Peace of Mind, with Tax Savings

Maximize your savings on tax deductions up to Rs. 1,50,000* on Life insurance premiums while securing your family's future.

Life insurance provides a financial safety net for your loved ones and the premiums you pay qualify for tax savings under Section 80C of the Income Tax Act*, empowering you to Secure Your Future and Slash Your Taxes at the same time.

Q1: What is Term Life Insurance ?
A: Term insurance is a type of life insurance that provides coverage for a specific period of time, or "term." If the insured person dies during the policy term, a death benefit is paid to the beneficiary. Term insurance is typically the most affordable type of life insurance, and it is a good option for people who want to protect their loved ones financially in the event of their untimely death.
Q2: What are the Key Benefits of Term Life Insurance?
A: The benefits of Term Life includes:
  1. Death Benefit: If the insured passes away during the policy term, the nominee receives a payout in the form of a lump sum or a combination of lump sum and monthly payments. This assists in covering immediate financial obligations and sustaining the family's lifestyle.
  2. Tax Benefits: Premiums paid for term life insurance are eligible for tax deductions under Section 80(C) up to an amount of Rs 1,50,000.
  3. Rider Benefits: Riders are supplementary options that enhance the basic insurance plan and allow for customization of coverage. They include:
  4. Accidental Death Benefit Rider: Offers an additional sum assured in case of death due to an accident.
  5. Accidental Disability Rider: Provides an immediate lump sum payment in the event of disability resulting from an accident.
  6. Critical Illness Rider: Offers an additional sum assured if the insured is diagnosed with a critical illness listed in the rider.
  7. Waiver of Premium Rider: Waives all policy premiums if the insured is diagnosed with permanent disability or a critical illness.
  8. Option to Increase Death Benefit: Some plans offer the flexibility to increase the life cover at key life stages such as marriage or the birth of a child
Q3: How to Choose a Term Insurance Policy ?
A: When choosing a term insurance policy, there are a few things you should consider:
  1. Term length: Choose a term length that covers your financial needs. For example, if you have young children, you may want to choose a term length that extends until they are finished with college.
  2. Death benefit: Choose a death benefit that is sufficient to cover your financial obligations and meet your loved ones' needs.
  3. Premium payment schedule: Choose a premium payment schedule that is affordable for you. You may be able to pay your premiums monthly, quarterly, semi-annually, or annually.
  4. Riders: Consider adding riders to your policy to enhance your coverage. For example, you may want to add a rider that provides a payout if you are diagnosed with a critical illness.
Q4: Can the premiums change after a period of time?
A: This depends on several factors like addition of riders or declaration of habits like smoking, drinking etc. or the declaration pertaining to a hazardous employment nature etc.
Q5: How does Term Insurance differ from Life Insurance?
A: A life insurance policy includes maturity benefits while a term insurance plan includes no such benefits and simply entitles the nominee(s) of the policy holder to the sum assured in the event of the policy holder's demise during the plan term.

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