. A critical illness and COVID 19 rider on your term cover will give you peace of mind and insurance benefits.
  • Meeting the certainties of life :In life, the presence of uncertainties is a certainty. Instead of living in fear and confusion, you can ensure a lifetime of confidence with term insurance plans that have you covered against any circumstances.

 

How to buy Term Insurance?


  • Determine your coverage need :The most critical step in buying term insurance is calculating the amount of coverage you require. You should avoid the mistake of under-insuring yourself as it will not serve the idea behind investing in a term plan. As you grow older and your lifestyle requirements evolve, it would be wiser to protect and safeguard your family by getting adequate life cover. To find out how much cover you should opt for, use our term plan calculator.
  • Consider your life-stage :Your life insurance requirements and priorities differ at every stage of life; therefore, it is important to understand what life stage you are at before buying a term plan. Take into consideration the dependent members of your family, as this will ascertain the amount of money you need to invest. Depending on your life stage, your financial responsibilities will differ. Also, factor in your annual income and smoking habits to arrive at an estimated sum assured.
  • Understand policy benefits :Once you have zeroed in on the policy based on your needs and the track record of the company, take time to understand the features of the policy. Make sure to check and evaluate the features related to the policy term, premium-paying term, sum assured and benefits. Policy brochures/ offer documents should not merely be browsed through but actually be read in detail. You can choose to add important riders such as critical illnesses benefit, accidental death and disability benefits so you get the most out of your term plan.
  • Get a quote :After selecting the right term cover for you, get a premium quote in a couple of clicks. Choose your sum assured and years of cover by giving basic details like your age to get a quick premium quote.
  • Pay your premium to kickstart cover: Once you are satisfied with your term plan and benefits, you can start your term cover online by filling in additional details and paying the premium online. Complete your application by submitting required documents for our term life insurance policy online.

 

Why should you opt for IndiaFirst Life Insurance Term Plans?


The primary purpose behind getting a term life insurance policy is so you have complete peace of mind in any eventuality—you want to know beyond doubt that your family will be financially secure and protected in your absence. 

You have complete flexibility when it comes to choosing your term plan type, riders, and premium options. Covering all of your term plan needs, IndiaFirst Life Insurance term insurance products include:

  • Online Term Plan
  • IndiaFirst Life Plan
  • IndiaFirst Life Guaranteed Protection Plan

Backed by esteemed institutions like Bank of Baroda and Union Bank of India, IndiaFirst Life Insurance stands firm with you in your commitment to financially secure the people who matter the most to you.

Life is all about choices, and there is no reason why your chosen term cover should not offer you the same. With IndiaFirst Life Insurance, choose from various premium paying terms, riders, and pay-out options—make the best choice for yourself and your family.

Get a detailed look at a sample policy document, look through IndiaFirst Life Insurance term plan brochures, get quotes, and pay your premium online. From start to finish, IndiaFirst Life Insurance offers you the flexibility to buy your term policies online as well as offline.

IndiaFirst Life Insurance follows the ‘Customer First’ principle in all its endeavours. The goal is to offer simple, easy-to-understand life insurance plans with real benefits at an affordable price. With a claim settlement ratio of 97.04% (individual claims), IndiaFirst Life Insurance guarantees 100% genuine claim settlement.

  • Join 5.5 million IndiaFirst Life Insurance customers
  • 100% genuine claim settlement
  • Flexible Term Plan options
  • Backed by Bank of Baroda and Union Bank of India
  • Choice of premium paying terms and pay-outs
  • Get your policy online and offline
  • Quick and hassle-free claims service

 

What are IndiaFirst Life Insurance eligibility criteria for Term Plan Policies?


  • The minimum age for applying is 18 years and the maximum age for applying is 60 years*
  • The maximum age at the end of the plan is 99 years#
  • Minimum Sum Assured: Rs. 1,00,000. Maximum Sum Assured: Rs. 5,00,00,000

Most life insurers offer a policy term that ranges from 5 to 40 years. It is important to keep your retirement age in mind. In India, the typical age of requirement is 60 years. So, if you get an IndiaFirst Life Insurance Term Policy to cover you till retirement, your financial responsibilities are likely to be cleared by then.

FAQs

  • Is buying term insurance smart?

    Without a doubt. If you buy a 1 crore term insurance policy for a period of 30 years, in the event of your untimely demise within the policy period, your family will get 1 crore sum assured as death benefit, depending on policy terms and conditions. This amount would enable your loved ones to continue leading a decent life and pursue their dreams even after you are gone.

  • How much life cover should I buy in a term plan?

    Your life cover should be enough to pay off all your debts including loans and replace your income, especially if you are the sole earning member of your family. Adding your annual income to your policy might serve as an effective guard against inflation. Keep in mind your future obligations such as the education of your child and the health of your spouse.

  • What is the right age to buy term plan?

    While there is no “right age” to buy term insurance, you need to be at least 18 years old. Starting early is a wise decision. If you have a steady income that allows you to pay your premiums on time, you’re ready to invest in your family’s future. If you are married, have children or parents who are dependent on you, you should consider a term insurance policy immediately. As you age, the premiums to be paid increases.

  • What should the tenure of my term insurance policy be?

    While term plan tenures range from 5 to 40 years, you should opt for the maximum term available under the plan in order to ensure financial security of your loved ones.

  • Will I get maturity benefit If I survive the tenure of a term plan?

    The main aspect of term plan is to ensure the security of your loved ones in your absence. As such, there is no lump-sum pay-out on the survival of the policyholder. However, some plan variants may offer a partial / full return of basic premiums paid.

  • Will my premium amount change during the tenure of the policy?

    Your premium amount remains the same during the entire tenure of the plan. The only change your premium is subject to is change in service tax regulations, as declared by the Government of India.

  • I am an occasional smoker. Do I still need to declare myself as a tobacco user?

    Yes, even if you are an occasional smoker, you would need to declare yourself as a tobacco-user. This is important as all medical history is imperative in determining the right premium for the policy. Withholding any such information may hamper the claim settlement at a later stage.

  • How much does a life insurance term plan cost?

    The cost of term plan depends on several factors such as the policy-holder’s age, health condition, smoking status, annual income, as well as the selected amount and tenure of insurance coverage.

    For e.g., buying an IndiaFirst Life E-Term Plan – a 1 crore term plan for a policy period of 40 years will cost up to Rs. 8,260 annually for a 30-year-old male non-smoker. For a 40-year-old male non-smoker, a 1 crore term insurance plan for 30 years would cost up to Rs. 14,750—the earlier you get term coverage, the cheaper it will be for you.

  • What if I die by natural causes— is that covered in term policy?

    The features of term plan include a lumpsum pay-out to your family in the event of the policy holder’s death, both naturally and accidentally. Term insurance benefits are that your family will receive a specific amount of money, regardless of the reason of the death.

    However, there are certain conditions to be met in case the life assured dies by suicide or there is non-disclosure of truthful facts. Read the term policy document carefully to know about potential exclusions.

  • How much term insurance do I need?

    Experts recommend a term coverage that is, at a minimum, 10 times your yearly income. 15-20 times is a better idea. Ensure that you consider additional liability cover for your home, car, and personal loans for maximum financial security.

    For e.g., if your yearly income is Rs. 10 lakhs and no liabilities, a Rs. 1 crore term insurance will best suit your needs. Add liabilities like a car or home loan amounts as additional covers in your term insurance policy.

  • Is it okay to have two term insurance policies?

    There is no harm in getting extra term coverage as your means and liabilities change. You can have more than one term insurance plans running simultaneously. However, ensure that you disclose existing policy details as it has a bearing on new term cover eligibility.

  • Can I increase my term plan sum assured?

    Depending on your policy terms and conditions, it is possible to increase your sum assured during the term of your policy at certain checkpoints—marriage, childbirth or adoption, home loan, etc

  • Do term insurance plans offer tax benefits?

    Tax benefits are the cherry on the term plan cake. You can get tax deductions under Section 80C of the IT Act of 1961 (up to Rs. 1.5 lakhs). For critical illness cover, you can get tax deductions under Section 80D. Importantly, the lumpsum pay-out received by your family members in the event of untimely demise of the policy holder is tax-free under Section 10 (10D).