Buy Best Term Insurance Plans for Family in 2024 (2024)

1 Crore

1.5 Crore

2 Crore

• Male
• Female

• Yes
• No

50L

1Cr

1.5Cr

2Cr

A family term insurance plan is a life insurance policy that financially protects the family in the event of the insured's demise. The policyholders can customise their term plans by purchasing add-on riders such as critical illness benefit riders, accidental death benefit riders, and more.

Term insurance plans provide a death benefit to the nominee if the policyholder dies during the policy's tenure. You can buy the term plans only for a certain time period, say 5 years or 10 years. Term insurance companies also provide policyholders with the option to extend the tenure of their policy.

Moreover, you can opt to switch your regular term insurance plan to a whole life insurance plan. In this type of plan, an insurer provides whole-life coverage to the policyholders.

Term insurance plans offered by different insurance companies provide unique features to policyholders. However, there are some common features that each insurer covers in their term life insurance policies.

Some of these features are listed below:

• Life Coverage: The demise of the sole breadwinner of the family can put a financial burden on their dependents. However, by purchasing a family term life insurance policy, you can ensure that your loved ones are financially protected even when you are not around them.
• Budget-Friendly: Anyone who is concerned about the future of their loved ones can buy a term insurance plan at an early age. It is one of the key features of family term insurance plans. Additionally, you can buy term plans at an economical price.
• Enhanced Coverage: Term insurance companies provide add-on benefits to policyholders. You can buy riders with your base term plans by paying an extra premium to the insurer.
• Flexible Tenure: The policyholders of term insurance plans can opt for different policy tenures. You can choose the tenure based on various factors like the policyholder's age, medical history, and others.

High Sum Assured: You can select a term life insurance policy that provides high coverage. It will ensure that your loved ones continue to get the same type of financial support even after your demise.

The table below highlights some of the best term insurance plans in which you can invest to protect your family:

Can a Housewife Purchase Term Insurance?

Yes, a housewife can purchase term insurance. For your information, term insurance is not limited to individuals with a specific employment status; it is available to anyone, including housewives. Term insurance provides financial protection to the policyholder's family in the event of their death during the policy term.

When considering term insurance, it's essential to determine the coverage amount based on the financial needs of the family, such as daily living expenses, education costs, and any outstanding debts. While the primary income earner typically considers term insurance, a housewife's coverage can contribute to the family's financial security by covering expenses related to childcare, household maintenance, and other crucial aspects.

When applying for term insurance for a housewife, the insurance company may require information about the individual's health and lifestyle. It's advisable for a housewife to assess her insurance needs and explore suitable term insurance plans that align with the family's financial goals and obligations.

Why does the Main Earner of the Family Need Term Insurance?

The main earner of the family needs term insurance to make sure that if something unexpected happens to them, like if they're not around anymore, their family is financially secure. In simple words, term insurance acts like a financial safety net.

If the person who brings in the main income passes away during the term of the insurance, the family gets a lump sum amount. This money can help the family pay bills, take care of daily needs, and even cover big expenses like education or loans. It's a way to ensure that the family doesn't face financial difficulties during tough times.

So, term insurance is a kind of support for the family's future, providing peace of mind for everyone.

Term insurance plans act as a safety net for the family of the policyholders in the event of their demise. Besides this, term plans provide many more benefits that are highlighted in the section below:

• Peace of Mind: Term life insurance plans provide peace of mind to both you and your loved ones. You can live a stress-free life knowing that there is someone who will take care of your family just like you. Additionally, your family can live a peaceful life by receiving continuous financial assistance from an insurance company.
• Comprehensive Protection: Term insurance plans provide comprehensive protection to financially secure the needs of your family.
• Hedge Against Financial Contingencies: Many insurers provide loan facilities to their term insurance policyholders. In case of an urgent need for money, the policyholder can lend a loan against their plan.
• Tax Benefits: The policyholders of term life insurance plans can claim tax benefits on the premium paid under Section 80D of the Income Tax Act.

Here’s a step-by-step guide on how to buy a family term insurance plan online:

Documents Required To Buy Term Insurance Plan

• ID proof
• Income proof
• Address proof
• Recent passport-size photographs
• Age proof

How to Buy Term Insurance for Family from InsuranceDekho?

Follow the step-by-step guide below to purchase term insurance for family from ID:

Step 1: Go to the InsuranceDekho Website

Visit the InsuranceDekho website, and click on "Term Insurance."

Step 2: Share Your Information

Fill in your details like your name, phone number, gender, and birthdate. After that, click "View Plans for Free."

Step 3: Check Out Different Options

The website will display various term insurance plans. Take a look at them and compare them to find the one that fits you the best.

Step 4: Personalise Your Plan

Pick the term insurance plan you prefer and make adjustments to the coverage amount, duration, and other details.

Step 5: Confirm and Pay

Once you're satisfied with your term insurance plan, double-check the details and pay the premium online using net banking or your debit/credit card.

That’s all! It was this easy to buy a term insurance plan for family from the InsuranceDekho website.

It is important to keep some points in mind when you purchase a term insurance plan for your family. Some of these points are listed below:

• Coverage Amount: It is one of the most important factors that you need to consider while purchasing a term insurance plan. While choosing the coverage amount or sum assured, assess your monthly expenses, annual income, and the financial needs of your family.
• Claim Settlement Ratio: The claim settlement ratio is the percentage of the number of claims settled per number of claims received by an insurance company. It is wise to buy a policy from a term insurance company that has a high claim settlement ratio.
• Riders or Add-ons: The insurance companies provide additional benefits to the policyholders. Check the type of term insurance riders that the insurer provides to you. It will help you in customising term plans as per your specific needs.
• Claim Settlement Process: The primary job of term insurance plans is to provide you peace of mind. However, a lot of paperwork and documentation processes can make the term insurance claim settlement process tedious. Therefore, when purchasing a term plan, check the policy ratings and customer reviews for the company.

Term Insurance Riders

Types of Term Insurance Plans

Popularly Opted Term Insurance Sum Assured

Term Insurance Terminologies