Term Insurance Plan

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What is Term Insurance?

Life is unpredictable, and a single event can change its course overnight. If such events bring along a financial crunch, do you think your life savings will be enough to cover the crisis at hand without affecting your future plans? To put things in perspective, what if you are no longer around to take care of your family’s financial needs? None of these scenarios play well in your head, do they? However, there’s a solution - term insurance.

A term insurance plan is a policy that covers you for a specific period or term. Its primary purpose is to safeguard the financial future of your family in your absence. It is the purest form of life insurance available in the market.

To simply, with term insurance, your loved ones receive a death benefit in case of your unfortunate demise during the policy term. In other words, a term insurance plan offers financial security to your family members after your death so that they live and accomplish their future goals without any financial hurdles.

Why Should You Buy Term Insurance?

A term insurance plan can be purchased for the following reasons:

  • Secure the Financial Future of the Family

Whether you are buying an individual or a group term plan, the primary focus is to ensure the financial security of your loved ones. So, in case of your untimely death, the term insurance policy will act as an income replacement to meet their financial requirement.

  • Ensure Easy Repayment of Financial Liabilities

Those having a personal loan or home loan overburden can buy term insurance to ensure that your family can repay these liabilities easily, even in your absence.

  • Very Affordable

Whether you buy an individual term plan or a group term life insurance plan, know that the premiums are quite affordable and easy on the pocket. Thus, you can secure the financial future of your loved ones for a nominal price.

Benefits of Term Insurance

Along with taking care of your family’s financial future in your absence, term insurance provides a wide range of benefits. These include:

  • Death Benefits

In the event of your unfortunate demise during the policy term, your family members will receive a death benefit. Depending on the type of term insurance purchased, the death benefit amount may be the same (Pure Term Plans), decrease (Decreasing Term Plan), or increase (Increasing Term Plan).

Additionally, the insurer provides several payout options for term insurance in India. We will read more on term insurance payout further in this article.

  • Maturity/Survival Benefit

A standard or pure term insurance plan does not provide any maturity or survival benefit. However, if you buy term insurance with the ‘Return of Premium’ rider or the ‘Term Return of Premium’ variant, the insurer is liable to repay the premiums paid towards the policy. This will happen only when you outlive/survive the term insurance duration. The amount received is known as maturity/survival benefit.

  • Tax Benefits

Along with being a worthy financial tool, term insurance is known for its tax benefits as well. The premiums paid towards term insurance can be claimed for tax deductions under Section 80C of the Income Tax Act, 1961, under the old taxation regime. Moreover, the death or survival benefits received are also tax-free under Section 10(10D) of the Income Tax Act, 1961.

  • Rider Benefits

That’s not all! You can enhance the scope of your term insurance plan with several rider benefits. For instance, you can receive a percentage of the total sum assured when first diagnosed with a critical health condition just by opting for a ‘Critical Illness’ rider with your basic term plan.

Similarly, you can opt for riders such as ‘Accidental Death Benefit’, ‘Return of Premium’, ‘Waiver of Premium’, ‘Income Benefit’, and so on. However, note that each add-on rider you opt for comes for a nominal price over and above your basic term insurance premium.

Features of Term Insurance

Along with attractive term insurance benefits, the policy offers the following salient features.

  • High, Affordable Coverage

Term insurance is the most affordable life insurance product available in the market. The policy offers optimum coverage at a nominal price. Also, buying a basic term plan or term insurance with various rider benefits is light on your pocket. It is one of the best financial solutions to protect your family’s future.

  • Easy to Buy Online

Term insurance is easily available online. You can simply visit the official website of your chosen insurer to buy a policy. Since the process is entirely online, it eliminates the need for tedious paperwork and health check-ups along with you having to visit the insurer in-person. You can buy term insurance online at any time and anywhere.

  • Gives Long-Term Protection

Buying the right term insurance plan with a longer policy duration ensures that your family stays secure from any financial liability. Typically, you can buy a term life insurance cover for up to 50 years.

Now, let us understand who can buy term insurance and how the policy can come in handy with the help of some examples.

Who Needs Term Insurance?

  • Single Parents/Parents/Newly Married Couples: Jyoti is a single mother who makes a decent living

Jyoti does a full-time job to take care of her child’s needs and manage her monthly household expenses. If anything were to happen to her suddenly, her child and anyone dependent on her would face a great loss (emotional, mental, and financial). In such a situation, term insurance works as a reliable financial backup for the family. Moreover, Jyoti does not even have to shell out a fortune to buy the policy.

  • Someone with a Critical Health Condition: Amit is diagnosed with cancer

Life-threatening diseases can surely strain family dynamics and put stress on the one suffering. Amit’s family faced a similar situation when he was first diagnosed with cancer. While the entire family was worried about his health, Amit was concerned about the financial burden that tagged along with the disease. Fortunately, he had bought a term insurance plan with a ‘Critical Illness’ cover well in advance. This not only helped his family manage the treatment expenses better, but also addressed the financial crunch felt due to Amit’s missed incomes.

As you can see, term insurance allows you to enhance the scope of the policy with various rider benefits. These rider benefits can come in handy during several situations. In Amit’s case, the Critical Illness benefit on term insurance paid a lump-sum amount when he was first diagnosed with the disease. Similarly, there are other rider benefits that you can opt for on your term insurance plan – all at a nominal price charged over and above your basic premium.

  • Young Professionals/Taxpayers/Working Women: Neha is looking for ways to save money on tax

Neha recently landed a well-paying job at a well-established Indian firm and is looking for ways to reduce her income tax liability. Now, even though she does not have any financial overheads or isn’t suffering from any critical health conditions, she can still buy the policy to avail several term insurance tax benefits.

The premiums paid towards term insurance are tax deductible under Section 80C of the old income tax regime. You can claim a total of ₹1.5 lakh annually on all your investments. Also, the death benefit received by the beneficiaries after your death is tax-free under Section 10(10D) of the Income Tax Act.

Buy the Best Term Insurance Plan in India at Finserv MARKETS

Term Insurance

Term Insurance Plans at Finserv MARKETS

We, at Finserv MARKETS, offer the following term insurance plans.

If you are looking for individual term insurance, look no further. Bajaj Allianz Smart Protect Goal Term Plan is a policy offered on an individual basis. You can enhance the scope of this term insurance plan with various rider benefits.

Bajaj Allianz Group Term Plan is ideally preferred by communities and companies to cover their members/employees. The policy is issued for a single year. To continue availing its benefits, the primary/master policyholder must renew the term insurance plan annually.

Now, let us understand these term insurance plans in detail so that you can make an informed financial decision.

Comparison of Term Insurance Plans at Finserv MARKETS

The following table gives a brief overview of both the term plans. Take a look!

 

Bajaj Allianz Smart Protect Goal Term Insurance

Bajaj Allianz Group Term Life Insurance

Plan Type

It is a customisable term plan offered as per individual requirements.

It is a type of term plan that is offered to a community or /organisation.

Policy Period

The plan offers a flexible policy period where policy maturity can be for age up to 85 years.

Those opting for whole life insurance coverage can stay covered till age 99 years too.

This policy comes with a yearly renewal. The premium changes every year based on your age.

Critical Illness Benefit

Covers up to 55 major and minor ailments.

Covers up to 11 critical illness.

Medical Examination

Required.

Not required.

Premiums

Relatively high

Relatively low

Eligibility Criteria

  • Age at the time of buying the policy should be between 18 years to 65 years

  •  The maximum age at the time of policy maturity should be 85 years.

  • In the case of whole life option, the maximum age at the time of policy maturity should be 99 years

The individual should belong to the community/group to become eligible for group term insurance.

Right Time to Buy Term Insurance

Ideally, it is best to buy a term insurance plan as early in life as possible. Buying the policy early allows you to obtain desired coverage at a nominal price, i.e. the term insurance premiums will be significantly lower.

Whether you are single, newly married, starting a family, or approaching retirement, a term insurance policy allows you to secure your dependents’ financial future in your absence. Do not neglect it any further and proceed to buy term insurance online, today!

Buy Term Insurance at Finserv MARKETS

The steps to buy term insurance plans are as follows -

  • Design the plan or Verify/Edit your details

  • Make the payment

  • Upload the requested documents

  • The insurer will assess your application

  • The policy is issued

Calculation of Your Term Insurance Premium

Determining the tenure of your term plan is as essential as calculating the premiums you’ll pay. You can check our term insurance calculator to compute your premium amount. It is ideal to choose a longer tenure when it comes to keeping up with the financial needs of the future and ensuring your loved ones’ financial security.

Three Reasons to Buy Term Insurance Online

As stated earlier, buying term insurance online is easy and convenient. However, that’s not all. There are several benefits of buying the policy online.

  • Affordability

When you buy term insurance online directly from the insurer, you eliminate the need of purchasing the policy through an agent. Because of this, the paperwork and processing fees decrease, reducing your overall term insurance premium amount. Moreover, many times, insurers offer rewards and discounts on buying term insurance online, something that is not available on offline policies.

  • Easy Comparison

Another perk of buying term insurance online is the convenience of comparing different policies online. You can compare different term insurance plans available in the market based on their coverage, premium amount, benefit, and features, and more. Depending on your affordability and need, you can then proceed to buy the right term plan to secure your family’s future.

  • Reliability

Buying term insurance online is reliable. Insurers provide absolute transparency throughout the process. You can know the different benefits and features, terms and conditions, details about the rider benefits, and so on by visiting the insurer’s website. Besides, you can also check customer reviews on the platform to make an informed decision about the term insurance plan.

Why Buy Term Insurance Online at Finserv MARKETS?

Comprehensive Coverage

With an extensive life insurance cover, you can ensure complete financial security for your family even in your absence.

Easy on Pocket

Affordable premiums with high sum assured amounts to keep you prepared for more to achieve your life goals.

Tailor-made Insurance Plans

Customized term insurance plans that suit all needs of policyholders.

Trusted Companion

With a customer base of 100+ million across the country, Finserv MARKETS is the right choice for you. It’s time you choose us as your financial partner.

Reliable Insurance Partner

With a high claim settlement ratio, Bajaj Allianz promises to settle your claim instantly and hence, is a trusted insurance partner.

Term Insurance Riders

As you know, rider benefits on term insurance allow you to enhance the scope of your basic policy. In India, we have the following term insurance riders available.

  • Critical Illness Rider

Having a term insurance plan with the critical illness rider allows you to receive a lump-sum amount when diagnosed with a critical health condition. Term insurance plans at Finserv MARKETS cover up to 55 (major and minor) such conditions. In the case of minor critical illness, 25% of the benefit amount will be paid to the policyholder, whereas, for major critical illnesses, 100% of the chosen benefit amount will be paid.

  • Waiver of Premium Rider

In case you are diagnosed with a critical illness, the future premium payments towards the policy are waived off. Critical illness under this cover also includes accidental total permanent disability.

  • Accidental Death Rider

If you were to die in an accident, the sum assured amount would be paid to your nominees.

  • Accidental Total Permanent Disability Benefit

In case you were to face permanent disability due to an accident, the sum assured chosen by you would be paid under this cover.

  • Return of Premium Rider

As we all know, term insurance only provides death benefits. However, with the return of premium cover, you can receive the premiums paid towards the policy as maturity benefit in case you survive the policy tenure.

Term Insurance Payout Options

The sum amount assured under a term insurance plan is paid based on the payout option you choose at the time of policy purchase. Following are the different payout options available with a term insurance plan.

  • Lump Sum Payment

The insurer pays the entire sum assured to the beneficiaries of the policy. For instance, if you choose a sum assured of ₹1 crore, your nominees will receive the said amount as a lump-sum payment.

  • Lump-Sum and Monthly Payment

In this payment option, half of the sum assured amount is paid as a lump sum to the beneficiaries, while the remaining amount is paid out as monthly income. For instance, if your term insurance coverage is ₹1 crore, your nominees will receive ₹50 lakh as a lump-sum payment and the remaining amount (₹50,000) as a monthly death benefit.

  • Income Replacement or Monthly Payment

Here, a fixed percentage of the sum assured is paid monthly to the beneficiaries of the policy as income replacement.  

Term Insurance Claim Process

To make a claim on your term insurance plan, following the steps given below:

  • 1

    Register your claim online

  • 2

    Upload the supporting documents

  • 3

    The insurer will assess your claim application

  • 4

    Check the claim status online

Term Insurance Exclusions

Just like any other insurance plan, term insurance has certain exclusions as well. Some of these exclusions include:

  • Suicide

  • Death due to self-inflicting injuries

  • Death due to sexually transmitted diseases such as HIV/AIDS

  • Death due to any pre-existing health conditions

  • Death due to involvement in illegal activities

  • Accidental death due to the influence of intoxicants such as alcohol and drugs

  • Death due to participating in racing events such as bike racing and car racing

  • Death due to participating in adventure activities such as bungee jumping, trekking, hiking, water sports, etc.

  • Death due to pregnancy and childbirth

These exclusions vary from insurer to insurer. Please refer to the policy terms before purchasing a plan.

Government Term Insurance Schemes

The PMJJBY scheme is government-backed life insurance in India available at a nominal premium rate of ₹330 per year. The policy focuses on the growth of the poor and economically backward families in the society and is available for people between the age of 18 and 50 years. PMJJBY provides annual coverage of ₹2 lakh to the beneficiaries in the event of the insured’s untimely death.

The PMSBY scheme is one of the three social security schemes in India. The policy is an accidental insurance plan that offers accidental death/disability coverage for a year with an annual renewal facility. For a nominal premium rate of ₹12 per year, PMSBY benefits the poor and economically backward sections of society. The policy offers coverage of ₹2 lakh (in case of accidental death) and ₹1 lakh (in case of disablement).

AABY is a social security scheme that offers monetary benefits to poor families in India. It covers accidental death, disability, and natural death of individuals falling under certain occupational groups. The premium for AABY is ₹320 per year, which is divided between the policyholder and the Government of India.

Glossary/Terminologies

To understand what is term insurance and its nuances, here are some of the most common expressions used in insurance parlance. These will help you make a better and more informed choice.

1. Policy Term

The policy term or policy tenure is the duration for which the plan provides coverage to the insured. Usually, the minimum policy tenure for term insurance is 5 years while the maximum is 25 years for equated monthly premiums. For single premium plans, the policy term can vary between 5 and 40 years.

2. Premium Amount

This is the amount you pay to keep the policy active/running to enjoy its benefits. In case you are unable to make the premium payment within the due date, the insurer grants you a grace period, typically 30 days. Failing to make a payment even with this grace period can lead to the termination of the policy.

3. Premium Payment Term

Premium payments can be done as per your financial convenience. You can choose from: 

  • Single-Premium Payment: Choose to pay the premium amount for the entire policy duration as a lump sum in one go.

  • Regular Premium Payment: Select an option to pay premiums for an entire policy period at regular intervals that is monthly, quarterly, half-yearly, or annually.

  • Limited Premium Payment: Choose to pay premiums for a limited time to finish your liability quickly. You can opt for a limited pay term of 5, 10, or 12 years, etc., depending on the insurer’s offerings and your convenience.

4. Riders

Term insurance provides rider benefits that enhance the coverage of the policy. Some common term insurance riders are: 

  • Critical Illness Cover

  • Return/Waiver of Premium

  • Accidental Death Benefit

  • Accidental Total and Permanent Disability Rider

5. Grace Period

In case you are unable to pay the premium on the stipulated time, the insurer grants you a grace period to make the payment. Usually, the grace period is 15 days for regular monthly premium payments and 30 days for annual premium payments. Failing to pay the premium within this grace period can lead to policy termination.

6. Life Assured

Life assured refers to the insured individual. The insurer covers the policyholder in case of the latter’s untimely death during the policy period. Primarily, the policy should be bought for the sole earner of the family, who becomes the life assured. That way, in case of their untimely death, the dependents will be financially covered.

7. Sum Assured

The sum assured is the amount your insurer pays as death benefit to the beneficiaries of the policy. For instance, let's assume that you bought term insurance with a sum assured amount of ₹1 crore. Now, in case of your sudden demise, your beneficiaries will receive a lump sum amount of ₹1 crore as a death benefit.

8. Death Benefit

As explained earlier, the death benefit is the amount your beneficiaries receive in case of your unfortunate demise during the policy term. Usually, the death benefit is the same as the sum assured amount or, in some cases, more.

9. Maturity Benefit

Term insurance plans do not provide maturity benefits if the insured outlives the policy. However, if you buy the ‘Return of Premium’ term plan, then you will receive the premiums paid throughout the policy term as maturity benefits.

10. Free-Look Period

Every insurance policy has a free-look period. This period is nothing but the timeframe during which you can terminate the policy without having to pay any penalty charges. In other words, you can cancel the policy if you do not agree with its terms and conditions. The free-look duration varies from insurer to insurer. Generally, it is a period of 15 to 30 days after the insured receives the policy documents.

FAQs on Bajaj Term Plans at Finserv MARKETS

  • ✔️How can I pay my Bajaj Allianz Term Insurance premiums at Finserv MARKETS?

    Finserv MARKETS offers the following modes of payments so that you can pay your term insurance premiums securely –

    ●     ECS

    ●     NEFT

    ●     Credit/Debit card

    ●     Net banking

    ●     Cash/Cheque Payments

  • ✔️Which add-on covers are available to the customer at the time of buying the policy?

    The add-on covers or riders available to the customer while buying the policy are: • Accidental Death Benefit – With this rider, an additional sum assured amount is paid to your nominee, if the happen to die untimely during the policy tenure. • Accidental Total Permanent Disability Benefit – With this ad-on cover, a sum assured amount over and above the basic sum assured amount, is paid if the policyholder happens to be rendered permanently disabled due to an accident. • Critical Illness Benefit – If chosen, an additional rider sum assured amount is paid if you are diagnosed with a listed critical illness for the first time. • Waiver of Premium Benefit – With this add-on, all future premiums that are payable are waived off if you are rendered disabled or are diagnosed with a critical illness.
  • ✔️What type of premium payment options are available to the customer?

    The available premium payment types in this plan that the customer can choose from include: • Regular pay option: Allows you to pay for entire policy term on regular basis • Limited Pay option: Lets you pay for shorter term • Single Pay option: Gives you the option of making a one-time payment
  • ✔️Can the customer take both, Whole Life and Return of Premium add-on covers together?

    No, these options are not available together. Policyholder can opt for either of the two options.
  • ✔️What is the benefit payable in case the policyholder was to die due to an accident?

    If the policy holder has chosen Accidental Death Benefit , an additional sum assured amount chosen as ADB will be paid to the customer along with the Life Cover amount in the unfortunate event of death due to accident.
  • ✔️What is the benefit payable in case of total permanent disability due to an accident?

    If the customer has opted for Accidental Total Permanent Disability Benefit, a sum assured amount chosen under this benefit will be paid in case of total disability due to an accident. This cover will discontinue if 100% of the benefit is paid already.
  • ✔️Can customers opt for Accidental Total Permanent Disability Benefit and Critical Illness together?

    No, these options cannot be taken together as Critical Illness Benefit add-on cover includes Accidental Total Permanent Disability Benefit.
  • ✔️Which minor Critical Illnesses are covered under the term plan?

    Following 19 diseases are covered under the term plan as minor conditions: 1. Percutaneous Heart Valve Repair 2. Angioplasty 3. Minimally Invasive Surgery of Aorta 4. Infective Endocarditis 5. Carotid Artery Surgery 6. Early Cancer (including Carcinoma in-situ) 7. Guillain Barre Syndrome 8. Nephrectomy 9. Chronic Primary Sclerosing Cholangitis 10. Secondary Pulmonary Hypertension 11. Ulcerative Colitis 12. Pericardectomy 13. Implantable Cardioverter Defibrillator 14. Acute Necrohemorrhagic Pancreatitis 15. Endovascular treatment for Cerebral Aneurysm 16. Insertion of cerebral shunt 17. Less Severe Lung Disease 18. Small Bowel Transplant 19. Cirrhosis of the Liver
  • ✔️Which major Critical Illnesses are covered under the term plan?

    Following 36 diseases are covered under this plan: 1. Cancer of specified severity 2. Myocardial Infarction - First Heart Attack of Specific Severity 3. Stroke Resulting in Permanent Symptoms 4. Open Heart Replacement or Repair of Heart Valves 5. Open Chest CABG 6. Coma of specified severity 7. End stage Lung Failure 8. End stage Liver Failure 9. Kidney Failure requiring regular dialysis 10. Primary (Idiopathic) Pulmonary Hypertension 11. Major Head Trauma 12. Permanent paralysis of limbs 13. Loss of Limbs 14. Motor Neurone Disease with permanent symptoms 15. Multiple Sclerosis with persisting symptoms 16. Major organ / bone marrow transplant 17. Third Degree Burns 18. Deafness 19. Blindness 20. Loss of Speech 21. Benign Brain Tumour 22. Alzheimer's Disease 23. Aplastic Anaemia 24. Medullary Cystic Disease 25. Parkinson’s Disease 26. Systemic Lupus Erythematosus (SLE) with Lupus Nephritis 27. Apallic Syndrome 28. Major Surgery of the Aorta 29. Brain Surgery 30. Fulminant Viral Hepatitis 31. Cardiomyopathy 32. Muscular dystrophy 33. Poliomyelitis 34. Pneumonectomy 35. Creutzfeldt – Jacob Disease 36. Chronic Relapsing Pancreatitis
  • ✔️Are the premiums under Waiver of Premium Benefit guaranteed for whole Policy Term?

    The premiums for Waiver of Premium Benefit are guaranteed for a period of 5 years and can be reviewed for subsequent cover periods.
  • ✔️Is there any special rebates for female life?

    Yes, the premium rate applicable for female life is calculated based on the premiums of a male who is 3 year younger in age.
  • ✔️Is there any option to change premium payment frequency?

    Yes, the customer can opt to change the Premium Payment Frequency with options like Yearly, Half yearly, Quarterly and monthly on any policy anniversary during the policy term.
  • ✔️Are Bajaj Allianz Term Insurance Plans available on Finserv MARKETS any good?

    As a matter of fact, one must take care of the following thing when buying term insurance in India –

    ●     Check the reliability of the insurer and their existence in the market

    ●     Claim settlement ratio

    ●     Policy exclusions

    ●     Premium comparison

    Based on the above aspects, term plans available on Finserv MARKETS are quite reasonable and help secure your financial future.

  • ✔️How to check the Bajaj Allianz Term Plan status at Finserv MARKETS?

    You can get in touch with an executive at Finserv MARKETS to check the policy status. Moreover, you can check the same on the Finserv MARKETS app as well.

Term Insurance Reviews

Term Insurance Reviews

3.9out of 5

4 reviews

Most Affordable Term Plan

With low premium rates, the Bajaj Allianz Term Insurance was a go to option for me when I wanted to get a term plan. Smart Protect is a great product offering extensive coverage at affordable rates.

Very easy process to get the term plan

Getting term insurance through Finserv MARKETS was very easy with a smooth journey and effective on-call support.

With a term plan in place, I could rest assured!

I recently met with an accident and was bed ridden for days, which affected my entire family as I am the only earning member. This rang a bell in my mind and I immediately purchased a term life insurance plan. I can now rest assured!

With this term plan, I’ll get my premiums back!

When I bought the term life insurance plan, I selected the return of premium benefit due to which I will get my premiums back in case I survive the policy term. What a nice plan! Thanks, Finserv MARKETS.