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Term Insurance

Term insurance provides financial protection for a specific period, ensuring that your family receives a sum assured/life cover if you pass away Read more during the term. Secure your family’s future with Tata AIA Term Insurance, get ₹1 Crore life cover at just ₹501/month1. Enjoy affordable premiums, flexible terms and speedy claim settlement. Read less

Term insurance provides financial protection for a specific period, ensuring Read more that your family receives a sum assured/life cover if you pass away during the term. Secure your family’s future with Tata AIA Term Insurance, get ₹1 Crore life cover at just ₹501/month1. Enjoy affordable premiums, flexible terms and speedy claim settlement. Read less

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Term Insurance Options: Coverage That Fits Your Budget

₹50 Lakhs

at ₹346/month5

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₹1 Crore

at ₹501/month1

₹2 Crore

at ₹804/month6

₹5 Crore

at ₹1817/month7

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Vishal-Kapoor

Written by

Vishal Kapoor

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Insurance Expert

Vishal Kapoor

Vishal Kapoor, AVP - Brand & Product Marketing at Tata AIA, has over 17 years of experience in the BFSI sector. He is responsible for driving brand strategy, product & channel marketing campaigns.

Girish-J-Kalra

Reviewed by

Girish J Kalra

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Chief Marketing Officer

Girish J Kalra

Girish J Kalra, Chief Marketing Officer at Tata AIA, leading the organizations marketing & corporate communication initiatives..

What is Term Insurance?

Term insurance offers a simple and affordable way to protect your family’s future by providing financial coverage for a specific period. If the policyholder passes away during this period, the beneficiaries receive a death benefit. 
 

A term plan usually does not provide any payout if you outlive the policy period. But some people choose a plan with a ‘return of premium’ option. In that case, the amount you paid as a premium will be returned if you outlive the policy.


For example, a 20-year-old non-smoker can get term life insurance of ₹1 Crore at just ₹501/month1 or you may choose a term insurance plan starting from ₹692/month8 for ₹2 Crore life cover. Please note that actual premiums can vary based on factors such as age, gender, health status, smoking habits, and the chosen policy term.

Our bestselling Term Insurance Plans

Choose a Tata AIA term insurance plan that suits your needs:

Why should you buy a Term Insurance Plan?

Purchasing a term insurance plan helps ensure financial security for your loved ones in your absence.​ Here is how a term insurance plan can help you

  • Financial protection for family: In the event of the policyholder's untimely demise, the term insurance plan ensures that the family receives a lump sum amount, helping them maintain their lifestyle and meet financial obligations.​
  • Affordable premiums: Term insurance plans are generally cost-effective. For instance, a ₹1 Crore life cover starts at ₹501 per month1, making it accessible for individuals across various income levels.
  • Tax benefits: Premiums paid towards term insurance plans are eligible for tax9 deductions under Section 80C of the Income Tax Act, up to ₹1.5 Lakh annually.​ Death benefit is completely tax free.
  • Coverage against critical illnesses: Many term insurance plans offer riders10 that provide additional coverage against critical illnesses, ensuring comprehensive protection.
  • Debt repayment support: In case of the policyholder's death, the sum assured can be used to repay outstanding debts, preventing a financial burden on the family.

How delaying Term Insurance can cost you?

Delay in purchasing term insurance can result in higher premiums, limited coverage, and increased financial risks for your loved ones. Act now to lock in affordable rates and secure your family's future.

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Tata AIA Sampoorna Raksha Promise

Get ₹1 Crore life cover at 501/month1

Avail up to 18.5% discount (1st year premium)2

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Tata AIA Term Plans

Who should buy a Term Insurance Plan?

The following are some of the types of people who may consider buying a term insurance plan, depending on their life stage and responsibilities:

Newly married people and young parents

If you are starting a family, term insurance may help you protect your partner and children from financial troubles in your absence. Choosing the best term insurance plan in India can give them the necessary financial support in your absence.

Single-earners

If your family depends only on your income, a term life insurance policy is important. It gives a specific amount to your family if you are not there. Picking the best term policy in India helps ensure you get the right cover at an affordable cost.

People with loans

If you have a home or personal loan, a term insurance plan helps ensure your family is not burdened with repayments.

People with other debts

If you have education or car loans, a term plan helps your family handle those expenses even after your absence.

Business owners and self-employed

Business owners can use term insurance to protect their business and loved ones. It also helps manage sudden business loss.

Women and homemakers

More women are earning now. A term plan helps them protect their family’s future. Homemakers can also get coverage to support their household roles.

Retired and near-retirement individuals

If you are retiring but still have dependents, term life insurance helps them stay financially secure.

People with elderly parents

If you support older parents, a term insurance plan will help them live without worries if something happens to you.

Taxpayers

Paying for a term insurance plan can help you save taxes9 each year as part of your financial planning. Comparing the best term plans can help you find one that suits your income and long-term needs.

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Tata AIA Term Insurance plan benefits

  • Affordable premiums: Enjoy substantial coverage at affordable premium rates, allowing you to secure your family's financial future without straining your budget. E.g., a 20-year-old female can get coverage of ₹1 Crore starting at ₹501 per month1.
  • Instant claim payout: Get instant payout of ₹3 Lakh on claim intimation12 offering temporary financial relief while the remaining amount would be paid at the time of disbursement.
  • Pay premiums later: Option to defer premiums for up to 12 months with the Flexi Pay Benefit13 enabling you to continue the policy in case of any momentary financial stress.
  • Return of premium: Offers a Return of Premium option, wherein if the policyholder survives the policy term, the premiums paid are returned. The insured can get 100% of the premiums3 as a lump sum or a regular payment.
  • Whole life coverage: Term plans offer coverage up to 100 years of age14, providing protection throughout your lifetime and ensuring financial security for your loved ones, even in your absence.
  • Terminal illness benefit: In case of a terminal illness diagnosis, 50% of base sum assured15 is paid in advance to help manage medical expenses and provide financial support during a challenging time.
  • Inbuilt waiver of premium: In case of a terminal illness diagnosis, the remaining premium will be waived off without impacting the life cover taken at the beginning of the policy.
  • Life stage benefit: Term insurance plans offer life stage-based benefits16, adjusting the coverage and benefits as per your changing life circumstances, such as marriage, childbirth/adoption or availing of home loans.
  • Optional riders: Tata AIA offers additional riders10 that cover accidental death, disability, critical illnesses and hospitalization, which can be customized as per user’s need.
  • Lower rates for women: Tata AIA plans offer 15% lower premiums for women on the back of higher longevity and lower risk profile.
  • Earn 5% Tata NeuCoins: Get Tata NeuCoins17 on premium payment for the 1st year. There’s no capping on the maximum points that can be earned.
  • Flexible premium payment options: Enjoy flexibility in premium payment options – monthly, quarterly, or annually, enabling you to choose a payment frequency that suits your financial situation.
  • Choice of payout options: You can choose from multiple sum assured payout options, such as lump-sum payment, regular income, or a combination of both, giving your loved one financial flexibility.
  • Tax benefits: Premiums paid towards term insurance plans and health riders are eligible for tax9 deductions under Section 80C and 80D, respectively, of the Income Tax Act. The death benefit paid out to your nominee or the maturity benefits under the return of premium option are exempted from tax under Section 10(10D).

 

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Benefits of buying Term Insurance Plans from Tata AIA

Let us see why Tata AIA is a good choice for you to buy term insurance:

discounts

99.13%

Individual Death Claim Settlement Ratio for FY23-2418

group-7

85 Lakh+

Families protected so far19

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#1 in Retail Sum Assured

Highest retail sum assured of ₹4,00,000 Cr+20

4-hours

4 Hour

Claim Settlement4

employee-engagement

500+ Branches

Presence across major cities in India

4-hours

Pay as Per Convenience

Flexibility to choose a premium payment mode as per convenience

Types of Term Insurance plans in India 2025

There are different types of term insurance plans you can choose based on your needs. Some of them are as follows:

  • Level Term Plan: This is the basic plan where the cover and premium stays fixed. It is easy to understand and affordable for many people.
  • Increasing Term Plan: In this plan, the cover amount increases every year, and it may help you face inflation. Many people choose this to deal with rising costs.
  • Decreasing Term Plan: The death benefit in this term insurance plan reduces over time following a fixed schedule. People usually take this insurance along with a home loan. As the home loan amount goes down over time, the life cover of the term insurance also reduces.
  • Return of Premium Plan: This plan gives back the premium paid if the policyholder survives the policy term. It may be suitable for people who want to get their premium back.
  • Joint Life Term Plan: The joint life term plan is for couples. Both you and your spouse are covered under one term life insurance policy.
  • Convertible Term Plan: The convertible term plan can convert term insurance into another life insurance policy later. This allows flexibility if your coverage needs change in the future.
    Many look for the best term insurance plan in India based on their life stage and goals. You can also use online tools to compare and find the best term plan.

How much Term Insurance cover do you need?

  • Deciding the right sum assured is crucial to ensure all-around protection of your family. Your insurance coverage should be sufficient to allow your family to continue with the same living standard even when your income ceases to exist. .
  • Financial experts have given a simple way to determine how much sum assured you should buy. Your term insurance policy coverage must be a minimum of 15 to 20 times your existing income.
  • Another way to calculate how much term insurance coverage you need is by evaluating your Human Life Value or HLV. The HLV is a numerical process of estimating the current value of your future income. It helps you analyse how your family’s income will be affected if your income stops due to your demise. Thus, it can help you understand the amount of term insurance coverage you need as a replacement for your income. Check out our Human Life Value Calculator.

When is the right time to buy Term Insurance?

Here are some benefits of buying term insurance at a young age:

Lower premiums: Younger individuals enjoy more affordable insurance premiums.

Long-term savings: Investing early leads to significant cost savings over time.

Financial security: Provides extended coverage and financial protection from a young age.

Health benefits: Lock in additional coverage through health riders10 before the risk of developing health issues increases.

Peace of mind: Ensures loved ones are financially secure in case of unexpected events.

Tax benefits: Get income tax9 benefits as per applicable tax laws.

However, if you have not yet purchased a term insurance, it’s recommended to buy a life insurance policy whenever you can, to safeguard your family’s future in case of any adversity.

Age group

Why it’s the right time to Buy Term Insurance

In Your 20s

- Premiums are lower because of age and better health conditions.

- Ideal for securing loans or family responsibilities in the future.

In Your 30s

- Financial responsibilities increase with marriage, children, and home loans.

- Protect your family’s financial future.

In Your 40s

- Higher earnings but greater responsibilities like education and retirement planning.

- Secures your family’s needs as you age.

In Your 50s

- Provides financial stability for dependents.

- Aids in legacy planning and covers outstanding liabilities.

What are the important life stages to buy Term Life Insurance?

Term life insurance is important if you want to protect your family from financial challenges. It is helpful when you are the only earner in your family. Here are some important stages in life where term insurance becomes very important.

  • Starting a family:

    When you begin a family, your responsibilities increase. If something happens to you during this stage, term insurance provides a fixed amount to your nominee. This helps your family cover daily expenses.

  • Planning for children’s education:

    Higher education needs good financial support. If you are not there when your child is ready for school or college, term insurance provides the assured amount to your nominee. This helps your child continue their studies without financial worry.

  • Children’s wedding:

    Wedding comes with heavy expenses like jewellery and celebrations. In case of your untimely death, the term insurance amount can help your family arrange for your child’s wedding without financial pressure.

  • Managing liabilities:

    If you have home, car, or personal loans, your family may struggle to repay the loans in your absence. If something happens to you, the insurance amount helps clear these debts. This prevents your family from dealing with unpaid EMIs.

  • Maintaining lifestyle and future security:

    Prices rise every year, making daily life more expensive. If you pass away, term insurance gives a fixed amount that helps your family keep their regular lifestyle. It also supports them in the long term, especially if you haven’t built large savings. This amount works like financial support in your absence.

How to buy Term Insurance?

Buying term insurance online is simple with Tata AIA. Here's how to buy a plan from Tata AIA Life Insurance:

  • Step 1:

    Visit the Tata AIA Life Insurance website to find their term insurance section. 
  • Step 2:

    Use their term insurance calculator to estimate your premium based on the sum assured and policy term. This tool often helps you pick a plan that fits your budget.
  • Step 3:

    Choose a term plan and consider adding riders like critical illness cover or accidental death benefit. These additions provide extra protection for specific situations.
  • Step 4:

    Fill out the online application with required information such as ID proof, address proof, income proof and upload your documents. Moreover, you might need to provide medical information for underwriting purposes.
  • Step 5:

    Make the payment and read the policy documents carefully. It is important to understand all terms before completing your Tata AIA term insurance purchase.

How does a Term Plan work?

A term plan is a type of life insurance that may help protect your family if something happens to you during a set period. The following is how it works:

  • First, you choose the sum assured and the policy term, then pay regular premiums to keep the plan active. These premium amounts can be paid monthly, quarterly, yearly, or as a single payment. 

  • If you pass away during the policy term, your nominee might receive the sum assured as a lump sum or regular income, depending on what you picked earlier. However, if you survive the term, there is usually no payout.

  • Moreover, the claim process is simple. Your nominee may need to submit documents such as the death certificate and claim form to the insurer.

  • In addition, after the documents are checked, the insurer would release the funds as per the policy.

  • This makes a term insurance plan an affordable option that often helps your family manage their expenses if you are not there.

What happens if you Surrender your Term Insurance Policy?

If you surrender a term life insurance policy, you lose the death benefit. It means your nominee cannot make a claim against the surrendered policy. It is important to carefully consider your insurance and financial needs before surrendering a term insurance policy.

Features of Term Insurance

Here are the key term insurance features:

Low entry age

Our term insurance plans are available to policy buyers with a minimum entry age of 18. This means you need not wait until much later in life to protect yourself financially with our basic term plans.

Whole life cover

Our term plans have flexible plan durations. You can protect yourself for the maximum plan term. For example, our Tata AIA Sampoorna Raksha Promise plan has an option of whole life coverage up to 100 years of age14.

Payment flexibility

With Tata AIA, you can choose the premium payment mode - Single Pay, Regular Pay, and Limited Pay. You can also select the premium payment frequency (monthly/quarterly/half-yearly/annually) per your budget and fund availability.

Adjustable cover

Our term plans allow you to adjust your plan coverage with your changing insurance needs at different milestones and life stages. With our Life Stage Benefit16, increase life cover at important milestones.

Regular income

You can choose the mode of death benefit payment depending on the needs of your family. You can opt for a lump sum payment, lump sum + regular monthly payment or entire sum assured as regular monthly payouts.

Cover against critical illnesses

You can opt for our comprehensive health riders10 for protection against a wide range of critical illnesses, such as cancer, heart-related ailments, kidney failure, etc.

Return of Premium on Maturity

You can choose to get a maturity benefit with term insurance. Tata AIA term plans, such as Tata AIA Sampoorna Raksha Promise offer 100% of all premiums paid3 as a survival benefit. 

Accidental Death and Disability Cover

The sudden disability or death of the earning member can disrupt their earning capacity. Add-on riders10 with accidental death and disability cover protect the family’s financial stability.

How to choose the best Term Insurance Plan?

Policy cover amount

Before buying a term insurance policy, it is important to determine the sum assured your family should receive in your absence and ensure that it covers all their financial needs and emergencies.

Tata AIA Benefit: You can use our online term insurance calculator to understand the coverage you need to protect your family.

Term Insurance Premium

The term insurance premium is a regular, long-term amount. You need to assess and account for the same to better structure your budget. Hence, be sure that the amount of the term insurance premiums you choose to pay for your plan ensures sufficient coverage.

Tata AIA Benefit: Our term plan calculator helps you compare plans on the basis of the premium.

Eligibility Criteria

While you can purchase a policy as per your eligible age applicable for the product, it is always advisable to get a term plan as early as possible to avail of low term insurance premiums in return for higher insurance coverage for your family

Tata AIA Benefit: You can purchase a term insurance plan as early as from 18 years of age.

Payout Options

If your loved ones need a regular income for a fixed period, you can go ahead with this choice or choose a lump sum payout. Alternatively, you can also choose a combination of a fixed period income and lump sum if it suits your beneficiaries.

Tata AIA Benefit: We offer multiple payout modes - Lump sum / Regular / Lump Sum+Regular: to help you secure your family in the best manner possible.

Claim Settlement Ratio

Consider the claim settlement ratio of the insurance provider, as it determines their ability to settle your claims effectively and on time when the need arises. The higher the claim settlement ratio, the better the chances of your beneficiaries receiving the claim on time.

Tata AIA Benefit: Tata AIA Life Insurance has an Individual Death Claim Settlement Ratio of 99.13%18 for FY 23–24.

Riders / Add-on cover

Choose riders10 that offer benefits such as protection against critical illnesses, accidental death and disability, waiver of premium benefits and so on, as per your unique needs for targeted protection against various circumstances.

Tata AIA Benefit: We offer a choice of add-on riders10 for protection to help you enhance your term plan protection.

Inflation

Always ensure that the sum assured you select for your family’s needs also accounts for the inflation rates over the years. The financial needs your family has today will not be the same after 10 years, and so consider how much more coverage they will need in the future.

Tata AIA Benefit: We offer a Life Stage Benefit16 with our term insurance plans to allow increasing the sum assured at important milestones, such as marriage, birth/adoption of a child, etc.

Policy comparison

It is always better to compare term insurance plans and make an informed choice instead of picking the first plan you see. Comparing term policies helps you decide which features and benefits are best suited for your needs.

Tata AIA Benefit: We offer a wide range of term insurance plans, coverage options and protection + wellness combination solutions to suit varied insurance and budget needs. You can compare our plans here.

Engage an insurance advisor

If you want to understand how to choose the best term insurance plan, you can get some help from your financial advisor or even contact your insurance company for further assistance.

Tata AIA Benefit: We offer round-the-clock assistance with our expert advisors. Book a call today to talk to our expert today.

Policy terms and conditions

Read the insurance policy’s terms and conditions. It helps you understand the plan in detail and most importantly, know what the policy does not cover. This can help your beneficiaries avoid any confusion regarding the policy and payouts.

Tata AIA Benefit: Detailed policy literature, including sales brochures, policy bond, etc. is available online and can be accessed for an in-depth understanding. You can also access our vast repository of blogs and other supporting content for a detailed understanding of all products and services.

How long should the Term Insurance policy period be?

Choosing the best term insurance period can be confusing for many since insurers offer a flexible policy tenure that starts from 5 years and goes up to several years.


Buying a term plan for a short duration may not be sufficient to cover your financial needs. On the other hand, choosing an unnecessarily prolonged period will make you pay policy premiums beyond your requirements.


Since most people meet their financial obligations by the time they retire, choosing a term plan that ends close to their retirement time is advisable like 60-70 years of age.

What are the payout options in Term Life Insurance?

When you buy a term insurance plan, you will be asked to name a policy nominee who will be entitled to the policy benefits in case of an unfortunate event. You must also select the term insurance payout option you want for the plan beneficiary. Here are the various payout options you can choose from:

Payout Option

Description

Example

When to Buy

One-time Lump Sum Payout

The most straightforward type of payout is the one-time lump sum method. Here, your policy nominee receives the entire sum assured for a death benefit as a single payment.

If you choose a sum assured of ₹2 Crore and name your spouse as the policy beneficiary, your spouse will receive ₹2 Crore as a single payment under covered situations.

If you are confident your beneficiaries will be able to manage the single lump sum amount efficiently or may require a significant amount for a major expense, you can opt for this payout option.

Fixed Monthly Payments

Under this payout option, your plan beneficiary receives the death benefit as regular payments from the insurer. Here, the sum assured acts as a regular source of income for your family in your absence.

If you choose a sum assured of ₹2 Crore and opt for a regular payout for 5 years, the sum will be divided into 60 units and paid out monthly.

Regular payouts are great if you want the death benefit to serve as a monthly income replacement. It is also great if the nominees are young and cannot manage a lump sum amount efficiently.

One-time Lump Sum + Fixed Monthly Payments

This option is a combination of the lump sum and regular payment options. Here, the policy nominee receives a part of the sum assured as a lump sum and the remaining as regular payments for a fixed tenure. You can decide how the death benefit is to be bifurcated between the two payment options here.

You choose a sum assured of ₹2 Crore and opt for a lump sum payment of 50% of the sum assured and the other 50% as a regular monthly payout for 5 years. In this case, ₹1 Crore will be paid out immediately to the beneficiary, and the remaining ₹1 Crore will be paid out over the next 60 months.

This option is perfect if you have any loans or other major financial liabilities that need to be repaid. The family can use the lump sum payout to clear any debts and then use the monthly payments for regular expenses.

Factors that can affect your Term Insurance premiums

Term insurance premiums vary for each policyholder based on several factors. Understanding these factors can help you take steps to reduce your premiums.

  • Age:

    Age is an important factor in determining term insurance premiums. As younger people have a lower risk compared to older people.

  • Sum assured:

    The higher the sum assured, the higher is the cost of covering the policyholder. As a result, a ₹2 Crore term insurance plan will be more expensive than a ₹1 Crore term insurance plan.

  • Individual and family medical history:

    Illnesses like cancer and heart ailments can be genetic. The premium can be higher for people with existing medical conditions or with a family history of certain issues to account for the higher risk of claims.

  • Gender:

    Research has shown that women tend to have a longer average lifespan than men. Therefore, female term policy buyers usually enjoy lower premiums on their term plans as they are likely to pay premiums for a longer period than men.

  • Lifestyle:

    Term insurance premiums are higher for people who engage in high-risk activities, like adventure sports and bike racing. Moreover, the term plan premium is higher for professionals who work in high-risk environments regularly, like pilots.

  • Smoking and drinking habits:

    People who consume alcohol or smoke have to pay higher term insurance premiums than others because of the negative impact of these substances on health.

  • Policy tenure:

    The premium for longer tenures will be lower than for shorter policy tenures for the exact coverage due to the assurance of long-term premium payments.

What is a Term Insurance rider?

  • Term plan riders10 are additional covers or benefits that you can add to your term insurance policy for an additional premium to enhance or extend the coverage of the base plan for well-rounded protection against various situations and illnesses.
  • You can opt for a Term life insurance rider of your choice, like an accidental death rider or disability rider, critical illness rider, or premium waiver rider.
  • An accidental death or disability rider offers a sum assured in case the policyholder passes away or suffers disability due to an accident.
  • Health-based riders, such as critical illness or terminal illness15 riders, provide financial protection upon diagnosis of the covered illness.
  • One of the popular term insurance riders, the waiver of premium add-on, will waive off all future premium payments while continuing the term plan protection in case of diagnosis of covered illnesses or any other insured situation.

 

Importance of sum assured in Term Insurance

Sum assured in term insurance is the amount the policy beneficiaries get in case of the policyholder's demise when the policy is active. It is a guaranteed amount decided at the term plan’s inception as a death benefit against the policy.


Getting a sufficient sum assured is crucial when buying term insurance because it is the actual amount your family members will receive from the insurer. Thus, you must ensure that the sum assured is sufficient to cover your family’s continuing and future financial liabilities.


However, remember that the term insurance premium is directly affected by the sum assured. Selecting an unreasonably high sum assured can be a financial burden for you.

Why buy Term Insurance online?

Buy a term insurance plan online for the following benefits:

  • Better understanding

    Online term insurance purchase gives you quick access to all policy documents and essential information. You get a clearer picture of the benefits and limitations of your term plan and make a confident buying decision.

  • Plan comparison

    You can visit the websites of multiple insurance companies and compare their plans. You can also explore the website of your chosen insurer and check various offerings. This way, you can choose the best term plan that suits your financial goals.

  • Discounts and offerings

    By purchasing term insurance online, you can take advantage of digital discounts offered by insurers, helping you secure high coverage at reduced premiums.

  • Transparency

    When buying online, you submit all your documents and information directly to the insurer. Moreover, you are actively involved at every step of the purchase process, which helps establish your faith and satisfaction with the insurer.

  • Save Time: Online Term Insurance Purchase

    Saves time

    Buying term insurance online requires less time and effort. You need not visit the insurer’s branch. You can access the website from the comfort of your home, and the entire process is done digitally.

  • Multiple secure payment options

    You can choose from quick, secure, and convenient payment options during the purchase. You can also opt for these options while paying your premium based on the mode and frequency you select.

How to make Term Insurance more affordable?

Worried about the term insurance plans cost? Here are a few ways to get affordable term insurance:

Start early

As explained, buying term insurance at a young age can help you save significantly on the term insurance cost. With an early purchase, you can get long-term insurance for smaller and regular payments on term insurance.

Avoid smoking

Smoking can increase your term insurance cost. Therefore, avoid smoking for a healthier life and also to reduce your term plan premiums. Ensure that you disclose it to your insurer if you smoke or have any other health ailments. Providing incorrect or incomplete information can put your family in difficulty when claiming the death benefit on your term policy.

Choose the right tenure

A term plan with a longer duration will require you to pay policy premiums for longer. Therefore, choose the policy term wisely to ensure coverage till you genuinely require it.

Develop healthy habits

A healthy lifestyle can keep diseases and ailments at bay. Since insurers require your medical history and test reports to decide your term insurance premium, a healthier lifestyle will help you get an affordable term policy quote and enjoy a longer, healthier life as a bonus.

How does a Term Plan secure your family’s financial future?

Group

Importance of Life Expectancy

Life expectancy rates in India have improved over the years. However, they still remain influenced by various challenges, such as rising stress levels, sedentary lifestyles, and pollution. According to the World Health Organisation (WHO), the global average life expectancy is approximately 71 years. But, lifestyle diseases have significantly increased mortality risks, especially in developing nations like India. These uncertainties highlight the pressing need for financial preparedness.
 

A term insurance plan acts as a financial safety net for your family in the face of these risks. In the event of an untimely death, it ensures your loved ones are protected against the burden of outstanding debts, daily expenses, and future financial goals, such as your child’s education or marriage. With affordable premiums, term plans offer high coverage, enabling families to maintain their financial independence even during challenging times. In a world where declining life quality has become a growing concern, term insurance is not just a plan but a lifeline to safeguard your family’s future.

Insights

  • Emergency Fund: Term Insurance Provides Financial Cushion

    Income replacement

    The primary purpose of a term plan is to replace your income if you pass away during the policy term. Your nominee receives a tax-free sum assured, ensuring they have financial support to cover essential expenses.

  • Crisis Management: Financial Support for Illness Diagnoses

    Health crisis management

    The critical illness and terminal illness rider10 benefits provide financial assistance in case of diagnosis of the covered illness. Thus, your family can focus on your well-being without worrying about the treatment costs.

  • Education & Goals: Term Plan Payout for Future Aspirations

    Education and future goals

    The payout from a term plan can be used to fund your children's education or other long-term financial goals like buying a home or starting a business. It empowers your family to achieve these aspirations, even in your absence.

  • Secure Payment Options: Quick, Convenient, Reliable

    Maintaining lifestyle

    Your family can continue their current lifestyle without major disruptions, including covering expenses like groceries, bills, shopping, rent/maintenance, property taxes, investments, insurance premiums, etc.

  • Income Replacement: Financial Support for Nominee

    Emergency fund

    The term insurance payout can serve as an emergency fund, offering a financial cushion to address unexpected expenses or medical bills that may arise due to unforeseen circumstances.

  • Tax Benefits: Exempt Death Benefit, Secure Payout

    Tax benefits

    The payable death benefit of term insurance is exempt from taxation9 under Section 10(10D) of the Income Tax Act, subject to prevailing tax laws. Thus, your family can enjoy a significant payout without worrying about any tax liabilities.

  • Family Financial Protection

    Peace of mind

    Most importantly, a term life insurance plan provides peace of mind. Knowing that your family is financially protected allows you to focus on your responsibilities and enjoy life without the worry of what might happen to them in your absence.

Common mistakes to avoid while buying Term Insurance

Buying a term insurance plan is a responsible step, but many people make simple mistakes that affect its value. Avoiding these mistakes may help you choose the best term insurance plan in India for your needs.

  • Choosing a low cover amount:

    Some people choose low coverage to reduce premium costs. However, this cover may not be enough for your family in the long term. You should select a term plan based on your lifestyle, responsibilities, and future needs.

  • Buying too late:

    Waiting too long to buy a term life insurance plan increases the cost. Premiums rise with age, and health risks also increase. Buying early helps in securing lower premiums and may also provide full coverage.

  • Not checking Claim Settlement Ratio:

    Always check the insurer’s claim settlement ratio before choosing a term insurance plan. A low ratio could cause delays or difficulties when your family files a claim.

  • Ignoring add-ons:

    Many people skip optional riders10 like critical illness or disability cover. These add-ons enhance your term plan and offer more protection during tough times.

  • Giving wrong information:

    Some buyers hide health issues or smoking habits. Giving wrong information can result in claim rejection later. Always provide clear and correct details.

  • Not comparing plans:

    Many buyers go with the first plan they see. It’s important to compare multiple options to choose the best term policy in India. Comparison helps find the best term plans with good coverage and a reasonable premium.

List of documents required for Term Insurance

Valid Address Proof

Valid ID Proof

Passport

PAN Card

Voters ID card

Passport

Driving Licence Voters ID Card
Voters ID Card Driving Licence
Masked Aadhar Card Job Card issued by NREGA duly signed by an officer of the State Government
Letter issued by UIDAI Masked Aadhar Card
National Population Register Letter issued by UIDAI
  National Population Register

These are just suggestive documents, and the life insurance company may request additional documentation based on the policy conditions.

Eligibility Criteria for Term Insurance

  • Age:

    You must be between the ages of 18 and 65 to buy a term insurance plan. The age at which you buy term insurance plays a role in determining your policy premium.
  • Citizenship:

    You must be an Indian citizen to buy term insurance in India. However, your policy coverage stays unaffected if you go overseas for higher education or work after purchasing a term plan.
  • Medical Reports:

    You must provide the necessary medical reports and undergo some diagnostic tests if required. Additionally, provide correct information about your medical history to avoid complications in the claim process.

Key Takeaways

  • Affordable protection:

    Term insurance offers high coverage at low premiums, ensuring financial security for your loved ones.

  • Lifestage-based planning:

    It’s essential to buy term insurance early to benefit from lower premiums and comprehensive coverage tailored to life stages.

  • Family’s financial safety net:

    In case of the policyholder’s untimely death, a term plan ensures financial stability for dependents, covering daily expenses, debts, and future goals.

  • Relevance amidst declining life quality:

    With increasing lifestyle-related risks and lower life quality, term insurance acts as a vital financial safeguard.

  • Customisable options:

    Many term plans offer add-ons riders10, such as critical illness riders, ensuring enhanced protection.

Key terms related to Term Life Insurance Plans

  • Coverage

    The total financial protection or amount payable to your beneficiaries under the term insurance policy in case of the policyholder’s death during the policy term.

  • Insurability

    The policyholder’s eligibility for insurance coverage, determined based on factors like age, health, occupation, and lifestyle.

  • Maturity date

    The date on which the term insurance policy ends, and any maturity benefits (if applicable), are payable to the policyholder.

  • Nomination

    The process of appointing a person (nominee) to receive the policy benefits in case of the policyholder's untimely demise.

  • Premium

    The amount you pay periodically to maintain your term insurance policy and keep the coverage active.

  • Surrender value

    The amount the policyholder may receive if they choose to terminate the term insurance policy before its maturity date (not typically applicable to pure term plans).

  • Individual death claim settlement ratio

    The percentage of claims settled by the insurer against the total death claims received in a financial year indicates the insurer’s reliability.

  • Add-on benefits or riders10

    Additional coverages, such as critical illness or accidental death riders, that can be added to the base term insurance policy for enhanced protection.

  • Sum assured

    The guaranteed amount payable to the nominee in case of the policyholder’s death during the policy term.

  • Death benefit

    The financial payout is provided to the nominee upon the death of the insured during the policy term.

  • Insured

    The person whose life is covered under the term insurance policy.

  • Maturity claim

    The amount payable (if applicable) to the policyholder if they survive the policy term and the term plan includes a return of premiums feature.

  • Vesting age

    The age at which the policyholder becomes eligible to receive benefits from their term insurance policy.

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1.Can I buy term insurance plans online?

Yes, you can buy a term insurance plan online. In fact, there are several benefits of buying a term plan online, like, you can make a more informed buying decision, avail online discounts from the insurer, compare multiple term plan offerings, purchase a term plan quickly, etc.

2.Is it better to have more than one term insurance plan?

Though people can have more than one term insurance plan, having a single policy with coverage that suffices for your family’s needs is better. With multiple term insurance plans, the burden of remembering term insurance premium payment dates and the insurance cost increases and can become difficult to maintain.

3.How much term insurance cover does one need?

According to financial experts, a term insurance policy coverage must be a minimum of 15 to 20 times the insured’s existing income.

4.Do Tata AIA Life Insurance term plans offer a free-look period?

Yes, Tata AIA Life Insurance offers a free look period of 15 days on the term insurance plans purchased offline, while the free look period is extended to 30 days in case of term plans purchased online.

5.Can I avail of tax benefits under a term insurance plan?

Yes, term plans offer tax benefitsunder Section 80C of the Income Tax Act. Term insurance premiums paid towards the policy are eligible for tax deductions, and the death benefits qualify for tax exemptions as per applicable tax laws.

6.Is it good to invest in term insurance?

Yes, term insurance is a great investment choice because it provides a high sum assured at an affordable premium and ensures your loved ones are protected even in your absence.

7.How to find the best term insurance?

To find the best term insurance, calculate your coverage needs and select an insurer with a high claim settlement ratio. Compare term plans online to find the best fit and use online discounts to reduce your premiums.

8.What is the difference between a term plan and a term plan with a return of premium?

A term plan offers pure life cover protection to your family in the event of the untimely demise of the life assured. If you survive the policy term and once the policy term is over, no other benefits are payable after the coverage ends.

In the case of a term plan with a return of premium, your loved ones can avail of a death benefit from the term plan sum assured in case of your untimely demise. And if you survive the policy term, the term plan will offer a return of the total premiums paid on maturity.

1.What are the term insurance policies offered by Tata AIA Life Insurance?

The popular term insurance policies offered by Tata AIA Life Insurance are:

  • Tata AIA Sampoorna Raksha Promise
  • Tata AIA Maha Raksha Supreme Select

2.What happens at the end of your term life insurance policy?

At the end of your term life insurance policy, your life insurance coverage will be terminated, and the term plan benefits will no longer be valid.

3.What is the best age to buy a term insurance plan?

You can buy term insurance at any age, depending on how many years you want to provide life insurance coverage for your family. However, the earlier you purchase a term plan, such as in your 20s, the better, as premiums are lower when you're young and healthier.

4.What happens to term insurance after maturity?

If you have a term plan with a return of premiums, the policy will pay out a total of all the premiums paid during the policy term, subject to your survival till the end of the policy term. If you have a pure term plan that only offers a simple life cover, there will be no maturity benefits at the end of the policy term.

5.Should I buy a term or traditional life insurance plan?

A traditional life insurance plan can offer you and your family life insurance coverage. However, such plans are quite standard and may not offer a lot of flexibility in terms of the sum assured, the policy period, or the premium payment term.

On the other hand, a term insurance policy enables you to avail of a large sum assured for very affordable premiums. You can further reduce your premium payments by choosing a longer premium payment term and a policy term that protects your family for a longer period.

6.Do I need a term plan in my 50s or 60s?

A term insurance plan can secure you in multiple ways. While you may not be able to provide financial protection to your family if you buy a term plan late in life, you can add rider benefits to the plan and avail of financial protection in various circumstances, like illness and accident.

7.What are the types of term insurance policies?

These are the following types of term insurance policies:

  • Level Term Plans
  • Increasing Term Insurance
  • Decreasing Term Insurance
  • Convertible Term Plans
  • Return of Premium Term Plans

8.What if I become an NRI after purchasing a term plan?

If you become an NRI after purchasing a term plan in India, you can continue paying the premiums through a Non-Resident Ordinary (NRO) account in Indian currency while the policy offers life insurance coverage. In case of your demise, whether abroad or in India, your nominee can file the claim, and the death benefits will be paid out to your family.

9.What will happen if I don’t die till my term plan is over?

In case you opt for a term insurance plan with no Return of Premium benefits, then if you survive the policy term of your pure term plan, the policy will end, and no additional benefits are applicable.

10.How can I renew my Tata AIA Life Insurance term plan?

You can renew your term insurance plan online with Tata AIA with a quick, simple, and online renewal method to continue enjoying your policy benefits with us.

1.Is natural death covered under term insurance?

Yes, all types of natural deaths are covered under term insurance. Please refer to the policy document for detailed information on specific term insurance policy inclusions and exclusions.

2.How to choose the sum assured of a term plan?

The sum assured of a term insurance plan will be based on the financial support needed by your family at a future date. Therefore, you will have to consider all their expenses, any major events, outstanding loans, and debts, as well as the inflation rate, while deciding on a term plan sum assured.

3.What riders can I add to my Tata AIA term plans?

These are the following riders10 you can add to your Tata AIA term insurance plan:

  • Tata AIA Vitality Protect - A Non-Linked, Non-Participating Individual Health rider (UIN:110B046V02)
  • Tata AIA Vitality Health - A Non-Linked, Non-Participating Individual Health rider (UIN:110B045V01)
  • Tata AIA Non-Linked Comprehensive Protection Rider - A Non-Linked, Non-Participating Individual Health Rider (UIN:110B033V03)
  • Tata AIA Non-Linked Comprehensive Health Rider – A Non-Linked, Non-Participating Individual Health Rider (UIN:110B031V03)

4.Can the term plan coverage be increased when needed?

Yes, an increasing sum assured term plan allows you to increase the term plan coverage at various life stages to help meet your changing financial goals.

5.What types of deaths are not covered by term insurance?

While term plans cover natural deaths and deaths due to health conditions and illnesses, such a policy will not cover death by suicide within a year. Please refer to the exclusions as mentioned under the term plan for details before opting for the policy.

1.How do I calculate the premiums of my term insurance plan online?

You can conveniently calculate the premiums of your term insurance plan online by using the term insurance premium calculator on our website. Simply enter a few basic details into the online calculator and get your policy quote without any manual calculation.

2.What are the premium payment frequencies for Tata AIA Life Insurance term plans?

The term insurance premium payment frequencies under Tata AIA Life Insurance term plans are annual, half-yearly, quarterly, monthly and Single Pay.

3.Are there lower term plan premiums for women policyholders?

According to Our World in Data, women have a longer life expectancy than men, so term plan premiums are lower for women.

4.Will my term insurance premium amount increase with optional riders?

Yes by providing very comprehensive protection. By choosing the riders10 wisely, you can enhance the policy coverage without unnecessarily increasing the policy cost.

5.What happens if you stop your premium payments?

If you stop your term insurance premium payments and cross the expiry date, Tata AIA Life Insurance offers a grace period of 15 days (for monthly frequencies) and 30 days (for yearly and half-yearly frequencies). If you cannot make the payment within this period, the policy will lapse, and you and your family will not be able to gain any benefit from the plan.

6.Do term insurance premiums increase every year?

One of the benefits of having a term plan is that you can lock in the policy premiums when you purchase the term plan. That way, if you buy insurance early in life, you can avail of low premiums all throughout the policy period, even if the sum assured is high.

However, if you opt for optional riders or a life stage benefit~ for additional coverage, these factors may lead to an increase in the premiums over the years.

1.What is the importance of the claim settlement ratio?

The claim settlement ratio of insurance providers helps you understand if they will be able to settle your claims on time without any hassles. A higher term plan claim settlement ratio is a good indicator and means that the insurance provider has settled the maximum claims in a financial year out of all the claims received. Tata AIA Life Insurance has an individual death claim settlement ratio of 99.13%18 for FY 2023–24

2.What documents are needed while filing a term insurance claim?

To learn about all the term life insurance policy documents needed for the claim intimation and settlement process, please click here.

3.What is the process of raising a term insurance death claim?

If you want to file a claim with us, you can choose any of the options below:

If you want to file a claim with us, you can choose any of the options below:

  • Send us an email at: customercare@tataaia.com
  • Call our helpline number - 1860-266-9966 (local charges apply)
  • Visit any of our Tata AIA Life Insurance Company branch offices.
  • Write to us at the below address:

The Claims Department,
Tata AIA Life Insurance Company Limited
B- Wing, 9th Floor,
I-Think Techno Campus,
Behind TCS, Pokhran Road No.2,
Close to Eastern Express Highway,
Thane (West) 400 607.
IRDA Regn. No. 110

4.What are the different term plan claims that can be filed?

Some of the term plan claims that can be filed are:

  • Death claim
  • Cashless and reimbursement claim
  • Hospitalisation and dismemberment claim
  • Natural calamity claim
  • Death of Payor claim
  • Critical illness and disability claim

5.Can a claim be processed if the nominee does not live in India?

Yes, if a nominee from outside India wants to file a claim, they can upload attested copies of their documents through email or online. To file the claim online, they will need to courier the documents to a representative in India who can come to our office and file the claim on their behalf.

6.Why can the insurer deny my term insurance claim?

An insurer can deny your term insurance claim if you fail to submit the required information to process the claim. Additionally, if any of the documents or information you provided at the policy inception are found to be fraudulent, your insurance claim can be denied.

 
  • Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V05)

  • Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V08)

  • 1Illustrated premium of ₹501 is the monthly premium for a 20 yr. old female, Standard Life, Non-Smoker for ₹1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option of Tata AIA Sampoorna Raksha Promise with first year premium discount of 10% for digital purchase and 8.5% for salaried person. Please refer Benefit Illustration for more details. 

  • 2This includes first year digital discount of 10% for Limited Pay/Regular Pay and 8.5% salaried discount. For Single Pay, 1% discount will be available for online purchase and salaried discount each.

  • 3Under Life Promise Plus Option, an amount equal to the 100% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.

  • 4Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of ₹50 Lakh. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.

  • 5Illustrated Premium of ₹346 is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for ₹50 Lakh Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option of Tata AIA Sampoorna Raksha Promise with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details.

  • 6Illustrated Premium of ₹804 is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for ₹ 2Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option of Tata AIA Sampoorna Raksha Promise with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details. 

  • 7Illustrated Premium is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for ₹5 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option of Tata AIA Sampoorna Raksha Promise with first year premium discount for digital purchase and salaried person. Please refer Benefit Illustration for more details.

  • 8Illustrated Premium of ₹692 is the monthly premium excluding taxes for 20 yr. old female, Standard Life, Non-Smoker for 2 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) with Life Secure plan option of Tata AIA Maha Raksha Supreme Select with first year premium discount for digital purchase and salaried person. 

  • 9Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

  • 10Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch. 

  • Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider - A Non-Linked, Non- Participating Individual Health Rider (UIN:110B033V04), Tata AIA Vitality Protect - A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V04) and Tata AIA Vitality Health - A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V03) are available under this plan.

  • 11Illustrated premiums of ₹589, ₹759 and ₹1,288 are the monthly premiums for a Male, Standard Life, Non-Smoker for ₹1 Cr. Sum Assured with Policy Term of 20 yrs (Regular Pay) of age 20, 30 and 40 years respectively under Life Promise Option of Tata AIA Sampoorna Raksha Promise with first year premium discount of 10% for digital purchase and 8.5% for salaried person. Please refer Benefit Illustration for more details. 

  • Premium is subject to applicable taxes, cesses & levies which will be entirely borne/paid by the Policyholder, in addition to the payment of such Premium. Tata AIA Life shall have the right to claim, deduct, adjust, recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy. Kindly refer the sales illustration for the exact premium.

  • 12With this feature, instant death benefit of ₹3 Lakh from the Sum Assured will be paid within 1 working day from the claim registration date. This feature is applicable only after a waiting period of 3 policy years from the policy inception or revival of the policy and provided the policy is in force. The remaining sum assured shall be payable post the completion of the claim investigation. Further, in case of any discrepancy in the claim investigation resulting in the final decision of non-payment of the claim, the company reserves the right to recover the already paid amount. The acceleration of instant claim should not be construed/interpreted as acceptance of the claim.

  • 13With FlexiPay Benefit, policyholder is allowed to defer the due premium for a period of 12 months while maintaining the full risk cover under the base plan and attached riders. At the end of Premium Deferment period, the policyholder is required to pay the due premiums, including the premium applicable for the period of Premium Deferment, i.e. the base cover premium and additional premium (if any). This benefit shall be available for multiple times with a gap of 5 policy years from the expiry date of previous Premium Deferment. The option can be exercised only after payment of 5 full years premium. No interest shall be levied on the premium due during the Premium Deferment period. If the premiums due are not paid within the grace period after expiry of the Premium Deferment, the Policy (including Rider(s), if any) shall lapse and no benefits shall be payable in the Policy or the Rider(s), if any) and company shall be entitled to recover the same from any amounts or This benefit payable under the Policy or Rider(s).

  • 14Not applicable under PoS, please refer sales brochure for more information

  • 15Inbuilt Payout Accelerator Benefit pays out 50% of Effective Sum Assured opted in case of a Terminal Illness diagnosis

  • 16Applicable for specific plan options. Please refer brochure for additional details.

  • 17Earn flat 5% Tata NeuCoins on insurance premium payment for Limited/Regular Pay policies, applicable for the 1st year. For Single Pay policies, 0.5% of premium can be earned as NeuCoins. There’s no capping on the maximum amount that can be earned. Benefits will reflect in your Tata Neu wallet 30 days after policy issuance. These points can be used to shop on Tata Neu across various categories like fashion, electronics and groceries. 

  • 18Individual Death Claim Settlement Ratio is 99.13% for FY 2023-24 as per the latest annual audited figures.

  • 1985,76,889 families protected till 31st December 2024.

  • 20Retail Sum Assured for FY2023 is Rs 4,43,479 Crores. https://irdai.gov.in/document-detail?documentId=6552249

  • This product is underwritten by Tata AIA Life Insurance Company Ltd.

  • The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.

  • Insurance cover is available under this product.

  • For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.

  • Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.

  • In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.

  • L&C/Advt/2025/May/2048