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Term Insurance for Family

By Finserv MARKETS - Apr 29,2020
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Family Term Insurance Plans

Living in a progressive world provides us with various investment opportunities allowing us to build our wealth and secure our family’s future. As your family grows, their financial needs grow simultaneously. Nevertheless, an investment plan will help you bridge these financial gaps and provide the necessary support to your loved ones.

But with smart investment choice, one also needs to take into consideration that life is full of uncertainties. Unfortunate incidents can happen anytime, anywhere. In case you happen to lose your life in an unforeseen event, it will force your loved ones into a financial turmoil. And you certainly do not want that to happen.

In such situations, a sound life insurance plan comes in handy. But with a plethora of insurance options available in India, choosing the right one can be a daunting task. Well, what if we tell you that there is an insurance plan that is affordable and easy to invest in.

A term insurance plan is one of the most basic life insurance policies available in the market. It provides financial protection to your family in case of your sudden death. This is provided in the form of death benefits to the beneficiaries of the policy. So, if you are a sole earner in the family, it is better to buy term insurance and secure the financial future of your loved ones.

Why does the head of the family need term insurance?

Term insurance is solely a protection plan that provides financial coverage to you (the policyholder) for a specified period. In case of your sudden death during the policy tenure, the policy grants death benefits to the beneficiaries.

Usually, the term insurance plans offer several payout options in case of your death –

  1. Full amount as the lump sum
  2. Partly as the lump sum and partly as monthly payouts for a predetermined period
  3. Full amount as monthly payouts for a predetermined period

Along with this, you also can choose to pay premiums online on a monthly, quarterly, half-yearly, or annual basis. So, if your family’s well-being depends solely on your earnings, then a term insurance for family can secure their future financial needs and aspirations in your absence.

Types of term insurance plans you can choose from

The following types of term insurance plans can help you take care of your family’s future and well-being:

Term Insurance Plans for Family Benefits of the Plan
Level Term Insurance
  • It is one of the basic term insurance plans in the market that provides financial protection to your family in your absence.
  • Here, the premiums you pay remain the same during the entire policy tenure.
  • The death benefits are paid to the beneficiaries of the policy in case of your unfortunate dismissal.
  • In case of renewable level term plans, you can continue the policy for additional term(s) up to a specific age.
Returns of Premium Plans
  • Usually, term insurance plans do not offer maturity benefits. You surely do not want to lose the money invested in case you outlive the policy.
  • This is where the ‘return of premium’ feature comes into the picture. It allows you to enjoy maturity benefits at the end of the policy tenure.
  • In simple terms, the premium amount paid by the policyholder will be returned as a maturity benefit. This amount can be utilised for your child’s future, emergency funds, and other life goals.
Decreasing Term Plans
  • In decreasing term insurance plans the sum assured amount keeps on decreasing over the years.
  • These are ideal if you have to pay off loans such as a home loan or personal loan in EMIs (Equated Monthly Installments).
  • That way, your loved ones do not have to overhead the financial burden of paying off the debt in your absence.
Term Plans with Riders
  • Certain term plans like the Bajaj Allianz Life Smart Protect Goal Term plan available on Finserv MARKETS, offer rider options such as critical illness cover, accidental death cover, and disability cover.
  • Riders can be used to enhance the policy coverage and provide better protection to you and your loved ones.

Over To You!

We understand that picturing your loved ones suffering in your absence can be scary. But with term insurance available on Finserv MARKETS, be rest assured as your family will be financially protected and continue to live a secure life in your absence.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”


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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522