TERM INSURANCE

Pure Life Cover Up to Rs.5 Crore at the Lowest Premium

Term insurance is the most cost-effective way to protect your family's financial future. Get Rs.1 Crore cover for as low as Rs.680 per month for a healthy 30-year-old.

From Rs.500/mo

Premium

Rs.5 Cr

Max Cover

99%+

Claim Settlement

Get Started Talk to Advisor

Term Insurance Example

Cover AmountRs.1 Crore

Monthly PremiumRs.680

Age at Entry30 Years

Policy Tenure35 Years

Cover Till Age65 Years

KEY FEATURES

Why Buy Term Insurance Through FinGarage?

Highest Cover at Lowest Cost

Term plans from LIC, HDFC Life, ICICI Prudential, and SBI Life compared on premium, claim settlement ratio, and solvency ratio to give you the best value.

Income Replacement for Your Family

The Rs.1 Crore payout on your death replaces your income for 15–20 years at Rs.50,000 per month, protecting your family from financial distress.

Critical Illness and Disability Riders

Add critical illness cover (Rs.25–50L payout on cancer, heart attack, stroke) and waiver of premium on disability for comprehensive protection at marginal additional cost.

Joint Life Option for Couples

Single plan covering both spouses. Claim is paid on the first death; the surviving spouse's coverage continues without additional premium.

Online Purchase — No Medical Test Up to Rs.75L

For healthy individuals below 45, many companies approve term plans up to Rs.75 lakhs with just a declaration — no physical medical test required.

Section 80C Tax Benefit

Term insurance premium is deductible under Section 80C of the Income Tax Act. Death benefit received by the family is 100% tax-free under Section 10(10D).

ELIGIBILITY

Who Should Buy Term Insurance?

Any earning individual with dependents — spouse, children, elderly parents, or any person whose financial security depends on your income.

✓Age 18–65 years at time of entry
✓Resident Indian or NRI with Indian income
✓Good health (pre-existing conditions may affect premium or eligibility)
✓CIBIL score and financial records may be reviewed for high cover amounts
✓Minimum cover recommendation: 10–15x your annual income
✓Nominee (family member) must be a resident Indian

Documents Required

✓PAN Card and Aadhaar
✓Recent passport-size photograph
✓Income proof (salary slip / ITR) for high sum assured
✓Medical reports if pre-existing conditions exist
✓Nominee details (name, date of birth, relationship)
✓Bank account (for premium debit)

THE PROCESS

How It Works

Choose Sum Assured and Tenure

We recommend sum assured of 10–15x your annual income. Tenure should cover your working years. We calculate the exact amount based on your liabilities and family needs.

Compare Plans and Riders

We compare plans from 10+ insurers on premium, claim settlement ratio, and rider options. You see a side-by-side comparison before deciding.

Online Application and Medical

Complete the proposal form online. For amounts requiring medical tests, we arrange a convenient home visit by a medical team at no cost to you.

Policy Issuance

Once approved, the policy document is issued electronically. Premium starts via auto-debit. Nominee is registered and the policy is active.

Frequently Asked Questions

How much term insurance cover do I actually need?

A common rule is 10–15x your annual income. Add outstanding liabilities (home loan, car loan) and subtract existing investments. For example: annual income Rs.12 lakhs x 15 = Rs.1.8 Crores. If you have a home loan of Rs.80L, the total cover need is Rs.2.6 Crores. We do this calculation precisely for your situation.

What is the difference between term insurance and whole life insurance?

Term insurance provides pure death cover for a specific period (10–40 years) with very low premiums. Whole life insurance covers you for life and returns a maturity benefit but at 15–20x higher premium. Financial planners universally recommend term + invest the premium difference in mutual funds rather than endowment or whole life products.

Will my claim be rejected if I die in the first year?

Insurers can investigate claims in the first year to verify the application was made in good faith. If you disclosed all health conditions and lifestyle factors accurately at the time of application, claims in the first year are honoured. The most common rejection cause is non-disclosure of pre-existing conditions — always declare everything honestly.

Can I buy multiple term insurance policies?

Yes, you can have multiple term policies from different insurers. The total cover is the sum of all policies, subject to the insurer's maximum limit based on your income. This is a valid strategy to get higher total cover and spread insurer risk. We recommend diversifying across 2–3 insurers for very high cover needs.

What happens to the premium if I outlive the policy term?

In a pure term plan, you receive nothing if you outlive the policy — that is how the low premium is possible. You are essentially paying for pure risk protection, not an investment. Some plans offer return of premium (TROP) variants at higher cost. We generally recommend pure term and investing the premium difference for better wealth creation.