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Term Insurance For Women

Today’s women are breaking traditional boundaries and carving out a niche in every field they choose to venture into. Whether it is the corporate world, whether women are successful leaders, sports, arts, etc., women are making their mark. Read More

 

Many women also handle their households and provide for their families financially. Many women are working and contribute to the running of their households. As such, if such women face any unexpected eventuality, their families would suffer a financial loss. A term life insurance plan for women becomes essential to cover such a financial loss. Read Less

 

Term Insurance
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Keep these Documents Handy
Photo
  • Colored Photo
PAN Card
  • PAN Card/ Form 60
Age proof (Any one)
  • Passport
  • Aadhar card
  • Driver’s License
  • Birth Certificate
  • Baptism Certificate of PAN card
Income documents (Any one)
  • Last 6 months Bank statement with salary credit
  • Form 16
  • Last 3 years ITR with Computation of Income (COI)
  • Last 3 months salary slip + Last 6 months bank statement showing salary credited
Address proof/ID proof (Any one)
  • Passport
  • Aadhar card
  • Voters ID
  • Driver’s License

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*Above illustration is for Bajaj Allianz Life eTouch- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan(UIN:116N172V04) considering Male aged 22 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term(PPT)– 30 years | Sum Assured opted is Rs. 5,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 18,038. 2nd Year onwards premium Rs. 19,257. Total Premium Paid is Rs. 5,76,491 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 45, Income Payout Percentage: 55) | Premium shown above is inclusive of Online Discount only and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.

**The output generated through calculator are on the basis of the data inputted by you and is being provided to you solely for your reference purpose and not to be construed as investment advice. Please seek independent advice from your insurance consultant before making any investment decisions. While proper caution has been taken in designing this calculator, Bajaj Allianz Life Insurance Co. Ltd. assumes no liability for the accuracy of the information and data provided in this tool.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^Get Free Benefits up to ₹ 14,000 per year

S No.

Value Added Service

Frequency

Cost (₹)

1

Doctor Teleconsultations

Consultation per month
= 24 consultations per year

Average cost per session = ₹500
Total cost per year = ₹500 * 2 * 12 = ₹1200

2

Network Discounts
Medicines (M) - 10%, Lab Booking (L) - 10%,
In-Patient Hospitalization (P)- 5%,
Out-Patient Consultation (O) - 10%

Throughout the year

 

Assumption - Total
Expenses of these
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 assumptions

₹ 14,000

Note: The above mentioned costs are based on estimated average market price for respective services.

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

Get Your Life Goals, Done!

Tailored Life Insurance Solutions for your long-term Life Goals.

Writer shruti
Written ByShruti Gujarathi
AboutShruti Gujarathi
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Shruti Gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.
Reviewer Rosy
Reviewed ByRosy Pathak
AboutRosy Pathak
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Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.
Written on: 2nd December 2024
Modified on: 8th January 2025
Reading Time: 20 Mins

What Is Term Insurance for Women?

A term insurance policy also covers women individuals. The policy provides financial protection against the risk of dying early, i.e. premature demise. If the insured woman happens to die during the policy tenure, the plan pays the death benefit to compensate the woman’s family for the financial loss suffered.

Almost all term insurance plans can be taken for women. Whether the woman is working or a housewife, the plan will cover the risk of dying early, i.e. premature demise.

Benefits of Term Insurance for Women: Why Should You Buy One?

Some of the benefits of buying a term insurance plan for women are as follows –

Financial security

A term insurance plan is designed to provide financial security in the case of a premature demise. If a woman is contributing financially to her family’s needs and goals, in her absence, her family would suffer a financial loss. Even if the woman is a housewife, her premature demise would incur a financial loss as there would be no one to manage the household. To compensate for this financial loss, the term plan becomes important. It can provide financial assistance to the family in case of the woman’s premature demise, which brings security.

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Different plans for different needs

There are different types of term insurance plans. Women can choose from increasing term plans, decreasing term plans, return of premium plans or level term plans. This gives women the facility to choose coverage depending on their needs and enjoy complete financial protection.

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Customisable

Optional riders are available with term insurance. Women can choose suitable riders to enhance the scope of their policy and customise the coverage based on their needs. Plus, they can choose the coverage level, the policy tenure, premium paying terms and frequencies, and other policy details to design a plan that matches their needs.

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Tax benefits

Lastly, term insurance plans also offer tax benefits, which allow tax-paying women to reduce their tax liability. The premium paid for term insurance plans qualifies for Income Tax deduction under Section 80C up to ₹1.5 lakhs under the old regime subject to specific terms and conditions1. The death benefit received is completely tax-free2. If you choose the return of premium term plan and get the premiums refunded on maturity, the maturity benefit received would also be tax-free under Section 10(10D) subject to specific terms and conditions1.

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How term insurance for women works

Term life insurance can be bought by3

  1. A woman for herself
  2. A husband for his wife
  3. A parent for their daughter

 

When term insurance for women is bought, the following policy details are to be selected by the policyholder –

  1. The type of policy
  2. The policy tenure
  3. The sum assured
  4. The PPT, i.e. the premium-paying tenure
  5. The frequency of premium paying
  6. Optional riders, if any.

Based on the selected details, the age of the woman, and other risk factors, the premium is determined. The premium is payable over the chosen premium paying term and in the selected frequency. The death benefit is paid if the insured woman happens to die within the tenure of the policy.

However, on the other hand, if the insured woman survives for the entire policy tenure, no maturity benefit is paid. However, if the return of premium option has been selected, the premiums paid will be refunded back on maturity. 

Types of term insurance which can be purchased by women

The different types of term insurance plans available are as follows –

Type of policy

Meaning

Example

Level term plan

The sum assured under the plan remains constant throughout the policy tenure.

You buy a term plan with a sum assured of ₹50 lakhs. If the life assured happens to die during the policy tenure, the sum assured of ₹50 lakhs would be paid as a death benefit.

Increasing term plan

The sum assured increases by a specified rate during the policy tenure. If the life assured happens to die within the duration of the policy, the sum assured in the year of death is paid.

You buy a term plan with a sum assured of ₹50 lakhs. From the second policy year, the sum assured increases by ₹5 lakhs. The life assured passes away in the 6th policy year. In this case, the sum assured in the 6th year was ₹75 lakhs, which would be paid as a death benefit.

Decreasing term plan

In this plan, the sum assured is reduced by a specified rate during the policy tenure. If the life assured happens to die within the duration of the policy, the applicable sum assured in the year of death is paid.

You buy a term plan with a sum assured of ₹50 lakhs. From the second policy year, the sum assured decreases by ₹5 lakhs. The life assured passes away in the 6th policy year. In this case, the sum assured in the 6th year will be ₹25 lakhs, which would be paid as a death benefit.

Return of premium term plans

Under these plans, the death benefit is paid If the life assured happens to die within the duration of the policy. However, if the life assured survives the entire tenure of the policy, the premiums paid during the policy tenure are refunded.

You buy the Bajaj Allianz Life eTouch II Plan with the Life Shield Return of Premium Option. You choose a sum assured of ₹50 lakhs, a term of 25 years and choose to pay annual premiums regularly. The annual premium amounts to ₹10,899 for 1st year and from 2nd year ₹12,855 per year. If the life assured survives till maturity, the plan will refund ₹3,19,419 which is the aggregate premiums paid over the tenure4. On the other hand, in the case of premature demise, the death benefit of ₹50 lakhs would be paid4,^^.

Features of term insurance

Some of the salient features of term insurance plans are as follows –

  • Under some term plans, there’s a whole life cover option, too. This option offers coverage up to 99 or 100 years of age.
  • Premiums can be paid regularly, for a limited tenure or in one lump sum through single premium, depending on the plan selected.
  • The premiums are affordable.
  • Premiums are lower for women compared to men5.

Some term plans have inbuilt riders. Under such plans, you get a wider scope of coverage with the policy.

How do you choose the right term insurance for women?

There are different options for term insurance plans. To choose the right term plan, it is advisable to compare the available options and pick the right plan. When comparing, consider the –

  • Type of policy
  • The sum assured
  • The coverage provided
  • The riders – both inbuilt and optional
  • The claim process

Choose a policy which offers the most inclusive scope of coverage at the most competitive premium rates. Plus, check the claim process. It should be simple and convenient so that you can get the claim settled with minimal hassles. Check the insurance company’s Claim Settlement Ratio (CSR) and choose an insurer with a high ratio for a higher probability of claim settlements. 

Things to consider before buying Term Insurance for women

When buying term insurance for women, here are the things that you should consider –

Type of policy

First, assess the type of term plan that you need. If you want a plan with increasing coverage levels, choose an increasing term plan. On the other hand, if you want a plan with reduced coverage to mirror an outstanding debt, you can choose decreasing term plans. For those of you looking for a maturity benefit, return of premium plans could be a good choice. So, assess your coverage needs and then choose the right type of term insurance plan for women.

Read More

Read Less

Sum assured

The next important thing is the sum assured or the coverage level. The sum assured should be optimal to provide sufficient financial security to your family. So, you should assess your financial needs and goals and then choose a coverage which would be adequate to match them.
You can use a term insurance calculator to find the right sum assured for your policy. Alternatively, there are different methods to find adequate coverage of a term plan that would provide optimal financial security.

Read More

Read Less

Policy tenure

Term plans provide coverage during the policy tenure. Once the tenure expires, the coverage ceases. So, choose a tenure which aligns with your financial goals. It should be adequate to cover the financial risk for as long as needed. You can also choose the whole life option and stay covered throughout your lifetime.

Read More

Read Less

Premium paying term and frequency

To enjoy the full benefits of the term insurance policy, you have to pay the premiums as and when they are due. As such, choose a premium paying term and frequency which is affordable and allows you to pay the premiums without hurting your finances.

Read More

Read Less

Riders

Riders are optional coverage benefits which help enhance the scope of the policy and also customise the coverage, on payment of nominal additional premium. Assess the range of riders available with the term plan and choose those which match your coverage needs.

Read More

Read Less

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

99.23%

Claim Settlement Ratio~

Claim Settlement Ratio
1 Day

Get 1 Day Claim Approval%

One Day Claim Approval
AAA

Stable Rating by CARE$$

CARE Stable Rating
₹1,20,994 Cr

Assets Under Management (AUM)**

Assets Under Management (AUM)
4.19 Cr

Number of Lives Covered#

Number of Lives Covered
432%

Solvency Ratio of 432%^^^

Solvency Ratio
Claim Settlement Ratio 2023-24

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024 | %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 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 | $$For details refer to press release published by CARE | **All figures as on 31 January, 2025 | ^^^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150% | #Individual and group, as on 31 March, 2024.

Conclusion

Understand what term life insurance is all about, and buy a suitable policy for your and your family’s coverage needs.Choose the right sum assured for adequate protection against life’s uncertainties, and with term insurance, you won’t have to worry about affordability.

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*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Female aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 4,551. 2nd Year onwards premium Rs. 4,934. Total Premium Rs. 1,47,637 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. 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.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved

^^Get Free Health Management Services upto Rs. 36,500 per year for women

Health Management Services for Women
ServiceFrequencyCost (₹)
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 termNot considered in yearly cost since this is available once during policy term
Doctor Insta-Consultations  
Health Coach
(Diet & nutrition consultations)
1 consultation per month = 12 consultations per yearAverage cost per session = ₹ 500
Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness
(Psychologists consultations)
1 consultation per month = 12 consultations per yearAverage 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 yearTotal 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

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

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

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


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


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35% 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. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

^Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V03) considering Male aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 5,118. 2nd Year onwards premium Rs. 5,548. Total Premium Rs. 1,66,010 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) or consult your "Insurance Consultant' for more details and eligibility conditions carefully before concluding a sale.

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Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Female aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term(PPT)– 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 4,551. 2nd Year onwards premium Rs. 4,934. Total Premium Rs. 1,47,637 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. 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.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

 

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved

^Bajaj Allianz Life Family Protect Rider- A Non-Linked, Non-Participating, Individual, Pure Risk Health Rider (UIN: 116B056V01)

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

X
Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Female aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term(PPT)– 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 4,551. 2nd Year onwards premium Rs. 4,934. Total Premium Rs. 1,47,637 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. 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.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

 

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved

^Bajaj Allianz Life Family Protect Rider- A Non-Linked, Non-Participating, Individual, Pure Risk Health Rider (UIN: 116B056V01)

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

Disclaimers:
Plus Symbol
Minus Symbol

Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

 

@ Individual Death Claim Settlement Ratio for FY 2023-2024

I Source: Bajaj Allianz Life Public Disclosure

^ Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150%

** All figures as on 31 January, 2025

$ For details refer to press release published by CARE

% 96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 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

^^Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering female aged 30 years | Non-Smoker | Policy Term (PT)– 25 years | Premium Payment Term (PPT) – 25 years | Sum Assured opted is Rs. 50,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 10,899/ Month. 2nd Year onwards premium Rs. 12,855/ Month. Total Premium Paid is Rs. 3,19,419 | Medical Rates | Yearlyly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage: 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is exclusive of all the discounts mentioned above

 

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