Eligibility Criteria for Term Insurance Plans

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Eligibility Criteria for Term Insurance Plans(varies as per insurers)

  • Entry Age: Minimum 18 years ¦ Maximum 65 years
  • Policy Term: Minimum 5 years ¦ Maximum 30 - 55 years
  • Maturity Age: Maximum 75 years/ Whole of life;
  • Annual Premium: Minimum INR 2,000 ¦ Maximum – Based on Sum Assured and age of applicant
  • Premium Payment Mode: Single ¦ Regular – Yearly, half-yearly, quarterly, and monthly

Flexibility:

"What are the flexibilities that you enjoy with a term insurance plan?"
The question is indeed pertinent, and we have the best answer for it:
  • Flexibility to choose your preferred Sum Assured.
  • Flexibility to choose your premium payment option – single or regular.
  • Flexibility to choose your policy term.
  • Flexibility to choose add on protection.


Tax Benefits of Term Life Insurance Plans:

Term life insurance plans come with excellent tax benefits. You can avail lucrative tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Additionally, the premiums paid for the Critical Illness Benefit also qualify for a deduction under Section 80D.
#Tax benefits are subject to changes in tax laws.

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