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Get 1 Crore Life Cover
at Rs 424 / month**

Get 1 Crore Life Cover
at Rs 424 / month**

+91

    TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.


    Term Insurance Benefits


    Financial security is an important part of everyone’s life. And in most cases, securing your family’s financial needs and future takes precedence. And the simplest way to offer comprehensive financial protection to your family is through a term insurance plan. Though term plans have been a popular life insurance choice for years, COVID-19 further emphasized why securing your family is important. There are a number of term plan benefits that one can reap, depending on their insurance as well as financial goals. Understanding term plans and their benefits can be essential when purchasing term insurance.
     

    What is a Term Insurance Plan?

    Family With Their Dog Enjoying Life After Buying Term Plan

    A term insurance is a pure protection plan and the simplest form of life insurance. A term plan offers a basic life cover to protect your family. In the event of the untimely demise of the life assured, the life cover will offer a predetermined sum assured under the policy as a death benefit to your family.

    You can choose to pay the term policy premiums in exchange for the life cover as per a premium payment mode and frequency of your choice. The timely premiums are essential for keeping the policy coverage active. As a family's sole earning member, a term plan becomes important in financially protecting your family in your absence.

    Family With Their Dog Enjoying Life After Buying Term Plan

    Benefits of A Term Insurance Plan

    • 01

      Life Cover

      As a pure protection plan, term insurance offers extensive life coverage. Throughout the policy term, your family is secured by the life cover, which terminates when the policy term is over.
    • 02

      Regular Investment

      The premiums paid on a term plan can be paid as per a mode of your choice to keep the policy cover active.
    • 03

      Financial Protection

      The life cover that protects your beneficiaries offers a predetermined sum assured under the policy. In the event of your death, this sum assured is paid out as a death benefit to your nominee.
    • 04

      Sum Assured

      Term plans are flexible; you can choose a higher sum assured to secure your family. In case of any unfortunate event, the death benefit is paid to the nominee.
    • 05

      Debt Repayment

      The sum assured, or the death benefit of a term plan can help your family repay any unpaid debts or loans in your absence. This ensures that the burden of repaying a loan does not financially impact your family.
    • 06

      Financial Security

      The death benefit from a term plan can easily secure your family's financial goals and commitments in your absence. This sum assured can handle your child’s education or your spouse’s post-retirement needs.
    • 07

      Maturity Benefits

      Some term plans offer a return of the sum of all premiums paid on maturity. With the maturity benefits, you can plan your finances and utilize them for your goals and commitments in the future.
    • 08

      Optional Riders

      Your term plan can include an optional rider^ for an additional premium. Be it a critical illness or an accidental death rider, you can add one or more to your term plan to enhance the policy coverage.
    • 09

      Tax Benefits

      Under Section 80C of the Income Tax Act, you can claim tax# deductions on the policy premiums of up to ₹1.5 Lakh each year. Term plan death benefits are also tax-exempt under Section 10(10D) of the Income Tax Act, as per prevailing tax norms.
    • 10

      Online Purchase

      Term plans are easily available online. They can be researched, customized, and purchased from a smartphone or laptop. Moreover, the premium payments can also be paid online with your choice of digital payment mode.


    Know More about our Best Selling Term Insurance Plan – Tata AIA Sampoorna Raksha Supreme

    Happy Family With Dog Secured by Tata AIA Sampoorna Raksha Supreme Plan

    A Non-Linked Non-Participating Individual Life Insurance Plan (UIN:110N160V03)

    Tata AIA

    Sampoorna Raksha Supreme

    Key Features:

    • Get life cover up to 100 years of age*

    • Increase life cover at important milestones~

    • Save tax# up to Rs 46,800++

    • Pay premium as per convenience in monthly installments


     

    • Benefits of Purchasing a Term Insurance Plan Early in Life

      Lower Premiums

      The main benefit of buying a term plan early is availing of lower premiums since the risk on one’s life is low at a young age. Buying a term plan at a later stage in life can lead to paying higher premiums.

      Longer Coverage Period

      Your term plan can provide life cover for more years when purchased early in life. Hence, you can enjoy life cover for a greater period which ensures better security for your loved ones.

      Higher Sum Assured

      A higher sum assured is not readily available if you purchase a term plan later in life. However, when young, choosing a high sum assured is much easier, subject to policy terms and conditions.

    Why Should You Purchase a Term Insurance Plan?


    During the COVID-19 pandemic, the importance of financially securing one’s family grew multifold due to increased uncertainties. Without adequate financial support, many people faced financial hardships. In the face of such adversities, a term plan effectively safeguards your family’s future.

    Out of the several reasons for which one may buy a term insurance plan, here are a few important ones: 

    • Financial Security

      Your family receives the protection of a pure life cover throughout the policy term. In your absence, the life cover offers the death benefit to them, which secures their financial needs for life.

    • Affordable Premiums

      Term plans are well known for offering low premiums even with a high sum assured. If you compare a few term plans, you can easily choose to secure your family with a life cover without any financial burdens.

    • Great Flexibility

      Be it the term policy, the premium payment options, or the choice of riders^, term plans can be quite flexible. This ensures that a simple term plan can fulfil the different needs of different policyholders.

    • Choice of Payout

      Your family can receive the death benefit, either as a lump sum, a regular income, or a combination of both, as per their needs. You can determine the payout mode as per their potential future needs.

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    How to Choose the Best Term Insurance Policy?

     

    With several term plans available online, picking the most suitable policy for your needs can take some time. However, with the help of the below parameters, getting adequate term insurance coverage can be simple:

    • Sum Assured

      Check the lower and higher limit of different policies for the term plan’s sum assured. This offers greater flexibility when choosing adequate coverage for your family’s security.

    • Policy Term

      Find a term plan that offers flexible policy terms. You should be able to choose a life cover for 15 years or for 40 years, for as long as you need to protect your family. Some term plans also offer whole life cover up to 100 years of age.

    • Affordable Premiums

      Though term plan premiums are affordable, the amount can vary from plan to plan. By comparing term plans, you can understand which policy offers affordable premiums so that you are not financially burdened.

    • Claim Settlement Ratio

      The term insurance provider should have a credible and high claim settlement ratio. This factor indicates that the insurer will settle the death claim when needed, right on time and without any hassle.

    • Rider Options

      Your term plan should offer a range of optional riders^. Hence, you can choose against what risks or events, such as critical illness or hospitalisation costs, you need additional coverage.

    • Online Process

      Go for a term plan that can be easily purchased online. Apart from being able to access the policy brochure with one click, you should be able to customize the plan from your digital device and pay the premiums online.


     

    Looking to buy a new insurance plan? 

    Our experts are happy to help you!

    +91

    TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in

    Frequently Asked Questions (FAQs) About Term Insurance Benefits

    Can I purchase multiple term insurance plans?

    You can purchase multiple term plans if needed. For some people, the sum assured they require may be high and not be fulfilled by one term plan.

    However, with a Tata AIA Life Insurance term plan, you can choose a higher coverage as per your needs and secure your whole family under a single term plan. One term plan with greater life insurance coverage can be easier to manage without the hassle of multiple premiums.

    What happens if the policyholder survives the policy period?

    In a pure term plan, if the policyholder survives the policy period, the plan coverage will terminate at the end of the term, but no benefits will be payable. In a term plan with a return of premium, a maturity benefit comprising a total of all the policy premiums paid will be offered to the policyholder.

    What are the optional term plans benefits?

    Riders are an additional and optional benefit that you can add to your term insurance plan. These riders^ cover specific risks and emergencies that your base term policy cannot cover. At an additional but affordable premium, you can choose one or more riders to secure yourself and your family against critical illnesses, accidental death, accidental disability, hospitalisation costs and more. 

    Can I extend my term insurance to ensure critical illness coverage?

    Yes, some term insurance plans can include critical illness coverage - if you choose a critical illness rider^ - at an additional premium. The rider offers a sum over and above the base policy’s sum assured and is paid out if the policyholder is diagnosed with a critical illness.

    How should I decide on the required term insurance coverage?

    To determine the term insurance coverage needed for your family in your absence, you should consider the following factors:

    • Your Family’s Future Needs
    • Their Financial Goals and Commitments
    • Any Emergency Needs
    • Unpaid Loans and Debts

    What is the best age to purchase a term plan?

    The best age to buy a term plan would be as soon as you are eligible to purchase a term plan. Buying a term plan early in life can ensure you pay low premiums and avail a longer policy tenure.

    What is the difference between the benefits of term insurance and life insurance?

    Term insurance benefits are different from life insurance benefits in some ways. For one, term insurance offers a simple life cover that can be as extensive as you want. With other life insurance plans, components like savings and investments take precedence over the life cover, which can be quite limited.

    Term plans also offer a greater degree of flexibility since their sole purpose is to offer financial protection to your beneficiaries in the event of your death. Hence, the policy term, premium paying terms, sum assured, and other aspects of a term plan can be customized as per individual needs.

    What are the term insurance tax benefits?

    The premiums paid on a term plan are eligible for tax# deductions under Section 80C of the Income Tax Act. Under Section 10(10D) of the Income Tax Act, the death benefit offered after the policyholder’s death is completely exempt from tax.

    Does a term insurance plan give maturity benefits?

    If you opt for a term plan with a return of premiums, you can receive maturity benefits at the end of the policy term. This is, however, subject to the policyholder’s survival until policy maturity. The maturity benefit is a total of all the policy premiums paid to date, excluding taxes.

    Can I withdraw funds from my term insurance plan?

    No, term insurance plans are not savings plans and do not allow you to withdraw funds from the policy during the policy term. However, after the policyholder’s death, the death benefit sum assured is paid out to the beneficiaries either as a lump sum or a regular income to secure their financial needs.

    What are the benefits of purchasing term insurance online?

    Buying a term plan online can save you some time, money, and effort. You can visit the Tata AIA Life Insurance website and check the various term plans and their features on one platform to find the right plan option for you. Once you finalize the policy, you can also add riders^ to the term plan online with a simple click and then pay the premiums through any of the digital payment channels in a matter of minutes.

    Disclaimer

    • The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
    • **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 Option. 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.
    • *Applicable for specific plan options. Please refer brochure for additional details.
    • ~Applicable for specific plan options. Please refer brochure for additional details.
    • #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.
    • ++Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess if any will be charged extra as per prevailing rates. The Tax Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
    • %This plan offers pure risk cover under Life Option and return of premium benefit under Life Plus Option. Additional options are also available in this plan. Please refer sales brochure for complete details.
    • ^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 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.
    • This publication is for general circulation only. This document is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. This document is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
    • L&C/Advt/2023/May/1587