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Features of Term Insurance

Term insurance is a pure protection plan that offers high life coverage at a relatively low premium rate. This plan provides financial security to... Read more your family in case of your untimely death, securing their future in your absence. This article explains the features of term life insurance and its benefits. Read less

Term insurance is a pure protection plan that offers high life coverage at.. Read more a relatively low premium rate. This plan provides financial security to your family in case of your untimely death, securing their future in your absence. This article explains the features of term life insurance and its benefits. Read less

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Get Life Cover of ₹1 Crore by paying a premium of

₹7,085/month (for 30 years)

₹8,287

saving Save ₹1,202 with discounts

₹ 4.2 Lakh

₹ 1 Crore

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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 Cr. Life Cover
at ₹501/month¹

Up to 18.5% discount² (1^st year premium)

Return of premium³ option

4 hour claim settlement⁴

⁴T&C apply

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What is term insurance?

Term insurance is a type of life insurance which offers a death benefit to the nominee or the policyholder’s family in case of the policyholder’s death during the policy term. With the help of these plans, you can secure a substantial sum assured with nominal premiums. These plans have a term, which usually varies between 5 and 50 years.

Key features of term insurance plans

The features of term plans are as follows:

Affordable premium

With term life insurance, it is possible to buy a large amount of coverage for relatively low premiums, as compared to the rates charged by other types of life insurance. Longer policy tenures, typically ranging from 5 to 50 years, help keep premium amounts relatively affordable.

Easy purchase process

The process of purchasing term insurance is quite simple and straightforward. Insurance companies assist customers in comparing various benefits associated with different term insurance plans available online. Thus, people can opt for plans that fulfil their personal needs. The process includes minimal documentation and fast processing, which makes it easily accessible.

Return of premium option

Many term insurance plans offer the ‘return of premium³’ option, where all the premiums you have paid for the term of the insurance coverage are returned if the insured person outlives the term. This serves as an assurance that your investment will not be forfeited, with or without the claim being honoured.

Various payment options for premiums

Another feature of the term plan is that policyholders have multiple options to pay premiums at various intervals. It includes annual, biennial, quarterly, and monthly premium payments. This provides you with the flexibility to plan and manage finances effectively and make premium payments accordingly.

Flexibility in payment

The term insurance plan offers flexible payout options to beneficiaries, which may include payout in terms of a lump-sum amount, staged monthly payments, gradual increase in monthly payments, and a combination of both. Beneficiaries can opt for instalment payments to receive steady financial assistance.

Additional riders

Riders⁵ such as the critical illness rider, accident death benefit rider, and waiver of premium are additional facilities provided in term insurance plans. Such riders help ensure that you and your loved ones stay safeguarded against unforeseen aspects of life.

Health-based rebates

Insurance companies offer premium discounts to policyholders who maintain good health and follow healthy lifestyles. Non-smokers and individuals with strong health records may have to pay lower premium rates, making term insurance more affordable while encouraging healthy habits.

How do Tata AIA term insurance plans work?

After understanding the term life insurance plan features, let's understand how it works:

Buying the insurance policy: The first step includes selecting a term insurance plan like Tata AIA Sampoorna Raksha Promise based on coverage, the term of the insurance plan, and riders⁵. Many insurers offer a term insurance calculator that helps customers determine adequate coverage based on their current as well as future obligations. Rider benefits are available with Tata AIA Health Buddy.
Terms of the policy: Policyholders are required to comply with the conditions of the policy, mainly the premiums, to ensure the policy is active. Unpaid premiums may cause the policy to lapse. The premium waiver benefit rider⁵ ensures the continuity of the policy even if the policyholder faces financial problems because of disability or critical illness.
Claim settlement : In case of the policyholder’s death during the policy term, the sum assured will be paid to the nominees as per the payment option chosen. It can either be paid as a lump sum payment, as monthly instalments of income, or as a combination of the two. Tata AIA has an Individual Death Claim Settlement Ratio of 99.41% for FY24-25.

Tata AIA Term Insurance plans

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

Calculate Premium

Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V10)

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

Calculate Premium

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

Benefits of term insurance plans

The key benefits of a term insurance plan are as follows:

Multiple payout options: Term insurance provides different payout options for payment of claims, which include single lump sum payments and monthly income payout options. These payout options give the family the flexibility to choose the payout options that are suitable for them to manage their future expenses.

High coverages at lower premium : One of the key benefits of term insurance is that you can obtain high coverage at a comparatively low premium. Such plans are a cost-effective way of buying sufficient life coverage even if you have financial liabilities, such as home loans or other debts.

Disability support: Some term insurance policies include disability benefits. These benefits offer monetary support in case the policy owner is disabled and unable to afford premiums. This feature ensures the policy remains active and the family continues to receive protection, maintaining financial stability even during challenging circumstances.

Rider options: Term insurance policies also provide the option to upgrade the basic plan by purchasing various riders⁵, such as the critical illness rider, accidental death benefit rider, and waiver of premium rider.

Tax benefits: Buying a term insurance plan offers tax⁸ benefits under the Income Tax Act, 1961. The premiums paid are eligible for tax deductions under Sec. 80C, and the death benefit received by nominees is also tax-free under Sec.10(10D).

How are term insurance premiums determined?

Term life insurance premiums are calculated based on a number of variables, including the age, health, lifestyle, and the insured amount that the insured wants to purchase. Younger persons may have to pay lower premiums, as they tend to have lower life risks. Insurers usually require medical examinations to assess health status and lifestyle; they assess whether the individual smokes, their occupation type, and family medical history to determine premiums. All these factors affect the final premium, ensuring it reflects the actual risk profile of the individual seeking coverage.

Conclusion

Understanding term insurance features enables you to make informed decisions about protecting your family's financial future. These plans provide life coverage at affordable premiums while offering customisable options such as flexible payouts, premium payment modes, and valuable riders. With term insurance, you can ensure your loved ones maintain their standard of living and achieve their goals even in your absence. Evaluating different plans can help you select coverage that aligns with your family's specific financial needs.

What are the features of term insurance?

The features of term insurance include low premiums, high cover, flexible premiums, multiple payout options, riders and return of premiums.

What is term insurance, and what are its benefits?

Term insurance is a life insurance policy. If the policyholder dies during the policy term, the nominee gets the sum assured. Its benefits include high coverage, low premiums, tax⁸ advantages, and flexible payout choices.

What is the scope of term insurance?

Term insurance covers financial responsibilities, supports family security, helps with children’s education, and protects against financial difficulties effectively.

What is an important term in insurance?

One of the important terms in insurance is premium. This is the fixed cost that a customer pays to keep the insurance policy active.

What are the features of general insurance?

The key features of a general insurance are risk coverage, settlement of claims, flexible premiums, financial security and policy renewal on a yearly basis.

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)
Tata AIA Health Buddy Plan – Non-Participating, Non-Linked Individual Health Product (UIN: 110N183V01)
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.
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.
⁶The Individual Death Claim Settlement Ratio of Tata AIA is 99.41%, as per the latest annual audited figures for FY 2024-25.
⁷Illustrated Premium of ₹692 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 of 10% for digital purchase and 8.5% for salaried person. Please refer Benefit Illustration for more details.
⁸No 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. Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Insurance cover is available under this product.
L&C/Advt/2026/Jan/0218