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Important: W.e.f 1st July 2017, GST will be levied on Life Insurance Premium as per the applicable tax rates. To know the rate that will be applicable to your specific policy please click here

What is term insurance?

Term life insurance is the most basic form of life insurance, which covers your life for a fixed term. Here’s more information.

Term insurance, or temporary insurance as it is also known, provides coverage for a specific term. In case of any unfortunate event during this term, the person who is nominated for the receipt of fund—also known as the nominee—receives the sum for which the insuree is covered. The policy expires at the end of the term.

Term life insurance is the simplest type of insurance. The money you pay as premiums does not go towards any kind of investment, but is used for providing cover. Only a small amount is deducted to cover the insurance company's costs. Hence, it is also the least expensive type of insurance.
Say you buy a term insurance plan for a sum assured of Rs 20 lakh for 10 years. You will have to pay a small amount annually as the premium. In case of an unfortunate event during these 10 years, your nominee will receive Rs 20 lakh. However, in case you outlive this tenure, the life insurance policy will expire. You will hence not receive any return on the premiums paid over the 10 years.
Why term insurance?
It is important to ensure that your loved ones are taken care of in case of an unfortunate event. Buying a term life insurance policy is one of the simplest and least expensive methods of doing this.
Paying for term insurance also has some tax benefits. Premium of up to Rs 1,00,000 is deductable from your taxable income under Section 80C of the Income Tax Act, 1961.
Quick Facts
 • Term insurance provides coverage for a specific term
 • It is an easy and affordable way of ensuring the financial security of your loved ones
 • In case of an unfortunate event, your nominee gets the amount of coverage
 • The policy expires at the end of the selected tenure

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For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale.

Trade Logo displayed above belongs to SUN LIFE ASSURANCE COMPANY OF CANADA and ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED and used by BIRLA SUN LIFE INSURANCE COMPANY LIMITED as per terms and conditions of license Agreement.

Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. CIN: U99999MH2000PLC128110 Registration No. 109.


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