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Term insurance in the most basic form of Life Insurance where the only direct benefit is the sum assured in the event of death.


As the name implies these policies are issued for a fixed term so if the death occurs during this time the sum insured is payable. If the person lives beyond the term of the policy, no compensation is paid.


This type of policy offers only pure death protection and does not have any savings or money back facility.


Types of Term Insurance
  • Annual Renewable Term Insurance

This type of insurance offers future insurability for a year or a set period of years. The premiums are paid every year according to a one-year contract. The premiums under this policy increase every year as the age of the person increases. This type of insurance is best for short term insurance needs. The policy can be renewed for a period of 5 to 30 years.


  • Level Premium Term Life Insurance

Under this type of insurance, the premium is fixed at the start of the policy and you are required to pay a fixed premium every year. Even if the risk of death increases, the premium remains the same. The most common duration under level premium policy are: 10 years, 15 years, 20 years and 30 years.


  • Decreasing Term Life Insurance

This is a type of term insurance where the death benefits decrease on a scheduled basis. Premium under this type of policy is constant through the life of the policy. The reduction in policy payout or sum assured usually happens monthly or annually. The term of the policy may range from 1 year to 30 years.


  • Increasing Term Life Insurance

In this type of insurance, the sum assured increases over the life of the policy. The premium may vary depending upon the insurance company.


This type of insurance tackles the problem of inflation as the sum assured increases over time.

Contact Us to identify your Insurance requirements/ shortfalls. Our experts will take you through a risk profiling exercise to identify the requirements.

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