Term Insurance Plan FAQs

If you outlive your term life insurance policy, there will be no payout. However, there is a possibility of premiums being returned in case of a plan with return of premium option^&. Pure term insurance only provides a death benefit.


 

Term insurance premiums increase with age due to the increased risk of claims as you grow older. Insurance providers adjust premiums to reflect the higher likelihood of needing to pay out claims.

Anyone who has dependents or liabilities should consider buying a term insurance policy. It offers affordable coverage that ensures financial security for your family in case of your untimely demise.

Ensure that all information provided during the application is accurate and complete. Disclose all health conditions or lifestyle habits. Pay premiums on time so that the policy does not lapse. For more details about the process, check out our Insurance Claim Process.

Term life insurance generally covers death due to natural causes, accidents, and critical illnesses.

The documents required include the death certificate of the policyholder, claim form, medical records, KYC and bank account details of the nominee, police records (FIR and post-mortem) in case of accidental death.  Additional documentation may be required depending on the scenario.

You are required to pay premiums for the duration of the policy, which is typically 10, 20, or 30 years, depending on your plan. After the premium term, the coverage continues without additional payments.

The tenure of a term insurance policy can range from 5 years to whole life, depending on your age and the terms of the policy. The tenure is generally chosen based on the period you want to secure coverage for your family.

In the event of the death of the insured, the beneficiary receives the sum assured, provided the policy is active and all premiums are up-to-date.

Yes, you can change the nominee of your term insurance policy anytime. You can by submit a written request to your insurer with the necessary documents. Most insurers now have self-help portals where you can update/ change your nominee details. So check with your insurer and go with the process that you’re comfortable with.

Pure Term life insurance policies usually do not have a surrender value. Although, there is a possibility of some amount of premiums being returned in case of a limited premium payment term and a plan with return of premium option subject to terms of the policy. 

If you stop paying premiums, the policy will lapse, and there will be no refund.

Yes, a claim can be rejected if there is non-disclosure of material facts, false information provided at the time of policy issuance.

For term insurance in India, suicide will be covered as per the terms and conditions of the policy.

Yes, you can easily purchase a term insurance plan online through the insurer’s website or aggregator platforms. The process is quick, paperless, and transparent, offering instant quotes, easy comparison, and policy issuance within minutes^#

The main types of life insurance plans include Term Insurance, Whole Life Plans, Endowment Plans, ULIPs, Money-Back Policies, and Child or Retirement Plans. Each offers unique benefits tailored to protection, savings, or investment goals. 

Your monthly term life insurance cost depends on age, coverage, and policy term. Typically, it ranges between ₹500–₹1,500 per ₹1 crore cover for healthy young adults. Buying early ensures lower premiums and better coverage. 

If you cancel your life insurance within the free-look period^~ (usually 30 days), you get a full refund^& minus minimal charges if any. After 30 days, the surrender value (if applicable) depends on policy terms and conditions. 

Common reasons for claim rejection in life insurance include false information, non-disclosure of health details or lifestyle habits, policy lapse, unpaid premiums, or fraudulent claims. To avoid claim rejection, always provide complete and accurate details when purchasing your policy.

If your term policy lapses then no death benefit is payable, as per policy terms and conditions. If your policy lapsed, you can pay your premium and get it reinstated.