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Guardian of Life Dreams Term Plan

Offers Life cover for Whole Life or for Limited Term for age 85 years
A special 16% Level Premium Discount for women
Health Management Services worth Up to ₹75,000 p.a.
Choice of Pure Protection or Return of Premium optionKnow More

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Elite Term Plan

Lifetime protection till age 99 years
High cover at affordable cost
Convenient premium payment options
Sum Assured as lumpsum or monthly instalments

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Super Protection Plan

Option to get your money back (Return of Premium- ROP)
Flexibility to pay premiums at your convenience
Lifetime protection till age 99 years
Sum Assured as lumpsum or monthly instalments

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Life Plan

Flexibility to choose the duration
Family will receive the payout
Flexibility to choose the assured amount
Long term protection

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Protect Shield Plus Plan

Instant Issuance
Flat rate cover
No medicals
Tax benefits as per prevailing tax laws

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Saral Jeevan Bima Plan

Life Insurance Cover of up to ₹50 lakhs.
Flexible premium payment options
Up to 40 years of protection for loved ones.
Protection against COVID-19 with lump sum benefit.

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Value Shield Plus

Flexible Premium Payments Options
Life cover for Whole of Life
Special discounts for Salaried customer and Female Lives
Enhanced coverage with optional comprehensive riders

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Term Rider Plan

Additional Life Cover for up to 5-30 years
Guaranteed Lumpsum Death Benefit
Enjoy Tax Benefits on Premiums You Invest.

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Guardian of Life Dreams Term Plan

Offers Life cover for Whole Life or for Limited Term for age 85 years
A special 16% Level Premium Discount for women
Health Management Services worth Up to ₹75,000 p.a.
Choice of Pure Protection or Return of Premium option

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Elite Term Plan

Benefits at Maturity & Life cover
High cover at affordable cost
Convenient premium payment options
Sum Assured as lumpsum or monthly instalments

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Super Protection Plan

Option to get your money back (Return of Premium- ROP)
Flexibility to pay premiums at your convenience
Lifetime protection till age 99 years
Sum Assured as lumpsum or monthly instalments

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Life Plan

Flexibility to choose the duration
Family will receive the payout
Flexibility to choose the assured amount
Long term protection

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Protect Shield Plus Plan

Flexibility to choose the duration
Family will receive the payout
Flexibility to choose the assured amount
Long term protection

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Saral Jeevan Bima Plan

Life Insurance Cover of up to ₹50 lakhs.
Flexible premium payment options
Up to 40 years of protection for loved ones.
Protection against COVID-19 with lump sum benefit.

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Value Shield Plus

Flexible Premium Payments Options
Life cover for Whole of Life
Special discounts for Salaried customer and Female Lives
Enhanced coverage with optional comprehensive riders

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Radiance Smart Invest Plan

Zero Fund allocation charges
10 different funds to choose from
3 plan options to achieve your investment goals
100% Premium invested to Maximize Fund Value

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Money Balance Plan

Optimised Investment Strategy
Flexible-Premium Payment
Partial Withdrawal Flexibility
Convenient Fund Accessibility

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TULIP Plus Plan

Up to 100x life insurance cover
Up to 750%* return of Premium Allocation charges
Riders designed to cover additional risks
Reduced premium allocation charge for higher premiums

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TULIP Pro Plan

Up to 20X Life Cover for Your Loved Ones
Additional Coverage through TERM Rider
Multiple Investment Strategies and up to 10 Diversified Funds
Up to 600% of Premium Allocation Charges returned at Maturity

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Wealth Maximizer Plan

Market Linked Returns
Free switches for maximum gain
Long-term loyalty benefits
Add top-up premiums

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Long Guaranteed Income Plan

Short-Term Payments, Long-Term Gains
Guaranteed Income to fulfill Financial Goals
Lifetime Income Till 99 years of age
Continuous Life Cover without any interruption

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Guarantee Of Life Dreams Plan

Choice of 3 income Options
UpTo 5% Extra Income on Online Purchase
Enhanced Income Benefit for Women
Option to Choose the date to receive a regular income.

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Growth of Life Dreams Plus Plan

Start income as early as the 1st policy month or defer it up to 10 years
(GPB) Policy benefits continue for your nominee even in your absence
Choose long-term income or whole-life income
Flexibility to choose Life cover option up to 11x

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Assured Income For Milestones Plan

Guaranteed long-term income plan
Ideal for milestone-based financial planning
Three customizable benefit options
Immediate or deferred income variants

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Guaranteed Single Premium Plan

One-time payment (Single Pay)
Tax saving benefits*
Life Cover that is 1.25 times higher

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Mahajeevan Plus Plan

Life cover of up to 15 or 20 years
Periodic Cash backs
Uninterrupted Life Cover
Money Back Discounts with Early Premium Payments

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Smart Retirement Plan

Market-linked returns, with 3 new funds!
2 plan options to secure your retirement
ZERO allocation or administration charges.
Guaranteed Additions* of up to 5% in Year 1

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Guaranteed Pension Plan

Income for Life
5 Annuity Choices
Joint Life Security
Escalating Annuity option

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Guaranteed Annuity Plan

Retirement Planning
12 Annuity Options
Exclusive benefits for NPS subscribers
Continuity with Joint Life Option

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Guaranteed Retirement Plan

Assured Returns
Beat Inflation
Choose How to Save
Save Longer for up to 40 years

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Unit-Linked Pension Plan (ULPP)

Zero Charges Plan
You Pay 100. We Invest 105
Market-Linked Growth
Flexible Premium Options

Guarantee Of Life Dreams Plan

Choice of 3 income Options
UpTo 5% Extra Income on Online Purchase
Enhanced Income Benefit for Women
Option to Choose the date to receive a regular income.

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Life Long Guaranteed Income Plan

Short-Term Payments, Long-Term Gains
Guaranteed Income to fulfill Financial Goals
Lifetime Income Till 99 years of age
Premium Payback Assurance

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Assured Income For Milestones Plan

Guaranteed long-term income plan
Ideal for milestone-based financial planning
Three customizable benefit options
Immediate or deferred income variants

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Guaranteed Single Premium Plan

One-time payment (Single Pay)
Tax saving benefits*
Life Cover that is 1.25 times higher

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Term Rider Plan (non-linked)

Additional Life Cover for up to 5-30 years
Guaranteed Lumpsum Death Benefit
Enjoy Tax Benefits on Premiums You Invest.

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Term Rider (linked)

Additional Life Cover for up to 5-67 years
Lump sum death benefit equal to the sum assured
Enjoy Tax Benefits on Premiums You Invest.

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Waiver of Premium Rider (non-linked)

3 Coverage Options
Guaranteed Financial Protection For Your Loved Ones
Policy Remains Effective in Your Absence (WOP)
10 Critical Illness Cover

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ADB Rider (non-linked)

Up to 2 Cr. Additional cover
Protect your loved ones at affordable price.
Tax Advantages

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ADB Rider (linked)

Up to 2 Cr. Additional cover over existing policy
Protect your loved ones at affordable price.
Tax Advantages

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TPD Rider (non-linked)

Up to 1 Cr. Additional cover
Protect your loved ones at affordable price.
Tax Advantages

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TPD Rider (linked)

Up to 1 Cr. Additional cover
Protect your loved ones at affordable price.
Tax Advantages

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Group Living Benefits Plan

Comprehensive Group Health Insurance
Affordable Heatlh Coverage for Corporate
COVID-19 Protection for Group Life Insurance
Fixed Benefit Assurance

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Group Term Plan

Affordable Group Term Insurance
Voluntary or Automatic Enrollment
Enhanced Coverage with EDLI
Flexible Premium Payment

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New Corporate Benefit Plan

A separate plan for each scheme
Minimum guaranteed return of 0.5% p.a.
Yearly Bonus as per company’s performance
Earn easy returns

Employee Benefit Plan

Manage your future employee liabilities
Choose from 4 fund options
Tax free gratuity up to 20 lakh

Group Credit Protect Plan

Affordable Life Cover
5 benefit options
2 Cover options
Truncated Cover

Little Champ Plan

Financial Protection
Customisable Policy
Guaranteed Payouts
Flexible Coverage Options

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Term Insurance Calculator

Use our Term Insurance Calculator to estimate the right cover for your family’s financial security.

Child Plan Calculator

Plan your child’s education and future goals with our easy Child Plan Calculator.

Retirement Planning Calculator

Estimate how much you need to save for a comfortable and stress-free retirement.

Cost of Delay Calculator

See how delaying investments can impact your long-term wealth creation.

Human Life Value Calculator

Calculate your Human Life Value and understand the insurance cover your family needs.

Paid-Up Calculator

Check the paid-up value of your policy and make informed financial decisions.

Annuity Calculator

Estimate your regular income after retirement using our Annuity Calculator.

ULIP Calculator

Estimate potential returns on your ULIP investments over the policy term.

Compound Interest Calculator

Understand how your money grows over time with the power of compounding.

Future Wealth Creation Calculator

Plan your investments effectively to achieve your long-term wealth goals.

SIP Calculator

Calculate returns on your monthly SIP investments in just a few clicks.

Lumpsum Calculator

Calculate your estimated returns on your lumpsum investment

Step-up SIP Calculator

See how increasing your SIP each year boosts your wealth. Use our Step-Up SIP Calculator for smarter financial planning

SWP Calculator

Check how much monthly income your investment can generate and how long your corpus can last.

Income Tax Calculator

Calculate your tax liability and plan your taxes efficiently.

Home Loan EMI Calculator

Calculate your home loan EMIs and manage repayments with ease.

Car Loan EMI Calculator

Find out your car loan EMI and choose the right repayment plan.

Personal Loan EMI Calculator

Estimate your personal loan EMIs before applying for a loan.

Inflation Calculator

Understand how inflation will affect your expenses and future goals

Gratuity Calculator

Calculate the gratuity amount you may receive based on your tenure and salary.

Salary Calculator

Calculate your take-home salary after deductions and allowances.

BMI Calculator

Check your Body Mass Index and understand your health better.

Nominee Central

Your one-stop hub to help your loved ones easily access, understand, and manage everything related to life insurance nomination and claims.

Life Insurance Ki Kitaab

Your simple, go-to guide for understanding life insurance basics.

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Discover India’s pioneering innovations and historic milestones that shaped the world.

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Your monthly dose of simple, smart insights on insurance and money matters—delivered straight to your inbox.

Insurance Videos

Quick, easy videos that help you understand insurance better.

Insurance Podcasts

Listen to expert insights that simplify insurance on the go.

Get ₹1 Cr. Life Cover at just ₹13/day* with IndiaFirst Life GOLD Term Plan and safeguard your loved ones. *T&C Apply.

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What is Term Insurance?
Key Features of Term Life Insurance
Importance of Term Insurance
How Does Term Life Insurance Work?
Types of Term Insurance Plans
Who Should Consider Term Life Insurance?
Conclusion
Before You Go

A term life insurance plan is designed primarily to provide financial protection to your family in the event of your untimely demise.

Let’s explore the basics of what life insurance is, including the, benefits, and how it works. This will help you have a clear understanding of what term insurance is and how it can be a critical component of your financial planning.

What is Term Insurance?

Term insurance is a type of life insurance that provides financial protection for a fixed period, such as 10, 20, or 30 years. Under this policy, the insurer pays a lump sum death benefit to the nominee if the policyholder passes away during the chosen term. If the policyholder survives the policy tenure, the cover expires without any maturity benefit under a standard term plan.

Unlike savings-oriented life insurance products, term insurance is purely designed to offer life cover and does not build cash value. Its primary objective is to replace the policyholder's income and help protect the family's financial future by ensuring they can meet essential expenses and long-term financial commitments in the policyholder's absence.

Key Features of Term Life Insurance

Here are some of the key features of a term life insurance plan you should be aware of.

Affordability

One of the most significant advantages of term insurance is its affordability. Because it provides pure risk cover without any savings or investment component, the premiums are generally lower compared to other types of life insurance.
Flexibility in Term Length

By definition, term insurance policies are available for a defined, fixed duration. The policyholder can choose the term length from the available options. Whether you want coverage for 10, 20, or 30 years, you can select a term aligning with your financial goals and obligations.
High Sum Assured

Term insurance policies typically offer high coverage amounts, making them ideal for providing substantial financial protection to your family. The death benefit can be used to cover living expenses, pay off debts, and ensure your family's future financial security.
No Maturity Benefits

Unlike endowment or whole life policies, term insurance does not provide any maturity or survival benefits if the policyholder outlives the term. This is why term insurance is more affordable, as the premiums are solely for the death benefit coverage.

Importance of Term Insurance

The importance of term insurance cannot be overstated, especially for individuals with dependents relying on their income.

Provides Financial Security for Your Family
The death benefit can replace your income and help your family manage everyday expenses, children's education, household costs, and long-term financial goals without compromising their lifestyle.
Helps Manage Outstanding Liabilities
A sufficiently high sum assured can help your family repay outstanding financial obligations such as home loans, vehicle loans, education loans, or personal loans, reducing their financial burden during a difficult time.
Offers High Coverage at Affordable Premiums
Term insurance provides substantial life cover at comparatively low premiums, making it one of the most cost-effective ways to secure your family's future. You can also use a term insurance premium calculator to choose suitable coverage within your budget.
Protection Against Critical Illness and Accidents
Many term insurance plans allow you to enhance your coverage with riders such as critical illness, accidental death, accidental disability, and waiver of premium. These add-ons provide additional financial protection against unforeseen events.
Acts as a Financial Safety Net
A term insurance plan helps your family cope with unexpected financial challenges by providing a lump sum payout that can be used for immediate and future financial needs.
Simple and Easy to Understand
Unlike investment-linked insurance products, term insurance is a pure protection plan. It focuses solely on providing financial security without involving complex investment components.
Offers Tax Benefits*
Premiums paid towards a term insurance policy may qualify for tax deductions under Section 80C of the Income Tax Act, subject to applicable conditions. Additionally, the death benefit is generally exempt from tax under Section 10(10D), as per prevailing tax laws.
Provides Peace of Mind
Knowing that your family will remain financially protected against life's uncertainties allows you to focus on achieving your personal and financial goals with greater confidence.

How Does Term Life Insurance Work?

Once you know what term life insurance is, you start to have a clear idea of how it may function and what purpose it may serve in your life. A term life insurance policy is simple, affordable, and designed to provide financial security for your loved ones.

Here’s how it works:

1. Policy Term & Coverage

When you buy a term plan, you select the policy duration (say 20–30 years) and the specific coverage amount, like that of a ₹2 crore term insurance plan. This sum assured is the amount your nominee will receive if you pass away during the policy term.

You can enhance your coverage with riders such as critical illness, accidental death benefit, or waiver of premium.

2. Application Process

You fill out details on health, lifestyle, income, and undergo a medical test for term insurance (if required). This helps the insurer assess your risk profile and decide the premium.

3. Regular Premium Payment

Premiums can be paid monthly, quarterly, half-yearly, or annually. A term insurance premium calculator helps you estimate the cost beforehand.

As long as you pay your premiums on time, your term life insurance policy remains in force.

4. Death Benefit to Nominee

If the policyholder passes away during the policy term, the nominee receives the death benefit (sum assured). This payout can be used to cover daily living expenses, repay loans, secure children’s education, or maintain the family’s standard of living.

5. Optional Maturity Benefit

If you survive the policy term, there is no pay-out in a standard plan. However, if you opt for a Return of Premium (ROP) variant, all premiums paid (excluding taxes/rider costs) are returned at maturity.

Types of Term Insurance Plans

When you know what a term plan is, it is easier to understand the various sub-types available in the market, offering different features and benefits.

1. Basic Term Plan

Those learning what term insurance is, are likely to come across this type of plan. This is the simplest form of term insurance. It offers pure life cover without any savings or investment elements. It provides high coverage at affordable premiums, and it is ideal for those who want straightforward protection for their family.

2. Level Term Plan

Another common type of term life insurance, this plan keeps the sum assured constant throughout the policy term. Premiums remain fixed, and the death benefit is paid out if the policyholder passes away during the term. It offers stable and predictable protection.

3. Increasing Term Plan

In this plan, the sum assured increases at a predetermined rate, often annually. It helps your coverage keep pace with inflation or rising responsibilities, like children’s education or lifestyle needs.

4. Decreasing Term Plan

Here, the sum assured reduces gradually during the policy term, usually in line with a loan or mortgage balance. This makes it a cost-effective choice for individuals who mainly want to cover debts and liabilities.

5. Term Insurance with Return of Premium (TROP)

Unlike standard term insurance, Term Insurance with Return of Premium plan refunds all premiums paid if the policyholder survives the term. While the premiums are higher, it combines protection with savings. Hence, it is suitable for those who want to make full use of their funds.

6. Convertible Term Insurance

This option lets policyholders convert their plan into a permanent life insurance policy during the term, without needing another medical check-up. It offers flexibility when financial needs evolve over time.

7. NRI Term Insurance

Specially designed for Non-Resident Indians, NRI Term Insurance plan allows NRIs to secure life insurance in India. It ensures financial protection for family members residing in India at cost-effective rates, with terms similar to domestic policies.

8. Group Term Life Insurance

Usually provided by employers, this term life insurance plan covers multiple individuals under one contract at lower premiums. While useful for basic protection, employees may need personal term plans to ensure long-term, customisable coverage.

Who Should Consider Term Life Insurance?

For the following people, term life insurance is particularly well-suited.

Young Professionals

Secure your family's future early with affordable premiums and high life cover.
Married Couples

Help your spouse manage household expenses and financial commitments in your absence.
Parents

Ensure your children's education, daily expenses, and future goals remain financially secure.
Homeowners

Protect your family from the burden of repaying home loans and other outstanding debts.
Self-employed Individuals

Safeguard your family against financial uncertainties arising from irregular income or business liabilities.
Non-Resident Indians

NRIs can buy term insurance in India to protect their families while also enjoying applicable tax benefits.
Taxpayers

Premiums qualify for tax deductions under Section 80C, while eligible death benefits are generally exempt under Section 10(10D), subject to prevailing tax laws.

Term insurance plans are suitable to the needs of individuals from all segments and professions however, you must know how to choose the right term insurance plan according to your needs and financial plannings.

Conclusion

Term life insurance is a foundational element of any comprehensive financial plan, providing essential coverage to protect your loved ones in the event of your death. Understanding what term insurance is and its various features, benefits, and options, can help you make informed decisions about the type of policy best suited to your needs. Whether you're a young professional, a parent, or a homeowner, term life insurance offers an affordable and effective way to ensure your family's financial future is secure.

** Tax exemptions are as per applicable tax laws from time to time.

Before You Go

The day you're not there, your family's rent won't stop. School fees won't stop. Monthly bills won't stop.

Make sure their life can continue even when yours cannot.

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What Is Term Insurance? Meaning & Definition

What is Term Insurance?

Key Features of Term Life Insurance

Importance of Term Insurance

How Does Term Life Insurance Work?

Types of Term Insurance Plans

Who Should Consider Term Life Insurance?

Conclusion

Before You Go

Are you an employee of IndiaFirst Life?

Our Life Insurance Plans

Term insurance

ULIP – Unit-Linked Insurance Plan

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Explore our calculators to plan for your financial goals

Most Searched Terms

What Is Term Insurance? Meaning & Definition

What is Term Insurance?

Key Features of Term Life Insurance

Importance of Term Insurance

How Does Term Life Insurance Work?

Types of Term Insurance Plans

Who Should Consider Term Life Insurance?

Conclusion

Before You Go

Are you an employee of IndiaFirst Life?

Related Articles

What is Term Insurance?

Key Features of Term Life Insurance

Affordability

Flexibility in Term Length

High Sum Assured

No Maturity Benefits

Importance of Term Insurance

Provides Financial Security for Your Family

Helps Manage Outstanding Liabilities

Offers High Coverage at Affordable Premiums

Protection Against Critical Illness and Accidents

Acts as a Financial Safety Net

Simple and Easy to Understand

Offers Tax Benefits*

Provides Peace of Mind

How Does Term Life Insurance Work?

1. Policy Term & Coverage

2. Application Process

3. Regular Premium Payment

4. Death Benefit to Nominee

5. Optional Maturity Benefit

Types of Term Insurance Plans

1. Basic Term Plan

2. Level Term Plan

3. Increasing Term Plan

4. Decreasing Term Plan

5. Term Insurance with Return of Premium (TROP)

6. Convertible Term Insurance

7. NRI Term Insurance

8. Group Term Life Insurance

Who Should Consider Term Life Insurance?

Young Professionals

Married Couples

Parents

Homeowners

Self-employed Individuals

Non-Resident Indians

Taxpayers

Conclusion

Before You Go

Get in touch with an expert

Our Life Insurance Plans

Term insurance

ULIP – Unit-Linked Insurance Plan

Child Education Plan

Retirement And Pension Plans

Savings Plan

Related Blogs

Explore our calculators to plan for your financial goals

Most Searched Terms