Protecting What Matters the Most with

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.

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What is term Insurance?

To protect your family against uncertainties, term insurance is a cost-effective way of achieving financial security. A term policy is a simple and affordable product offering life insurance coverage. When you buy this form of life cover for yourself, you secure a sum assured for your nominee in lieu of the premium you pay into the plan. In the event of your passing during the policy, the nominee can claim a death benefit. If getting this support for your family is your focus, term insurance might be the correct affordable option as it offers coverage for a specific duration.

Why Should You Buy Term Insurance?

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.
Proves to be essential, especially during times like the COVID-19 pandemic
Is governed and overseen by the IRDAI for guaranteed payouts
Provides payment to the nominees in a lump sum or instalments upon the policyholder's demise
Let’s customers choose additional benefits to suit their needs
Provides the option to include disability, critical illness, or accidental death coverage
Comes with nominal cost options for financial security

Explore IndiaFirst Term Insurance Plans

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IndiaFirst Life Elite Term Plan

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IndiaFirst Life Plan

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IndiaFirst Life Guaranteed Protection Plus Plan

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IndiaFirst Life Saral Jeevan Bima Plan

Product Name: IndiaFirst Life Saral Jeevan Bima Plan
Product Description: Take a step towards securing your family's financial future with IndiaFirst Life Saral Jeevan Bima Plan. This pure term insurance policy is designed to provide lump sum benefit as a safety net for your loved ones in case of unexpected events. Safeguard their dreams by choosing our term plan today!
Product Benefits: 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.
Tax benefits
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Who Should Buy a Term Plan?

If you are looking to protect your loved ones in your absence, a term plan can help you do so. The protection it offers, coupled with its low cost and simple design makes term insurance plans suitable for a wide range of people.

Here are some examples of who should consider a term insurance policy .

Young Professionals

When you begin your career, securing your future tends to be the priority rather than ensuring a safer tomorrow for your loved ones. However, if you have plans to raise a family in the near future, or support your parents, you may like to consider buying life coverage through term insurance as soon as possible. This is encouraged because age can affect premium rates.

Parents

Caring for their little one’s future is often a priority for parents. Term insurance can help you ease your worries to a certain extent. Getting the security of term insurance for your family allows you to lay the foundation for a stable future.

Self-employed Individuals

Term insurance for the self-employed is important irrespective of the size of their business and the number of dependents. When running your own venture, financial stability is crucial. Term insurance offers this stability for the future.

Women

Term insurance for women is as important as term insurance for men in the family. It is especially so when the woman is in the role of a financial provider for their children or their parents. Although term insurance for housewives becomes equally important when you consider the role they play in the lives of their loved ones. If you are a woman who wants to ensure protection for your children or parents in your absence, term insurance is a cost-effective option to consider.

Senior Citizens

Ideally, most senior citizens pass on the baton of providing for the dependent members of their family to the younger generation. However, it is not unusual for the elderly to want to take care of their loved ones after they are gone. Many older adults would also benefit from term insurance for senior citizens if they were still taking care of dependents, such as their spouse or grandchild.

Debtors

If you are paying off any form of loan or debt, term insurance is to be considered. In the unfortunate event of your passing before the debt is fully paid off, the burden of repayment could shift to your family, putting them in financial distress.

How Does a Term Plan Work?

Whether you are a prospective policyholder, someone who owns a term insurance policy, a nominee, or someone who has never had to deal with insurance, understanding how a term insurance policy works is crucial. This will allow you and your loved ones to make the right financial decisions to plan a secure future.

Here’s what you need to know about the workings of a term insurance plan.

Term plans can be of various types. The simplest one is commonly referred to as a level term insurance plan. It only offers a death benefit. If you need more from such a policy, you may have the option to add riders.
You can buy a policy online or offline. The online term insurance policy-buying process is fairly simple. It can be completed within a few steps, provided you submit all the required documents.
When buying term insurance plan, it is advisable to use a term insurance plan premium calculator to get estimates for premiums based on your personal details, the plan chosen, and the sum assured you seek.
Upon approval, you can pay premiums for the same. You can choose the premium payment frequency based on the available options.
Buying a term insurance plan offers a life cover. So, if you were to pass away when the policy is in force, the nominee for the plan can claim a death benefit.

Thus, getting a term insurance plan can help you protect your loved ones in your absence.

Features of Term Insurance

Whether chosen for a duration of 5 years or 40 years, term insurance plans can help you to protect your loved ones while you soar high to achieve your dreams. Here are the key features of term insurance plans that make it an important financial asset.

Cost-effective Structure

A term life policy is considered suitable as well as accessible to a wider range of prospective buyers. One of the reasons is how cost-effective it can be. Term life insurance policies are known to offer a high sum assured for relatively lower premiums. It makes the policy rather affordable, whether you are looking for short-term coverage or longer-term.

Flexible Coverage Duration

With term life insurance plans, the policyholder can choose the coverage duration from the available options. Usually, you may choose a coverage period as low as 5 years, to as high as 40 years. It is subject to the age of the life assured. The minimum entry age for term plans is 18 years, whereas the maximum is 65 years.

Premium Payment Options

Depending on what you find convenient, you can choose from the range of premium payment options available. Usually, the policyholder can opt to pay their term life insurance policy premiums monthly, quarterly, or annually. You may also have the choice of limited premium payment term, which means you do not have to pay premiums for the entire coverage duration.

Rider Choices

To increase the scope of coverage offered by your term plan, you can add riders to the same. You can opt for critical illness, accidental permanent disability benefit, accidental death benefit, and other such riders. These are add-on features that can be purchased at an additional cost.

Tax Benefits

Your term insurance premiums as well as benefits received can earn you tax exemptions. Under Section 80C of the Income Tax Act*, the premiums paid into term insurance plans can be claimed. For the death benefit received by the nominee, an exemption can be claimed under Section 80D. These claims are subject to prevalent tax regulations and are available for taxpayers opting for the old regime.

Ease of Purchase

You can purchase the term plan of your choice online or offline. To buy it online, you can visit our website and complete the purchase process. You simply have to upload all the necessary documents and make the payment. For offline purchases, you may consult an insurance agent or the insurance provider to guide you through the process.

Benefits of Term Insurance

The benefits of term insurance may not be obvious to all, given the simplicity of these plans. Depending on the plan chosen and the customisations opted for, you can find these simple plans offering the below benefits.

Life Cover

The primary benefit offered by term life insurance plan, is a life cover, which can work as a source of financial stability for the beneficiary of the plan. This is provided against the premiums paid into the plan by the policyholder. Upon the passing of the life assured during the policy duration, their nominee can initiate a claim and receive the sum assured.

Affordable Premiums

While affordability may be relative, term insurance plans happen to be one of the low-priced life cover options available in the market. So, whether you are at the start of your career or close to retirement, it is likely you may find a plan within your budget.

Maturity Benefits

While this may not be applicable to all sub-types of term insurance, you may be able to opt for maturity benefits if you opt for term plan with a return of premium option. These can be priced slightly higher but offer maturity benefits for those who seek them.

Tax-saving Prospects

If you are a taxpayer under the old regime, you may be able to claim exemptions under Section 80C for the premiums paid into your term insurance. Similarly, if you are a nominee receiving a term plan benefit, it can be tax-free if you claim an exemption under Section 80D. You may consult your tax advisor to know how to claim this benefit.

Add-on Benefits

With the right rider choices, you can create a term plan that suits your needs and offers coverage for situations you may want to stay prepared for. For example, with a critical illness term insurance add-on, you can rest assured that at least some of your expenses after being diagnosed will be taken care of with the claim amount.

Types of Term Insurance Plans

Know the type of term insurance plans available to choose the right policy for your needs.

Level Term Insurance

If you are looking for a no-frills life insurance option with low premium costs, a level term insurance plan is what you are looking for. These plans offer only death benefits.

Term Insurance Plan with Return of Premium

If you are satisfied with the simple design of level term plans but want some form of maturity benefit without a drastic cost increase, these plans may be the right choice. Upon maturity, you will get back your premiums.

Term Insurance with Add-on Benefits

Riders are another addition you could make to your term insurance plans based on your needs. With riders such as waiver of premium and term rider, you can opt for a term insurance plan with enhanced scope.

Why Choose IndiaFirst Life?

Ensuring your family's financial security is paramount, and IndiaFirst Term Life Insurance Plans are designed with this priority in mind. Here's why opting for our term insurance plans is the right choice:

Trusted by 1.6 Crore Customers for their life insurance policy

Promoted by Bank of Baroda

High Claim Settlement Ratio of 98.04%

Seamless Online and Offline Experience

100% Genuine Claims are Settled in 1 day.

Understanding Term Insurance Eligibility Criteria

Explore our Term Insurance eligibility criteria to secure your family's future. This section covers essential aspects, including term insurance age limits and term plan age limits.

Age Requirements (Term Plan Age Limit):

Minimum age for application: 18 years
Maximum age for application: 60 years
Maximum age at the end of the plan: 99 years

Sum Assured Limits:

Minimum Sum Assured: ₹1,00,000
Maximum Sum Assured: ₹ 5,00,00,000

Policy Term Options:

Policy terms typically range from 5 to 81 years, aligning with individual needs.

How to Buy the Best Term Insurance Plan in India?

Term insurance plans are usually a long-term commitment. To ensure that the purchase you make is best suited to you, here are a few things to remember when buying the best term plan.

The best term insurance plan is not a one-size-fits-all product. Consider your budget and look for the right term plan for you. For example, you could opt for a 50 lakh term insurance policy, but if the premium estimates seem like they could strain your budget, reevaluate the coverage amount.
Besides your budget, one should also consider the suitability of the coverage that may be necessary for them. For example, you could opt for a 1 Crore term insurance plan, but it may not be necessary for you. It would not make sense to pay for a benefit that would overcompensate for the situation. Take stock of your liabilities and opt for a suitable sum assured accordingly.
Go for a trusted insurance company. When buying term insurance, check the credibility of the insurer you plan to go with. Take into consideration factors such as company reputation, claim settlement ratio, customer support, volume of claims settled, and other similar factors that can help you choose.
Before you make a purchase, browse through all the different plan options. You can also use a term insurance calculator to get estimates.

Additionally, it is important to ensure that your nominee is aware of the policy details and the procedure to apply for a claim.

How much term insurance coverage do you need?

Your term insurance sum assured should be enough to cover any financial liabilities you may leave behind for your family to face.

One of the commonly used methods to get an ideal sum assured value is estimating the human life value. This can be achieved by using a human life value calculator or by calculating your liabilities and considering a value that is ten times your annual income.

However, as an example, if your situation makes you believe that buying 1.5 Crore term insurance is a better deal for you than a 1 Crore sum assured plan, you may opt for it accordingly.

Do note that your chosen sum assured is subject to approval by the insurer’s underwriting team.

What is a Term Insurance Rider? Why is it important?

A term insurance rider is an additional feature that can be attached to your core term insurance policy. It comes at an additional cost that is added to your base premium.

Why do you need term insurance riders? Term plans are simple in design. If you seek to keep the costs relatively low but add to the list of features offered, riders can be an option.

For example, a term rider is an add-on that will allow you to increase the coverage duration of your policy. On the other hand, a waiver of premium rider can help you stop premium payments to the plan if a benefit is claimed.

You can add one of multiple riders to the policy, based on your needs and budget. This can also minimise the need for you to buy a separate plan.

Steps to Purchase IndiaFirst Life Term Insurance?

Step 1 - Determine Coverage Need
Use our term insurance calculator to find the right coverage as per your evolving lifestyle and family needs.
Step 2 - Consider Life-Stage
Tailor your plan based on your life stage, family dependents, income, and habits.
Step 3 - Understand Term Plan Benefits
Review policy features and explore rider options for comprehensive coverage.
Step 4 - Get a Quote
Quickly get a term insurance premium quote by selecting sum assured and coverage years.
Step 5 - Pay Premium to Activate Cover
Finalise your plan, complete details, pay online, and submit documents for instant activation.

Documents Required For Term Insurance

To ensure ease of purchase, it is advisable to have the following documents ready when you buy a term insurance plan.

Proof of Identity

PAN card
Aadhaar card
Voter ID
Passport

Proof of Address

Telephone, Electricity, or Gas bill in the past three months
Property tax receipt

Proof of Income

For salaried individuals:

Recent Form 16
Bank Statement for salary

For self-employed individuals:

Form 26AS
Profit-loss document and balance sheet verified by CA

Depending on your medical history and age, you may also be required to produce medical reports or undergo a medical test.

Frequently Asked Questions

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Basics of Term Insurance

Buying Term Insurance

Term Insurance Premium

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 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.

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

Answer: You may get a plan for individuals above 18 years of age. It is also recommended to buy a plan as early as possible, as premiums may be higher for older individuals.

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.

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.

What happens if I don’t die? Will I get anything via term insurance?

Answer

A level term insurance plan does not offer a maturity benefit. So, if the policyholder were to survive the duration of a term plan, there is no benefit to be claimed.

However, if you have chosen a return of premium term plan, you may be able to claim your premium as a maturity benefit, minus any necessary deductions.

Moreover, if you have a plan with add-ons, such as an accidental permanent disability benefit, and are faced with such a situation during the policy term, you may be able to claim the same.

Is it necessary to add a rider to my term insurance policy?

Answer: No, it is not necessary to buy term insurance riders with the core plan. However, if you are looking to get more from a single plan at a relatively lower cost, riders may help you achieve this.

What happens if the nominee dies?

Answer: If the nominee passes away before the maturity of the policy, the policyholder can change the nominee. In case that is not possible, the insurer can pass on the benefits to the beneficiary, which is usually a close relative of the policyholder, such as the spouse, child, parent, or sibling.

Can the payment frequency of my term plan be changed?

Answer: Yes, it is possible to change the frequency of your term insurance plan premium payment. This is based on the payment frequency offered for the plan.

What documents do I need to buy a term plan?

Answer: Essentially documents required for term Insurance are proof of identity, address, and income, along with potential medical records. This may vary based on the chosen plan and insurer.

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.

Should you buy term insurance online or offline?

Answer: While you should opt for the mode of purchase that is convenient for you, buying term insurance online is often considered quicker and simpler.

Can I increase my term plan sum assured?

Answer: Yes, you can increase your Sum Assured under the 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.

How much does a term insurance policy 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.

Do term insurance plans offer tax benefits?

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

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Disclaimer

T&C*

*First year monthly premium for 1 Cr sum assured bought online for 20-year-old healthy male for cover up to age 75 would be 1608 (20.27 per day). Regular monthly premium from year 2 for the same parameters would be 1676 (22.53 per day).

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Term Insurance

What is term Insurance?

Why Should You Buy Term Insurance?

Explore IndiaFirst Term Insurance Plans

IndiaFirst Life Elite Term Plan

IndiaFirst Life Elite Term Plan

With IndiaFirst Life Elite Term Plan, you not only fulfil your commitment, but also ensure that money is the last thing your family have to worry about. IndiaFirst Life Elite Term Plan is a pure protection plan that ticks everything off your checklist.

High cover at affordable costLifetime protection till age 99 years10% discount on 1st Premium on online buyTax benefits as per applicable tax laws

Get Quote

Learn More

Tax Saving

IndiaFirst Life Plan

IndiaFirst Life Plan

Protect your family's future with IndiaFirst Life Plan – a plan that caters to your family's protection requirements and offers great benefits to keep your loved ones secure.

Flexible Policy Term OptionsGuaranteed Death BenefitsChoice to Customise Life CoverageTax Benefits

Get Quote

Learn More

Tax Saving

IndiaFirst Life Guaranteed Protection Plus Plan

IndiaFirst Life Guaranteed Protection Plus Plan

Need a protection plan? Look no further! This plan aims to give you and your family financial security in an easy way.

Option to Get Your Money Back (ROP)Multiple Life Options Flexible Premium Terms Insure your spouse under the same policy.Cover till 99 years of age

Get Quote

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Tax Saving

IndiaFirst Life Saral Jeevan Bima Plan

Who Should Buy a Term Plan?

Young Professionals

Parents

Self-employed Individuals

Women

Senior Citizens

Debtors

How Does a Term Plan Work?

Features of Term Insurance

Cost-effective Structure

Flexible Coverage Duration

Premium Payment Options

Rider Choices

Tax Benefits

Ease of Purchase

Benefits of Term Insurance

Life Cover

Affordable Premiums

Maturity Benefits

Tax-saving Prospects

Add-on Benefits

Types of Term Insurance Plans

Level Term Insurance

Term Insurance Plan with Return of Premium

Term Insurance with Add-on Benefits

Why Choose IndiaFirst Life?

Understanding Term Insurance Eligibility Criteria

Age Requirements (Term Plan Age Limit):

Sum Assured Limits:

Policy Term Options:

How to Buy the Best Term Insurance Plan in India?

How much term insurance coverage do you need?

What is a Term Insurance Rider? Why is it important?

Steps to Purchase IndiaFirst Life Term Insurance?

Step 1 - Determine Coverage Need

Step 2 - Consider Life-Stage

Step 3 - Understand Term Plan Benefits

Step 4 - Get a Quote

Step 5 - Pay Premium to Activate Cover

Documents Required For Term Insurance

Proof of Identity

Proof of Address

Proof of Income

Depending on your medical history and age, you may also be required to produce medical reports or undergo a medical test.

Frequently Asked Questions

Basics of Term Insurance

Buying Term Insurance

Term Insurance Premium

Is buying Term Plan Life Insurance smart?

Is it okay to have two term insurance policies?

What should be the tenure of my term plan policy?

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

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

Is death by natural causes covered in a term policy?

High cover at affordable cost
Lifetime protection till age 99 years
10% discount on 1^st Premium on online buy
Tax benefits as per applicable tax laws

Flexible Policy Term Options
Guaranteed Death Benefits
Choice to Customise Life Coverage
Tax Benefits

Option to Get Your Money Back (ROP)
Multiple Life Options
Flexible Premium Terms
Insure your spouse under the same policy.
Cover till 99 years of age