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10 Year Term Insurance Plan
Life is a beautiful journey, filled with moments of joy, accomplishment and love with your loved ones. While enjoying this beauty, we must prepare for life’s uncertainties by protecting and securing the future of our loved ones.
This is where a term insurance policy comes into the picture. Just imagine the peace of mind of financially protecting your family with an extensive sum assured. Term insurance plans are a promise that ensures your loved ones continue to live their dreams even if you are not there to see them through.
Term plans offer pure protection for a particular number of years where family members are guaranteed a sum assured payout. While longer tenures are always popular with term insurance, you can also buy a 10-year term insurance plan.
Hence, if you are looking for a way to safeguard your family from a loss of income, a 10-year term insurance plan can be the perfect solution. Tata AIA’s 10-year term policy can be your trusted partner in securing your family’s future.
What is a 10-Year Term Insurance Plan?
A term plan is a contract between the insured and the insurer, where the insured is provided with life insurance coverage for a certain number of years in exchange for a regular premium payment. A term insurance for 10 years, as its name suggests, will provide coverage for 10 years.
These plans offer a sum assured as a death benefit if the insured passes away during the policy term. There is, however, no maturity or survival benefit/payout if the insured survives the policy term.
How Does a 10-Year Term Insurance Plan Work?
To understand the definition given above, let us look at how this plan works using an example.
Say Person A takes out a 10-year term life insurance policy with a sum assured of ₹50 lakhs. If Person A dies anytime during the 10-year policy period, their family or policy nominee gets the ₹50 lakhs sum assured payout, granted:
- The 10-year insurance plan was in effect and active during the time of their death.
- Person A made regular and timely premium payments and did not violate policy terms.
- The nominee presents all the necessary documentation and proof during the claims process.
The ₹50 lakhs sum assured, or death benefit will be fully tax-exempt under Section 10(10D) of the Income Tax Act. This is usually the process for a basic term plan.
What if Person 'A' Opted for Add-Ons?
These policies may include add-on riders on policy purchase or anniversary, depending on whether the insurer offers them under the 10-year term plan.
So, if Person A opts for an Accidental Death and Disability add-on, the nominee gets an additional payout over and above the death benefit payout of the base policy if the insured’s death was due to an accident.
You should note that the benefits and additional coverage from add-on riders are available at the cost of an additional premium. Moreover, add-on riders will have their own exclusions and terms that must be checked before buying.
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Features and Benefits of a 10-Year Term Insurance Plan
Low Premiums
Term insurance policies are the most cost-effective form of life insurance. You can find several 10-year term plans on the market with low premiums.
Although the premium amount will depend on your age and sum assured, the overall 10-year term life insurance cost will be quite affordable. At Tata AIA, we offer such plans with flexible payment modes as well, so you can choose how and when to pay your premiums.
Income Tax# Benefit
10-year term insurance plans allow you to avail tax deductions up to ₹1.5 lakhs per year on your premium payments under Section 80C of the Income Tax Act. Moreover, the death benefit will always be tax-exempt under Section 10(10D) for pure term plans.
Additionally, if you opted for a health rider offering health insurance coverage, you will also be eligible for deductions under Section 80D.
Add-on Riders
You can opt to increase your base term coverage for your 10-year term insurance plan using add-on riders. These additional plans can be attached to our base plan on policy purchase or anniversary for an additional premium.
Some popular add-ons are Return of Premium (ROP), Waiver of Premium, Accidental Death, Critical Illness Rider, and Permanent or Partial Disability Rider.
Short-Term Coverage
Term insurance policy tenure can range anywhere between 5 and 40 years. Long-term insurance plans require you to pay premiums over many years, and if you are not one for long-term commitments, a 10-year term insurance policy can be a great place to start.
Death Benefit
Your 10-year term insurance policy will have a sum assured amount as its death benefit guaranteed to your policy nominee in case of an untimely demise. This amount is decided on policy purchase and is fully tax-exempt.
Better Planning
Since you are opting for coverage that lasts only 10 years, it is perfect for mapping out your financial goals. Hence, term insurance for 10 years gives peace of mind as it ensures efficient financial planning and financial security to your family, even in your absence.
Surrender Benefit
If you no longer need the coverage provided under your 10-year term insurance plan, you can opt to surrender it. Remember, surrender value is only available for term insurance with a return of premium component. Pure term plans do not have a cash value and, thus, no surrender value.
Why Should You Opt for a 10-Year Term Insurance Plan?
Risk Protection and Stability
A 10-year term policy offers guaranteed, pure risk protection the entire time your policy is in effect. Your family will be covered during the policy term and for any eventualities during those 10 years.
Moreover, the premiums under this policy will stay the same throughout the policy term. This means you do not have to worry about spikes in premium prices while your policy is in effect until renewal or maturity.Acts as Income Replacement
If you are the sole earner in your household, a 10-year term life insurance policy can be a great way to ensure that your family maintain their current standard of living even in yor absence.
The death benefit payout can take care of day-to-day living expenses or even existing liabilities like loans or debt that need to be paid off, so your family will not be shouldered with that responsibility.Better Budgeting
You can better prepare for future situations with a 10-year term insurance plan as you already know how much you need to spend on the policy every year.
This benefit is extended to your nominee since the sum assured amount also stays the same, allowing them to plan finances immediately upon death.
How is the Premium for a 10-year Term Insurance Plan Calculated?
The premium rates for your 10-year term insurance plan will be calculated based on these factors, shown in order of most to least important:
- Age
- Chosen Sum Assured
- Medical History
- Annual Income
- Current Lifestyle Habits
Let us take a closer look at how these factors play a role in determining your premiums.
Current Lifestyle Habits:
If you lead a risky lifestyle where you partake in adventure sports, like scuba diving, racing cars, or rock climbing, you may be charged a higher premium as you present a higher risk to the insurer.
Some insurers may also charge more if you work in a relatively dangerous profession (e.g., miner, police officer, etc.)
They will also ask if you drink regularly or smoke, as these lifestyle choices make you more vulnerable to developing serious health conditions later in life. Ensure you always answer any questions they have honestly, as hiding information will adversely affect the claims process.
Medical History:
The application process requires a pre-policy medical screening where the insurer takes stock of your current health condtions. You may even be asked to present past medical records if you have any pre-existing conditions.
To ensure that you do not get over-charged, you must get chronic conditions like diabetes or cholesterol under control to ensure you are offered a competitive premium rate. Some insurers also offer no-exam policies, but those often have higher premiums..
Age:
Generally, younger policyholders are charged a lower premium than older ones. Hence, if you are considering a term insurance plan to protect your family, the sooner you opt for one, the better since premiums for these plans remain the same throughout the policy tenure.
Annual Income:
Your annual income will determine how much coverage or sum assured you can opt for under your 10-year term policy. This is because income proof is mandatory when buying a term plan, as it offers the insurer an understanding of your financial status.
Chosen Sum Assured:
Other than age, your chosen sum will be the second-largest in determining your overall premium. The higher the coverage amount, the higher the overall policy premium.
Who Should Purchase a 10-Year Term Insurance Plan?
Senior citizens or people close to retirement age who want to ensure their spouse and family are financially secure in their absence.
Anyone who has taken out a loan or a mortgage that must be paid off within the next 10 years. In this situation, if the insured passes away, the family can use the death benefit to pay off the remainder of the loan so they do not have to shoulder the burden of multiple financial liabilities.
A 10-year term insurance plan is also perfect for people with declining health and critical or late-stage illnesses who want to insure their family against a loss of income in their absence.
For those nearing retirement but still have children in school and still have to pay for future education needs, 10-year term plans can offer a financial safety net for thier children in their absence.
For those with future financial goals 10 years down the line. These can be funds needed for a house, marriage, or living expenses for their loved ones, etc.
Factors to Consider While Purchasing a 10-Year Term Insurance Plan
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Add-On Riders
An add-on rider@ can allow you to gain the maximum benefit out of your term insurance plan. Hence, take stock of all your financial requirements. This includes any medical expenses or unforeseen events that can pop up in the future.
For example, if you or a family member has a medical history of being prone to a certain critical illness, opting for a critical illness add-on rider with your plan may be beneficial.
You can opt for an add-on like Tata AIA's Vitality Health, which covers up to 39 critical illnesses and early to late-stage cancer cover. Similarly, if you think you will survive the policy tenure, opting for an ROP add-on may be beneficial.
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Affordability
Premium payments are a recurring expense and can quickly add up, even with the tax deductions available. Hence, choose a 10-year term life insurance policy that has affordable premiums.
We recommend using a term insurance calculator to compare policy quotes before purchase. This allows you to pick a policy that offers competitive rates so you can make regular and timely premium payments to ensure consistent coverage without over-extending your budget.
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Age and Health
Your current age and health status are other critical factors to consider before buying a 10-year term policy.
If you are younger, opting for a term plan with a longer policy tenure or whole-life cover may be more beneficial as it will cut out the need to buy a new policy in the future.
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Future Uncertainties
Assessing current and future scenarios is important. You must account for changing factors like inflation, future medical emergencies, and increased living expenses.
It will allow you to pick an assured sum to secure your family against life's ever-changing nature.
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![Save Time: Online Term Insurance Purchase]( "Save Time: Online Term Insurance Purchase")
Financial Obligations
Asses your current and future financial obligations like living expenses, any existing debt or loans that must be paid off, financial goals and any big-ticket purchases your family may need to make in your absence.
How to Choose the Best 10-Year Term Insurance Plan?
Compare Plans From Different InsurersThere are several online life insurers. What you need to assess are the services they offer with respect to the coverage and price you will need to pay for their 10-year term insurance plan.
Compare policy quotes, add-ons, policy exclusions, claims processes, whether the insurer is IRDAI-approved, offered premium payment modes and terms, etc. Overall, asking if you are getting the best value for money before settling on an insurer and a term plan is essential.- Assess the Insurance Provider You must consider the insurer's financial strength (solvency ratio), customer service, claim settlement ratio (CSR), value-added services, online facilities and customer reviews of their brand as a whole before buying a 10-year term policy.
Note that all online life insurers must be registered with the Insurance Regulatory and Development Authority of India (IRDAI) and will be listed on the official IRDAI portal, so check if their list includes your chosen insurer before purchasing plans from any online insurer. - Assess Your Needs You must assess your family's overall annual income and how you contribute to it, the number of dependents, your current standard of living, exciting liabilities and future financial goals to select a 10-year term insurance plan capable enough to secure your family.
- Check Policy Features Look for features/benefits that meet your needs. These can be premium waiver benefits, critical illness or disability riders or the possibility of converting your 10-year term insurance to a whole-life policy.
- Compare Premiums From Different Plans Get quotes from several insurers and compare the costs. This can be done on aggregator sites or by using term insurance calculators offered by the insurer's website. This is a key step as it allows you to verify where you can get the best deal.
1.Who can purchase the 10-year term insurance plan?
You must be at least 18 - 65 years old to purchase a term insurance policy of any kind. Always check the maximum/minimum entry/exit age before buying a 10-year term policy.
2.What happens to my 10-year term insurance plan if I fail to pay the premiums?
Policyholders are not legally obligated to pay life insurance premiums after purchasing a plan, so if you no longer need coverage and stop paying your premiums, your term policy will simply lapse.
You can always revive your plan in the future if you change your mind. This can be done by contacting your insurer and paying a fee.
3.Can the term insurance be extended beyond the 10-year policy period?
Yes, term plans can be kept valid until 90 - 95 years old. However, on policy maturity after 10 years, the initial term period level ends. This means that the low premium that you have been paying for the policy will also end.
As a result, the annual premium after the end of the 10-year term will rise significantly with each year. This can be considered a significant drawback.
4.Can I surrender my 10-year term life insurance policy?
Yes, you can opt to surrender your 10-year term insurance policy before the maturity date. However, you will not get your surrender value unless your policy has been in effect for at least 3 years.
5.What happens if the policyholder dies after the 10-year policy period?
The nominee will not be offered the death benefit if the insured dies after the policy matures. The plan must be in effect during the insured's death for the nominee to be eligible for the death benefit payout.
6.Does the premium for a 10-year term insurance plan increase every year?
For a basic plan, the premium amount will be calculated on policy purchase and will stay the same throughout the policy tenure. The premiums and sum assured will not change unless you have opted for an increasing or decreasing term insurance plan.
7.Can I cash out from a 10-year term insurance policy?
No, term life insurance policies do not accrue a cash value. You can, however, convert yor term insurance to a permanent life insurance policy (if your insurer allows it) or sell your 10-year term policy to a third party.
8.What is the difference between a term plan and a term plan with a return of premium?
This will depend on your insurer. At Tata AIA, you can convert your term plan to get whole life coverage by opting for the whole life cover option.
9.Can I get the premiums back from my term plan at the end of the 10-year policy period?
This is only possible if you have opted for a Return of Premium (ROP) add-on or if your policy offers a built-in ROP benefit.
10.Can I avail of a loan against my 10-year term plan?
Most term-linked policies do not offer any cash value on maturity. As a result, policyholders can not take loans against these policies.
11.Are the term life insurance benefits applicable for a lapsed policy?
No, the policy must be active and in effect for you or your nominee to claim any benefits.
Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V03)
*Illustrated Premium is the monthly premium excluding taxes for 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 with first year premium discount for digital purchase and 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.
#Income 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.
@Rider 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.
2Individual Death Claim Settlement Ratio is 99.13% for FY 2023 - 24 as per the latest annual audited figures.
8Tata AIA Sampoorna Raksha Promise offers first year digital discount of 1% for Single Pay, 10% for Limited Pay/Regular Pay.
11This product offers first year discount of 5% for Limited Pay/Regular Pay and 1% for Single Pay to salaried customers.
This product is underwritten by Tata AIA Life Insurance Company Ltd.
Insurance cover is available under this product.
In case of non-standard lives, extra premiums will be charged as per our underwriting guidelines.
Rider 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.
This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
Premium will vary depending on the option chosen
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 POS variant, the product is available with/without medical underwriting as per BAUP (Board Approved Underwriting Policy)
L&C/Advt/2025/Feb/0423
