Life

The primary purpose of life insurance is to provide money to the family if the main breadwinner dies. In insurance terminology this is called pure protection or pure insurance. Insurance can also be purchased as an investment, for savings or tax reduction. However, those objectives are all less important than pure protection and many of these secondary objectives can also be met by other financial products.

Since term life is the purest form of life insurance and protection, it is the cheapest form of insurance. This is the only product where the sum insured can be 350 times the premium paid. Do keep in mind that in term life covers, the sum insured is paid to the nominees if the policyholder dies during the policy term. No benefits are paid if the policyholder survives the policy term.

The key benefits of Term Life Insurance are:

  • Highest cover at lowest cost
  • Premiums are tax exempt under Section 80C and death benefit is always tax exempt under Section 10(10D).
  • The buyer can leave the policy anytime with no charge by not paying future premiums. This is relevant if newer, cheaper products are introduced.

We offer a comprehensive range of term plans. Term rates can vary significantly by age, health condition and habits. Do send us an inquiry for detailed quotes relevant to you.