Money Bharat Term Insurance - Secure Your Family's Future
Get high coverage at affordable premiums with term insurance plans from leading insurers. Compare and choose the best plan for your needs.
Types of Term Insurance Plans
Choose the right term insurance plan based on your specific needs and financial goals
Level Term Insurance
Provides consistent coverage amount throughout the policy term with fixed premiums.
Increasing Term Insurance
Coverage amount increases over time to account for inflation and growing financial needs.
Decreasing Term Insurance
Coverage amount decreases over time, ideal for covering loans like mortgages.
Return of Premium
Returns all premiums paid if you survive the policy term - insurance with a money-back guarantee.
Joint Life Term Insurance
Covers two lives (typically spouses) under a single policy with shared benefits.
Term with Critical Illness
Provides additional payout if diagnosed with specified critical illnesses during the term.
Factors That Affect Term Insurance Premium
Understanding these factors can help you secure the best rates for your term insurance policy
Age
The younger you are when you purchase a policy, the lower your premiums will be. Age is the most significant factor in determining premiums.
Health Condition
Your current health status and medical history significantly impact premium rates. Healthier individuals get better rates.
Lifestyle Habits
Smoking, alcohol consumption, and other lifestyle choices can increase premiums substantially due to higher health risks.
Coverage Amount
Higher sum assured (coverage amount) results in higher premiums. Choose a coverage that's 10-15 times your annual income.
Occupation
High-risk occupations like mining, aviation, or construction may result in higher premium rates due to increased risk.
Policy Term
Longer policy terms generally lead to higher cumulative premiums but provide extended protection for your family.
Key Features of Term Insurance
These essential features make term insurance the most straightforward and affordable life insurance option
Death Benefit
Provides a lump-sum payout to nominees in case of the policyholder's death during the policy term.
No Maturity Benefit
Pure term insurance has no maturity benefits unless you opt for a return of premium policy variant.
Optional Riders
Enhance your coverage with additional riders for critical illness, accidental death, disability, and waiver of premium.
Tax Benefits
Premiums paid qualify for tax deductions under Section 80C, and death benefits are tax-free under Section 10(10D).
Free Look Period
30-day period after policy issuance to review and return the policy if you're not satisfied with the terms.
Grace Period
Additional time (usually 30 days) beyond the due date to pay your premium without policy lapse.
Flexible Premium Payment
Options to pay premiums monthly, quarterly, half-yearly, or annually based on your financial convenience.
Policy Revival
Option to revive a lapsed policy within a specific period by paying outstanding premiums with interest.
Term Insurance Eligibility Criteria
Check if you qualify for a term insurance policy and what factors determine your eligibility
Age
You must be between 18 to 65 years old to apply for a term insurance policy.
Note: Lower age means lower premiums
Health Status
Good health with no major pre-existing conditions will help secure better premium rates.
Note: Medical tests may be required
Income Status
You must have a steady source of income to qualify for and maintain a term insurance policy.
Residency
Indian residents, NRIs, and PIOs can apply for term insurance policies in India.
Note: Different conditions may apply for NRIs
Financial Dependents
While not mandatory, having financial dependents is the primary reason to purchase term insurance.
Exclusions
High-risk occupations, certain pre-existing conditions, or lifestyle habits may limit eligibility.
Note: Disclose all information honestly
Term Insurance Rider Options
Enhance your term insurance policy with these optional add-ons for comprehensive protection
Critical Illness Rider
Pays a lump sum if diagnosed with specified critical illnesses like cancer, heart attack, or stroke.
Approximate cost: +15-20% of base premium
Accidental Death Benefit
Provides additional payout (typically double the sum assured) in case of death due to an accident.
Approximate cost: +10-15% of base premium
Disability Cover
Offers financial protection if you become permanently disabled and unable to work.
Approximate cost: +15-25% of base premium
Premium Waiver Benefit
Waives future premium payments if you become disabled or diagnosed with critical illness.
Approximate cost: +5-10% of base premium
Terminal Illness Benefit
Advances a portion of death benefit if diagnosed with a terminal illness with life expectancy under 12 months.
Approximate cost: +5-8% of base premium
Family Income Benefit
Provides regular monthly income to your family for a specified period after your death.
Approximate cost: +10-20% of base premium
Documents Required for Term Insurance
Keep these documents ready to simplify your term insurance application process
Identity Proof
Government-issued documents that verify your identity
- Aadhaar Card
- PAN Card
- Passport
- Voter ID Card
Address Proof
Documents that confirm your current residential address
- Utility Bills
- Aadhaar Card
- Passport
- Rental Agreement
Age Proof
Documents that verify your date of birth
- Birth Certificate
- School/College Certificate
- Passport
- Aadhaar Card
Income Proof
Documents that verify your financial status and income
- Salary Slips
- Income Tax Returns
- Form 16
- Bank Statements
Medical Reports
Health checkup results required for policy underwriting
- Blood Tests
- ECG
- Chest X-ray
- Medical Examination Report
Residence Status
Documents required for NRIs and foreign nationals
- Visa Copy
- Passport
- VISA or Work Permit
- NRI Questionnaire
Tax Benefits of Term Insurance
Term insurance not only provides financial security but also offers significant tax advantages
Premium Deduction
The premiums paid for term insurance policies qualify for tax deduction, reducing your taxable income.
Up to ₹1,50,000 per financial year
Death Benefit Exemption
The sum assured paid to nominees in case of the policyholder's death is completely exempt from income tax.
No upper limit on exemption
Health-Related Riders
Premiums paid for health-related riders like critical illness or disability can qualify for additional tax benefits.
Up to ₹25,000 (₹50,000 for senior citizens)
Disclaimer: Tax benefits are subject to changes in tax laws. Please consult a tax advisor for detailed information specific to your situation.
Term Insurance Claims Process
Understanding the claims process ensures a smooth experience for your nominees during a difficult time
Intimation
Inform the insurance company about the death of the policyholder as soon as possible, within the specified timeframe.
Documentation
Submit necessary documents including death certificate, policy document, claim form, ID proof, and bank details.
Verification
The insurance company verifies the claim details and documents submitted by the nominee.
Processing
The claim is processed based on the verification results. Additional information may be requested if needed.
Settlement
Upon approval, the claim amount is transferred to the nominee's bank account within 30 days of document submission.
Important: Claims should be intimated within 90 days of the death. Most insurers settle claims within 30 days of receiving complete documentation.
Frequently Asked Questions
Get answers to the most common questions about term insurance
Have more questions? Schedule a consultation with our insurance experts.
Protect Your Family's Financial Future
Get comprehensive term insurance coverage at affordable premiums. Don't leave your family's future to chance.