{"id":7758,"date":"2023-03-31T15:52:00","date_gmt":"2023-03-31T15:52:00","guid":{"rendered":"https:\/\/rakshithpai.com\/?p=7758"},"modified":"2023-03-31T15:52:02","modified_gmt":"2023-03-31T15:52:02","slug":"term-life-insurance","status":"publish","type":"post","link":"https:\/\/rakshithpai.com\/term-life-insurance\/","title":{"rendered":"Term Life Insurance: Its Features &#038; Benefits:"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-662d1be205f11\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\" style='display:none' id=\"ez-toc-cssicon-toggle-item-662d1be205f11\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Whats_A_Term_Insurance_Policy\" title=\"What\u2019s A Term Insurance Policy:\">What\u2019s A Term Insurance Policy:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#10_Features_of_Term_Insurance_Policy\" title=\"10 Features of Term Insurance Policy:\">10 Features of Term Insurance Policy:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Larger_life_cover\" title=\"Larger life cover\">Larger life cover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Cover_Against_Eventualities\" title=\"Cover Against Eventualities\">Cover Against Eventualities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Enhanced_cover\" title=\"Enhanced cover\">Enhanced cover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Extended_coverage\" title=\"Extended coverage\">Extended coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Cover_for_Critical_Illnesses\" title=\"Cover for Critical Illnesses\">Cover for Critical Illnesses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Cover_for_Accidental_Death_or_Disability\" title=\"Cover for Accidental Death or Disability\">Cover for Accidental Death or Disability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Riders\" title=\"Riders\">Riders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Premium_waiver\" title=\"Premium waiver\">Premium waiver<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Multiple_Payout_Options\" title=\"Multiple Payout Options\">Multiple Payout Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Tax_Benefits\" title=\"Tax Benefits\">Tax Benefits<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Who_should_buy_Term_Insurance_plans\" title=\"Who should buy Term Insurance plans?\">Who should buy Term Insurance plans?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Why_Should_You_Buy_a_Term_Insurance_Plan\" title=\"Why Should You Buy a Term Insurance Plan?\">Why Should You Buy a Term Insurance Plan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Conclusion\" title=\"Conclusion:\">Conclusion:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#FAQs\" title=\"FAQ\u2019s\">FAQ\u2019s<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/rakshithpai.com\/term-life-insurance\/#Also_read\" title=\"Also read:\">Also read:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_A_Term_Insurance_Policy\"><\/span><strong>What\u2019s A Term Insurance Policy:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Term life insurance is like a contract between the policyholder (the insured) and the insurance company<strong>. The insurance company promises to pay the policyholder a certain amount if the policyholder dies within the contract period.<\/strong> So, basically, it&#8217;s insurance on your life, but within a certain term period.<\/p>\n\n\n\n<p>Because of this, many financial planners say that you should always include the coverage of a term plan in your long-term budget.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p>To fully grasp what term life insurance is and how it might help protect your family, it is also helpful to realise that it is the most basic type of life insurance coverage available. In this article, we&#8217;ll get into the details of a term insurance policy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_Features_of_Term_Insurance_Policy\"><\/span><strong>10 Features of Term Insurance Policy:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-96372922 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\" srcset=\"https:\/\/rakshithpai.com\/wp-content\/uploads\/2023\/03\/taf3klwwawa-1024x683.jpg \" src=\"https:\/\/rakshithpai.com\/wp-content\/uploads\/2023\/03\/taf3klwwawa-1024x683.jpg\" alt=\"Term Life Insurance: Its Features &amp; Benefits:\" class=\"uag-image-7761\" width=\"1198\" height=\"799\" title=\"\" loading=\"lazy\"\/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Larger_life_cover\"><\/span><strong>Larger life cover<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>While term life insurance policies are less expensive than endowment plans (life insurance cover), policyholders can choose a larger life cover for the same cost.<\/strong> For instance, at age 30, a person can purchase a term plan with Rs 1 crore in coverage for a duration of 30 years.<\/p>\n\n\n\n<p>Most people in their thirties won&#8217;t have enough money to invest in an endowment plan (life insurance cover) worth Rs 1 crore. Yet, getting the same level of protection through a term plan is more practical.<\/p>\n\n\n\n<p><strong>Basically, a term plan offers the same benefits as life insurance. But with term life insurance, your life is insured until you reach a certain age.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cover_Against_Eventualities\"><\/span><strong>Cover Against Eventualities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>If you&#8217;re the sole provider for your family, the sole breadwinner in your household, your death may bring a lot of financial hardship to your family. <\/strong>With term insurance, you can give everyone peace of mind about their financial future.\u00a0<\/p>\n\n\n\n<p><strong>With these term insurance policies, you may get a lot of coverage for a low monthly or annual payment.<\/strong> Such coverage at an uncertain event comes in very handy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Enhanced_cover\"><\/span><strong>Enhanced cover<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The cost of living isn&#8217;t slowing down. So why must your insurance benefit be any lower? So, with enhanced coverage, you get to increase your term policy amount by entering into the contract sooner and contributing more towards the premium.<\/p>\n\n\n\n<p><strong>When a policyholder reaches a certain point in their life, they may want to increase their life insurance coverage.\u00a0<\/strong><\/p>\n\n\n\n<p>For example, the policyholder may be eligible for a 50% increase in term life insurance when they get married and a 25% increase when they have a child. This lets him or her start out with a low level of coverage and slowly increase it as his or her responsibilities and finances change.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Extended_coverage\"><\/span><strong>Extended coverage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The very idea of term life insurance is to insure your life for a certain period of time. And that&#8217;s also a big disadvantage of term insurance when compared with life insurance. <strong>But, with the enhancement option, a term plan can be as good as any life insurance.<\/strong><\/p>\n\n\n\n<p><strong>With term insurance plan extension, one can extend their policy tenure after the initial policy coverage matures. <\/strong>This way, with a slightly higher premium, you can get your term plan extended up to the age of 85 to 99 years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cover_for_Critical_Illnesses\"><\/span><strong>Cover for Critical Illnesses<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you&#8217;re in your twenties or thirties and have never had a serious illness before, you might not give much thought to the significance of term life insurance. Yet if it does, not only will your health decline, but you may also be unable to afford the therapy you need. Even though a death benefit is already part of a term insurance plan, a critical illness rider can significantly increase the amount of coverage.<\/p>\n\n\n\n<p>Subscribing to separate health insurance policies to cover your health costs is always suggested. For more information, check out this article on health insurance. <a href=\"https:\/\/rakshithpai.com\/health-insurance\/\"><strong><span style=\"text-decoration: underline;\">CLICK HERE!<\/span><\/strong><\/a> <\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-embed wp-block-embed-embed\"><blockquote class=\"wp-embedded-content\" data-secret=\"EeiQjnQVDv\"><a href=\"https:\/\/rakshithpai.com\/health-insurance\/\">Everything You Need to Know About Health Insurance:<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Everything You Need to Know About Health Insurance:&#8221; &#8212; \" src=\"https:\/\/rakshithpai.com\/health-insurance\/embed\/#?secret=iMXzzbJOdl#?secret=EeiQjnQVDv\" data-secret=\"EeiQjnQVDv\" width=\"200\" height=\"200\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/figure>\n\n\n\n<p><strong>When added to your term insurance policy, a critical illness rider provides additional benefits in the event that you are diagnosed with a critical illness covered by the rider and need financial assistance to pay for treatment.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cover_for_Accidental_Death_or_Disability\"><\/span><strong>Cover for Accidental Death or Disability<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Anything may happen at any time. Depending on how bad your illness is, you may need a lot of money to pay for medical bills and make up for lost wages. Remember, medical insurance is one of the most expensive in India, ranging from 12 to 14% per annum.<\/p>\n\n\n\n<p><strong>So, accidental death and disability riders can be helpful in these situations, and knowing how term insurance works can help you make smart investments.<\/strong><\/p>\n\n\n\n<p>Read the terms of your term life insurance policy carefully. Because not all cases of death or disability are covered under your insurance, for example, a death by suicide may not be provided with term policy benefits.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Riders\"><\/span><strong>Riders<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The policyholder can increase the term plan&#8217;s value by adding riders.<strong> A critical illness rider or critical illness plan would guarantee the insured the sum guaranteed in the event of a critical illness diagnosis.<\/strong> This is in addition to the policy&#8217;s death benefit, which is paid out at the end of the policy&#8217;s term.<\/p>\n\n\n\n<p><strong>There are varied ways of adding riders or add-ons. Coverage for things like job loss, disability, and premium waiver are just some of the available riders. <\/strong>The insured can tailor the term life insurance to their own needs by adding on various &#8220;riders.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Premium_waiver\"><\/span><strong>Premium waiver<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>The waiver of future premium payments is what is meant by &#8220;premium waiver,&#8221; which is a type of insurance benefit.\u00a0<\/strong><\/p>\n\n\n\n<p>For example, when an accident leaves the policyholder permanently disabled, there shall be a permanent waiver of future premium liability or there shall be a considerable discount on further payments. This feature is only available if all previous premiums have been paid.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Multiple_Payout_Options\"><\/span><strong>Multiple Payout Options<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>With term insurance, the policyholder agrees to pay a regular premium to the insurer in exchange for life coverage. <\/strong>You can select your preferred frequency of payments (monthly, quarterly, or annually).\u00a0<\/p>\n\n\n\n<p><strong>This protects the beneficiary&#8217;s right to receive the death benefit in the event of the policyholder&#8217;s death.<\/strong> The cash insured may be paid out in a single lump sum or in installments over time.<\/p>\n\n\n\n<p>For example, Mr. Suresh is a 30-year-old chemical engineer. He subscribed to a term insurance policy to safeguard his family&#8217;s financial well-being after his death. Mr. Suresh paid for the term plan for 25 years, until he reaches 55 years of age. Due to a critical illness, he passed away at the age of 55.&nbsp;<\/p>\n\n\n\n<p>Post his death, the nominee of Mr. Suresh&#8217;s term policy will get the policy amount, either as a lump sum or as a monthly income for a certain period.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_Benefits\"><\/span><strong>Tax Benefits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are many tax advantages to purchasing term life insurance. The sum guaranteed and paid to a policyholder at the plan&#8217;s maturity or upon the insured&#8217;s death is not subject to taxation under subsection 10(10D) of the Income Tax Act. Bonuses paid out of this sum are likewise not taxable as per Section 10.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-embed wp-block-embed-embed\"><blockquote class=\"wp-embedded-content\" data-secret=\"wZfs8tJhV2\"><a href=\"https:\/\/rakshithpai.com\/easy-ways-to-save-income-tax\/\">15 Best Ways to Save Income Tax in India:<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;15 Best Ways to Save Income Tax in India:&#8221; &#8212; \" src=\"https:\/\/rakshithpai.com\/easy-ways-to-save-income-tax\/embed\/#?secret=OuRi5QATpn#?secret=wZfs8tJhV2\" data-secret=\"wZfs8tJhV2\" width=\"200\" height=\"200\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/figure>\n\n\n\n<p><strong>And, investment in your term insurance plans up to Rs. 1.5 lakh is tax deductible under Section 80C.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_should_buy_Term_Insurance_plans\"><\/span><strong>Who should buy Term Insurance plans?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Everyone can benefit from a term insurance policy. <strong>Everyone, from CEOs to hourly workers, aged over 18 until they are 65 years old, may get life insurance at rates they can afford. They are a great protection against the risks of growing older<\/strong>. This is especially useful if you are the sole breadwinner in your family and, upon your unfortunate demise, the family could run into financial trouble.<\/p>\n\n\n\n<p>People in their 20s would do well to start their search for insurance with a policy that covers a lot and doesn&#8217;t cost too much. Those in their thirties, with expanding families and rising debt loads, would also benefit from this measure, and it is in fact highly suggested that they subscribe to a term life policy.&nbsp;<\/p>\n\n\n\n<p>Term insurance may be a good way for people in their 40s and 50s to save for retirement and still provide for things like their children&#8217;s college tuition and weddings.<\/p>\n\n\n\n<p><strong>Basically, term life insurance is a great hedge that benefits your loved ones in case of an unexpected premature death or accident.\u00a0<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Should_You_Buy_a_Term_Insurance_Plan\"><\/span><strong>Why Should You Buy a Term Insurance Plan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>If you have a family that depends on your income, you should get term life insurance coverage as soon as possible. <\/strong>The followings are the individuals or categories of people for whom term insurance is suggested.<\/p>\n\n\n\n<p>1. Young professionals with financial responsibilities over them<\/p>\n\n\n\n<p>2. Newlyweds who depend on one another<\/p>\n\n\n\n<p>3. A couple with kids and very limited wealth and financial support<\/p>\n\n\n\n<p>4. Retirees with insufficient savings for retirement<\/p>\n\n\n\n<p>5. Self-employed individuals whose core source of income is their entrepreneurship<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Term life insurance is a form of protection that lasts for a certain number of years, or &#8220;term.&#8221; If the insured dies while the policy is &#8220;in effect,&#8221; the death benefit will go to the beneficiary.<\/strong><\/p>\n\n\n\n<p>Most of the time, the premiums for term life insurance are much lower than those for whole life or universal life. This is due to the fact that it was not created to withstand the high costs of life insurance in later years.&nbsp;<\/p>\n\n\n\n<p><strong>However, term life insurance does not accumulate cash value as permanent policies do. But what it does is protect the earner&#8217;s interest in a family in case of an unfortunate accident.<\/strong><\/p>\n\n\n\n<p>In this article, we have made efforts to answer all your questions regarding term life insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-3 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/zerodha.com\/open-account?c=PR4768\" style=\"border-radius:50px;color:#0f0027;background-color:#e4fa00\" rel=\"nofollow\"><strong>Open Zerodha Account Now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQ\u2019s<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div class=\"wp-block-uagb-faq uagb-faq__outer-wrap uagb-block-eacca9d9 uagb-faq-icon-row uagb-faq-layout-accordion uagb-faq-expand-first-true uagb-faq-inactive-other-true uagb-faq__wrap uagb-buttons-layout-wrap uagb-faq-equal-height\" data-faqtoggle=\"true\" role=\"tablist\">\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-6e9e4278\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"><\/path><\/svg><\/span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"><\/path><\/svg><\/span><span class=\"uagb-question\"><strong>What is the cost of Term Insurance?<\/strong><\/span><\/div><p class=\"uagb-faq-content\">The premium cost of a term life insurance policy depends on several variables, including the policyholder&#8217;s age, income, health, the length of coverage, and whether or not they smoke, drink, or possess various diseases. One of the most crucial factors for policyholders to consider when selecting the best term insurance plan is the plan&#8217;s affordability. But, generally speaking, term life insurance is cheaper than whole life insurance.<\/p><\/div>\n\n\n\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-dedbb695\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"><\/path><\/svg><\/span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"><\/path><\/svg><\/span><span class=\"uagb-question\"><strong>How much term insurance do I need?<\/strong><\/span><\/div><p class=\"uagb-faq-content\">Best practise dictates that the sum insured be at least ten times your yearly salary; however, a greater range of at least Rs. 3 crore for a 30-year cover is suggested. While this is the standard practise, you should evaluate it independently according to your particular requirements and preferences.<\/p><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-faq uagb-faq__outer-wrap uagb-block-902868a7 uagb-faq-icon-row uagb-faq-layout-accordion uagb-faq-expand-first-true uagb-faq-inactive-other-true uagb-faq__wrap uagb-buttons-layout-wrap uagb-faq-equal-height\" data-faqtoggle=\"true\" role=\"tablist\">\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-ac82ba14\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"><\/path><\/svg><\/span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"><\/path><\/svg><\/span><span class=\"uagb-question\"><strong>Who is eligible for term insurance?<\/strong><\/span><\/div><p class=\"uagb-faq-content\">Term insurance is usually available to anyone who is 18 or older, and the oldest person who can get one is 65. These policies can then be further extended up to 85 to 99 years by paying an additional premium.<\/p><\/div>\n\n\n\n<div class=\"wp-block-uagb-faq-child uagb-faq-child__outer-wrap uagb-faq-item uagb-block-81d86f72\" role=\"tab\" tabindex=\"0\"><div class=\"uagb-faq-questions-button uagb-faq-questions\"><span class=\"uagb-icon uagb-faq-icon-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M432 256c0 17.69-14.33 32.01-32 32.01H256v144c0 17.69-14.33 31.99-32 31.99s-32-14.3-32-31.99v-144H48c-17.67 0-32-14.32-32-32.01s14.33-31.99 32-31.99H192v-144c0-17.69 14.33-32.01 32-32.01s32 14.32 32 32.01v144h144C417.7 224 432 238.3 432 256z\"><\/path><\/svg><\/span><span class=\"uagb-icon-active uagb-faq-icon-wrap\"><svg xmlns=\"https:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 448 512\"><path d=\"M400 288h-352c-17.69 0-32-14.32-32-32.01s14.31-31.99 32-31.99h352c17.69 0 32 14.3 32 31.99S417.7 288 400 288z\"><\/path><\/svg><\/span><span class=\"uagb-question\"><strong>Can I buy term insurance for a spouse?<\/strong><\/span><\/div><p class=\"uagb-faq-content\">You can subscribe to term life insurance in your spouse&#8217;s and other family members names. And, as well, they can be the nominee for your term life insurance policy.<\/p><\/div>\n<\/div>\n\n\n\n<p><strong>Disclaimer: <\/strong>All the information on this website is published in good faith and for general information purposes only.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Also_read\"><\/span><strong>Also read:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><a href=\"https:\/\/rakshithpai.com\/investing-in-your-30s\/\" target=\"_blank\" rel=\"noreferrer noopener\">Investing tips in your 30s<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/rakshithpai.com\/peter-lynch-stock-checklist\/\" target=\"_blank\" rel=\"noreferrer noopener\">Checklist as per Peter Lynch Before Investing in Stocks:<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/rakshithpai.com\/et-money-genius\/\" target=\"_blank\" rel=\"noreferrer noopener\">ET Money Genius &#8211; Invest Like A Genius!<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/rakshithpai.com\/know-before-health-insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\">What Should You Look for When Buying Health Insurance?<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/rakshithpai.com\/ways-to-earn-stock-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Three (3) Ways to Earn Money from the Stock Market:<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s A Term Insurance Policy: Term life insurance is like a contract between the policyholder (the insured) and the insurance company. The insurance company promises to pay the policyholder a certain amount if the policyholder dies within the contract period. So, basically, it&#8217;s insurance on your life, but within a certain term period. Because of [&hellip;]<\/p>\n<div class='heateor_sss_sharing_container heateor_sss_vertical_sharing heateor_sss_bottom_sharing' style='width:44px;right: -10px;top: 100px;background-color: Dark Blue' data-heateor-sss-href='https:\/\/rakshithpai.com\/wp-json\/wp\/v2\/posts\/7758'><div class=\"heateor_sss_sharing_ul\"><a aria-label=\"Facebook\" class=\"heateor_sss_facebook\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Frakshithpai.com%2Fwp-json%2Fwp%2Fv2%2Fposts%2F7758\" title=\"Facebook\" rel=\"nofollow noopener\" target=\"_blank\" style=\"font-size:32px!important;box-shadow:none;display:inline-block;vertical-align:middle\"><span class=\"heateor_sss_svg\" style=\"background-color:#0765FE;width:40px;height:40px;margin:0;display:inline-block;opacity:1;float:left;font-size:32px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box\"><svg 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