Protect your family with Term Insurance

Not all insurance policies are the same. Know which insurance plan best suits your needs

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About Term Insurance

Term Insurance is a kind of a risk cover that promises coverage, in return for premiums, for a predetermined period of time. If the policyholder dies during the policy period, the insurer is liable to pay the amount of life cover to his nominee(s).

One can opt for a life cover equal to 20 times the yearly income in return for low premiums. One may also increase the life cover by opting for added riders that can be availed at nominal rates.

It is not a market-linked product, and hence, risk-free.

Term insurance is sought by those who realise the need to leave behind for their loved ones a protective financial cover to meet future contingencies. A term plan ensures that the dependents have an adequate amount of money at their disposal in the event of the policyholder’s unfortunate death.

You cannot put a value on someone’s life, though term insurance surely makes up for the loss of income.

Term insurance involves a promise of a life cover in return for regular premium payments. The amount of sum assured is much lower than what one pays towards it for a definite policy period. In the case of term insurance, if the policyholder dies while the policy is in force, the insurer would pay the sum assured to the nominee. The term insurance policies may cover for any period based on requirements.

The certainty of life cover counters the uncertainty of life. Most people are not aware of the various features of term plans that include:

  • Affordability due to low premium charges
  • Ease of buying
  • Survival benefits in some cases
  • Premium payment flexibility
  • Flexibility in payout mode
  • Discounted premium rates on plans bought online
  • Discounts on plans as rewards for positive lifestyle habits

Term insurance plans are mostly known for their benefits. However, there are certain limitations that limit the purchase of term policies. They are:

  • Premiums of term plans bought at an advanced age are higher
  • Most term plans do not have survival benefits
  • One cannot avail a loan against term plans
  • Wealth creation not possible through term insurance
  • Not an effective hedge against rising inflation

Finding The Right Policy

Policy Cover

Amount of risk covered by any insurer against premiums charged from a policyholder

The ideal way to calculate policy cover is to sum your long-term financial obligations and liabilities and then subtract your assets from them. The remainder or the balance amount is the necessary life cover that you have to arrange for. However, the easier way is to multiply your annual salary by 15 or 20 to derive at the policy cover amount.

Maturity Age

Age till which your term plan will keep you covered after which it will expire.

Many people prefer to continue their policy till the retirement age so that they are covered for the period during which they are actively employed. This ensures that in the event of early demise of the policyholder, the financial liabilities do not fall on the nominee. However, it is advisable to opt for a longer policy period to ensure that the nominee does not miss out on the death benefits.

Claim Settlement Ratio

Ratio of number of claims settled to the number of claims received by the insurer

The Claim Settlement Ratio (CSR) helps to gauge the reliability of every insurance company offering in the market. It helps to understand the extent to which the insurance company in question settles the insurance claims raised by the nominee(s) of the insured. The higher the CSR, greater the inclination of the insurer to pay off the death benefits to the nominee(s) of the policyholder.


Some insurers protect against disease and disability for nominally added premiums

The various types of term insurance riders that one may choose from include:

  • Critical Illness Rider
  • Disability Rider
  • Accidental Death (AD) Rider
  • Accidental Death, Dismemberment and Disability (ADDD) Rider
  • Waiver Of Premium Rider
  • Women’s Critical Illness Rider
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IRDA Code: IRDAI/INT/WBA/50/2018