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Know your policy
Everything you need to know
What is Personal Term Life Insurance
Term insurance: what it is
Term insurance pays a fixed sum to your family if you die during the policy term. It has no maturity value, which keeps premiums low for a large cover amount.
Why term insurance matters
A common guide is cover of 10-15 times annual income. For a ₹10 lakh annual salary, that means ₹1-1.5 crore of cover. Term insurance is the difference between "family survives comfortably" and "family struggles permanently." It's survival insurance for those you love most!
Know your policy
Understand your insurance before buying
Who Needs Personal Term Life Insurance?
Young Professionals (25-35 years)
Premiums are lowest when you buy young and healthy.
Married Couples with Kids
If both partners earn, both should be insured. Both partners need insurance protecting children's education, mortgage, and lifestyle.
Single Parents
Critical protection ensuring children's future remains secure financially despite being sole provider and earning member.
Home Loan Borrowers
Coverage matching outstanding loan ensuring family home stays protected even if EMIs stop being paid.
Business Owners
Protecting business continuity, partner buyouts, and family income from business equity without disrupting operations.
Senior Earners (45-60 years)
Higher premiums but essential for incomplete financial goals, dependent parents, and unmarried children requiring coverage.
Types / Add-ons Commonly Offered
Level Term
Fixed coverage throughout policy duration.
Increasing Term
Coverage increases annually (typically 5-10%).
Return of Premium (ROP)
Base premiums (excluding GST and rider premiums) are returned if you survive the term. Premiums are much higher than a pure term plan.
Critical Illness Rider
Additional payout for life-threatening diseases.
Accidental Death Benefit
Extra coverage for accidental death.
Waiver of Premium
Coverage continues if disabled.
What Personal Term Life Insurance Covers
Death Benefit
Lumpsum payout to nominee/family on the death of the insured during the policy term.
Terminal Illness
Early payout if diagnosed with a terminal illness with limited life expectancy (where the plan includes it).
Accidental Death (Rider)
Additional payout if death occurs due to an accident.
Critical Illness (Rider)
Lumpsum payout on diagnosis of specified life-threatening diseases.
Disability / Waiver of Premium (Rider)
Benefit or premium waiver if the insured becomes permanently disabled due to accident or illness.
Inclusions & Exclusions
✓Inclusions
- Hospitalization Expenses — Room rent, ICU charges, nursing, and medical expenses during hospital admission (24+ hours typically).
- Pre & Post Hospitalization — Medical expenses 30-60 days before and 60-90 days after hospitalization.
- Daycare Procedures — Treatments requiring less than 24-hour hospitalization like cataract surgery, dialysis, chemotherapy.
- Ambulance Charges — Emergency transport costs up to the limit stated in your policy.
✗Exclusions
- Pre-existing Diseases — Conditions diagnosed before policy start are covered after a waiting period of up to 3 years (IRDAI rules from April 2024). Some plans offer shorter waits. After 5 continuous years (moratorium), a claim can't be rejected for non-disclosure except in proven fraud.
- Cosmetic Surgery — Aesthetic procedures, hair transplants, and beauty treatments not covered.
- Intentional self-injury and substance abuse — Excluded as per policy wording.
- War & Nuclear — Injuries from war, nuclear weapons, and radioactive contamination excluded.
- First 30 Days — Initial waiting period excludes all claims except accidents (some plans waive this).
FAQs
A common guide is cover of 10-15 times your annual income. Also add any outstanding loans and your family's future needs, such as children's education. We can help you work out the right amount.
Many insurers offer term insurance to NRIs, subject to their eligibility rules, country of residence, medical requirements and documents. Check the insurer's terms before buying.
Insurers allow a grace period to pay a missed premium, and cover continues during this period. If you don't pay within it, the policy lapses and cover stops. You may be able to revive a lapsed policy within the period set by the insurer. Check your policy wording for the exact grace and revival periods.
[Add after tax review. Needs the Income-tax Act 2025 section reference.]
The nominee informs the insurer or us as soon as possible, then submits the claim form and required documents, such as the policy document, death certificate and ID proof. The insurer reviews the claim and pays the nominee if it is admissible. Our claims desk can help with the process.