Term Insurance

Term insurance is also called as life insurance. No Investment in term insurance plan, this is for dependents after insurer’s death.

How much insurance cover you need?

It is recommended that you should get insurance cover upto 10 to 15 times of your annual Gross income today. If your annual income is 10 lacs then you should get insurance cover 1 cr to 1.5 cr

Note: Consider Inflation rate while taking insurance cover.

How many years(tenure) you need insurance cover?

Any Term plan which last till age of 55 to 65 is best. Most buy Term insurance is in age range 25-35 So if you buy at the age of 30 then buy 25 to 30 years term insurance . As with age its difficult to get term insurance and also premium is high.

[Visit: IRDA – Insurance Regulatory And Development Authority of India]

# Check list while choosing right Term Insurance Plan:

  1. Check whether insurance plan provides only death benefit or other benefits such as maturity or surrender benefit.
  2. Smokers need to pay extra EMI so Quit Smoking Now .
  3. Check Accidental death or disability is covered or not.
  4. Check Claim Settlement percentage of insurance company.
  5. Check Terms and Conditions for  Claim Settlement and Hospitalization.

# Term Insurance Plans in India 2015:

  • Aviva Life Insurance:  i-Life
  • HDFC: click2protect online term plan
  • ICICI Prudential: iCare II
  • ICICI iProtect Term plan
  • Max Life Insurance: MAX LIFE ONLINE TERM PLAN
  • Aegon Religare Life Insurance : i-term


• IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.

• IRDA does not announce any bonus.

Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.


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