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What is Term Insurance?
Term Insurance is one of the simplest and most affordable forms of life insurance offered by Amba Insurance. It provides financial protection to your loved ones for a specific period. In the unfortunate event of the policyholder’s death during the policy term, the nominee receives a predefined life cover amount, ensuring their financial stability.
Term insurance is a pure life insurance product, meaning it offers financial support only in the event of the policyholder’s demise. There is no maturity or survival benefit if the policyholder outlives the term, making it a cost-effective choice for safeguarding your family’s future.
However, if you prefer to get your premiums back in case you survive the policy term, you can choose our Term Insurance with Return of Premium (TROP) option.
There are several term insurance benefits that cater to your specific financial protection needs. Here are a few of its benefits:
Why Should I Buy a Term Insurance in 2025?
To Financially Protect Your Family
If you earn and have financial dependents such as spouse, parents, and children, it’s important that you protect their financial future. The sole purpose a term insurance plan is to provide the death benefit amount to your dependent in case of your death. The death benefit amount ensures that they can fulfill their financial needs without any struggle.
To Protect Your Assets
If you have loans for things like a home or car, term insurance can protect your family from these debts after you pass away. This financial support ensures they can keep the assets you worked hard for, without the stress of outstanding payments.
To Cope with New Lifestyle Risks
When a family loses their main earner, it can be very challenging to manage finance. Term insurance provides essential financial support to help your family during this tough time. It ensures your loved ones can maintain their standard of living and manage daily expenses without the burden of financial stress. This support is crucial for helping them adjust and move forward without you.
Adequate death benefit at affordable premiums
Term insurance policy is the purest form of life insurance that primarily provides financial protection only in case of death. Since term plan is the simplest type of life insurance you can avail adequate death benefit at very affordable premiums. You can buy the best term insurance plan for 1 crore at just Rs.21/day***.
To Be Prepared for an Uncertainty
Life is unpredictable and full of uncertainties. In India road accidents killed 474 daily on average in 2023 (source: The Times of India16) and 8,89,742 cancer deaths were registered in 2022 (source: Global Cancer Observatory 2022 Data17).
Uncertainty arising due to lifestyle diseases
Lifestyle diseases have been one of the leading causes of deaths in India. Deaths due to heart attacks have increased by 12.5% in 2022 when compared to 2021 (source: National Crime Records Bureau). While it is important to live a healthy lifestyle, it is also wise to protect your family’s financial future. This is especially true if you face a serious illness.
How does a Term Insurance Work?
Let’s understand how a term life insurance works with the help of a real-life example:
Ajay is a 25 years old male who doesn’t smoke and decides to purchase a Rs.1 Crore term insurance10 from HDFC Life for 35 years at a monthly premium9 of Rs.14128. Here is a step-by-step flow on how it works: Policy Purchase: Ajay completes his health assessment, under goes medical tests and starts paying premiums.
During Policy Term: He continues to pay premiums to maintain the life coverage. Death during the policy term: If Ajay passes away during the tenure of the policy then his beneficiary/nominee which is his wife receives the tax-free7 death benefit amount of Rs. 1 Crore. Outlives the policy term: The coverage of the term plan ends on Ajay’s 60th birthday. If Ajay had opted for the term plan return of premium option then he would get back all his premiums.
Term Insurance Benefits
Here are some of the top benefits of term insurance:
What are the best term insurance plans in India 2025?
Indentifying the best term insurance in India out of the various options available can be a challenging task. The easiest way to identify the best term insurance in India is to check for the claim settlement ratio of the insurer, brand trust of the insurer, affordability of the term insurance and ease of claim settlement process. Here are some options for one of the best term insurance plans in India:
