Term Insurance

A Term Insurance plan provides protection in the form of financial assistance to your family. It pays a certain sum to take care of your family’s financial needs in case of an unfortunate demise. Not only will your family get immediate financial aid to fulfil their needs, term insurance can also take care of outstanding loans and children’s education expenses as well.

Life insurance offers death benefits to your dependants.

If you have life insurance and something happens to you during that term, your family will have sufficient funds to take care of your liabilities and remain self-sustaining for long enough.

Term Insurance Banner

Term Insurance is the most basic form of insurance, the most inexpensive of all life insurances, and offers maximum death benefits. It can be taken for a fixed duration — generally up to 30 years or up to the maximum age specified by the insuring company. A term policy provides coverage till the time you maintain the insurance and ceases if you outlive the term.

While buying a term plan, it is most important to check the credibility of the insuring company. Other than that, it is ideal to consider some basic reference points from different companies offering the same or similar term plans:

  • Your age and corresponding premium

    Premium against the cover provided

    Extra premium charges as per the age

    Enhanced charges due to job profile

    Riders if available and related benefits


Buying a term insurance policy is almost hassle-free, except that you might be required to undergo a medical examination to assess your health condition.

Why Term Insurance is a Must-Have

    ✅ Financial Security for Your Family
  • Term insurance provides your family with a lump-sum amount that can help them manage day-to-day expenses, maintain their lifestyle, and fulfil future goals even in your absence.
    ✅ Low Premiums, High Coverage
  • You can get high-value coverage (₹50 lakhs to ₹1 crore or more) at very low premium costs — especially if you buy early.
    ✅ Tax Benefits
  • Enjoy deductions under Section 80C for premiums paid and tax-free death benefits under Section 10(10D) of the Income Tax Act.

How Term Insurance Works

  • Choose your coverage amount (sum assured) and policy term.

    Pay premiums regularly — monthly, quarterly, or annually.

    In case of your untimely death, your nominee receives the sum assured.

    If you survive the term, no payout is made unless it’s a Return of Premium plan.


Types of Term Insurance Plans

  • Level Term Plan – Constant sum assured throughout the term.

    Increasing Term Plan – Sum assured increases each year.

    Decreasing Term Plan – Sum assured decreases over time (ideal for loans).

    Return of Premium (TROP) – Get your premiums back if you outlive the policy.

    Convertible Plans – Convert to whole life or endowment policy later.


Things to Consider Before Buying Term Insurance

  • Age and lifestyle habits

    Premium amount vs. coverage

    Claim Settlement Ratio (CSR) of the insurer

    Additional rider options

    Policy term and flexibility


Who Should Opt for Term Insurance?

  • Salaried professionals starting a family

    Entrepreneurs with financial responsibilities

    Parents planning long-term goals for their children

    Individuals with loans or EMIs

    Anyone seeking peace of mind and protection


Useful Add-Ons (Riders)

  • 🧑‍⚕️ Critical Illness Cover – Protects against life-threatening diseases.

    💀 Accidental Death Benefit – Extra payout for death due to accidents.

    🧾 Waiver of Premium – No premium required if you become disabled.

    💸 Monthly Income Benefit – Assured monthly income for the family.


Why Buy Term Insurance from Policyfy?

  • ✅ Compare multiple insurers in one place

    ⚡ Get instant premium quotes

    🧾 Paperless, hassle-free purchase process

    📱 24x7 customer support and claim assistance

    💼 Expert advisory for best-fit plans


Conclusion

Term Insurance is not just a policy — it’s a promise that your loved ones will never have to struggle financially in your absence. With high coverage at affordable premiums, it’s one of the smartest and most responsible decisions you can make today.

Don’t delay. Secure your family’s future with a trusted term plan from Policyfy.

Contact Us for the Best Term Insurance Plans Now at www.policyfy.com
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Disclaimer:-

We clearly state that insurance is a subject matter of solicitation and market risks. It is the responsibility of the customer to understand the limitations of insurance policies and the risks involved. We strongly recommend you to please go through the subject and offer documents carefully. Policyfy intends to provide clear and unbiased information about insurance products and services. We try to offer unbiased, accurate and responsible data to the best of our ability, but in no manner or form are responsible for any discrepancies in the data published on our website/ mobile application.

it is made abundantly clear that BYR Insurance Brokers Private Limited, its directors, shareholders, officers and employees and Policyfy.com are in no way responsible to or liable for any one for his/her investment decision, and every prospect/ investor/policyholder shall be solely responsible for the consequences of his/her decision.

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BYR Insurance Brokers Private Limited
BYR Insurance Brokers Private Limited (CIN: U66000DL1998PTC095065)
Registered office: A-2, Udyog Nagar Industrial Area, Rohtak Road, Peeragarhi, New Delhi - 110041
Principal Officer: Mr Praneet Sharma | Email ID: po.byr@byrpolicy.com
IRDAI LICENSE NO: 547 | Category: Direct Insurance Broker (Life & General) | Validity of Registration: 19-Jan-2025 To 18-Jan-2028