In an uncertain world, securing the financial future of loved ones is paramount. Term insurance is one of the simplest and most effective ways to provide that protection.
A pure protection plan, term insurance pays a lump-sum death benefit (the sum assured) to your nominee if the policyholder dies during the policy term. It does not have a savings component, which is why term life insurance typically delivers higher cover for lower premiums compared with other life insurance options.
In 2026, demand for term insurance is rising as more Indians prioritise financial protection for dependents, mortgage and loan cover, and long-term income replacement. Choosing the right term insurance plan — whether from established insurers such as HDFC Life or Max Life, or one of the other top providers — requires comparing coverage, premiums, riders and the insurer’s claim settlement record.
Key Takeaways
- Term insurance is a cost‑effective way to ensure your family receives a lump-sum sum assured on your death.
- It is a pure protection plan with no cash‑back component, though return premium options exist with specific plans at higher premium.
- Compare policy terms, riders (accidental death, critical illness), and insurer reputation before buying.
- Buy early — younger applicants usually get lower premiums and longer policy term options.
- Selecting the best term insurance means balancing cover, cost and claim reliability.
Compare the best term plans below and watch our explainer video to learn how to choose the right cover for your family — use the calculator to estimate the required sum assured.
Understanding Term Insurance in 2026
As you plan finances in 2026, understanding term insurance is essential. A term policy provides life cover for a defined period — commonly between 5 and 40 years depending on the insurer — and pays a lump-sum death benefit (the sum assured) to the nominee if the policyholder dies during the policy term. Its core purpose is to offer straightforward coverage to dependents, not to act as a savings vehicle.
What Is Term Insurance? A Simple Explanation
Term insurance is a pure protection product: you pay regular premiums in return for a large death payout if the insured dies within the term. There is usually no maturity benefit if you survive the term, although some term insurance plans offer a return premium option (at higher premiums) that refunds premiums paid if no claim is made. For example, a 35‑year‑old non‑smoker who takes a 30‑year term plan with a ₹1 crore sum assured will have nominee protection throughout the policy term but no cash payout at maturity unless the chosen plan includes a return‑of‑premium rider.
How Term Insurance Differs from Other Life Insurance Types
Term insurance differs from whole life, endowment or unit‑linked life products because it does not build a cash value. Those other life insurance types combine protection and savings/investment elements — which raises their cost. By focusing solely on protection, term plans typically deliver a higher sum assured for a lower premium, making them an efficient option for income replacement and debt cover.
The simplicity and cost‑effectiveness of term life insurance make it attractive to many buyers. If you need help choosing a suitable term plan, use our term insurance calculator (link) and the “How to choose a term policy” guide (link) to estimate required cover and compare term insurance policies.
Why Term Insurance Is Important in 2026
In the changing economic landscape of 2026, term insurance remains a vital tool for securing family futures. With living costs and debt levels rising for many households, a robust term plan provides a straightforward layer of financial protection that helps cover day‑to‑day expenses, outstanding loans and longer‑term goals such as children’s education.
Financial Protection for Your Family
A term policy pays a lump‑sum death benefit (the sum assured) to your nominee if you die during the policy term. That payout can replace lost income, clear home loans or provide money for future needs — giving dependents immediate financial stability at a difficult time.
Tax Benefits of Term Insurance
Term insurance also offers clear tax benefits. Premiums paid for qualifying term insurance plans are typically eligible for deduction under Section 80C of the Income Tax Act (subject to the section’s limits), while the death benefit is generally tax‑free under Section 10(10D). For example, if you pay annual premiums of ₹30,000, that amount may reduce your taxable income (within the 80C limit), lowering your tax liability for the year — always check current limits and consult a tax adviser for personalised figures.
Inflation‑Proofing Your Family’s Future
Although a lump‑sum payout cannot eliminate inflation, choosing an adequate sum assured and considering inflation‑linked strategies can help maintain real value. Options include increasing cover through an automatic escalation rider, purchasing a higher initial sum to allow margin for inflation, or combining term cover with inflation‑sensitive investments. Note that riders and higher cover typically increase the premium.
Watch: “Term Insurance in India 2026 — How to Choose the Best Term Plan” — a clear 6–10 minute explainer that compares typical term plans, explains riders and shows how to calculate the required cover. (Editor: replace VIDEO_ID with the approved YouTube video and include a 150–200 word transcript below the embed for accessibility and SEO.)
In short, term insurance is a core component of a comprehensive 2026 financial plan: it delivers affordable protection, potential tax advantages and a way to protect dependents against loss of earnings and rising costs.
Why Term Insurance Is Trending in 2026
The year 2026 has seen renewed interest in term insurance across India as households prioritise financial protection. Several economic and technological developments have made term plans easier to buy and more relevant as a core part of a family’s protection strategy.
Changing Economic Landscape in India
India’s evolving economic landscape — rising incomes in many segments, increased household borrowing and higher costs for education and healthcare — has pushed more people to consider life cover. As a result, demand for affordable coverage that replaces lost income or clears outstanding debt has increased: recent industry reports show online term policy purchases growing year‑on‑year (editor: add source link and latest % figure for 2025–26).
Technological Advancements in the Insurance Sector
Technological advancements have transformed how consumers find, compare and buy term insurance. Insurers and comparison platforms now offer instant quotes, digital underwriting (where minor health questions can replace medicals), e‑signature policies and faster claim intimation channels. These tools have reduced friction and, in many cases, lowered distribution costs — an effect that helps keep premiums competitive.
Increasing Awareness About Financial Security
Awareness campaigns, financial education and greater media coverage of claim experiences have made the public more conscious of the need for protection. More young professionals and primary breadwinners are choosing term plans as a cost‑efficient way to secure long‑term financial outcomes for dependents. This heightened awareness is driving broader adoption of term insurance plans and nudging consumers to compare multiple insurers and plan options before buying.
| Factors Contributing to Term Insurance TrendImpact on Term Insurance | |
| Changing Economic Landscape | Higher demand for income replacement and loan protection |
| Technological Advancements | Easier comparison, faster digital purchase and lower distribution costs |
| Increasing Awareness About Financial Security | More consumers shortlist and buy term plans early |
Practical note for readers: include the comparison table in the “Best Term Insurance Plans” section for an apples‑to‑apples view of policy terms, sample premiums and claim settlement records. (Editor: insert up‑to‑date statistic(s) and link to insurer product pages or the comparison table in Block 5.)
Best Term Insurance Plans in India for 2026: Comparison, Benefits & How to Choose
The best term insurance plans in India for 2026 balance affordability with comprehensive coverage. With many insurance plans available, it’s important to compare features, rider options and insurer reliability to pick the right term plan for your needs.
HDFC Life Click 2 Protect Life
HDFC Life Click 2 Protect Life is a widely purchased term insurance plan known for flexibility and a broad set of rider options. It is popular with buyers seeking straightforward life cover and add‑ons for enhanced protection.
Key Features
- Multiple plan options (level, increasing, decreasing) to suit different needs
- Riders available including critical illness and accidental death benefit
- Flexible premium payment modes and online purchase discounts
- Choice of income replacement options in select variants
Premium Rates
Premium rates depend on age, health, sum assured and term; younger, healthier lives typically secure lower premiums. (Editor: include latest sample premium for a 30‑year‑old non‑smoker, ₹1 crore cover / 30‑year term.)
Max Life Smart Secure Plus Plan
Max Life Smart Secure Plus is another top choice, offering a combination of high cover and useful riders for family protection and income replacement.
Key Features
- Comprehensive life cover with optional accidental death benefit
- Income replacement options to support family cash flow
- Online discounts and flexible payment terms
- Return‑of‑premium variants available (at higher premium)
Premium Rates
Competitive premium rates and online discounts make it attractive; always compare sample quotes across insurers to find the best term deal for your profile.
As
“Term insurance is a crucial component of financial planning, providing security for your loved ones in your absence”
, choosing the right plan is vital. Below are additional recommended insurers and plans to consider — each entry includes the plan name, a short note on differentiators, typical riders and what to check when comparing quotes.
Other Recommended Term Insurance Options (Top Insurers)
- LIC — Tech Term / LIC eTerm: Backed by LIC’s brand trust; check online variants for competitive pricing and the latest claim settlement data.
- ICICI Prudential iProtect: Strong online purchase experience and multiple rider choices; good for younger professionals wanting customised cover.
- SBI Life eShield / eShield Next: Competitive premiums, wide distribution and good claim support; suitable for those seeking established bank‑assured products.
- Bajaj Allianz iProtect: Flexible options and digital onboarding; known for promotional online discounts at times.
- Tata AIA — iRaksha / AIA Smart Protect: Strong customer service and varied rider set; check for income replacement riders if needed.
- Kotak e-Term: Good digital journey and instant quotes; often competitive for non‑smokers in younger age groups.
- PNB MetLife (or MetLife branded term plan): Clear cover options and return‑of‑premium variants in some offerings; check the cost/benefit of ROP plans.
Compact Comparison Table (editor: populate with current data)
(Editor: replace the placeholder rows with live data. Suggested columns — Insurer | Popular Plan(s) | Latest Claim Settlement Ratio (%) | Key Rider(s) | Special Features | Typical annual premium (30‑yr‑old non‑smoker, ₹1 crore, 30‑yr term))
| InsurerPopular Plan(s)Claim Settlement RatioKey Rider(s)Special featuresSample premium* | |||||
| HDFC Life | Click 2 Protect Life | — | Critical illness, Accidental death | Online discount, flexible options | ₹ — |
| Max Life | Smart Secure Plus | — | Accidental death, Income replacement | ROP variants, online offers | ₹ — |
| ICICI Prudential | iProtect | — | Critical illness, Waiver of premium | Strong digital journey | ₹ — |
| SBI Life | eShield | — | Accidental death, CI | Bank distribution, trust | ₹ — |
| LIC | Tech Term / eTerm | — | Basic riders | Brand trust, wide network | ₹ — |
* Sample premium: editor to add current figures and date/source. Typical sample: 30‑year‑old non‑smoker, 30‑year policy, ₹1 crore sum assured. Include source link for each insurer’s quote or sample rate.
How to Shortlist the Best Term Plans for You
- Decide sum assured — base it on income replacement + outstanding liabilities + future goals (education, marriage).
- Choose policy term — usually aligned to working years or remaining loan tenure.
- Compare sample premiums for identical assumptions (age, smoker status, term, sum assured).
- Check claim settlement records and insurer reputation before finalising.
- Review rider costs — accidental death, critical illness, waiver of premium and return‑of‑premium options affect overall cost.
Watch the explainer video (linked in the “Why Term Insurance Is Important” section) to see step‑by‑step how to compare quotations and calculate the cover you need. Use our calculator to generate personalised quotes and then request instant online proposals from shortlisted insurers.
CTA: Compare quotes from top insurers now — get an instant estimate for the best term insurance plan for your profile.
Key Features to Compare When Choosing Term Insurance
When selecting a term plan, a careful term insurance comparison will help you choose a policy that balances cost and protection. Below are the core features to evaluate — these factors directly affect your premiums, the quality of cover and the likelihood of a smooth claim process for beneficiaries.
Claim Settlement Ratio
The claim settlement ratio (CSR) is a key indicator of insurer reliability. It shows the percentage of claims an insurer settled in a given period. A higher CSR increases the chances that your nominees will receive the death benefit without unnecessary delays. Always check the insurer’s latest CSR (published annually) and read up on claim turnaround times and customer reviews.
Premium Rates and Payment Flexibility
Premium rates vary by age, health, smoking status, occupation and the chosen sum assured and term. Obtain sample quotes for the same assumptions (for example: 35‑year‑old, non‑smoker, ₹1 crore sum assured, 30‑year policy term) to compare effectively. Also consider payment flexibility — monthly, quarterly, annual options and whether the insurer offers discounts for online purchase or single‑pay options.
Coverage Options and Policy Term
Different insurance plans offer various coverage formats: level cover, increasing cover (annual escalation), or decreasing cover (typically linked to loan repayment). Some term plans are convertible to other life products. Choose a policy term that matches your working years, outstanding loans and the time you need income replacement.
Company Reputation and Financial Stability
Assess insurer reputation, financial strength ratings and market presence. A well‑capitalised insurer with solid ratings is more likely to honour claims long term. Check publicly available financial strength scores and recent industry performance reports.
What Affects Your Premium — Quick Notes
- Age and health (including BMI and medical history)
- Smoking/tobacco use and alcohol consumption
- Occupation and hazardous activities
- Riders selected (critical illness, accidental death, waiver of premium increase cost)
- Policy term and type of cover (level vs increasing)
Red Flags to Watch in Terms & Conditions
- Long waiting periods for certain riders or exclusions for pre‑existing conditions
- Ambiguous definitions of critical illnesses — compare the list of covered conditions
- Suicide clause duration and how it affects early claims
- Stringent medical underwriting or undisclosed policy exclusions
| FeatureInsurer A (example)Insurer B (example) | |||
| Claim Settlement Ratio | 95% (2025) | 98% (2025) | |
| Premium Rate (Annual) | Sample: 35, non‑smoker, ₹1cr, 30yr | ₹12,800 | ₹12,200 |
| Policy Term Options | 10–40 years | 15–40 years |
Editor: replace the example insurer rows above with live data for 3–6 insurers — show the most recent CSR, exact sample premiums (with date and assumptions) and policy term ranges. Source each data point.
Next step: use our premium calculator (link) to generate quotes with identical assumptions, then compare quotes from top insurers to identify the best balance of premium, cover and claim reliability.
Essential Riders to Consider in 2026
As you review term insurance plans in 2026, consider adding riders to tailor protection to your family’s needs. Term insurance riders are optional benefits that enhance a basic policy by providing extra payouts or protections — but they usually increase your premiums. Below are the most useful riders, typical cost trade‑offs and key exclusions to watch for.
Critical Illness Rider
The Critical Illness Rider pays a lump sum if the insured is diagnosed with a covered critical illness (for example: heart attack, cancer, stroke — definitions vary by insurer). Typical uplift: expect a 10–40% increase in premium depending on the insurer and the number of conditions covered. Watch for survival period clauses (many policies require you to survive 30–90 days after diagnosis) and check the exact list of covered illnesses.
Accidental Death Benefit
The Accidental Death Benefit (ADB) rider provides an additional payout if death occurs due to an accident. This rider is usually inexpensive relative to the base premium (often a modest percentage add‑on) and is useful for households where the insured has a higher occupational or lifestyle risk. Confirm whether the rider excludes certain activities (e.g., hazardous sports) and read the accidental death definition carefully.
Waiver of Premium
The Waiver of Premium rider waives future premiums if the policyholder becomes totally disabled or meets predefined critical illness criteria, while keeping the cover in force. This rider is valuable if you have young dependents and would otherwise struggle to pay premiums after a disability. Expect a moderate premium increase; check waiting periods and the exact disability definition (total and permanent disability vs. temporary).
Income Benefit Rider
The Income Benefit Rider pays a regular monthly or yearly income to nominees after the policyholder’s death (instead of, or in addition to, a lump sum). This is helpful for replacing salary flows. It can be priced as an instalment of the sum assured or as an additional benefit; expect a noticeable premium uplift. Verify whether the income is inflation‑indexed and whether it continues for a fixed term or until a specified age.
Return of Premium Rider
The Return of Premium (ROP) rider returns the total premiums paid if the insured survives the policy term. While attractive to those who dislike “pure risk” plans with no maturity benefit, ROP variants can increase premiums significantly (often 2x–3x the basic term premium). Evaluate whether the higher cost versus potential return meets your financial priorities.
Cost vs Benefit — Quick Guidance
- Choose Waiver of Premium if you are the primary breadwinner with young dependents and limited emergency funds.
- Choose Income Benefit if you want steady monthly replacement of salary rather than a single lump sum.
- Choose Critical Illness if family medical risk is a priority — confirm the covered illnesses and survival clauses.
- Avoid ROP unless you specifically want a guaranteed maturity return and accept higher long‑term cost.
Common Rider Exclusions & Underwriting Notes
- Pre‑existing conditions and illnesses diagnosed within the waiting period are often excluded.
- Certain high‑risk activities, occupations and self‑inflicted injuries may be excluded for accidental benefits.
- Some riders require additional medical underwriting or evidence of insurability at claim time.
| RiderPrimary BenefitTypical Premium Impact | ||
| Critical Illness | Lump sum on diagnosis | +10–40% |
| Accidental Death Benefit | Extra payout on accidental death | +5–15% |
| Waiver of Premium | Future premiums waived on disability | +10–30% |
| Income Benefit | Regular income to nominees | +15–40% |
| Return of Premium | Premiums returned at maturity | +100–200% (varies widely) |
Editor note: update premium impact percentages with insurer‑specific quotes. Link the rider rows in the “Best Term Insurance Plans” table (Block 5) to show which insurers offer which riders and at what cost. Compare rider costs across top insurers before finalising — small differences in pricing or definitions can materially change value.
How Much Cover Should You Take?
Deciding the right sum assured for your term insurance is one of the most important steps when buying a policy. The required term insurance coverage depends on your income, liabilities, future goals and existing protections — there is no single answer that fits everyone. Below are practical methods to estimate the cover you need, plus worked examples and a short checklist.
Income Replacement Method
The income replacement approach is simple: multiply your annual income by the number of years you want to financially protect your family. This method focuses on replacing lost earnings so dependents can maintain their standard of living.
Example (basic): If you earn ₹800,000 a year and want 20 years of support, required cover = ₹800,000 × 20 = ₹16,000,000 (₹1.6 crore). This calculation ignores inflation and other liabilities; use it as a starting point.
Human Life Value Approach
The human life value (HLV) approach produces a more personalised estimate by considering your current income, expected future earnings, essential expenses and the time horizon until retirement. HLV accounts for growth in income and reduces the present value of future earnings to today’s terms — it gives a fuller economic picture than simple income replacement.
Adjusting for Inflation in 2026 (Worked Example)
Inflation erodes purchasing power over time, so plan accordingly. Suppose you need the real equivalent of ₹16,000,000 today in 20 years and expect average inflation of 5% per year. The nominal amount needed in 20 years ≈ 16,000,000 × (1.05)^20 ≈ ₹42,450,000 (≈ ₹4.25 crore). Because planning for full inflation can produce very large sums, common practical approaches are:
- Increase your initial sum assured by an escalation rider (e.g., 5% annual increase) so cover grows with inflation.
- Combine a lower term sum assured with inflation‑linked investments (PPF, SIPs) to cover rising costs.
- Periodically review and top up cover as income and liabilities change.
Considering Future Family Needs
Beyond income, add estimates for:
- Outstanding liabilities (home loan, personal loans)
- Children’s education and marriage costs
- Medical and contingency buffer
- Existing protections (employer life cover, provident fund, investments)
Example (comprehensive): Annual income ₹800,000 × 20 years = ₹16,000,000 + outstanding home loan ₹30,00,000 + children’s education (inflation adjusted) ₹20,00,000 = approximate cover ₹2.1 crore (round up and recheck with inflation assumptions).
| MethodDescriptionKey Consideration | ||
| Income Replacement | Multiply annual income by years of support needed | Quick estimate for maintaining standard of living |
| Human Life Value | Present value of future earnings minus personal liabilities | More personalised and comprehensive |
| Inflation Adjustment | Increase cover or use escalation rider / investments | Protects real purchasing power over time |
Quick Checklist Before You Finalise Sum Assured
- List your liabilities (home loan, personal loans, EMI obligations).
- Estimate future goals (education, marriage) and their inflation‑adjusted costs.
- Check existing life cover from employer and savings/investments.
- Decide policy term to at least match working years or loan tenure.
- Use an online coverage calculator (link) for a tailored estimate and to compare quotes from multiple insurers.
Practical tip: when buying term, err on the higher side for sum assured if premiums remain affordable — it’s easier to cancel or reduce cover later than to discover you were underinsured after a tragedy. Use the coverage calculator to get an auditable estimate and revise it every 2–3 years or after major life events.
Who Should Buy Term Insurance in 2026?
In 2026’s changing economic landscape, term insurance is an essential tool for those who need reliable protection for dependents and outstanding liabilities. Below are the groups who most commonly benefit from term plans and practical guidance on next steps.
Who should consider a term plan?
- Primary breadwinners — If your income supports a family, a term policy ensures a lump‑sum death benefit to replace lost income and meet ongoing living costs.
- Young professionals — Affordable premiums at a younger age make it sensible to secure long‑term cover early, especially if you have student loans or other debts.
- Business owners and entrepreneurs — Term cover can protect business continuity, clear business loans, or fund buy‑sell agreements if a partner dies.
- Individuals with dependents — Parents of young children or carers of elderly relatives will find a term policy useful to fund education, care and household expenses.
Quick checklist: Do you need term insurance?
- Do you have dependents who rely on your earnings? — Yes → consider cover.
- Do you have large outstanding liabilities (home loan, business loan)? — Yes → include loan protection in sum assured.
- Are you young and healthy? — Buy early to benefit from lower premium rates.
| CategoryWhy buy | |
| Primary breadwinners | To safeguard family’s financial future and replace lost income |
| Young professionals | Affordable cover to protect loans and future goals |
| Business owners & entrepreneurs | To mitigate business‑related financial risks and protect obligations |
| Individuals with dependents | To ensure dependents’ education and living costs are covered |
Common Mistakes to Avoid When Buying Term Insurance
Avoiding these frequent errors will help ensure your family gets the protection they need.
Underinsuring yourself
Be wary of choosing a low sum assured to save on premiums. Underinsuring means dependents may still face financial shortfalls. Solution: calculate cover using income replacement + liabilities + future costs (education, marriage) and round up.
Ignoring policy terms and conditions
Reading the small print matters. Exclusions, waiting periods and specific definitions (for suicidal death, critical illness, accidental death) can affect claims. Solution: read key clauses or consult an adviser before buying.
Not disclosing medical history
Non‑disclosure can lead to claim rejection. A few real case examples have shown policies voided when significant health issues were hidden at purchase. Solution: be transparent about medical history and disclose all relevant details during underwriting.
Focusing only on premium costs
Choosing the cheapest plan may compromise on cover, riders or insurer reliability. Balance premium affordability with claim settlement records, coverage options and rider definitions.
Delaying the purchase decision
Premiums generally rise with age and deteriorating health. Buying early often secures better health classification and lower premiums. If you postpone, you may pay substantially more for equivalent cover later.
| MistakeConsequenceSolution | ||
| Underinsuring | Insufficient protection for dependents | Use income replacement + liabilities method to calculate cover |
| Ignoring policy terms | Claim surprises or rejections | Carefully read T&C; ask for clarifications |
| Not disclosing medical history | Claim rejection | Be transparent during underwriting |
| Focusing on premiums | Inadequate cover | Balance cost with cover, riders and insurer reputation |
| Delaying purchase | Higher future premiums | Buy early to lock in lower rates |
Why You Should Buy Term Insurance Early
Buying term insurance early offers clear, measurable benefits:
- Lower premium rates — Insurers charge less for younger, healthier lives.
- Better health qualification chances — fewer pre‑existing conditions, fewer loadings.
- Longer coverage period options — align policy term with working years or loan duration.
- Compound benefits for financial planning — early protection lets you focus investments on growth while dependents are already secured.
| BenefitDescription | |
| Lower premium rates | Younger applicants are typically charged lower premiums |
| Better health qualification | Fewer health loadings for younger, healthier applicants |
| Longer coverage | Early purchase allows a longer policy term |
| Compound benefits | Start early to combine protection with long‑term savings/investment |
Next steps: use the coverage calculator to get a personalised estimate, compare quotes from multiple insurers, and request a personalised quote or call an adviser if you have complex liabilities. If you’re ready to proceed, the simplest step is to get instant online quotes from the shortlisted plans in our comparison table.
Conclusion: Making the Right Term Insurance Choice
Choosing the right term insurance plan is one of the most effective steps you can take to secure your family’s financial future in 2026. Term life policies provide a clear lump‑sum death benefit to nominees, and the best term insurance balances affordable premiums with appropriate coverage, reliable claim handling and the riders you need.
When making the right choice, weigh factors such as income replacement needs, human life value calculations and your family’s future obligations. Compare insurer claim settlement records, sample premium quotes for identical assumptions, rider definitions (critical illness, accidental death, waiver of premium, income benefit) and policy term options before you decide. If you are buying term early, you usually benefit from lower premium rates and better health qualifications.
We highlighted several leading plans — for example, HDFC Life Click 2 Protect Life and Max Life Smart Secure Plus — and listed other strong insurers to consider. Use the comparison table above, run personalised quotes through the coverage calculator, and review rider costs and fine print to identify the best term solution for your situation.
Final action step: Get personalised quotes from top insurers now — compare sample premiums, riders and claim settlement records, then request a tailored proposal to complete purchase.
FAQ
What is term insurance and how does it work?
Term insurance is a straightforward life insurance policy that provides a lump‑sum payout to the nominee if the policyholder dies during the policy term. You pay regular premiums for a defined period and, if you survive the term, there is typically no maturity benefit unless you chose a return‑of‑premium variant.
How does term insurance differ from other types of life insurance?
Term insurance focuses purely on protection (death benefit) and generally has much lower premiums relative to whole life or endowment plans, which include savings or investment components and may build cash value over time.
What are the benefits of term insurance?
Benefits include high sum assured at affordable premiums, potential tax advantages on premiums paid (subject to current tax laws), flexibility to add riders for critical illness or accidental death, and a clear death benefit to protect dependents.
How much term insurance cover do I need?
Cover depends on income replacement needs, outstanding liabilities, future goals and existing savings. Use methods like income replacement or human life value, factor in inflation and liabilities, and use a coverage calculator for a personalised figure.
How do I file a claim?
To file a claim: (1) Inform the insurer as soon as possible; (2) Submit required documents (claim form, death certificate, policy copy, identity and nominee documents, medical records if requested); (3) Cooperate with the insurer’s claim investigation. Check the insurer’s claim process page for detailed steps and typical timelines.
What happens if I stop paying premiums?
If premiums stop, the policy can lapse after the grace period and may lose cover. Some insurers offer revival options, paid‑up benefits or grace periods; others may allow conversion to reduced cover. Read the policy terms and speak to the insurer promptly if you face payment issues.
Can I customise my term insurance plan with riders?
Yes — many term insurance plans allow riders such as critical illness, accidental death benefit, income benefit and waiver of premium. Riders enhance protection but increase premiums, so compare costs and definitions across insurers.