Term Insurance

Term Insurance Plan

A Plan that Truly Protects your Family.

  

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Term insurance provides coverage for a specific time period or term. This type of life insurance pays out if the insured dies during the policy term. Term insurance offers high coverage at low premiums. Example: 1 crore term insurance premiums as low as 475* p.m. Fixed premiums can be paid once, at regular intervals, or for a limited time. The buyer’s payment method affects the premium amount.

Benefits Of Term Insurance

  • The premiums for term insurance policies are typically quite affordable despite the large sum of coverage they provide. This insurance policy may compensate for lost earnings for several years.

  • A Term Policy provides an additional payout (up to '2 crore) in the event of an accidental death + to increase your family's security. For example, if your life cover is '1 crore,' a Term Insurance Plan with Accident Death Cover pays '2 crores to your family in the event of an accidental death.

Term Insurance plan
  • term insurance does not offer any benefits if you survive the term. A return of premium term plan guarantees a lump sum or regular income to help you meet financial goals. The term plan returns the full premium. End-of-tenure benefits are guaranteed.

  • Tax benefits are available for premiums paid under Section 80C as well as premiums paid under Section 80D for critical sickness coverage. Section 10 (10D) of the Income Tax Act of 1961 exempts the lump sum payment received by nominees as the sum assured/death benefit from taxes.

Features Of Term Insurance

Low entry age

Low entry age

Only 18 years of age is required to enrol in term insurance plans. As soon as you reach adulthood, you can purchase a term plan to protect your loved ones.

Long-term protection

Long-term protection

The term plan provides lengthy policy tenures of up to 40 years, allowing you to safeguard your family for a longer period of time.

Easy premium payment option

Easy premium payment option

Term insurance plans provide flexible premium payment options, including monthly, quarterly, or yearly payments.

Liability protection

Liability protection

The sum assured of a term insurance policy can be used to protect your family from liabilities like loan repayment and ensure their financial stability.

Comparison Between Term Insurance & Life Insurance

Difference Term Insurance Life Insurance
Coverage It covers only premature death. Covers both premature death and survival until the policy tenure.
Premiums Low and affordable premiums. Higher rates of premium than term plans.
Maturity benefit Usually not payable. Payable under most plans.
Death benefit Payable Payable under all plans.
Term Ranges from 10-35 years. Ranges from 5-35 years.
Flexibility Not very flexible. Very flexible.

How you can Apply for Term Insurance through Swaraj Finpro

It is quite easy to invest in Term Insurance through Swaraj FinPro
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FAQ

Don't we all like paying little for a lot? That's term insurance. Term insurance offers a large cover (Rs 1 crore) for a low premium (For Example: Rs 6500 per year). A 30-year term insurance policy has a fixed premium. With rising living costs, anyone would want maximum risk coverage. In case of unexpected death, a higher cover would allow dependents to maintain livelihoods. You can claim tax benefits on your paid premium.

The age limit within which an individual may purchase a term plan range between 18 to 65 years.

Term plans don't cover self-harm or suicide deaths. Deaths caused by intoxication or STDs like HIV or AIDS are not covered. The insurer investigates each claim. The death won't be covered if fraud is found.