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5 Year Term Insurance

A 5-year term insurance plan is a life insurance policy that provides financial protection for a fixed period of five years. If the policyholder passes away during Read more this term, the nominee receives a death benefit. People usually consider such plans when they need short-term cover—for example, during a loan tenure or when income responsibilities are expected to reduce. In today’s uncertain environment, having even a five-year safety net can make a difference to a family’s financial stability. Read Less

A 5-year term insurance plan is a life insurance policy that provides financial protection for a fixed period of five years. Read more If the policyholder passes away during this term, the nominee receives a death benefit. People usually consider such plans when they need short-term cover—for example, during a loan tenure or when income responsibilities are expected to reduce. In today’s uncertain environment, having even a five-year safety net can make a difference to a family’s financial stability. Read Less

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Discounts

2% Milestone discount

2% discount on 1st year premium on these milestones

Event	Eligibility
Wedding (1 wedding only)	Within 6 months before or after the date of wedding
Birth/ Adoption of 1^st child*	Within 6 months before or after the birth/ adoption date
Home loan	Within 6 months of loan getting sanctioned
First job	Within 6 months of joining date

*Policy issuance eligibility for female customers will be determined by Board Approved Underwriting Policy (BAUP)

The above milestones cannot be clubbed to avail more discount, Such discount shall be capped to a maximum of ₹500 over the year.

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Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V11)

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Get ₹1 Crore Life Cover
@₹501/month¹

Up to 18.5% discount² (1^st year premium)
Return of premium³ option
4 hour claim settlement⁴

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What is a 5 year term insurance plan?

A 5-year term life insurance plan is a type of pure protection term insurance policy that offers coverage for a fixed duration of five years. There is no maturity benefit. Its purpose is solely to offer financial support to the nominee if the insured person dies within the policy period. Many individuals use it as short-term protection during a specific phase, such as while repaying a home loan or till their children become financially independent.

Example:

Consider Raj, 32, who has recently taken a ₹25 lakh home loan. He expects to clear the major chunk within five years with a salary hike. To avoid leaving the burden on his family, Raj buys a 5-year term policy that matches his loan tenure. If something unfortunate occurs during this period, his family receives the sum assured and can manage the loan without financial stress. If Raj stays healthy and completes the five years, the policy ends, and there’s no payout.

How does a 5-year term policy work?

Here’s how a 5 year term plan works:

Premium Payment
- You pay regular premiums, usually yearly, half-yearly, quarterly, or monthly.
- Premiums stay fixed for the five-year duration.
- The premium amount depends on factors such as age, sum assured, lifestyle habits, and health conditions..
Coverage Duration (5 Years)
- The life cover stays active for five years.
- If the policyholder dies within this term, the insurer pays the death benefit to the nominee.
Death Benefit
- The nominee receives the chosen sum assured.
- This payout can help settle debts, pay regular household bills, or cover education expenses..
No Maturity Benefit
- If the policyholder survives the five-year term, the policy ends.
- There is no payout because term insurance focuses on protection, not savings..
Add-On Options (Riders)
- Policyholders may add riders⁵ such as accidental death benefit or critical illness cover.
- These enhance protection but increase the overall premium.

How to calculate 5 year term insurance premiums?

You can estimate premiums for a 5 year term policy using these basic parameters::

Age of the insured: Younger individuals usually get lower premiums.
Sum assured: Higher coverage means higher premiums.
Lifestyle choices: Smoking or high-risk jobs often lead to higher rates.
Health conditions: Pre-existing medical issues may increase premiums post assessment.
Riders or add-ons: Optional benefits like critical illness riders add to the cost.
Income level and occupation: Insurers sometimes assess stability and risk based on these.

Most insurers provide online premium calculators where you enter these details and instantly get an estimate for your 5 year term insurance premiums.

Our bestselling Term Insurance plans

Choose a Tata AIA term insurance plan that suits your needs

Tata AIA

Sampoorna Raksha Promise

Get ₹1 Cr cover at 501/month¹
Up to 18.5% discount² (1^st year premium)
Option to get all premiums back³

Know More

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Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V11)

Tata AIA

Maha Raksha Supreme Select

Get ₹2 Cr life cover at 680/month⁷
Up to 18.5% discount2 (1^st year premium)
Waiver of premium if diagnosed with Terminal illness

Know More

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Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V14)

Eligibility criteria for 5 year term insurance policy

Eligibility for a 5 year life insurance plan may slightly vary across insurers, but common criteria include:

Age bracket:

Usually 18 to 65 years (varies by insurer).
Income proof:

Helps determine suitable coverage and affordability.
Residential status:

Indian residents and sometimes NRI categories are eligible.
Medical assessment:

Some applicants may need medical tests based on age and health.
Documentation:

Basic KYC such as PAN, Aadhaar, and address proof.

Benefits of 5 year term insurance plan

A short duration of 5 years term insurance plan offers several advantages:

Short-term financial protection

Provides security during a specific period such as loan repayment or career transition.

Lower premiums compared to long-term policies

Since the tenure is short, the overall premium outlay stays relatively lower.

Flexible and simple to understand

Term insurance is straightforward. Policyholders pay premiums, stay covered, and claim if needed.

Useful for temporary responsibilities

Many families use it when they anticipate reduced future liabilities.

Coverage for various life stages

Newly married couples, working professionals, or individuals with small business loans often find it relevant.

Option to add riders

Enhances the policy’s utility during the coverage period.

Conclusion

A 5-year term insurance policy works for those individuals who are in need of a strong but short-term life insurance solution. This particular plan deals only with the insurance part, meaning that if the policyholder dies within the five years, their loved ones would be provided with monetary backup. This plan is straightforward, with relatively affordable premiums. In practice, it works well for securing loans, supporting a career transition, or providing short-term financial coverage.

What is the right age to buy 5 year term life insurance?

There is no fixed “right age”, but buying earlier generally means lower premiums and better coverage options.

Who is eligible for a 5 year term life insurance policy?

Any individual who meets the insurer’s age, income, and KYC requirements is generally eligible.

How much does a 5 year term life insurance policy cost?

Costs vary based on age, sum assured, medical history, lifestyle, and add-on riders. Younger and healthier applicants pay lower premiums.

Can anyone avail the 5-year term insurance plan?

Most individuals can, but eligibility depends on insurer guidelines, including age and medical conditions.

Can I renew my 5 year term insurance policy after it expires?

Some insurers allow renewal or extension, while others may require buying a fresh policy. It depends on the insurer’s product terms.

Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V10)
Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V14)
¹As per the duly approved product design and terms & conditions of the product, illustrated 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.
²As per the duly approved product design and terms & conditions of the product, this 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.
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.
⁵Rider 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.
⁶Income 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.
No Goods and Service Tax shall be applicable on Individual life insurance products as per prevailing laws. Tax laws are subject to amendments from time to time. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder.
⁷Illustrated Premium of ₹679 is the monthly premium 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.
L&C/Advt/2026/Feb/1057