Term insurance is not just a policy, it guarantees financial protection for your family. It offers an affordable and simple means of protecting your family, regardless of what occurs. With term life insurance, you decide the cover amount and duration that suits your family's needs. In return, you make a fixed premium depending on age, lifestyle, and profession. If you meet an untimely demise, your family will get a one-time payout that can support necessary expenses.
Life Cover Starting @ just ₹18/day*
Change Your Policy Term
As per your life stage and commitments
Hassle-Free Claim Settlement
99.38% Claim settlement ratio*
Smart Income Tax Savings
Save up to ₹54,600* on your taxes
Term insurance is a financial protection tool designed to provide security to your loved ones in your absence. The payout can cater to all the expenses, such as education for your children, loan repayments, and costs towards maintaining a living, even after you lose one major source of income. If you have people depending on you financially, term insurance is one of the most responsible choices you can make. Whether it is Regular Term Insurance, Return of Premium Term Insurance, Increasing Term Insurance, or Decreasing Term Insurance, there is a plan for every requirement.
Life may be uncertain, but with term insurance, your family’s future remains secure. It’s a simple yet powerful way to safeguard the aspirations of the people you care about.
Term plans are available to provide financial security to your loved ones. However, it's crucial to understand that each plan functions differently. Let's explore and learn about various types of term plans available in the Indian market to determine which one works best for you.
Think of this as the basic version. You pay a fixed premium every year, and if something unfortunate happens to you during the policy's term, your family gets a lump sum amount (the sum assured). It's like a safety cushion for them.
Buying increasing Term Insurance is a smart step because it takes inflation into account. Your coverage amount (the sum assured) increases every year by a certain percentage. So, it keeps pace with the rising cost of living.
Imagine you have a home loan or some other big debt. This type of term plan is designed for that. As you pay off your debts, the coverage amount decreases because your financial responsibilities are decreasing too.
With Return of Premium Term Insurance, if you outlive the policy term, you get back all the premiums you paid over the years. It's like getting a refund, but it's only if you're alive at the end of the term.
This one is flexible. You can start with a basic term plan and later convert it into a more comprehensive life insurance policy, like an endowment or whole life plan. It's like upgrading your insurance.
Think of riders as add-ons to your term plan. You can customise your policy by adding riders for things like critical illness, accidental death, or disability. They provide extra protection for specific situations.
Sometimes, employers offer Group Term Insurance to their employees as part of the employee benefits package. It covers a group of people under a single policy, and the premiums are usually lower.
Joint Term Insurance is designed for couples. You and your spouse can be covered under one policy. If either of you passes away, the surviving spouse gets the benefit. It's a way to ensure financial security for the family.
Term insurance is an easy means to secure your family financially in case of any untoward incident to you. It operates on the principle of replacement of income, and it offers life cover for a specific term. Let's understand how a term insurance policy operates in six easy steps:
Fill in your personal details to start your application online.
Based on your family's financial requirements, select the sum assured (payment amount) and policy term. Similar to saving money for a future goal, this helps your family be financially secure when they need it most.
To keep the policy active, you pay a set premium at frequent intervals (monthly, annually, etc.).
When your application is successful, your policy starts, providing financial security.
If you were to die within the policy term, your nominee will get the payout, to enable them to pay for daily expenses, educational fees, and loan instalments.
Normal term plans do not provide maturity benefits, but with a Return of Premium (ROP) plan, you receive your premiums back if you survive the policy term.
People usually go for term insurance to provide robust financial protection for their loved ones. Therefore, careful examination of one's needs and financial goals is critical to deciding whether term insurance is an ideal option or not. Let's delve into some of the salient features for better understanding
Term insurance provides coverage for a stated or specified period, such as 10, 20, or 30 years. If the insured lives beyond the stated term, then the policy expires and pays no benefit.
Term insurance is usually more affordable than whole life or universal life because it does not include a saving or investment component. The premiums are normally lower.
When paying for term insurance, the premiums are fixed for the duration of the term. That is to say, the amount paid for protection is constant throughout the term. Hence, locking in these premiums early in life is a smart financial move.
Options to add additional protection through riders like accidental death benefit, accidental total permanent disabilities, and critical illness. These riders add an extra layer of financial protection on top of the sum assured provided by the term plan.
A conversion option means that you may convert your term policy into a permanent life insurance policy, such as whole life or universal life, without showing evidence of insurability. This is particularly useful if your health changes or you decide later in life that you might want lifetime coverage.
There are term insurance policies that allow renewal of the policy after the term is over, generally at an increased premium. The good thing here is that you can extend the coverage without a new medical exam, although the premium will surely increase as you get older.
The amount of coverage can be modified in most cases according to your needs and financial responsibilities (e.g., paying off a mortgage or dependents).
Multiple payout choices for how your beneficiaries receive the money in case of your ultimate demise.
When the policyholder dies during the period known as the 'policy term,' a tax-free death benefit is paid to their named beneficiaries.
Term insurance does not build any cash value or investment component; it is purely a protection policy designed to pay a death benefit.
Term insurance is rather simple in nature and, for that matter, easier to comprehend as compared to more complex forms of life insurance.
Following are the four key benefits of buying a term insurance plan:
This policy offers protection during critical years, like raising the kids or paying off the mortgage, so that if you pass away, your family will remain financially secure.
The premium payment is fixed and, hence, easier to budget. Costs can also be forecasted rather accurately, making it affordable and easy to manage one's finances.
Ensures that your nominees have a means of handling the living requirements, debt repayments, or maintenance of their lifestyles in your sudden death.
Another perk is that you can get tax benefits. The premiums you pay are tax-deductible under Section 80C of the Income Tax Act as per the tax regime you opt for. Your family's payout is usually tax-free under Section 10(10D).
Term insurance serves the dual purpose of being practical and not always so expensive in order to secure the future needs of your loved ones. Some of the key reasons why a term insurance policy can prove to be valuable for you.
A term policy offers a lump sum (death benefit). The amount will help your loved ones meet their day-to-day living expenses/future financial requirements.
Term insurance offers large coverage at lower premiums. It also allows you to convert into a permanent policy later on without a medical examination.
For big debts, such as house mortgages or personal loans, term insurance will ensure that the debt amount is paid off and not passed on to your family members.
Term insurance is ideal for covering temporary needs such as paying off mortgages. After fulfilling those needs, you can convert it into a permanent policy.
Knowing that your loved ones are safe can provide you with peace of mind and free up your time for the other aspects of life.
The COVID-19 pandemic served as a wake-up call, reminding us how life can be unpredictable. It brought to light the need to secure our family's financial well-being in the event of any unexpected situations. Purchasing term insurance post-COVID is no longer a choice—it's essential. A term plan guarantees that in the event of your untimely death, your loved ones will not suffer financially.
The pandemic also introduced increasing medical expenses, and hence financial security became even more important. Furthermore, term insurance is one of the most cost-effective methods of availing high coverage while providing peace of mind without depleting your finances.
Purely designed to offer a payout to nominees in your absence during the term. It doesn't grow money over time like whole life insurance.
One of the most affordable types of life insurance. You pay a small amount regularly, and your family gets a comprehensive payout if you pass away during the policy term.
Ensures your family won't struggle financially if something unfortunate happens to you. Get a lump sum (sum assured) to cover expenses like daily living, education, and even outstanding loans.
Knowing your family is financially secure provides peace of mind.
Tax benefits are available under sections 80C & 80D of the Income Tax Act 1961.
Choose the coverage amount (sum assured) based on your family's needs and budget. Decide how long you want the coverage to last.
A term insurance plan helps your family members cope with financial obligations even in your absence. It gives them a lump sum amount to sustain their lifestyle and fulfil future aspirations. It's like creating a financial buffer—so your family remains safe regardless of what happens.
Here's how it secures their future:
Assists your family in paying everyday expenses such as rent, food, and bills.
Prevents them from fighting home loans, car loans, or personal loans.
Helps children's education, wedding, and other future goals.
The knowledge that they are financially stable eliminates anxiety and uncertainty.
ACKO's Flexi Term Life Insurance Plan delivers a modern, flexible, and customer-centric solution for long-term financial protection. It not only offers inflation protection through premium lock-ins but also provides a unique level of policy flexibility unmatched by most traditional insurers. The convenience of managing the entire policy lifecycle digitally adds to its appeal, particularly for individuals who prioritise ease of use and adaptability.
ACKO offers a fully digital policy management system. Policyholders can easily make any policy adjustments (endorsements) such as:
Changing personal details (address, phone number)
Adjusting the Sum Assured or Policy Term
Adding or modifying riders
Updating nominee details and payout modes
Raising claims—all via the mobile ACKO App.
Many traditional insurers require offline, time-consuming processes for policy adjustments, often involving paperwork or visits to branch offices. ACKO’s completely digital process offers unmatched convenience, especially for tech-savvy consumers.
Meet Rahul, who has an annual income of 10 lakh. He got married at 30 and bought a 1 crore coverage ACKO Flexi Term Life Plan for his spouse, Rina. At 35, with two kids (Nirvana and Kavir) and a 50 lakh home loan, he increased the coverage to ₹2 Crore as his responsibilities increased. By 45, after repaying the home loan and accumulating a substantial income corpus for his kids' education, he reduced coverage back to 1 crore. This shows how ACKO Life Flexi Term Plan adapts to individuals' changing life circumstances.
ACKO Life Flexi Term Plan stands out in the market due to several key differentiators. Below is a comparison of the unique features of ACKO’s plan versus traditional market offerings
| Parameters | ACKO Life Flexi Term Plan | Traditional Plans |
| Claim Settlement Ratio | 99.38% | Varies from 98-99% |
| Policy Adjustments | Instant changes via app ⏱️ | Depends on the medium ( offline and online ) |
| Increasing Cover Option | Yes. No restrictions* | Restricted to life big events such as marriage, welcoming a child, etc. |
| Cost Savings | Up to 40% savings* | Costs grow over time 📉 |
| Future Premium Hikes | Age wise premiums remain the same 🚫💸 | Age wise Inflation adjusted premium |
| Customisability | Flexible coverage/term | Rigid, limited options 🧱 |
| Riders | Offers valuable riders to enhance protection | Riders may be provided depending on the plans |
| Length of Claim Form | Easy, digital, and short | Moderately long/Very long/Not available online |
| Option to Exit the Plan | Yes* | Approx. 80% of insurers provide |
| Digital Experience | Fully online, app-based 📱 | Often requires offline processes, paperwork, or branch visits |
| End-to-end Digital Support | Yes | Depends on the insurer |
| Home Pickup of Claims | Yes, ACKO team will personally collect the documents | Roughly 20% of insurers provide |
| Free Will Creation | Yes | No, Generally does not offer integrated will creation services |
When you first buy ACKO’s Flexi Plan, the premium rates for different coverage amounts are fixed based on your age at the time you start the policy.
In the last 4 years, term insurance premiums have increased by more than 40% on average. ACKO's Life Flexi Term Plan can potentially help you save up to 40% on premiums in the long run, assuming these historical price trends continue. Most market plans do not offer a similar lock-in mechanism for future premium hikes related to sum assured increases.
In simple terms, Term insurance riders are optional features/add-ons that you can choose to include in your basic term insurance policy. These riders serve various purposes, such as:
Adding a rider enhances the overall base plan’s coverage, providing peace of mind
Easily boost financial protection against accidental death, accidental disabilities, critical illness, etc.
Designed to cater to the specific and various needs of individuals.
ACKO Life Flexi Term Plan comes with an option to enhance your coverage with the help of useful add-ons.
ACKO Life Critical Illness Benefit Rider is an extra layer of protection for your term insurance. If you get seriously ill, this rider can provide you with a large amount of money to help you through a tough time.
Another key benefit of this rider is that ACKO waives off all future premium payments due for your ACKO Life Flexi Term Plan. We cover 21 critical illnesses, including life-threatening common illnesses among women, such as breast cancer, cervical cancer, fallopian cancer and ovarian cancer.
List of Covered Critical Illnesses:
| ✔️ Cancer of Specified Severity | ✔️ Myocardial Infarction (First Heart Attack Of Specific Severity) |
| ✔️ Open Chest CABG | ✔️ Open Heart Replacement Or Repair Of Heart Valves |
| ✔️ Coma Of Specified Severity | ✔️ Kidney Failure Requiring Regular Dialysis |
| ✔️ Stroke Resulting In Permanent Symptoms | ✔️Major Organ /Bone Marrow Transplant |
| ✔️ Permanent Paralysis Of Limbs | ✔️ Motor Neuron Disease With Permanent Symptoms |
| ✔️ Multiple Sclerosis With Persisting Symptoms | ✔️ Benign Brain Tumor |
| ✔️ Blindness | ✔️ Deafness |
| ✔️ End Stage Lung Failure | ✔️ End Stage Liver Failure |
| ✔️ Loss Of Speech | ✔️ Loss Of Limbs |
| ✔️ Major Head Trauma | ✔️ Primary (Idiopathic) Pulmonary Hypertension |
| ✔️Third Degree Burns | |
ACKO Life Accidental Death Benefit Rider is one of the most affordable riders, purely designed to protect your family with an additional amount of money if your death is caused by an accident.
Accidental Total Permanent Disability Rider is designed to protect your financial well-being in case a major accident leaves you permanently unable to work or care for yourself. It provides an extra amount to cover daily expenses. Additionally, we will waive off all future premiums of your ACKO Life Flexi Term Plan.
Here are a few reasons why buying a term plan online is a better idea than buying the plan offline.
Buying term insurance online at ACKO is pretty easy. You need not visit any office or meet any agents; complete the process anytime, anywhere, and at your own pace.
Online term insurance plans at ACKO are pretty reasonably priced. With no middlemen or agents, you will be able to easily compare quotes from various providers and select the plan that fits your budget.
Buying term insurance online from ACKO will show all the details and terms of the policy on our website. No hidden charges or confusing jargon-just straightforward information, pretty much like reading a book with no fine print.
There is no tedious paperwork and meetings. You can get the whole process done a lot faster at ACKO, sometimes in just a few minutes.
Avail a wide variety of choices with ACKO. You can customise your term insurance policy by choosing the coverage amount, policy term, and additional features like critical illness or accidental death benefit cover.
You may review every feature of the policy, understand its details, and decide accordingly on your own in due course.
ACKO secures all your personal and financial information with advanced encryption and secure payment gateways. Your data is safe and secure.
The process to buy ACKO Life Flexi Term Plan is simple and straightforward.
Initiate the purchase journey via the widget on the website/app.
Select the plan
Answer the questions to determine eligibility and premium.
Pay the premium online.
Receive the policy via email or download it from the app.
Note: This is a generic process; the exact steps can vary depending on the chosen plan and other details.
Buying a term insurance plan is a practical option for everyone, especially those who are financially dependent, to secure their family’s finances in case something unfortunate happens. Here’s a list.
If you're the one who brings home the bacon, term life insurance is essential. It ensures your family won't face financial difficulties if you're no longer there to provide for them.
If you have loans or debts, like a home loan or car loan, term life insurance can cover those debts so your family doesn't get burdened.
Term insurance is a smart decision if you have loved ones who depend on you financially, like a spouse, kids, or ageing parents. It offers peace of mind, knowing that even if you're not present, there is financial protection to safeguard your loved ones' well-being.
In today’s workforce, women stand shoulder-to-shoulder with men. Term insurance offers tax savings and helps secure a family's financial future. Additionally, many plans include riders, such as critical illness coverage, for life-threatening illnesses commonly affecting women.
If you own a business, term life insurance can be crucial to ensure the smooth transition of your business or to cover business debts in case something happens to you.
Buying term life insurance when you're young and healthy can be cheaper. It's like locking in a good deal for the future.
If you want to leave your heirs and inheritance or financial legacy, term life insurance can help ensure they receive it.
If you're a single parent, your children depend on you entirely. Term life insurance can give you peace of mind, knowing that your kids will have financial support if something happens to you
Buying term insurance is a long-term commitment you make. Calculate your life coverage with the ACKO insurance calculator and get accurate premiums and life insurance.
To calculate your term cover Click Here
To take a term insurance policy, you must fulfil certain eligibility criteria defined by the insurer. Knowing these criteria helps you select the appropriate plan.
The majority of insurers provide term plans to people aged between 18 and 65 years.
Your income determines the maximum coverage amount you can choose.
Certain policies could ask for a medical test to evaluate your well-being.
Applicable for Indians and NRIs according to insurance company guidelines.
Hazardous occupations or lifestyles like smoking could impact premium charges.
Note: Satisfying these conditions gives you a seamless approval process and brings you closer to ensuring your dear ones' future.
You want to make sure your family is financially secure if something happens to you. But you need to figure out how much coverage you need or how much it will cost. That's where a Term Insurance Calculator comes in.
In simple terms, a Term Insurance Calculator helps you determine how much insurance you need and how much it will cost. It's like a virtual assistant that takes the guesswork out of protecting your loved ones financially.
Provide basic information about yourself, like age, gender, and how much money you want your family to receive if you pass away.
Answer a few simple questions about your habits and health condition.
Then, the calculator does some quick maths and gives you an estimate of how much you'll pay for the insurance each month or year. It also tells you how long the coverage will last (usually a specific number of years).
The sum assured is the prime factor in a term insurance policy, as it forms the actual amount the insurance company pays out to the beneficiaries in case of the death of the policyholder. Here's why it is an important factors:
Term insurance provides much-needed financial support for your dependents in case you are not around. The sum assured ensures that your dependents have enough resources to meet living expenses, pay off debts, and achieve life goals with minimum disruption.
The selection of an adequate sum assured is of prime importance to ensure the sufficiency of cover for the family. This amount should be enough to replace your income and cover future expenses, such as children's education or mortgage payments.
Knowing your loved ones were well taken care of and that the sum assured would financially secure them would give you peace of mind.
Choosing the best term insurance plan in India is like picking the perfect pair of shoes – you want something that fits your needs just right. Here are some tips on choosing the right term insurance plan.
Here's a simple guide on choosing the best term insurance plan with the right sum assured for your family.
The right term for an insurance policy is based on your needs and situation. Consider a few of the following when pre-determining how long your term should last
Consider how long you'll have certain financial responsibilities, such as a mortgage or dependent children. For example, if you have a 30-year mortgage, it might make sense to opt for a 30-year term policy to ensure coverage until the mortgage is paid off. It is wise to extend your coverage until you're 70 years old to ensure comprehensive protection.
If, for instance, the aim is to replace income for your dependents if something were to happen to you, you may want a policy that can last up until they become financially independent or up until they are not relying on your income anymore.
Policies with longer terms generally tend to be more expensive, so balance your needs with your budget and select a policy term accordingly.
The question of when to buy term life insurance is determined by individual needs and financial objectives.
It is important to select an appropriate nominee for your insurance policy because such a person will be given the claim amount in the event of a tragic incident. Normally, policyholders nominate their spouse, children, or parents so that financial security is provided to their loved ones. Even a legal heir or a responsible person can be nominated if necessary. It's vital to change your nominee information over time, particularly after major life events such as marriage, childbirth, or a loss within the family, to ensure the right person receives the benefits without legal hassles. Making an informed choice ensures that your family's financial health is kept safe when they need it most.
Here is a list of documents you may need to file a claim.
The Supreme Court of India has ruled that failing to disclose existing life insurance policies when purchasing a new one can lead to a claim being rejected. In one of its recent judgments, a claim was repudiated due to the policyholder’s failure to disclose multiple existing policies. Insurers assess risk and premiums based on full disclosure, including the Human Life Value (HLV). Non-disclosure can result in policy cancellation or claim denial. This ruling highlights the importance of declaring all existing life insurance policies to avoid future complications.
The regular amount agreed to paid (monthly, quarterly, half-yearly or annually) by the policyholder.
Amount paid by the insurer when the policyholder outlives the policy term.
Amount paid to the nominee if the policyholder passes away during the policy term.
Total duration of financial protection and benefits.
Person covered under the policy.
The policy provider that accepts the risk and pays for losses during the policy term.
Amount the insurer pays during a claim.
Add-ons for extra protection, like Accidental Death or Critical Illness.
A window/time to pay premiums after the due date before the policy becomes inactive.
Premiums are not paid, and the policy is not revived within the grace period, leading to a loss of coverage and no payout for beneficiaries.
A window/time the insurer gives to the policyholder to review and cancel the policy without surrender charges.
The evaluation process insurers use to check your health, lifestyle, and other factors to determine your premium and application approval.
"I wanted a reliable term plan for my family’s financial security, and ACKO delivered exactly that. The online process was so easy, and I didn’t have to deal with any paperwork. It’s a great option for anyone looking for a stress-free insurance purchase."
What I appreciated about ACKO Term Insurance is the transparency and affordability. Just a simple and trustworthy plan. I feel secure knowing my family is protected.
Since I needed a flexible term plan that meets my requirements, and ACKO Life Flexi Term Plan was a great choice. The entire process was online, and I received my policy faster than i Imagine. Highly recommend it!
ACKO Term Insurance is great coverage at an unbeatable price. I explored around and compared several policies before I selected this one, and I'm glad I did. The claims process appears to be simple as well, which is reassuring.
I always thought purchasing term insurance would be complicated, but ACKO made it very simple! The website was easy to navigate, and the policy information was well explained. I now feel secure financially with the knowledge that my family members are covered.
“The ACKO Life Flexi Term Plan is unique in its flexibility and affordability. I loved the fact that I could tailor my plan to suit my needs. No agent persuasion—just a hassle-free online purchase experience!”
“Choosing ACKO Term Insurance was a smart decision. The premium is budget-friendly, and the policy offers great benefits. Plus, the online purchase was super convenient. I’d definitely recommend it to anyone looking for a reliable term plan!”
"I recently purchased the ACKO Life Flexi Term Plan, and I’m really impressed with the hassle-free online process. The premiums are affordable, and I feel secure knowing my family’s future is protected. Highly recommend it!"
Rated 4.6/5 with over 12969 reviews on Google
See all reviews
In the case of term life insurance, payout options generally refer to how the death benefit is paid to beneficiaries in case of the death of an insured. Some common payout options available in India are discussed below
This is the most common payout option for the whole death benefit. In this option, the entire amount is payable at one time to the beneficiaries. It allows the beneficiary immediate access to the full amount under the policy.
The death benefit can accrue on a monthly basis instead of a lump sum for a certain number of years. This helps beneficiaries manage finances with a regular flow of income.
With some policies, it's possible to enhance the monthly income whereby, with each passing year, the amount being paid out every month increases by a predetermined rate. This would serve to pace inflation and the increase in the cost of living.
There could be some combination that offers a partial payment as a lump sum upfront, while the rest would then be provided on a monthly basis over a fixed period. This will offer immediate funds to sort out something and ongoing support.
A term insurance plan works in the simplest manner, ensuring a hassle-free journey experience for you!
Purchasing term insurance is a significant financial decision, and making the right choice calls for diligence. Consider it as buying a home—you require the correct size, coverage, and functionality for long-term protection.
Here's a straightforward step-by-step guide:
Determine your family's expenditures, loans, and future objectives to determine the appropriate coverage.
Pick a sum assured (payout amount) that can meet your family's financial requirements.
Choose a term that takes you through until your financial dependents are on their own.
Search for plans that provide good coverage at reasonable premiums.
Extend coverage with riders such as critical illness cover or accidental death benefit.
Opt for an insurer that has a good claim settlement ratio to ensure ease of experience.
Plans purchased online tend to be less expensive and also include extra convenience.
Here are some of the factors that can affect the premium of your ACKO Life Flexi Term plan:
Your age plays a big role. The younger you are when you buy a term insurance policy, the lower your premium will be.
Your health condition matters a lot. Insurance companies may ask you to undergo a medical check-up. If you're healthy, you'll likely get a lower premium. But if you have health issues, your premium may be higher.
If you smoke or drink alcohol, it can increase your premium. These habits are associated with higher health risks, so insurance companies may charge more to cover those risks.
The length of your insurance policy also affects the premium. Longer-term policies often have higher premiums compared to shorter ones.
This is the amount of money your family would receive if something happens to you. If you want a higher sum assured, your premium will be higher too.
Some policies offer extra benefits called riders, like critical illness or accidental death coverage. Adding these riders will increase your premium, but they provide additional protection.
Your job matters too. Risky jobs, like working in construction or mining, can lead to higher premiums.
If you have a risky hobby, like skydiving or racing, it can also increase your premium. Insurance companies consider your lifestyle when setting the rate.
In some cases, your gender can affect your premium. Historically, women have had lower premiums because they tend to live longer and have fewer health problems, but this gap is narrowing.
While buying term insurance, it is important not to fall into traps. Some of the most common mistakes include:
The biggest mistake is incorrectly calculating the coverage requirement. Factor in outstanding debts, future expenses such as children's education, and income replacement. If underestimated, this might result in less than adequate coverage for dependants.
Choose the policy duration that coincides with your financial liabilities. In other words, if you have a mortgage of 20 years, you'd probably want your policy to last at least as long as the mortgage.
Choosing insurance coverage until you’re 70 is a smart choice. Extending it beyond 70 can make your premiums (the amount you pay) much higher. Term insurance is meant to replace lost income if something happens to you, not to build long-term savings. So, picking a plan with a savings feature, like TROP, may result in higher premiums and distract from the main goal of income protection.
Most term insurance policies are renewable, but the premiums at renewal may be higher. Understand what the renewal provisions are, and how they compare to buying a new policy at a later date.
Compare several quotes from different insurers to ensure that you get the best rate and terms for your needs.
Read the policy details carefully, and check the exclusions, limitations, and conditions that may apply to your coverage.
Consider how the value of your coverage may erode over time and additional coverage is needed to account for this.
Life circumstances change. Periodically review your policy and update it to determine whether it meets your needs.
While the cost is an important factor in nearly anything, sometimes the cheapest policy isn't always the best. Make sure the insurer has a good reputation in terms of claim payouts and service to customers.
Another mistake may be failing to research the insurance company's financial rating. An insurer that is financially stable is more likely to pay claims when they arise.
Many term policies have the option to convert to a permanent policy without a medical examination. This can be of great value if you believe that your needs might warrant permanent insurance protection in years to come.
See if the policy offers additional riders, such as critical illness coverage or accidental death benefits that apply to you.
Here are some common questions about Term Plans in India.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions. For full disclaimer kindly click https://www.acko.com/life/disclaimer/
1.7K Linkedin Followers 
Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
Products 
Company
Legal
Support
Car Insurance 
Bike Insurance
Health Insurance
Group Health Insurance
Travel Insurance
Life Insurance
