Buy Best Term Insurance Plan and Policy Online in India 2024

Term Insurance

The right term insurance plan is the one that suits your needs and offers adequate coverage without you having to stress your finances. These term plans are relatively simple in design and aim to fulfil a primary function – a better future for your family in your absence.
If you are opting for a term insurance plan, you can start with a premium calculator to get the estimated policy cost for your desired sum assured. Begin today to get a suitable term insurance policy and rest assured about a better future for your loved ones.

Get a Life Cover of 1 Crore for Just Rs20/day*

Breadwinner Protection

Return of Premium Option

Terminal Illness Coverage

Policy remains effective in your absence (WOP)

Lifestyle Protection

COVID-19 Coverage

Understanding Term Insurance: How It Works?

Offers insurance protection for a specified duration.
Guarantees death benefits to beneficiaries upon the policyholder's demise.
Safeguards your family’s future in case of untimely death.
Provides comprehensive coverage at affordable premiums.
Essential, especially during times like the COVID-19 pandemic.
Governed and overseen by the IRDAI for guaranteed payouts.
Nominees receive payment in a lump sum or instalments upon the policyholder's demise.
Choose additional benefits to suit your needs.
Option to include disability, critical illness or accidental death coverage.
Nominal cost options for financial security.

Know the Features of Term Insurance

When considering Term Insurance, the first crucial step is to calculate the coverage you need and avoid the pitfall of under-insuring. As life evolves and requirements change, it's essential to safeguard your family adequately. Utilize our Term Plan Calculator to determine the optimal coverage and prioritize your loved ones' financial well-being with the right amount of protection.

Term Insurance Basics

Premium & Payment

Sum Assured

Lifestyle

Is buying Term Plan Life Insurance smart?

Answer: Absolutely. A ₹1 crore term insurance policy provides financial security for your family in case of your untimely demise. It enables them to maintain their lifestyle and pursue aspirations

Is it okay to have two term insurance policies?

Answer: Yes, having multiple policies is fine, but you must disclose existing details which might affect new term cover eligibility.

What documents do I need to buy a term plan?

Answer: Typically, you may need proof of identity, address and income, along with potential medical records. This may vary based on the chosen plan and insurer.

What is the right age to buy term insurance in India?

Answer: Start as early as 18 years. If you have dependents and a steady income, consider it immediately. Premiums increase with age.

What should be the tenure of my term plan policy?

Answer: Opt for the maximum term available. This will secure the financial well-being of your loved ones for an extended period.

Who needs a term cover?

Answer: Newly-Married Couples: Gift peace of mind and financial security to your spouse through a term insurance policy, providing immediate funds in case of the primary breadwinner's loss.

Parents: Safeguard your children's future by ensuring financial support, covering their evolving needs from diapers to university expenses, even if you're not around.

Singles/Young Professionals: Secure yourself against critical illnesses and benefit from lower premiums by getting a term plan early in life.

Working Women: Take care of your family's financial health and address critical illnesses with a term insurance plan, extending coverage to parents as well.
Retired People: Provide tax-free inheritance for your dependents with term insurance pay-outs, ensuring financial stability in retirement.
Tax Payers: Cleverly invest in term insurance to reduce tax burden by claiming premium deductions under Section 80C.

How much does a term plan cost?

Answer: Costs depend on factors like age, health and coverage. For instance, a ₹1 crore term plan for 40 years may cost ₹8,260 annually for a 30-year-old person who doesn't smoke.

Will my premium change during the policy tenure?

Answer: No, your premium remains constant throughout the policy tenure, except for changes in service tax regulations.

Will I get a maturity benefit if I survive the term?

Answer: No, term plans focus on providing a lump sum to beneficiaries in case of demise. Some variants may offer a return of basic premiums paid.

How much term insurance do I need?

Answer: Experts recommend 10-20 times your yearly income as the amount for term insurance. Consider opting for additional covers for liabilities like loans for maximum financial security.

How much life cover should I buy?

Answer: Ensure enough coverage to settle debts, replace income, and meet future obligations like education and healthcare. Consider adding your annual income for inflation protection.

Do term insurance plans offer tax benefits?

Answer: Yes, you can enjoy tax deductions under Section 80C for premiums and Section 10(10D) for tax-free lump sum payouts.

Can I increase my term plan sum assured?

Answer: Yes, you can increase your Sum Assured under IndiaFirst Life Guaranteed Protection Plus policy. The option is available exclusively under the Life Option. You can initiate the increase without any medical underwriting on specified events during the life of the Life Assured. The total increase is subject to an overall limit of 100% of the initial Sum Assured. To exercise this option, it must be done within six months from the date of the specified events. The increased Sum Assured becomes effective from the annual policy anniversary following the notification date, and an additional premium will be charged based on the policyholder's attained age at the option exercise date.

Is death by natural causes covered in a term policy?

Answer: Yes, term plans cover both natural and accidental death. Specific conditions might apply as exceptions, such as suicide and non-disclosure of truthful facts.

As an occasional smoker, do I declare myself as a tobacco user?

Answer: Yes, you need to declare tobacco use. Full disclosure is crucial for determining the right premium and preventing claim settlement issues later.

Term Insurance

What are the Benefits of Term Insurance?

Family First

Asset Protection

Lifestyle Protection

Certainty in Life

COVID-19 Coverage

Critical Illness Coverage

Understanding Term Insurance: How It Works?

How to Purchase Term Insurance?

Determine Coverage Need

Consider Life-Stage

Understand Term Plan Benefits

Get a Quote

Pay Premium to Activate Cover

Why Choose IndiaFirst Life Insurance Term Plans?

Know the Features of Term Insurance

Affordable Life Cover

Tailored Safety

Flexible Payouts

Lifetime Coverage

Sum Assured Enhancement

Return of Premiums

Smart Life Option

Spousal Coverage

FAQs