Secure your family's future with the right term plan

Term insurance is a pure life insurance plan that provides a large death benefit at a very low premium. If the policyholder passes away during the policy term, the nominee receives the full sum assured. There is no maturity benefit – you're paying purely for protection.

A good rule of thumb is 10–15x your annual income. Factor in outstanding loans (home loan, car loan), children's education costs, and your family's living expenses for 15–20 years.

The earlier the better. Buying at 25–30 gets you the lowest premiums and locks them in for 30+ years. Every year you delay, premiums increase significantly – buying at 40 can cost 3–5x more than buying at 30.

Term insurance gives you maximum coverage (₹1Cr+) at minimal cost (~₹750/month). Endowment plans bundle insurance with savings, offering lower cover (~₹20L) at higher premiums (~₹8,000/month). Term + separate investments always gives better returns.

In a standard term plan, there is no payout if you survive the term – your premiums are the cost of protection. Some plans offer a 'Return of Premium' option, but these cost 40–60% more and the returned amount loses value to inflation.

Riders are add-on benefits like accidental death benefit, critical illness cover, waiver of premium on disability, and terminal illness payout. They enhance your base policy at a small additional cost.

Yes, but you must disclose all conditions honestly. The insurer may charge a higher premium or exclude specific conditions. Never hide medical history – non-disclosure is the #1 reason for claim rejection.

The nominee files a claim with the insurer along with the death certificate, policy document, and KYC documents. IRDAI requires the insurer to settle within 15 days of intimation, or 45 days where it investigates (Master Circular on Protection of Policyholders' Interests, 5 September 2024). nyvo provides lifetime claim support to help your family through this process.

Yes, if you file under the old tax regime. Premiums paid for term insurance qualify for tax deduction under Section 80C (section 123 from tax year 2026-27), up to ₹1.5 lakh per year. The death benefit received by the nominee is tax-free under Section 10(10D) (Schedule II, item 2 from tax year 2026-27) in both regimes.

CSR is the percentage of claims an insurer settles out of total claims received. Look for insurers with CSR above 98%. For example, HDFC Life has ~99% CSR, meaning 99 out of 100 claims are paid.

Online term plans are 20–40% cheaper than offline plans because there are no agent commissions. The coverage and claim process remain identical. nyvo helps you buy online with expert guidance.

nyvo provides unbiased, expert guidance from IRDAI-certified salaried advisors – no commission pressure. We compare plans across 30+ insurers, calculate your exact coverage needs, and provide lifetime claims support to your family.