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Q: 1. What is Term Insurance?

A term life insurance 6 is a traditional version of life insurance that financially secures the family of the policyholder if he/she dies within the policy term. The policy pays out to the nominee a pre-defined lump-sum, i.e. the sum assured as death benefit only.

Q: 2. Why should I purchase a term insurance plan?

Term insurance plans come with a host of benefits [1] [4] . While they offer financial security to your family in the event of your untimely death, the premiums are relatively low compared to other insurance plans. In addition, easy and flexible payment structure and tax benefits are also its important features that may allow you to enjoy peace of mind.

Q: 3. What should be the ideal tenure of my term life insurance coverage?

The ideal tenure [1] [17] of a term life insurance varies from person to person depending on their age, income, liabilities, gender, health records, occupation, lifestyle, and habits. Usually, a longer tenure of insurance coverage may be preferred by many to secure the loved ones’ financial future. But financially a policy tenure may be beneficial if it expires before retirement to save the policyholder from a financial burden when the salary is no longer available. According to experts, the policy tenure should extend till the time, the policy holder has built a sufficient corpus and his/her dependents have started earning on their own.

Q: 4. How much term insurance coverage should you have?

The ideal amount [1] [20] of term insurance coverage depends on individual parameters like the age, income, family expenses, liabilities, number of dependents, and planned life goals. Experts suggest opting for a coverage that equals the sum of 10 times the current annual income and the outstanding liabilities.

Q: 6. What are the minimum and maximum age limits for buying a term insurance policy?

The minimum and maximum age limits [1] [5] for buying a term life insurance policy varies from company to company and across plans. However, generally a term insurance policy can be purchased within the age bracket of 18-65 years.

Q: 9. Are term insurance plans tax-efficient?

Yes, term insurance plans are tax efficient [1] [9] under the old tax regime in India. Under 80C of the Income Tax Act, annual premium payments of term insurance up to Rs 1.5 lakh are deducted from the taxable income of the policyholders. In addition, the death benefit, i.e. the sum assured paid to the nominee in the event of the policyholder’s death is tax-free under section 10(10D). Alongside, those who have opted for critical illness or any health rider in the term insurance plan can enjoy deductions up to Rs 25,000 per annum under section 80D.

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Written ByPalak Bagadia

AboutPalak Bagadia

Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.

Reviewed ByRituraj Singh

AboutRituraj Singh

Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.

What is a Term Insurance?
Why Do You Need a Term Insurance Policy?
Who Should Buy a Term Insurance Policy?
Term Insurance Plans By Bajaj Allianz Life
How Does a Term Plan Work?
What is a Term Insurance Calculator?
Types of Term Insurance Plans
Features of Term Insurance
Benefits of Buying Term Insurance
What Are Term Insurance Riders?
How Does a Term Plan Secure the Financial Future of Your Family?
How To Decide Timeline of a Term Insurance Policy?
How Much Term Insurance Cover Do You Need?
What Are The Factors That Can Affect Term Insurance Premiums?
How To Choose a Term Insurance plan?
Importance of Sum Assured In Term Insurance
When Should You Buy a Term Insurance Plan?
Documents Required
What Are The Payout Options in Term Insurance?
Term Insurance Claim Settlement Process
Common Term Insurance Terminologies
How to Buy a Term Plan?
Key takeaways
Why Bajaj
FAQ's

What is a Term Insurance?

Term insurance is a simple type of life insurance^[1]. The policyholder makes regular payments to the insurance company for a fixed time. If the insured person dies during this period, their nominee gets a lump sum amount, called the death benefit. But if the insured person survives the term, they do not get any money.

Why Do You Need a Term Insurance Policy?

A term insurance policy is designed to provide financial security to the family when the life assured is no more. Suppose, Mr A, a 35-year-old, has a family of a homemaker wife and two kids below 10 years of age and is the sole income earner. Mr A also has a home-loan with a huge outstanding amount. Now, if he suddenly dies at 40, there’s no regular income for the family anymore. His kids are under 15, and awaiting higher studies. At this point, Mr A’s sudden demise can make it quite difficult for his family to make ends meet, clear dues and carry on with the children’s education. This is where a life insurance term plan may emerge as a saviour. If Mr A had bought a policy with a sufficient sum assured, his death benefit would help the family maintain the existing lifestyle, repay all the dues and keep a corpus aside for the life goals like the children’s education, marriage or retirement planning. Hence, for your financial protection; you may find it worthy¹^[2] to purchase a term life insurance.

Who Should Buy a Term Insurance Policy?

A term insurance policy may act as a financial cushion for a family when an earning member succumbs to a sudden death. The sum assured paid to the nominee can be utilized to sail through the financial crisis by taking care of household needs, repaying debts, and funding life goals. So, if you are someone who has dependent parents or an immediate family, liabilities, and life goals to be fulfilled, term life insurance may be a worthy choice to consider.²^[3] It may help you create a financial shield for your loved ones that would help them sustain if you are suddenly not there anymore.

Who Should Buy a Term Insurance

Term Insurance Plans from Bajaj Allianz Life

How Does a Term Plan Work?

Now that you know what a term plan is, it’s time to understand how it functions³^[4] before you decide to purchase one. A term insurance policy is basically a contract between two parties—the insurance company and the insured (policyholder). Here, the insured pays premiums, a pre-fixed amount payable in a specific schedule for the specified term of the policy, typically 10, 20, or 30 years. The premium, in a monthly, quarterly, half yearly or yearly payment schedule is charged by the insurer, to provide the insured with a death benefit or any other applicable benefit in exchange. The amount of premium is calculated depending on the policyholder’s age, gender, medical history, occupation, lifestyle, and habits alongside the chosen sum assured, policy term, and riders and usually remains fixed throughout the policy term. If the insured dies before the expiry of the policy, his/her nominee receive the entitled sum assured as a death benefit. But no payment is made by the insurer if the life assured survives the policy term and the coverage of the policy ends with its expiry date. However, the coverage period can be extended, by renewing the policy, but at a revised premium based on the age of the insured at the time of the policy renewal. The premium thus, gets increased as the age increases.

What is a Term Insurance Calculator?

While it’s important to have a sufficient coverage amount in your term insurance policy, it’s equally crucial to figure out if you can afford to pay the premiums for the entire policy term to enjoy the insurance benefits in full. So, to ensure that you choose a term insurance plan that offers coverage matching your needs, without being harsh on your pocket, you need to make the calculations right. Here, a term insurance calculator may be helpful. A term insurance calculator⁴^[5] is an online tool that helps in calculating the coverage amount needed, based on inputs of one’s income and savings. Some calculators also help in estimating the premium payable for a specified amount of coverage and the details of the policyholder. The term insurance calculator may be accessed from websites of insurance companies or financial platforms free of charge. Based on the calculated coverage and corresponding premium payable, it may be easier to gauge which of the available term insurance plans is the best-fit choice for you. Based on the calculations, some of the term insurance calculators also suggest which plan matches your requirements and affordability best.

Types of Term Insurance Plans

There are different types of term insurance plans catering to varying needs of individuals. Typically, the insurance companies offer policy terms ranging from 10 to 30 years, while a few offer 35 or 40 year policy terms. However, there’s more when it comes to types of term insurance plans in India. Here’s a glance⁵^[6]:

Level Term Insurance

In this term policy plan variant, the sum assured remains fixed throughout the policy term.

Increasing Term Insurance

In these term insurance plans, the coverage, i.e., the sum assured, increases with time, but at a higher premium. Purchasing these plans may be beneficial at a young age, as both coverage and premiums increase with age and income and can cater to evolving life goals.

Decreasing Term Insurance

This variety of term insurance offers a death benefit that reduces over time. For those with less loan or mortgage, these policies may make a good choice as the liabilities of the insured decrease over time, lowering the need for life insurance coverage.

Term Insurance with Return of Premium

These policies not only offer a death benefit in the event of the unforeseen, but also return all the premiums paid at the end of the policy term if the insured survives.

Convertible Term Insurance

These term life insurances⁶^[7] allow the policyholder to convert the policy to a whole life insurance upon maturity of the existing policy plan.

Features of Term Insurance

To understand term insurance better, clarity of knowledge regarding its features is needed. Here’s are the set of features⁷^[8] that categorizes a term plan:

Financial Security

The term plan is designed to financially secure the policyholder’s family if he/she dies an untimely death. It pays the sum assured to the nominee as death benefit. This lump sum amount might save the family from an unwanted financial struggle while coping with a massive personal loss.

Long-term Coverage

Term insurances usually have a policy term ranging between 10 and 30 years. This may ensure long-term financial security for your loved ones if anything untoward happens.

Large Coverage

Since a term insurance policy pays only the death benefit against premiums for the long policy term, usually the coverage amount is large, which may help a bereaved family build a sufficient corpus to sustain in the event of the unforeseen.

Affordability

Since there’s no payout except the death benefit in term insurance, the policies come at a relatively cheaper premium compared to other insurances.

Wholesome Protection

Term insurances are designed to financially protect the life assured’s family in the event of his/her untimely death. But in addition to the sum assured in the form of death benefit, the life assured may get enhanced coverages extending to accidents, critical or terminal illnesses, or avail of a waiver of premium facility by opting for additional riders.

Benefits of Buying Term Insurance

With a bunch of benefits, term insurance may be one of the worthy investment choices for those looking to financially secure their loved ones’ future. Here’s how⁸^[9]:

Extensive Coverage at Low Premiums:

Since there are no maturity benefits to be paid, insurance companies offer term insurances for much lower premiums. Hence, you may be able to get a large and extensive coverage, keeping it easy on your pockets too.

Tax Deductions for the Policyholder:

Premium payment for term insurance entitles the policyholder to get tax benefits. Under Section 80C of the Income Tax Act, 1961, he/she can get a tax deduction of up to Rs 1.5 lakhs annually for the premiums paid. However, this can only be availed under the old tax regime.

Tax-free Benefit:

The death benefit received by the nominee of the policyholder in the event of the unforeseen is completely tax-free under Section 10(10D) of the Income Tax Act, 1961.

Peace of Mind:

Everyone looks forward to keeping the loved ones safe from any financial struggle, even when he/she is no more. Term insurance may put the worries to an end by offering a scope to secure the family’s financial future.

How Much Term Insurance Cover Do You Need?

One of the key decisions while choosing a term insurance plan is determining the amount of coverage, i.e., the sum assured your nominee will receive as death benefit in unforeseen circumstances. According to experts, the amount that suffices to financially protect the life assured’s family should be based on his/her income, household expenditures, outstanding liabilities (if any), and the respective life goals. Thus, an ideal amount ¹²^[13]may be estimated as at least 10 times the annual income. Another way of arriving at the figure¹³^[14] may be by adding 150 times the monthly household expenses, current outstanding liabilities, amount needed to fund specific life goals, amount planned as a retirement corpus, and deducting the total worth of liquid assets from it.

What Are Term Insurance Riders?

Term insurance riders^9[10] act as an additional layer of protection that are available as options to enhance the coverage of a basic term plan. At an additional premium payment, these optional benefits are designed to extend the coverage to specific areas and take care of emergency situations better. For example, a critical or terminal illness rider may ease the financial stress of such a disease; an accident cover can provide bigger financial help in an accidental death; or a waiver of premium rider can spare you from paying premiums in case of sudden disability due to an accident or a disease. Here, the amount of extra premium payable for the riders depends on the life assured’s age, sum assured, policy term, and payment schedules.

How Does a Term Plan Secure the Financial Future of Your Family?

A term insurance plan may help you provide a financial cushion¹⁰^[11]to your family from hardships due to untoward circumstances. As you pay the premiums throughout the policy term, the nominee remains entitled to get a pre-defined sum assured if you die before the policy expiry. This lump sum amount received as a death benefit may be used by your loved ones in the moment of crisis to sustain the existing lifestyle, pay outstanding dues, and keep a fund aside for life goals like higher studies or marriage of your children.

How To Decide Timeline of a Term Insurance Policy?

While you plan to invest in a term insurance policy, there remains one more concern¹¹^[12]: How long should you extending coverage for your term life insurance? Usually, the insurance companies offer plans with policy terms ranging between 5 and 40 years^[12], or till the policyholder is 99 years old. But experts recommend picking a policy term based on your retirement age and liabilities. So, how does that work?

Suppose you are in your 20s and have at least 40 more years to retire. Experts believe that a policy term of 35–40 years may be helpful here to keep your loved ones secure. Moreover, premiums may be relatively lower at this time because of your age^[12].

At your 30’s and 40’s, you may have started a family. That involves a new set of liabilities and life goals and, in turn, the need for building a corpus to fund them. Experts suggest a policy term of 35–40 years at this stage, depending on your income level, financial needs, and retirement plans ^[12].

If you are in your 50s and 60s, liabilities are likely to have lessened, with children becoming settled and financially independent. As per the experts, here the coverage should focus on retirement goals, and the policy term should ideally be around 15 years^[12].

What is Term Insurance

What Are The Factors That Can Affect Term Insurance Premiums?

The premium payable for term insurance varies from person to person depending on certain parameters. Following are the factors that affect the estimate^{¹⁴^[15]}:

Age

Usually, young people are expected to live longer and are considered less prone to diseases. Hence, they are offered lower premiums compared to elders.

Gender

The higher your number of dependents, such as children, spouses, or elderly parents, the higher coverage you would need to ensure their financial stability.

Health Status and Family Medical History

If you are in good health, reflected by your medical records, premiums are likely to be low. However, premiums may increase if you have a family history of serious health disorders or diseases like Cardiac Issues, Diabetes, etc., making you prone to them.

Habits

Smoking or rash driving are considered risky habits as they can culminate in critical diseases or accidental death. Hence, the premium payable will be higher if you have these habits.

Occupation and lifestyle

Existing assets help to reduce the amount of coverage required, while liabilities, such as debts and loans, can increase it. Your term insurance coverage should be sufficient to meet the financial obligations and outstanding debts.

How To Choose a Term Insurance plan?

Buying the best term insurance plan fitted to your financial needs and affordability needs a careful estimation. For that, there are certain things that need to be kept in mind. Wondering how to choose a term insurance plan?¹⁵^[16] Here’s a checklist that you may consider:

Coverage:

To protect your loved ones financially if you are suddenly not around, well-calculated term life insurance coverage may be helpful. The maximum amount you can choose as term plan coverage is 20–25 times your gross salary. According to experts, the life cover should ideally be chosen based on one’s financial needs, current lifestyle, and liabilities.
Policy Term:

Experts suggest that the ideal policy term should extend till your retirement age or till your children are 25 and financially independent. You may benefit more from such a policy.
Riders:

Carefully check the plan for available rider options to enhance your coverage and ensure comprehensive protection. Coverage for accidental death and critical or terminal illness may be a crucial pick. Another important one is the waiver of premium for disability or pre-specified illness.
Claim Settlement Ratio:

It’s extremely important to check the insurance company’s claim settlement practice while choosing an insurance term. It would be wise to save your nominees from hassle in case of unfortunate circumstance. The company’s claim settlement ratio (available on the IRDAI website) reflects the percentage of settled claims out of total claims registered in a year. Hence, high ratio, ensures better credibility.
Pre-payment Options:

You may want to pre-pay the term life insurance premiums before you retire to save yourself from financial burdens post-retirement. Check the term plan for payment schedule and prepayment options while choosing to purchase the policy.

Importance of Sum Assured In Term Insurance

A sum assured in term insurance is the pre-decided amount that the nominee is entitled to receive if the life assured dies within the policy term. A term insurance, the purest form of life insurance, has no other payout than this sum assured, payable as a death benefit in the event of the unforeseen. Designed to financially protect the loved ones of the policyholder in his absence, thus the sum assured in a term insurance plan is crucial¹⁶^[17], as it can be utilized by the family to sail through the crisis, repay debts, sustain the existing lifestyle, and fund life goals.

When Should You Buy a Term Insurance Plan?

Term insurance is a crucial component that helps in building a financial strategy. By opting for term insurance you lay a foundation towards your long-term financial planning^[25].

As suggested by financial experts, buying a term insurance at an early age like in your 20s is preferred as it optimizes the benefits¹⁷^[18]. Here’s how:

One is usually in good health in their 20s and believed to have higher life expectancy. Hence, you’ll get relatively lower premium for your term insurance.
In your 20s, you have at least 40 years till your retirement, considering the retirement age here as 60 years, and no or less liabilities. So, buying an increasing life-cover at a cheaper cost at this stage may be beneficial as it would grow with your income and affordability.
In your 20s, you may have parents either retired or about to retire. It may be a good idea to get a term insurance to financially protect them if you are suddenly no more.
Starting early on a term insurance brings you tax benefits from an early age. Premium payment of a term insurance plan fetches tax deductions up to Rs 1.5 lakhs per annum under Section 80C of the Income Tax Act, 1961. This can be availed through the old tax regime.

Documents Required to Buy Term Insurance

To buy a term insurance plan in India, you need to submit a set of documents¹⁸^[19]. The list may vary across insurance companies. Following is a broad checklist:

Photo identity proof

Age Proof

Address proof

Income Proof

Recent photograph

Aadhar card/Voter’s id/Passport/Driving License etc.

Voter’s id/Pan card etc.

Aadhar card/Voter’s id/Passport/Electricity bill/tax bill etc.

bank statement/computation of income/Salary statements/Income Tax document etc.

What Are The Payout Options in Term Insurance?

A term insurance is the simplest form of life insurance. The policy pays only the sum assured to the nominee as the death benefit if the life assured dies within the policy term. If the insured survives the policy term, no amount is payable despite all the premiums being paid. If the insured dies before the policy expires, the nominee may file a death claim with insurance company. Here, the nominee can choose to take the death benefit payout in two options: either as a lumpsum or as installments or annuities payable at regular intervals, depending on the family’s financial situation. The lump sum payout may be helpful in building a corpus while installment or annuity payouts may act as a guaranteed income stream. However, the payout rules vary from insurer to insurer.

Term Insurance Claim Settlement Process

In case of a term insurance, the only claim to be settled is the death claim in the event of the life assured’s death within the policy term. Therefore, to get the sum assured as the death benefit, you would need to complete the following steps¹⁹^[20]:

Claim Intimation

In the event occurrence of the unforeseen, the nominee may intimate the insurance company about the life assured’s and file a claim by submitting a filled-in claim form. Details like the policy number, name of the claimant, date, place and cause of the death are to be intimated through the form.
Document Submission

The next step is submitting the necessary documents like the death certificate, original policy papers, claimant’s statement, his/her identity plus address proofs, medical records of the deceased, an FIR copy and the post-mortem report (for accidental deaths) to get the claim processed.

Once the claim is raised and the relevant documents are submitted, it’s upon the insurance company to decide and settle the claim. As per the recent guidelines by Insurance Regulatory and Development Authority of India (IRDAI)²⁰^[21], the insurer has to settle the claims within 15 days if no probe is required and within 45 days in case of deaths that needs an investigation.

Common Term Insurance Terminologies

It’s crucial to understand specific terminologies²¹^[22] while you read through the policy papers before purchasing a term plan. The following list of common terms may help you:

Term Insurance

It’s a traditional form of life insurance where your nominee gets the sum assured if you die an untimely death within policy term. This death benefit is available against payment of a specified amount of money in a pre-defined schedule for a specific term.
Policyholder or Owner

The one who buys the policy.
Policy Term

The time frame for which the policy is active.
Premium

This the amount of money you may pay to continue the term insurance coverage. It is payable at your preferred schedule of payment: yearly, half-yearly, quarterly or monthly.
Nominee or Beneficiary

The person chosen by the policyholder to receive a promised lump sum amount from the insurance company in the event of the unforeseen.
Life cover or Sum assured

The pre-defined amount payable to the policyholder’s nominee after his/her demise within the policy term.
Death benefit

It’s the lump-sum payment by the insurer to the designated nominee of the policy, if the insured dies within the policy term.
Riders

The optional life-cover extensions or facilities for certain specific cases like accidental death, critical or terminal disease, and disability.
Underwriting

It is the process by which the insurance company assesses the risk involved in providing life cover to a potential buyer and his/her eligibility to get covered.
Surrender Value

It’s the amount of money you may get, if you surrender the policy before its expiry or death benefit pay-out.

How to Buy a Term Plan?

Are you looking to financially secure your loved ones through a term plan? To purchase the correct term insurance plan in India for your budget and needs, following the steps below may be helpful²²^[23]:

Step	Description
Estimate Your Needs	Calculate the current household needs, outstanding liabilities and fund needed to fulfil the life goals and retirement plans, even if you are not around. The life cover you choose should sufficiently cover all these in future.
Opt for Increasing Coverage if Needed	If you are young, a term policy plan with an increasing coverage option may benefit you more^[6]. The bigger coverage as you age and grow in terms of income and liabilities can be helpful.
Pick the Right Insurance Company	Detailed research about the available insurance companies, their rules, customer services and claim settlement practice may benefit you. This can lead to making a well-informed decision of an insurance company. Also, ensure that you read the policy and understand its features thoroughly.
Compare Premiums	Compare plan options in terms of premiums payable to find the best term insurance plan suited to your needs and budget. A term insurance calculator can be helpful here.
Choose the Policy Term	Decide how long you want your life to be covered. Carefully pick the policy term based on your preferred age of retirement, when your children will be financially independent, and your life goals.
Review Claim Settlement	The claim settlement ratio is an indicator of insurer's reliability. The higher the ratio, the better. This simply means that in cases of claim settlement the procedure will be hassle free^[23].
Select Riders Wisely	Enhance the term insurance coverage through optional riders. Check each rider for inclusions, exclusions, rules, and additional premium payable.
Online Purchase	You can purchase term insurance online from the insurer’s website. Compare plans, finalize your pick, and make an online payment to buy the policy at a relatively low premium.
Seek Expert Advice	Seek expert guidance to make the term insurance process smoother. Experts can assist you with the complexities of selecting and purchasing a plan.
Get the Documents Ready	Collect documents required for KYC (Know Your Customer) and income details. Ensure all documents are in order before proceeding with the policy purchase.
Medical Examination	Depending on your age, gender, occupation, and lifestyle, you may need to undergo a medical examination. Keep test records handy.
Payment of Premium / Premium Deposit	Once the Insurer communicates the decision of acceptance of proposal, premium needs to be paid. Insurers shall ensure that explicit consent is obtained from the prospect/policyholder for deduction of amount towards premium payment from bank account. Risk Cover shall commence only after receipt of premium. No premium deposit/ proposal deposit is required to be paid to the insurer along with the proposal form except in case of policies issued basis declaration of good health

Key takeaways

It’s now time to highlight the key takeaways²³^[24] regarding the term insurance.

Term insurance is the simplest form of life insurance, that may provide coverage for a long range of period like 10-40 years.
The only payout in a term insurance is the death benefit. In case of unfortunate circumstances if the insured is no more, here the nominee would receive financial support to navigate in difficult times.
Premiums in a regular term insurance usually stays fixed for the policy term.
Some policies offer the option of converting your term insurance to whole life insurance at the time of expiry.

99.29%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,23,734 Cr

Assets Under Management (AUM)^***

3.85 Cr

Number of Lives Covered^##

359%

Solvency Ratio of 359%^{^^^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2024-2025 | ^%99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices. 96% of non - investigative claims notified were processed within one day in FY’25 | ^$$For details refer to press release published by CARE | ^***All figures as on 31 March, 2025 | ^{^^^}Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | ^##Individual and group, as on 31 March, 2025.

Frequently Asked Questions

1. What is Term Insurance?

A term life insurance⁶ is a traditional version of life insurance that financially secures the family of the policyholder if he/she dies within the policy term. The policy pays out to the nominee a pre-defined lump-sum, i.e. the sum assured as death benefit only.

2. Why should I purchase a term insurance plan?

Term insurance plans come with a host of benefits^{^[1][4]}. While they offer financial security to your family in the event of your untimely death, the premiums are relatively low compared to other insurance plans. In addition, easy and flexible payment structure and tax benefits are also its important features that may allow you to enjoy peace of mind.

3. What should be the ideal tenure of my term life insurance coverage?

The ideal tenure^{^[1][17]} of a term life insurance varies from person to person depending on their age, income, liabilities, gender, health records, occupation, lifestyle, and habits. Usually, a longer tenure of insurance coverage may be preferred by many to secure the loved ones’ financial future. But financially a policy tenure may be beneficial if it expires before retirement to save the policyholder from a financial burden when the salary is no longer available. According to experts, the policy tenure should extend till the time, the policy holder has built a sufficient corpus and his/her dependents have started earning on their own.

4. How much term insurance coverage should you have?

The ideal amount^{^[1][20]} of term insurance coverage depends on individual parameters like the age, income, family expenses, liabilities, number of dependents, and planned life goals. Experts suggest opting for a coverage that equals the sum of 10 times the current annual income and the outstanding liabilities.

5. Which term insurance coverage should I purchase?

The choice of term insurance coverage needs to align to your affordability and needs. According to financial experts, a useful thumb rule^{^[1][1]} to decide the term insurance coverage may be the figure that you get by adding ten times of your annual income to the total worth of your liabilities, like a home loan.

6. What are the minimum and maximum age limits for buying a term insurance policy?

The minimum and maximum age limits^{^[1]}^[5] for buying a term life insurance policy varies from company to company and across plans. However, generally a term insurance policy can be purchased within the age bracket of 18-65 years.

7. What determines your term insurance premium?

Apart from the coverage and the policy term, the amount of term insurance premium depends on a host of factors^{^[1][16]} -

Age
Gender
Health condition
Family Medical History
Occupation and Lifestyle
Habits
Riders chosen

8. Who is responsible for paying the premiums of the term insurance plan?

A term insurance plan is basically a contract or an agreement between the policyholder and the insurance company. Here the policyholder^{^[1][6]} pays the premiums for a pre-defined period, i.e. the premium payment term. The insurer on the other hand is responsible to pay the policyholder’s nominee a pre-specified sum assured in the event of his/her death within the policy term.

9. Are term insurance plans tax-efficient?

Yes, term insurance plans are tax efficient ^{^[1][9]}under the old tax regime in India. Under 80C of the Income Tax Act, annual premium payments of term insurance up to Rs 1.5 lakh are deducted from the taxable income of the policyholders. In addition, the death benefit, i.e. the sum assured paid to the nominee in the event of the policyholder’s death is tax-free under section 10(10D). Alongside, those who have opted for critical illness or any health rider in the term insurance plan can enjoy deductions up to Rs 25,000 per annum under section 80D.

10. Who can claim tax exemptions on term insurance premiums?

The policyholder (an individual or members of a Hindu Undivided Family or HUF) can claim tax exemptions⁹ under the provisions section 80C of the Income Tax Act, 1961, for annual premiums up to Rs 1.5 lakh. But this provision can be availed only through the old tax regime.

11. What are the advantages of purchasing term life insurance online?

Purchasing a term insurance plan online may be advantageous^{^[1][2]}. These days, many insurers offer online purchase of policies from their websites. Sitting in the comfort of your home at your preferred time and location, online buying may help you get the different plan details and their comparisons at your fingertips; more transparent, simple and hassle-free documentation procedure; ease of online payments and sometimes cheaper prices too.

12. What is the cost of a term life plan?

The cost^{^[1][10]} of a term life insurance is based on specific details of the policyholder as well as on the chosen plan details. While the cost depends on the coverage amount and the policy term, it also takes into account the age, gender, medical history, lifestyle and habits of the purchaser.

13. Is it worth purchasing term insurance with a return of premium (TROP)?

There are two types of buyers when it comes to purchasing term insurances— one, who just want to financially secure their loved ones through the death benefit when they are no more and the other, who also want to get back the money paid as premiums if they survive. Term insurance return of premium (TROP) policies offer not only the death benefit in the event of the unforeseen, but also the return of premiums paid upon maturity of the policy if the insured survives. Hence, it may be a worthy ^{^[1][12]}choice for those who seek a refund of the amount paid as premiums.

14. Is there an additional premium for a term insurance Return of Premium (TROP) plan?

Term insurance Return of Premium (TROP) not only pays the sum assured to the nominee upon the death of the policyholder but pays back all the premiums paid if he/she survives when the term insurance policy matures. Because of this maturity benefit, the TROP policies come at a relatively higher premium^{^[1][11]}, compared to traditional term insurance plans.

15. Can I opt for the return of premium for an existing term plan?

While purchasing a term insurance plan, you get to choose the sum assured, policy tenure and certain other benefits through riders. Usually, these choices remain fixed throughout the policy tenure and hence there’s no scope to convert an existing term plan^{^[1][15]} into a policy with return of premiums

16. What types of death are covered under the term plan?

Term life insurances may usually cover deaths^{^[1][3]} due to natural causes, illnesses or accidents. In addition, optional riders in term plan include coverage for deaths due to terminal or critical illnesses. However, the inclusions and type of death coverage depends on the specifications of the chosen policy plan.

17. Which types of deaths aren’t covered under term insurance plans?

There are certain death cases which may not be covered^{^[1][18[} under term insurance plans. Usually, the following reasons of death are excluded from coverage.

Engaging in risky activities
Suicide within the first or 2 years of the policy issuance
Self-inflicted injury
Any criminal activity

It’s always advisable to carefully check the policy details for death-related coverage exclusions.

18. Does term life insurance cover death due to pandemics?

Term life insurance considers death due to pandemic^{^[1][19]} as a general death, provided the policyholder has stated medical facts correctly at the time of policy inception. The claim is processed accordingly, despite being diagnosed mid-term. This was clarified during the COVID-19 pandemic to help people cope with the panic.

19. Who should buy a term insurance plan of Rs 1 crore?

A term insurance is designed to act as a future financial shield for your family if you die an untimely death. So, ideally the sum assured should suffice to cover the financial need of the family at that time in sustaining the existing lifestyle, repaying the liabilities like unpaid loans and building a corpus for the fulfilment of future life goals. Hence, those who need at least Rs 1 crore to meet all these requirements may choose to buy a term insurance plan of Rs 1 crore^{^[1][7]}.

20. What is the time limit within which an insurer has to settle a death claim for a term plan policy?

As per the recent guidelines by the Insurance Regulation and Development Authority of India (IRDAI), an insurer has to settle a death claim ^{^[1][21]}which requires no investigation within 15 days from the date of receipt of the necessary documents. For death claims that need a probe, settlement of claims within 45 days is mandatory.

21. Can I return my term insurance plan during its tenure?

Yes, according to the new norms set by Insurance Regulatory and Development Authority of India (IRDAI), you can return ^{^[1][22]}the term insurance plan within 30 days of its issuance, if you are dissatisfied with it after a detailed reading of clauses and features. This time-frame is called free-look period, which requires no cancellation charges. Here the insurance company returns the first premium after deducting the amount for the period covered. Beyond the free-look period, the policy will be lapsed if you stop paying the premiums.

22. What are the benefits of buying a Term Life Insurance with Rider?

Term insurance with add-on riders offer^{^[1][23]} an extra layer of financial protection in terms of enhanced coverages extended to specific cases like accidents, critical or terminal illness or waiver of premium in certain cases at an additional premium.

23. Is it worth adding a critical illness benefit rider to your term insurance plan?

Some insurance plans come with an option to add a critical illness benefit rider. It enhances the coverage, adding an extra layer of protection for critical or terminal illnesses but comes with an additional premium. Adding it to your base insurance plan may be worthy^{^[1][8]} as it takes away your worries of costly treatment and can be helpful for those who are more likely to get such a disease. Moreover, there are tax benefits too. However, remember to check the term insurance plan details carefully for diseases that are excluded from coverage.

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Term Insurance Guide

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With the Underinsurance Calculator, check if your Life Cover is atleast 10x of your Annual Income.

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Customer Speaks

Excellent Support

The Bajaj Allianz Life Term Insurance Plan has been extremely helpful and convenient. The online process was smooth, and the customer support is excellent. What impressed me the most is how economical it is while still offering strong coverage. It’s a smart and reliable choice for anyone looking to secure their family’s future. Highly recommended!

SEEMA BIPINKUMAR RESHAMWALA

Happy with the services

I have invested in various products of Bajaj Allianz Life Insurance - I am happy with the services, returns and diversified product portfolio.

Rashmi Bhavnani

Satisfied, Trust

I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.

Shrikant A Karande

Happy with the returns

I was introduced by my advisor to invest in Bajaj Allianz Life Insurance .I have invested in the same and am happy with the returns and services.

Kavita Goplani

Very Happy

I am a 7 year old customer of Bajaj Allianz Life Insurance and very happy about the services.

Dhruv Soni

Reviewed by Life Insurance Experts

Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

Health Management Services	Frequency	Cost (₹)
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
M - ₹ 5,000	₹ 500
L - ₹ 5,000	₹ 500
Total per year as per assumption	₹ 31,000

Health Management Services for Women	Frequency	Cost (₹)
Comprehensive Health Check-Up: - Cancer Screening - Diabetic, Thyroid, Lipid profile tests - Calcium Serum test - Complete Blood Count test	1 per year	₹ 3,500
*OPD^{^} in-clinic consultations* (Specialist doctors like Gynaecologist, Obstetrician, Dermatologist, Paediatrician, Orthopaedic & General Physician) ^{^}OPD – Outpatient Department	1 per year	₹ 1,000
*Pregnancy OPD^* wallet** (OPD^ benefit worth ₹ 2,000 unlocked in case of pregnancy)	Once during policy term	Not considered in yearly cost since this is available once during policy term
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10% Out-patient consultation (O) - 10% In-patient consultation (P) - 5%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
M - ₹ 5,000	₹ 500
L - ₹ 5,000	₹ 500
O - ₹ 5,000	₹ 500
P - ₹ 10,000	₹ 500
Total per year as per assumption	₹ 36,500

Prices Increasing Soon!*

16% Discount on first year premium^#

Lowest Premium Guaranteed^

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Bajaj Allianz Life Goal Assure IV with 10X Life Cover²

BUY NOW

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

Bajaj Allianz Life Goal Assure IV with 10X Life Cover²

Starting from ₹ 3000/ Month¹

Zero LTCG Tax^$

Buy Now

^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

¹Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

^#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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