Term life insurance
Compare term life insurance and protect your family's income
A term plan is the simplest and cheapest form of life insurance. You pay a premium for a fixed term; if you die during it, the insurer pays your nominee the sum assured. There is no investment component and nothing paid back if you survive — which is exactly why the cover is so affordable. For anyone with dependants or loans, it is usually the first policy worth buying.
Your options
Types of term life insurance
Level term plan
The sum assured stays the same throughout the policy term. The most common and easiest to compare.
Increasing cover
The sum assured rises each year, helping your cover keep pace with inflation and a growing household.
Return of premium
Refunds the premiums you paid if you outlive the term. Costs noticeably more than a plain term plan.
Loan protection cover
Cover that reduces in step with an outstanding loan, so a home or business loan is paid off if you die.
Joint life cover
One policy covering both spouses, often with a lower combined premium.
Cover
What is covered — and what is not
This is what policies of this kind commonly include. The policy wording of the plan you choose is what decides a claim.
Usually covered
- Death from illness or accident during the policy term
- Payout as a lump sum, monthly income, or a mix of both
- Terminal illness benefit, with many insurers
- Optional riders — accidental death, critical illness, disability and premium waiver
Usually not covered
- Suicide within the period set out in the policy
- Death from causes you did not disclose when buying
- Anything after the policy term ends — there is no maturity benefit on a plain term plan
- Exclusions listed in the policy, such as certain hazardous activities
Before you buy
How to compare term life insurance quotes
How much cover
Size the sum assured to replace your income for the years your family depends on it, plus any outstanding loans and big future goals.
Policy term
Run the cover until your dependants are self-sufficient and your loans are repaid — not longer than you need.
Claim settlement ratio
The share of claims an insurer pays. A consistently high ratio over several years matters more than the latest one.
Riders
Add only the riders you would genuinely use. A premium waiver on disability is often the most valuable.
Paperwork
Documents you will need
Insurers may ask for more depending on the plan and your answers on the proposal form.
To buy a policy
- PAN card and Aadhaar (or another accepted ID and address proof)
- Income proof — salary slips, Form 16 or income tax returns
- Medical tests, if the insurer asks for them
- Nominee details
For the nominee to claim
- Policy document and claim form
- Death certificate
- Nominee's ID and bank details
- Medical or police records, depending on the cause of death
FAQs
Term life insurance questions, answered
Why buy term insurance instead of an endowment or ULIP?
A term plan buys far more cover for the same premium because none of it is invested. Most people are better served by a term plan for protection and separate investments for growth.
Should I disclose smoking and health conditions?
Always. Non-disclosure is one of the most common reasons claims are rejected. A higher premium is far better than a claim your family cannot collect.
Can I have more than one term plan?
Yes. You can hold policies from different insurers, but you must declare existing cover on every new application.
Also compare
Other insurance
- Health insuranceHospital bills for you and your family, paid by the insurer — cashless at network hospitals.
- Car insuranceMandatory third-party cover, plus protection for your own car against accidents and theft.
- Two-wheeler insuranceLegally required cover for your bike or scooter, with own-damage protection if you want it.
Talk to us about term life insurance
Leave your details and our team will call you back to go through the options. There is no obligation to buy.