What Is Term Insurance?

Term insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates. With term insurance, you can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the person insured during the term of the policy.

5 reasons to buy a Term Insurance Plan

High Life Insurance Amount

Term insurance plans provide a high life insurance amount at affordable premium*. For instance, with us you can get a Life Cover of 1 crore at a premium of just 490 per month.

You can also get critical illnesses cover

Besides protecting your family in your absence, new-age term insurance plans like ICICI Pru iProtect Smart can also provide cover against critical illnesses. By paying additional premium, you can get a lump sum pay-out on first diagnosis of a critical illness like heart attack, cancer, kidney failure, etc.

You can also get accidental death cover

You can get additional protection by attaching accidental death benefit to your term plan. With this benefit, your family will get a larger payout in case of your unfortunate demise due to an accident.

Tax Benefits

Term Insurance plans offer tax benefits on premiums paid under Section 80C . New-age Term plans with critical illness cover also offer additional tax benefits on premiums paid under Section 80D. You also get tax benefits under Section 10(10D) on the money that your family receives in case of an unfortunate event.

Support In Case Of Disability

In term life insurance plans like ICICI Pru iProtect Smart, the insurance company waives your future premiums in case of permanent disability due to an accident. This ensures that the life cover continues, even if you are unable to pay the premiums.

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