What is a Term Insurance?
Term life insurance is a type of life insurance that provides financial protection in the case of the life assured's demise. It is a life insurance policy that offers financial protection and coverage to the policy beneficiary if the insured dies during the active period of the term insurance plan. Basically, term plans give complete financial stability and protection to the insured's loved ones in the event of unforeseen circumstances. In the case that the insured passes away during the period of the insurance plan, the sum assured is paid to the insured's policy nominee as a death benefit as per the terms and conditions of the policy.
Term insurance plans not only provide financial security and protection to the insured individual's family but also assist them in meeting their future needs, such as their children's education and marriage and other things. Some insurance companies also provide permanent or partial disability coverage, which prevents the policyholder's permanent income from being disrupted.
Term life insurance plan offers the highest life coverage and term insurance tax benefits at the lowest premium rates for the duration of the policy.
Before purchasing a term plan, it is critical to understand the term insurance benefits and major aspects of term insurance. A term life insurance plan provides life insurance coverage against the fixed sum of premium paid over a specified policy period.
Why You Should Buy Term Plan?
Who Should Buy Term Insurance Plan?
Benefits of Term Life Insurance Policy
Term Life Insurance Key Features
Why Buy Online Term Plan?
4 Simple Steps to Buy the Term Insurance Plan Online
How Much Term Insurance Coverage Do You Need?
How to Choose Right Insurance Plan Online?
How Does the Term Plan Work?
Why Choose Bharti AXA Life Term Insurance Plans?
What Should Be the Duration of Term Life Insurance Policy?
Term Insurance Claim Process
How to Calculate Term Insurance Premium?
What Our Customers Say
Website navigation was very simple and easy to understand, I have purchased Premier protect plan for that premium was less & affordable.“
Dr Rojalin Sahoo
Keonjhar | May 13, 2021
I was worried for my family protection so I have decided to purchase Term plan, I connected to Bharti axa associate and got best experience, Purcha...
Sonipat | May 12, 2021
Types of Term Insurance Plans offered at Bharti AXA Life
Bharti AXA Life Flexi Term Pro
- Get insurance on your own terms with Bharti AXA Life Flexi Term Pro. #DoTheSmartThing
Bharti AXA Life Saral Jeevan Bima Plan
- Non-Linked Non-Participating term insurance plan
- Double the sum Assured on death due to Accident
- Flexibility to choose a policy term
- No medical examinations• Ease of purchase as no lengthy underwriting procedures are involved.
- Tax benefits
Bharti AXA Life Flexi Term Plan
- Covers Critical illness at the age of 75.
- Option to select between Comprehensive cover or Major illness cover
- Flexible benefit payout option. Payout options based on your financial requirements– a) Lump sum or b) Increasing Monthly Income or c) Lump sum plus Increasing Monthly Income.
- Tax benefits on the Premiums paid and payout benefits received.
Term Insurance – Frequently Asked Questions (FAQs)
How much term insurance cover do you need?
A term insurance cover must generally be 15-20 times of your annual income. The expert recommended formula for this is that if your annual income is Rs. 6 lakhs, you must purchase a cover for minimum Rs. 90 lakhs to Rs. 1.20 crore.
How much should be the Term Insurance policy period?
What should be the tenure of a term plan?
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Factors Impacting Term Plan Premium
A basic insurance plan which provides a lump sum amount to the family of the person who is insured in case of his/her unfortunate death.
Term Life Insurance
A form of life insurance which provides coverage for a specified period of time and does not build cash value.
Sum assured is the amount that an insurer agrees to pay on the occurrence of a stated contingency (eg: Death).
It is the additional cost that has to be paid to attach a rider with a base Insurance Plan.
Deposit Term Insurance
This is a form of term insurance, not really involving a "deposit," but one in which the first-year premium is more than subsequent premiums.
Whole Life Plan
A life insurance plan which provides a cover for your entire life time. Such plans are used to accumulate and pass on the wealth from one generation to another as legacy in a tax efficient manner.
For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale
Note: Riders are optional and available at an additional cost
Note: Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
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