Term Insurance: Buy Best Term Insurance Plan Online in India

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Aditya Birla Capital Limited (“ABCL”) is a listed systemically important non-deposit taking Non-Banking Financial Company (NBFC) and the holding company of the financial services businesses. ABCL and its subsidiaries/JVs provides a comprehensive suite of financial solutions across Loans, Investments, Insurance, and Payments to serve the diverse needs of customers across their lifecycles. Powered by over 61,600 employees, the businesses of ABCL have a nationwide reach with over 1,690 branches and more than 200,000 agents/channel partners along with several bank partners.

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Why Do You Need Term Insurance?

Term Insurance is a simple and affordable Life Insurance plan that provides financial protection for your family for a specific period, in case of your untimely demise.

Death Benefit

Ensure your loved ones are financially secure in case of your untimely demise

Flexible Coverage Period

Choose your policy term depending on your needs.

Multiple Payout Options

Get the payout as a lump sum, monthly, or a combination of the two.

Riders

Boost your coverage with add-on benefits.

Renewability

Renew your policy without any hassle at the end of the coverage period.

Critical Illness Benefit

Get the sum assured on the first diagnosis of a listed critical illness without delay.

Our Term Insurance Plan At A Glance.

A practical and economical way to safeguard your family's financial future. Choose a policy that fits your needs and budget.

ABSLI Salaried Term Plan

UIN: 109N141V03

KEY FEATURES Our Life Insurance Plans

Flexible coverage options
Coverage up to 70 years of age
Inbuilt Terminal Illness Benefit

Life Cover

₹25 Lakh

Premium

Starts at ₹10,000/ Year³

View Plan Buy Online

ABSLI DigiShield Plan

UIN: 109N108V11

KEY FEATURES Our Term Insurance Plans

Get ₹1 Crore cover starting at ₹542/month¹
Stay covered for up to 100 years of age
Get survival benefit after 60 years of age

Life Cover

₹1 Crore

Premium

₹542/Month¹

View Plan Buy Online

Add Riders for Extra Protection

ABSLI Accidental Death and Disability Rider

UIN: 109B018V03 Sum assured on accidental disability or death

ABSLI Accidental Death Benefit Rider Plus

UIN: 109B023V02 Provides an additional payout in the case of an accidental death

ABSLI Critical Illness Rider

UIN: 109B019V03 Sum assured on diagnosis of 4 Critical Illnesses.

ABSLI Hospital Care Rider

UIN: 109B016V03 Daily cash benefit and additional ICU benefit on hospitalisation

ABSLI Surgical Care Rider

UIN: 109B015V03 An amount is paid for essential surgeries

ABSLI Waiver of Premium Rider

UIN: 109B017V03 Waiver of future premiums for the rest of the policy term if the insured is diagnosed with a specified Critical Illness or suffers permanent disability due to specified Critical Illness or accident.

Check Your Eligibility

Before you purchase Term Insurance, ensure you qualify and have the necessary documents.

Eligibility Criteria

Age 18 to 65 years
Citizenship Indian citizen residing in India at the time of purchase
Income Varied criteria depending upon plan
Medical tests Underwriting of genuine medical history
Education & Occupation The level of occupational risk needs to be assessed
Smoking & Alcohol habits Affect your premium

Documents Needed

Proposal form
Recent photographs
Age proof
Photo identity proof
Address proof
Medical report
Income proof
PAN/ Aadhaar card

Get Insured In 5 Easy Steps

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Pick a plan that fits your needs

STEP

Share the required personal details

STEP

Select sum assured, riders, payment cycle, etc.

STEP

Go through the coverage and exclusions

STEP

Make payment and submit the documents

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Go through the coverage and exclusions

STEP

Make payment and submit the documents

Things To Keep In Mind

Tax Benefits*

Ways to save taxes with Term Insurance

As per the Income Tax Act, 1961

Under Section 80C : Deduction on premium payments up to ₹1,50,000
Under Section 10(10D)** : Exemption on death benefit

Claim Settlement Process

Simple processes when you need it most

Important claim information

This applies to death claim as well as rider claim
You can make a claim online or at a branch

KNOW MORE

Exclusions

Exceptional conditions for benefits

Suicide and self-harm
Pre-existing diseases
Death due to participation in criminal activities

Customer Satisfaction Stories

Hear from our customers what they have to say about their experience.

Mr. Manish Mandhani

Aditya Birla Sun Life Insurance Customer

Due to seamless branch support and timely communication from ABSLI, my maturity payout process was quite smooth.

Mr. Bansal

Aditya Birla Sun Life Insurance Customer

Haryana, India

Mr. Sandip Prajapati

Aditya Birla Sun Life Insurance Customer

Entire surrender process was quite smooth with timely documentation and payout. Great experience!

Mr. Ganvit

Aditya Birla Sun Life Insurance Customer

Gujarat, India

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Understanding Term Insurance

Table of Contents

What is a Term Plan?How does Term Insurance work?Who should buy Term Insurance?What are the payout options in Term Insurance?What should be the duration of your Term Plan?What are the key benefits of Term Plans?What are the tax benefits of Term Insurance?Do Term Plans offer maturity benefits?What are the factors that can affect Term Insurance premiums?How to choose the best Term Insurance plan?Why buy Term Insurance online?

What is a Term Plan?

A term plan offers pure protection with no savings or investment component, making it highly affordable. It provides coverage for a specified duration, also known as the ‘term’.
In case of your untimely demise during the term, your nominee(s)will receive the ‘death benefit’ – a specified amount paid out as a lump sum or in regular instalments.
It provides coverage for a specific period, typically ranging from 10 to 30 years. Once the term expires and you survive, the policy ceases, and there is no payout. There are also Return of Premium plans, which refund the premiums paid when the policy matures
Term Plans also include several "riders" or add-on benefits that can enhance the coverage offered by the plan at an additional cost-effective price.

How does Term Insurance work ?

Coverage amount: You pick a plan considering your lifestyle, financial liabilities, and budget.

Policy term: You then select a term that aligns with your financial goals and responsibilities.

Premiums: You pay the premium annually, semi-annually, quarterly, or monthly as per your policy.

Claim filing: If you pass away during the term, your nominee files a claim with the insurer.

Claim settlement: The insurer will verify the claim and pay the predetermined death benefit, which is tax-free.

Policy renewal: Some insurers also allow you to renew the policy at the end of the term.

Who should buy Term Insurance?

Young adults

Even if you does not have dependents yet, you may have education or home loans. Term insurance can ensure the burden of repaying the loan doesn’t fall on your parents.

Married individuals

If you are newly married or plan to start a family soon, a term insurance policy can provide financial security for your spouse and ensure a better future for them.

Breadwinners

If you are the primary earner in your family, a Term Insurance policy can help replace your income and support your loved ones in case of your untimely demise

Parents

If you have young children, a term insurance policy can help secure their education, upbringing, and even marriage if you are no longer there.

Business owners

If you have your own business, you may use term insurance to safeguard your business interests, such as loans, partnerships, or succession planning.

What are the payout options in Term Insurance?

Lump sum payout

This is the most common option, where the death benefit is paid out as a single sum to the nominee. It can provide immediate access to funds to cover living expenses, debts, etc.
Income payout

The death benefit is paid as a regular income to the nominee over a specified period, such as 10, 20, or 30 years. This option can provide a steady income stream to help dependents maintain their standard of living.

Combination payout

A part of the death benefit is paid as a lump sum and the remainder as regular income to the nominee. This option can provide both immediate financial support and a long-term income stream.
Increasing payout

The death benefit increases over time to keep pace with inflation. It can help ensure that dependents have the financial resources to cover their expenses, even as the cost of living rises.

What should be the duration of your Term Plan?

Young adult: No dependents but has loans

40-50 years. The term should last at least until the loans are repaid. In case of an unfortunate event, the death benefit should be able to repay the loan.

Newly married: Has a spouse and a baby

25-30 years. The term should last until the child’s education and marriage. Consider your lifestyle, the cost of education, etc., to determine the amount.

Parent: Has a spouse and older children

15-20 years. Your children may only need your support for a little longer but think of any outstanding mortgages you still have to pay.

Empty nester: Has a spouse and grown-up children

10-15 years. With your children independent now, financial security for your spouse is the only obligation left.

What are the key benefits of Term Plans?

Affordable premiums

Term insurance is one of the most affordable types of life insurance. You can get a high coverage amount at a relatively lower premium than policies offering lifelong coverage.

Financial security

Term insurance can provide financial security for your family and dependents in the event of your untimely demise. The death benefit can be used to pay off debts and provide for their living expenses.

Flexibility

It is highly flexible and can be customised to meet your needs and budget. You can choose the term of the policy, the coverage amount, the payout option, and even additional cover with riders.

No investment risk

Term insurance is a pure protection plan and does not involve any hassle or risks associated with investments.

Peace of mind

Term insurance can give you peace of mind, knowing that your loved ones will be financially protected in the event of your untimely demise.

Tax benefits*

Term insurance premiums are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the death benefit paid to your beneficiaries is also tax-free under Section 10(10D)** of the Income Tax Act, 1961

What are the tax benefits* of Term Insurance?

How?

You can claim a tax deduction on the term insurance premiums you pay.

Which plans?

Any term insurance for yourself, your spouse, and your dependent children is eligible.

How much?

You can save up to ₹1,50,000 of your annual taxable income through insurance premiums.

What else?

Even the death benefit paid out to your beneficiaries is entirely tax-free under Section 10(10D)** of the Income Tax Act, 1961.

Do Term Plans offer maturity benefits?

There are no maturity benefits in Term Insurance, as it is a pure protection plan that provides coverage for a specific period. However, Aditya Birla Sun Life Insurance offers maturity benefits through the Return of Premium.

Return of Premium (ROP) is a feature or rider offered with some term Life Insurance policies that offer a refund of the premiums policyholder pays if they outlive the policy term

ABSLI Digishield Plan Option 10

Under this Term Insurance option, 100% of the total premiums paid will be paid back if the policyholder survives beyond the policy term

What are the factors that can affect Term Insurance premiums?

Age

You will typically pay lower premiums if you are younger.

Gender

Women typically pay lower premiums than men.

Health

You will likely have higher premiums if you have health problems.

Lifestyle habits

Your lifestyle choices, such as smoking, drinking and excess weight, can increase your premiums.

Occupation

Risky professions such as construction, mining, oil exploration, firefighting, etc. will likely have higher premiums.

Policy duration

The type and duration of policy you choose can also affect your premium.

How to choose the best Term Insurance plan?

Look at the Claim-Settlement Ratio (CSR)

Claim Settlement Ratio can be defined as the following:
Claim Settlement Ratio = % of claims an insurer has paid in full / total claims received
A higher claim settlement ratio indicates that the company is more likely to pay out your claim if you need to file one.
Understand the customer experience

Reading customer reviews can help you to identify any potential red flags or issues that customers have faced with the insurance company.
Check Solvency Ratio

It is a measure of the insurance company’s financial strength. A higher solvency ratio indicates that the company is financially stable and can meet its obligations to policyholders.
Know about the benefits of a Term Plan before buying it

Not all insurance providers offer the same benefits, so make sure you choose one that provides the benefits and coverage you need.

Choose Term Insurance Riders carefully

Riders are additional benefits you can add to your Term Insurance plan for an additional cost. Choose Riders carefully based on your individual needs.
Look for a regular income payout of a Term Insurance Plan

Choose a Term Plan that offers the Death Benefit as a regular income payout to your loved ones after you pass away. This option can be helpful for nominees who need a steady income stream to support their living expenses.
Consider service quality and online availability

Choose an insurance company that offers good customer service and an easy-to-use online platform, whether a website or a mobile app.
Check awards and recognition received by the insurer for Term Insurance Plans

Choose an insurance company that has been recognised and received awards for its Term Plans from leading industry experts. It can give you an idea of the company’s reputation in the industry.

Why buy Term Insurance online?

Easy to compare and buy Term Insurance

You can compare plans from different insurers to choose the best one for you and then buy the plan from home without visiting a branch or meeting an agent.
Comparatively lower Term Plan premiums than offline

Term Plans purchased online are often cheaper than policies purchased through agents or branches, as no middlemen are involved, and you can purchase them with minimal documentation.
Facility to pay the premium via multiple secure payment options

Online Term Insurance Plans offer multiple secure payment options, so you can choose one that is convenient. It can include Credit Cards, Debit Cards, Net Banking, and UPI.

Solutions-Oriented Retirement Fund

Plan your golden years with retirement funds

Lock-in period for targeted funds
Equity returns for attractive investments

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Health and Wellness Plans

Health plans for expenses and wellness

Variety of plans available
Complete coverage for protection

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FAQs on Term Insurance

A Term Insurance plan offers a financial safety net to your family against day-to-day expenses, loans, liabilities, and EMIs. It can also fulfil future needs, such as your child's higher education, marriage, etc.

Among all the Life Insurance products, Term Life Insurance offers the highest life coverage for the lowest premiums.

It is best to buy Term Insurance early in life. Premiums are lower, and you can get more extended coverage. The ideal age is between 25 and 30, when you will likely have dependents and liabilities. But it's never too late to buy Term Insurance, and people in their 50s can still benefit from its financial security.

The cost of Term Insurance is calculated by looking at different things that tell the insurance company how much of a risk it is to cover a person. The key factors that affect the premiums are:

• Age: Younger people typically have lower premiums than older people because they are less likely to get sick or injured.

• Gender: Women typically pay lower premiums than men because they have a longer life expectancy.

• Medical History: If you have health problems, you will likely have higher premiums. It is because the insurance company is more likely to have to pay a claim for you.

• Lifestyle: Your lifestyle choices, such as smoking, drinking and excess weight, can increase your risk of health problems, which can also affect your premiums.

• Profession: Some professions are considered riskier than others, such as construction, mining, oil exploration, or firefighting. If you have a risky job, you will likely have higher premiums.

• Policy type: The type of policy you choose can also affect your premium. For example, term Life Insurance is typically less expensive than Life Insurance with additional riders.

• Sum insured: The higher the sum insured, the higher your premium.

Term Insurance aims to support your family if you die unexpectedly financially. It covers various types of deaths during the policy period, with the most common ones being:

• Natural death: Death due to illness, disease, or old age.

• Accidental death: Death due to an accident, such as a car accident, drowning, or falling from a height.

• Terminal illness: Death due to a terminal illness, such as cancer, where the policyholder is diagnosed with a disease that is likely to result in death within a specific period.

• Disability: Death due to a disability caused by an accident or illness, where the policyholder is unable to earn a livelihood.

Term Life Insurance policies offer different ways to pay the death benefit to the beneficiary if the policyholder dies. The most common payout options are:

• Lump sum payout: The entire death benefit is paid at once. It is the most common option and gives the beneficiary immediate access to the funds.

• Income payout: The death benefit is paid in regular instalments over a time. This option can be helpful for beneficiaries who need a steady income stream.

• Combination payout: A portion of the death benefit is paid as a lump sum, and the rest is in instalments.

• Increasing payout: The death benefit increases over time to keep up with inflation. It can provide better financial security for the beneficiary in the long term.

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Disclaimer

*Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.

**Sec 10(10D) benefit is available subject to fulfilment of conditions specified therein.

#Provided all due premiums are paid.

^ As per annual audited figures submitted to IRDAI for the period FY 22 – 23 for individual death claims paid.

$ As on 30th November 2023

$$ As on 31st December 2023

¹ABSLI DigiShield Plan scenario: Female, non-smoker, Age: 21 years, level Term Insurance, Premium paying Term: regular pay, policy term: 25 years, Pay frequency: Annual Premium of ₹ 6500/12 months = ₹ 542/month) Exclusive of GST (offline premium).

ABSLI DigiShield Plan (UIN:109N108V11) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 9 (Level Cover with Survival Benefit) and Plan Option 10 (Return of Premium [ROP]) this product shall be a non-linked non-participating individual life savings insurance plan. All terms & conditions are guaranteed throughout the Policy Term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws.

ADITYA BIRLA CAPITAL DIGITAL LIMITED is a corporate agent of Aditya Birla Sun Life Insurance Company under IRDAI Registration No: CA0871 and does not underwrite the risk or act as an insurer.

Registered Address:18th Floor, One World Center, Tower 1, Jupiter Mills Compound,841 Senapati Bapat Marg, Elphinstone Road Delisle Road, Mumbai Maharashtra 400013. Participation by the ABCD’s clients in the insurance products is purely on a voluntary basis.

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked Non-Participating Individual Pure Risk Life Insurance Plan. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy. Where a policy is issued on a minor life, the policy will vest after attainment of majority of the Life Insured. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. Tax benefits are subject to changes in tax laws.

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. Registered Office: One World Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI Reg No.109 | Toll Free No. 1-800-270-7000 | Website: https://lifeinsurance.adityabirlacapital.com | CIN: U99999MH2000PLC128110 | UIN: (Has been mentioned for individual products above)| ADV/3/23-24/3896

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

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Why Do You Need Term Insurance?

Death Benefit

Flexible Coverage Period

Multiple Payout Options

Riders

Renewability

Critical Illness Benefit

Our Term Insurance Plan At A Glance.

ABSLI Salaried Term Plan

₹25 Lakh

Starts at ₹10,000/ Year3

ABSLI DigiShield Plan

₹1 Crore

₹542/Month1

Add Riders for Extra Protection

ABSLI Accidental Death and Disability Rider

ABSLI Accidental Death Benefit Rider Plus

ABSLI Critical Illness Rider

ABSLI Hospital Care Rider

ABSLI Surgical Care Rider

ABSLI Waiver of Premium Rider

Check Your Eligibility

Eligibility Criteria

Documents Needed

Get Insured In 5 Easy Steps

Things To Keep In Mind

Tax Benefits*

Claim Settlement Process

Exclusions

Customer Satisfaction Stories

ABCD - One app for all your insurance needs

Understanding Term Insurance

What is a Term Plan?

How does Term Insurance work ?

Who should buy Term Insurance?

Young adults

Married individuals

Breadwinners

Parents

Business owners

What are the payout options in Term Insurance?

Lump sum payout

Income payout

Combination payout

Increasing payout

What should be the duration of your Term Plan?

Young adult: No dependents but has loans

Newly married: Has a spouse and a baby

Parent: Has a spouse and older children

Empty nester: Has a spouse and grown-up children

What are the key benefits of Term Plans?

Affordable premiums

Financial security

Flexibility

No investment risk

Peace of mind

Tax benefits*

What are the tax benefits* of Term Insurance?

How?

Which plans?

How much?

What else?

Do Term Plans offer maturity benefits?

ABSLI Digishield Plan Option 10

What are the factors that can affect Term Insurance premiums?

Age

Gender

Health

Lifestyle habits

Occupation

Policy duration

How to choose the best Term Insurance plan?

Look at the Claim-Settlement Ratio (CSR)

Understand the customer experience

Check Solvency Ratio

Know about the benefits of a Term Plan before buying it

Choose Term Insurance Riders carefully

Look for a regular income payout of a Term Insurance Plan

Consider service quality and online availability

Check awards and recognition received by the insurer for Term Insurance Plans

Starts at ₹10,000/ Year³

₹542/Month¹

ABCD - One app for
all your insurance needs