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Term Insurance for Parents

A term insurance policy provides financial security for the family if the policyholder passes away during the term. It's more important to have term... Read more insurance when you're a parent. The purpose of term insurance for parents is to make sure your spouse and kids are financially stable. As a parent, you can make sure your kids' financial future is secure. You can also get term insurance for your parents. Learn why term life insurance for parents has become increasingly important. Read less

A term insurance policy provides financial security for the family if the... Read more policyholder passes away during the term. It's more important to have term insurance when you're a parent. The purpose of term insurance for parents is to make sure your spouse and kids are financially stable. As a parent, you can make sure your kids' financial future is secure. You can also get term insurance for your parents. Learn why term life insurance for parents has become increasingly important. 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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You Get (Life Cover)

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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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Why Choose Tata AIA
Life Insurance?

89 Lakh+ Families Protected so far¹
99.41% Individual Death Claim Settlement Ratio² is for FY 2024 – 25
1.3 Lakh Crore³ Assets Under Management (AUM)
4-hour express claim settlement⁴

⁴T&C apply

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What is term insurance for parents?

A term policy for parents provides life insurance coverage for a specified period of time, such as 10 to 30 years. If an insured person dies during this period, death benefits are paid to the nominee or beneficiary so they can repay mortgages, pay for children's education, and provide for their basic needs. The premiums are relatively lower than those of a term plan with a return of premium or survival benefit because there is no cash accumulation component.

Tata AIA

Sampoorna Raksha Promise

Key benefits:

Up to 18.5% discount5 (1^st year premium)
Option to get all premiums back⁶
4-hour claim settlement⁷

⁷T&C apply

Calculate Premium Know More

Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V11)

Tata AIA

Maha Raksha Supreme Select

Key benefits:

Up to 18.5% discount⁵ (1^st year premium)
Waiver of premium if diagnosed with terminal illness

Calculate Premium Know More

Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V014)

Benefits of term insurance for parents

Term insurance plan for parents offers the following benefits:

Death benefits

Having term insurance for your parents gives you a strong sense of financial security as a parent. You will leave behind a lump sum to your nominee/beneficiary in the event of your death during the policy term, which can be used to pay off debts, save for future goals, and cover living expenses.

Peace of mind

In the event of your death, your family won't be financially unstable. Having a death benefit will ensure that their financial situation remains unchanged. By purchasing a term life insurance policy with a return of premium feature, you can track it easily, and upon its maturity, you will receive a lump sum survival benefit, eliminating the stress associated with retirement.

Tax⁸ benefits

In addition to ensuring family financial security, term insurance for parents can also reduce your tax burden. Under Section 80C, you may deduct up to Rs. 1.50 lakhs from your taxable income for premiums paid in a financial year. Furthermore, the death benefit received by the nominee is also tax-free. In addition, the new GST on term insurance has reduced the GST rate on premiums, making term insurance plans for parents more affordable while still providing tax savings.

Rider⁹ flexibility

As medical treatment costs continue to rise, it is necessary to plan for future medical expenses. For parents, term life insurance offers the option of adding various riders, such as critical illness riders, partial/permanent disability riders, accidental death riders, etc., to the base policy. A base plan may have more than one rider..

Affordability

It is more affordable to purchase term insurance as opposed to traditional life insurance cover that provides both death and survival benefits. The premiums for parents' term insurance are lower because there is no cash accumulation. By using a term insurance calculator, you can figure out what premium is right for you.

Why should you get term insurance for parents in India?

With a clear understanding of term insurance, you and your parents can benefit from several advantages offered by term plans.

Helps manage parents’ debts and financial responsibilities

Parents often take loans to support major life goals such as education, marriage, or asset creation. If these loans extend over long tenures, they may remain unpaid in the event of their death. A term insurance payout can help clear outstanding liabilities, preventing the financial burden from falling on the family.

Supports parents’ healthcare expenses

As parents age, healthcare needs and medical costs tend to increase. Managing these costs can become challenging. A term insurance plan with adequate coverage can provide financial support for critical healthcare needs. Optional riders, such as critical illness cover, can further enhance protection and may reduce financial stress.

Ensures financial independence for surviving parents

The financial strain can increase for the surviving partner if one parent passes away and there is no proper financial plan in place. A term insurance payout, offered as a lump sum or regular income, can provide financial security and help the surviving parent remain independent.

Benefits of buying early

Buying the best term insurance for parents in the early life stage is better, as it provides wider coverage at an affordable cost. Early planning helps manage future financial responsibilities more easily and ensures long-term security without straining your budget.

Furthermore, availing term insurance plans online can also help lower premiums, as well as speed up the processing of insurance plans. Offline purchases may include agent commissions and higher distribution costs. Investing in a term insurance plan for your parents can provide long-term financial protection and peace of mind.

How much coverage do they need?

To determine what level of coverage your parents require, you should consult with them before buying term insurance. Many term plans are available, from small sums to higher sums, like 2 crore term insurance or 5 crore term insurance. Finding out what they need will help you choose the right plan. There are some plans that cover funeral expenses too. Make sure your parents are financially secure when you are not around by accurately evaluating their current and future needs.

Parents' health status

It is vital to consider your parents' health status while purchasing term insurance for parents. Properly discuss your parents' existing health conditions with them and choose riders accordingly. Also, inform the insurance provider about pre-existing illnesses, if any. As a result, the policy will cover future healthcare needs arising from these issues. Depending on the terms of the policy, your parents can be covered for any home care expenses or any other healthcare expenses they incur. In order to make an informed decision, you should know what medical conditions the plan covers.

Conclusion

As you progress through life stages, your priorities and financial responsibilities change. When you become a parent, it becomes increasingly important to ensure the future of your children. It is at this point that term insurance for parents becomes necessary. There are several benefits of buying term insurance for your parents. The plan can be purchased for both you and your parents to ensure the financial security of your parents, spouse, and children. Obtain information about the various term plans available online to make an informed decision based on your specific needs and those of your parents.

Can I buy term insurance for my parents?

Yes, an individual can buy term insurance for their parents.

What is the eligible age to get term insurance for parents?

Term insurance for parents is available at the age of 18.

Which is better, life insurance or term insurance?

Individuals can have at least one term insurance plan, as it offers higher coverage at lower premiums. Life insurance plans have lower maturity payouts and higher premiums because they provide both death and maturity benefits.

Can parents be nominees for term insurance?

Yes, parents can be nominees for term insurance.

Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V11)
Tata AIA Maha Raksha Supreme Select - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN: 110N171V14)
¹89,43,554 families protected till May 31, 2025.
²Individual Death Claim Settlement Ratio is 99.41% for FY 2024 - 25
³As on 31st May 2025, the company has a total Assets Under Management (AUM) of Rs 130,053 Crores
⁴Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. 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.
⁵As 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.
⁶Under 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.
⁷Applicable 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.
⁸Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment 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.
⁹Rider 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. This 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.
In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.
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.
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.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company and 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/2026/Feb/0847