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Discover The Benefits Of Term Insurance for Your Family

Heard About Family Term Insurance? Here's What You Need to Know

We all want to live a life that is far away from financial constraints. We want our family to be secure and financially sound and achieve their goals, even if we are not around them to back them up financially. Knowing how difficult it is to fight the rising cost of inflation rates, preparing well in advance is important.

Investing in family term insurance plans is one of the most preferred ways to financially secure yourself and your family and ensure that they do not face any financial constraints in case of an unforeseen and untimely demise. This article will talk about everything you should know about family term insurance plans.

What are Family Term Insurance Plans?

A family term insurance plan is a legal contract between the policyholder and the insurance providing company. This insurance plan offers a lump-sum amount of corpus in case of an unforeseen and unfortunate event, such as an untimely demise of the policyholder.

In such a scenario, if you are not around to provide a financial backup to your family, the family term insurance plan will provide financial security to your loved ones and ensure that they do not face any financial constraints.

What are the Benefits of Investing in Family Term Insurance Plans?

The benefits of investing in family term insurance plans are as follows –

1. Financial Security

One of the key benefits of investing in family term insurance plans is that it provides your family and you with financial security in the times of the rising cost of inflation rates. Moreover, in the worst-case scenarios, if you meet an untimely demise and are not there to provide a financial safety net to your family, this may create a financial and emotional drawback for them. Investing in a family term insurance plan will ensure that they do not face any financial struggles and continue with their lives without hassles.

2. Tax Benefits

A family term insurance plan comes with lump-sum tax deduction benefits. The premiums you pay for this insurance plan are eligible for tax deductions of up to Rs. 1.5 lakhs in one financial year under Section 80C of the Income Tax Act, 1961. However, these laws are subject to change from time to time.

3. Helps in Achieving Yours and Your Family's Short-Term Goals

We all have different short-term goals. Some of us might have goals such as your child's education, paying off a loan or a debt, etc. Investing in a family term insurance plan helps you fulfil your short-term goals without having to face any financial constraints.

4. Premiums are Affordable

Investing in multiple insurance plans to avail additional benefits and a larger corpus can be hectic and confusing. A family term insurance plan offers the benefit of choosing additional rider benefits. This not only offers numerous additional benefits but also increases the life cover as well. You can opt for multiple additional rider benefits, such as Waiver of Premium Rider Benefit, Critical Illness Rider Benefit, Accidental Death Rider Benefits, etc. Please note that riders are not mandatory and are available at additional cost.

Group Life Insurance

You now know everything about what a family term insurance plan is and what are its benefits. It is important to have a financial corpus ready in advance so that you and your family can have a peaceful and seamless future. So, if you are planning to invest in a family term insurance plan, you should go for a reliable insurance company with impressive claim settlement ratio.


The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Wealth Pro

  • An Individual Linked life cover with Insurance cum Savings Plan.
  • Choose a Variant: The plan offers you two variants to choose from a) Growth Variant b) Legacy variant
  • Grow your wealth further with Wealth booster
  • Multiple Investment Strategies to suit your investment needs
  • Tax benefits

Bharti AXA Life Guaranteed Wealth Pro

  • A non-linked, non-participating individual savings life insurance plan
  • Flexibility to choose the payout structure
  • Multiple income options
  • Option to receive tax free income beginning from the second policy year itself
  • Option to get lifelong income along with life cover till 100 years of age

Bharti AXA Life Flexi Term Pro

  • A Non-linked, Individual, Non-participating Pure Risk Premium Life Insurance policy
  • The plan offers two options: Without Return of Premium and With Return of Premium
  • Under the Without Return of Premium variant, you have the option between Single Life cover or Joint Life Cover i.e., cover for your spouse under the same policy.
  • Flexibility in policy and premium payment terms