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
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Affordable Premiums
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.
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Additional Financial Security
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.

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Survival Benefits:
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.
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tax benefits
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
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
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
Term insurance plans provide flexible premium payment options, including monthly, quarterly, or yearly payments.

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. |