High Protection at an Affordable Cost
Term insurance is an affordable way to secure your family's future. Get a high life cover for a comparatively low premium -- because financial protection should not come at a heavy price.
What Is Term Insurance?
Term insurance is a pure life cover plan. You pay a premium for a specified period (the “term”), and in return, the insurer pays a defined amount -- called the “sum assured” -- to your family if something happens to you during that period, as per the policy terms.
Unlike other life insurance products, term insurance does not have a savings or investment component. This is what makes it comparatively affordable: a healthy young adult can often get a high cover, such as Rs 1 Crore, for a modest monthly premium. Actual premiums depend on age, health, lifestyle, cover amount and the insurer. Many financial planners consider it an essential product for every earning adult with dependents.
Term Insurance vs Life Insurance
Many people confuse term insurance with life insurance. Here is a clear comparison to help you understand when each is appropriate.
| Feature | Term Insurance | Life Insurance (Endowment/ULIP) |
|---|---|---|
| Purpose | Pure protection -- pays nominee if you pass away during the policy term | Protection + savings/investment component with maturity benefits |
| Premium | Comparatively low for the cover provided | Higher -- includes savings/investment portion in the premium |
| Maturity Benefit | No payout if you survive the term (unless return-of-premium option) | Maturity benefit as per policy terms (ULIP values are market-linked) |
| Coverage Amount | High cover possible at a comparatively low cost | Lower coverage for the same premium due to savings component |
| Suited For | Maximising family protection on a budget | Those wanting disciplined savings alongside protection |
Why Choose Term Insurance?
Affordable Premiums
Because there is no savings component, term plans offer a high cover for a comparatively low premium. Premiums depend on your age, health, lifestyle and the cover chosen.
High Sum Assured
Term plans allow you to opt for high coverage amounts -- often Rs 1 Crore or more, subject to underwriting -- helping your family maintain their lifestyle, repay debts, and fund future goals.
Critical Illness Riders
Add optional riders for critical illness, accidental death, or disability. If diagnosed with a covered condition, you may receive a lump sum as per the rider terms.
Flexible Policy Terms
Choose the policy term or cover up to a specific age (like 60 or 75), depending on the plan. Align the term with your major financial responsibilities.
Return of Premium Option
Some plans return the premiums paid if you survive the policy term, as per plan terms. Premiums for this option are higher than for a regular term plan.
Joint Life Option
Some plans let you cover both spouses under a single policy, with benefits payable as per the policy terms.
What to Compare in a Term Plan
We compare term plans across our partner insurers so you can choose cover that fits your needs and budget. These are the factors our advisors walk you through.
Term Plans from Our Partner Insurers
WealthBay distributes term insurance plans from the following IRDAI-regulated life insurers. Plan features, eligibility and premiums are as per each insurer's product terms.
Axis Max Life Insurance
Life insurer offering term, savings, ULIP and retirement plans.
ICICI Prudential Life Insurance
Life insurer offering term, savings, ULIP and annuity plans.
HDFC Life Insurance
Life insurer offering term, savings, investment-linked and retirement plans.
Bajaj Allianz Life Insurance
Life insurer offering term, savings, ULIP and pension plans.
Tata AIA Life Insurance
Life insurer offering term, savings and unit-linked plans.
Need Help with a Claim?
Our team can guide you through documentation and follow up with the insurer on your behalf. Claim decisions are made by the insurer as per the policy terms.
Have questions about Term Insurance?
Speak to our team — no obligation. We'll explain the options, risks and costs.
Common Questions About Term Insurance
What is term insurance in simple terms?
How much term insurance coverage should I take?
At what age should I buy term insurance?
Is term insurance worth it if there is no maturity benefit?
WealthBay Private Limited — AMFI-registered Mutual Fund Distributor, ARN-29566. WealthBay acts as a distributor of third-party financial products and earns commissions from product providers. Please read all scheme / offer documents carefully before investing.
Get the Right Term Insurance Plan Today
Speak with our advisors to compare term insurance plans across our partner insurers for your budget and family needs. Free, no-obligation consultation.