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Upto 11% Discount* on first year premium


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*,6 T&C apply | BJAZ-WB-EC-04303/23


*5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. | 5% Discount for salaried customers, applicable only on first year’s premium. | 1% Discount on online purchase is available for regular premium payment and limited premium payment frequency.

6Term plan is a category of Life Insurance

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116.


*5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. | 5% Discount for salaried customers, applicable only on first year’s premium. | 1% Discount on online purchase is available for regular premium payment and limited premium payment frequency.

6Term plan is a category of Life Insurance

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

What is Renewable Term Life Insurance?

Renewable term plans are nothing but regular premium a term plans. There are many types of term insurance plans available for you to choose from. Many first-time buyers are not aware of the different kinds of term plans, and often make a choice that is less than optimal for their needs. One way to ensure that you make the most of your term plan is to use a term insurance calculator to figure out the amount of coverage you need. That way, you can secure your family adequately.

Another important thing that buyers need to do is to understand the different types of term insurance and the many term insurance benefits they get to experience. One such type of term plan that many people may not be fully aware of is renewable term insurance.


What is renewable term insurance?


Renewable term insurance is quite easy to understand. Simply put, it is a kind of term plan where the coverage is renewed periodically, for a specified period, without the policyholder having to prove that they are insurable. In other words, the policyholder does not have to requalify for their coverage each time.

The only condition here is that the policyholder should pay all their premiums on time, as and when they are due according to the policy’s terms and conditions. So, now that you know the basics about renewable term insurance, let’s take a look at how this kind of life cover works.


How does it work?


The fact is that a renewable term plan is same as a regular term plan. An example can give you better clarity about how renewable term insurance works.

Let’s say Sanjay uses a term insurance calculator and discovers that he needs Rs. 1 crore to financially secure his family in his absence. So, he purchases a renewable term insurance plan at the age of 30. The plan offers him a sum assured of Rs. 1 crore and is valid for a period of 40 years. That means, Sanjay can enjoy the life cover till he attains 70 years of age.

At the time of purchase, the life insurance provider takes into account different factors like Sanjay’s age, his occupation, his medical history and his family’s medical history, and fixes the premium for his renewable term plan at Rs. 6,000 per annum.

Now, because this is a renewable term plan, Sanjay need not requalify for this coverage at the end of each policy year. As long as he continues to pay his premium promptly, this cover will remain valid for the entire policy term of 40 years.


The benefits of renewable term insurance


A renewable term insurance plan can be beneficial in many ways. Check out some benefits of this kind of term plan.


1. Hassle-free renewal


As the name itself indicates, one of the advantages of a renewable term plan is that you get to renew your life cover without any hassle each policy year. There is no need to undergo any medical test periodically or answer any medical questions. You just need to pay your premium on time, and your policy continues to be renewed throughout the policy term without any trouble. So, this effectively ensures that your coverage remains unaffected throughout the policy’s term.


2. Guaranteed cover over the policy term


Since you do not have to prove your insurability at the end of each policy year or at periodic intervals, your life cover is effectively guaranteed. All you need to do is ensure that you do not skip your premium payments, because that could lead to your policy lapsing. As long as you pay your premiums promptly, you can rest assured that your life cover is intact during the policy term chosen by you.


3. A financial safety net for your family


Since a renewable term plan provides a life cover, in case something unexpected happens to you, your family will receive the financial benefits guaranteed under the plan. This can then help your nominees pay for their regular expenses, repay any debts you may have had, and meet their life goals as planned. So, with a renewable term plan, you may be rest assured that your family has a financial safety net in place.




As you can see, renewable term plans come with many advantages. In addition to the regular term insurance benefits they offer, there are also many unique ways in which they can be helpful to you. Just remember to pay your premiums on time to continue enjoying these benefits.


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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.