Term Life Insurance 2022 Top Offers In India



Term life insurances are a prevalent form of life insurance policy that some people consider as a basic necessity. Term security helps you get your family financially even in your unfortunate absence. These plans are considered one of the safest kinds of life inclusion plans that one should buy in right now.

Term insurance not only gives money-related security to your family in the most heartbreaking events but also gives you tax breaks. In addition to this, you can benefit from various benefits available with term plans. So, let us look into the term life insurance in detail. 


Term life insurances are a necessary policy that offers financial security for your family in times of unfortunate events such as death or critical illness. 

The policyholder corresponds to the person whose name is pledged in the policy for paying the premium. A contract is made between you and the insurance provider to pay the required premium, and, in turn, the insurer will provide the policy benefits to your beneficiary in times of an unfortunate incident. 

You will be able to buy the coverage for yourself or anyone else. The insured person is the one whose life is assured with the benefits. So, life insurance plans have the following purposes to serve. 

Monetary benefits: Your family will have monetary benefits every month if you are the family's primary earner. Your family will acquire all the financial needs in case you are absent. Securing your assets: If you have taken any loan such as an educational loan, home loan, personal, or vehicle loan, it will be a heavy burden to your family. An effective term life insurance will help pay off your loan debts and ensure your family's financial stability. 

Illness risk protection: Developing a lifestyle disease poses a high risk at an older age. Some insurance companies offer policies that will protect your family under unfortunate circumstances and during your lifetime. In addition, financial security is provided to you and your family in times of critical illness and life-threatening health conditions. 


The term insurance policies have numerous benefits in offering financial stability to you and your family. So, let us look at the most significant benefits. 

Affordability of premium amount: The term insurance policies, being the most affordable type of policy, can give you a life coverage of a huge amount like Rs. 1 crore in exchange for a premium payment of as low as Rs. 500. 

Multiple payout modes: In the case of a deceased policyholder, their family can opt to get the payment benefits in their preferred mode. You can avail of the amount either in a lump sum or choose to get it on a monthly income basis. 

Critical illness coverage: If you are diagnosed with a critical illness listed in your plan coverage, you can avail of the lump sum amount dedicated to it post-diagnosis. 

Terminal illness coverage: The term plan can also be included for any terminal illness like AIDS, which will provide you with financial stability against the disease. 

Benefits on tax: The premium paid for the plan can help you acquire tax benefits under section 80C. Also, the nominees who receive the lump sum are exempted from tax payment under section 10D of the Income Tax Act, 1961. 

Factors to consider while choosing term insurance: 

There are certain factors to consider before opting for a life insurance policy. The primary factors to consider are as follows. 

Age factor and coverage: The younger you are, the longer should be your coverage amount. For instance, if your age is between 25 and 35 years, it is recommended that your coverage amount should be 20 times your annual income. If you are between 36 and 45, your coverage amount should be at least 15 times your yearly income. 

Policy period: The policy period should be longer as much as your age is lesser. For instance, if you are in your 20s, a policy period of 40 years is advisable. The premium will be settled back after the tenure of the policy ends. ICICI has a premium return of up to 105% after maturity. 

Insurer: It is recommended to opt for a policy from an insurer with a high settlement ratio. For instance, Max life insurance has a settlement ratio of about 99.22%. The insurance company's financial background and market reputation should also be considered while choosing an insurance plan. 


Thus, while selecting a term insurance policy, it is essential to consider your age and the policy period. Also, a suitable payment option must be preferred if the life coverage benefits are provided to maintain the financial stability of your beneficiary.