Term Insurance


Term Insurance

There are situations when you are not able to buy a lifetime insurance because it is a little costlier. But this doesn’t mean that you cannot buy a life insurance for yourself. In such a case you can go for a term life insurance.

Term life insurance can be defined as a insurance plan which provides cover for a specific period of time. The premium amount that you have to pay for a term life insurance is less as compared to the premium amount in case of other lifetime insurance plans.


Buying a term Insurance can be beneficial in various ways. Some of these are mentioned below:

  1. Lowest premiums: As mentioned earlier, the premium that you have to pay regularly is lower in term life insurance than any other life insurance plans. This means that you get secure your family even by paying less than in other plans.
  2. Flexibility: Most of the term life insurance are renewable or convertible. By this we mean that you can either opt for another term policy without going for a medical test again(renewable) or you can convert the term policy to an endowment policy with the same sum assured.
  3. Tax relaxation: You can claim tax benefits even in case of term Insurance, not just lifetime insurance plans. Just like in case of lifetime insurance plans, term life insurance is also eligible for tax benefits under Section 80C of Income Tax Act, 1961.
  4. Simplicity: Term life insurance are easier to understand for everyone. Its simple motto is to to pay the premiums and get covered for a specific period of time.


Term life insurance can be useful to buy in situations like:

  1. It offers an inexpensive method to ensure financial security. It is the cheapest way to secure your family after your demise.
  2. When your budget is small, going for a term insurance policy is better than lifetime insurances because these incur more costs.
  3. It is also beneficial when you want a lifetime insurance but at the moment you do not have enough money to buy a cash value insurance. Later on when you are capable enough, you can convert your term life policy to a cash value or a whole life policy.
  4. If you are the sole job holder in your family and also your income is not very high but you want to secure your family and make sure that they are going to be fine even after your demise, then you should opt for a term life insurance.
  5. It is also useful for people who do not want to save money through cash value policies, instead they want to invest their remaining money to some other investment plans.
  6. It can be used to cover the business losses in case of death of a key person in your business.


Buying a term Insurance is an easy thing. When you apply for a life insurance, there will be a few tests conducted, based on which the premium for your insurance will be calculated. During your health exam the paramedical may do the following things:

  1. Take your blood pressure
  2. Listen to your heartbeat
  3. Check your height and weight
  4. Ask your age
  5. Draw a blood sample
  6. Get a urine sample
  7. Take your medical history (including medical conditions, surgeries and any prescription medications)
  8. Ask about your immediate family’s medical history
  9. Ask about lifestyle habits that could affect your health (such as exercise, smoking, drinking, recreational drug use, frequent travel or high-risk hobbies)

However when you are buying a term life insurance, you should keep some important factors in your mind:

  1. Before applying for life insurance, you should compare all the life insurance plans and also calculate how much insurance is required for you.
  2. It’s better to buy a policy on your own instead of taking a policy from your workplace. This is because you are not going to work in a single company all your life. When you leave a company, the cover given by them ceases to provide you any benefits.
  3. Before finalizing a policy, make sure that you have compared all the other available policies and that the policy you chose meet all your requirements.

Buying a life insurance is an important step and a long term decision that affects your life, so you should do it carefully.


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