1.    Newly Married

A term insurance policy can be very beneficial for a newly married couple as it provides a financial safety net for your spouse in case of your unfortunate demise. Term life insurance not only secures the future of your family but also takes care of the liabilities.

2.    Young professionals

Term life insurance provides adequate coverage amount at a low premium amount. The reason for this is very simple, and young professionals do not have financial liabilities, so buying a term insurance plan can be very beneficial for young professionals.

3.    Parents

In most families, parents are the only source of income and the only financial support for their children. Having a term life insurance policy is the best option to secure the financial future of the children. In case of unfortunate death of the policyholder, the term insurance company provides a lump sum amount as a death benefit to the beneficiary.

4.    Tax Payers

One of the best benefits of having a term insurance plan is the tax benefit. As per Section 80C of the Income Tax Act, the premium paid for a term policy is tax-exempt. So, if you want to save on tax, you should consider buying a term insurance plan.

5.    Self-Employed

There are several difficulties you face as a self-employed person. You don't have a fixed monthly income, your income fluctuates according to the ups and downs of the market. Therefore, purchasing a term insurance plan to protect your family becomes even more crucial.

6.    Retired People

A term insurance policy can be very beneficial for retired persons if they have dependent spouses and family. Term life insurance provides financial security to the dependents in case of the sudden demise of the assured person.

1.    Level Term Plan

It is the easiest and most basic term life insurance plan. Level Term Plan provides a fixed sum amount to the beneficiary in case of the policyholder's demise. In the level term plan, Both the premium and death benefit are fixed throughout the policy tenure.

2.    Term Return of Premium Plan (TROP)

Term return of premium plan is a type of term insurance plan in which the life insurance company returns the premium paid for the cover in case the insured survives the policy tenure. These policies are gaining popularity as the policyholder will get back the money he has invested for the term insurance cover.

3.    Increasing Term Insurance Plan

In increasing term insurance, the policyholder can increase the sum assured amount annually during the policy tenure. The increasing term insurance plan provides coverage for the risk of rising inflation costs in the country.

4.    Decreasing Term Insurance Plan

Decreasing term plan is a type of term insurance plan in which the Sum Assured reduces every year at a pre-specified percentage. This type of plan is usually issued by the bank to recover the loan and pay all the debt.

5.    Convertible Term Plan

Convertible term insurance plan is a type of term insurance plan which can be converted to another type of term plan at later stages of the policy. For example: If you buy a term life insurance plan for 25 years, then after 5 years you can convert it to any other type of term insurance plan like an endowment term plan, level term plan, etc

1.    Long-Term Coverage

Term insurance provides coverage to the policyholder for its entire life.

2.    Multiple Premium Payment Modes

Term Life Insurance offers various premium payment modes such as regular, single, and limited pay.

3.    Critical Illness Cover

Term insurance offers protection against critical illness. A term life insurance plan provides a lump sum amount in case of the policyholder suffers from any critical illness for the first time.

4.    Tax Benefits

As per Section 80C of the Income Tax Act (ITA), 1961, you are eligible for tax deduction for term plan premium up to Rs 1.5 lakh. Additionally, the term plan also helps you save up to INR 46,800 if you fall under the 30% tax bracket. As per Section 10(10D) of the Income Tax Act, your beneficiary's death benefits are also tax-free.

5.    Add-on Riders

You can enhance your basic term insurance coverage benefits by choosing optional add-on riders who pay a certain premium. Some of the common add-on riders include accidental disability riders, accidental death benefits, waiver of premium, etc.