Term Insurance

Term insurance acts as a savior to offer financial support to your family, during the days when you aren’t around. It offers coverage to the risk of a sudden death of the insured during the tenure of the policy period.


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The breadwinner’s sudden demise can cause a financial as well as emotional turmoil in the family.

To not let your beloved family go through such hardships and suffer a disastrous financial turbulence’s, it is important to secure their lives with a term insurance plan

Term insurance acts as a saviour to offer financial support to your family, during the days when you aren’t around. It offers coverage to the risk of a sudden death of the insured during the tenure of the policy period. We name term insurance as the simplest and the purest forms of life insurance because all you need to do is pay the term insurance premiums on time against which the insurer offers the cost of your death benefit to the beneficiary. Since there aren’t any too many extra frills, term insurance is relatively cheaper than any other forms. In case the insured person survives the policy period, there won’t be any payment made to the life insured. 

Types of Term Insurance

Return of Premium Plans (TROP)

Return of Premium Plans (TROP)

Return of premium plans come along with maturity benefits wherein the premium paid till date will be returned back to the policyholder in case he survives the tenure of the policy.

Level Term Insurance Plan

Level Term Insurance Plan

Level term insurance plans are the simplest forms of term insurance wherein the sum assured doesn’t change when the tenure and benefits are shelled out to the nominee in case of death of the policyholder.

Increasing Term Plans

Increasing Term Plans

This type of term plan gives the option of increasing the sum assured annually during the policy period, but the premiums remains unchanged.

Decreasing Term Plans

Decreasing Term Plans

This type of term plan decreases the sum assured annually till either the policy pays out or the policy period comes to an end, premiums however remains unchanged.

What should a good Life insurance policy have ?

Upto 25 yrs

  • You’re young and healthy and probably must have just begun your career a year or two back. Life insurance certainly may not have yet crossed your mind. But trust us; your mid-20s are the best and smart time to start looking at life insurance. Simply put, the younger and healthier you are, the lower it would cost to insure you. You may have to shell out a very low premium today for you to potentially save thousands of rupees in the future

  • You may invest in term insurance if you are looking for a pure life cover. Here, you may have to pay a premium as low as Rs.500 monthly for a cover value of Rs.50 lakh till you turn 60 years old.

25 yrs to 40 yrs

  • Entering your 30s is considered as a decade of discovery. You might be climbing-up your career ladder or getting married or starting a family and buying a home. Experts suggest exploring life insurance, when you enter your late 20s or mid-30s.
  • If you fall in this age band ranging from 25 to 40 years, you should opt for a term insurance valuing a cover of Rs.1 crore till you turn 65 years of age. You may have opted for a home loan or a personal loan. In case of any eventualities, a term plan would take care of your family’s expenses and pay off your loans too.

40 yrs to 60 yrs

  • 40s to 60s is that phase of the life when you are financially strong career wise and all set to start the golden phase of your life – ‘retirement’
  • You should invest in term insurance to ensure that your spouse/ dependents are well-taken care of should anything untoward happen to you. While in your 40s, your liabilities also tend to reduce and therefore you can opt for a term insurance for duration of 20 to 25 years. When you are in your 50s, a term insurance of 10 to 15 years tenure would be ideal since by now your children would be grown-up and probably less dependent on your income. Your liabilities also reduce.

Above 60 yrs

  • Senior citizens in India can also buy life insurance plans to avoid financial stress. Afterall, this is the right age to reap the benefits of your investments and enjoy every moment of life.
  • Whole life insurance plans are the most comprehensive types of insurance that offers life cover to the policyholder. Since these plans come with a component of saving and last for lifelong, it would be wise to opt for whole life insurance plans for people who are above 60 years of age. 

  • Buying a term insurance at this stage would be an expensive affair. Yet, it would give you a sense of relief and peace of mind knowing that you have made arrangements to keep your spouse or children financially independent even during the days when you aren’t around. Term insurance will also help you leave a legacy behind for your loved ones. In case you still have ongoing loans, this term insurance plan would help your dependents to pay off the loan amount.

Some of the frequently asked questions about Term Insurance.

Deciding the tenure of your term insurance would also depend how early you buy your term insurance policy. You will be covered for a longer period the more early you buy the plan. In short, it is best to purchase a term insurance plan for the maximum possible tenure, and then drop it when you no longer require it. This would be beneficial, if your term insurance policy was bought to square off a loan in your absence. You can customize your term insurance policy as per the number of years you have left to pay your premiums. Additionally, it is wise to ensure that you’re covered throughout your working life.


A term insurance generally covers all types of death, including natural death as well as death due to accidents or illness. But, there are exceptions. Say for instance, death occurred due to a natural disaster or due to an 'act of God' and death due to terrorist attacks wouldn’t be covered.

Therefore, it is vital to read the term insurance policy document carefuly to know the details. You can easily check the policy terms and conditions online or consult an insurance aggregator or broker for the same.

At the end of the policy period, the term insurance plan will terminate. You can renew your policy as per the provisions offered by the life insurance company, to continue to be covered throughout your life. Therefore it is important that you research well and then find the best term insurance policy for you

No, just because you have purchased the term insurance plan online, doesn’t mean that you will face any problem. Every life insurance company has a centralised customer service team that attends to all the customer query/complaints. There is no difference between customers who have purchased the insurance plan online or offline.


You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.

Your Policy

You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down.

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Calculate your Needs?

Many questions may come in your mind before buying an insurance policy. ‘How much insurance I would need, how many years I shall invest for, what would be the premium, etc.. Insurance Calculators are life-savers. They help you know your insurance needs and assess the potential costs. Grey Font brings to you various Insurance Calculators and interactive tools to help you calculate your insurance needs. In order to get better results, ensure to enter a value in all the possible fields.


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