Term Life Insurance: A Safety Net for Your Family
Pure protection that pays your nominee if something happens to you. Tell us about your needs and we will help you understand your options.
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Overview
About term life insurance
Term life insurance is pure protection. If the person insured dies during the policy term, the insurer pays the sum assured to the nominee, as per the policy.
A basic term plan has no maturity benefit, so it is simple to understand. At Insurance Kro we explain each option in easy words, so you can pick cover that fits your family, loans and future plans.
What is covered
- Lump sum or instalment payout to the nominee if the insured person dies in the term
- Optional accidental death rider, as per policy terms
- Optional critical illness rider, as per policy terms
- Optional waiver of premium rider, as per policy terms
- Return-of-premium plans, which usually cost more
- Cover to help your family handle loans and daily costs
What is not covered
- No payout if the person outlives the term (in a basic term plan)
- Claims where wrong or hidden facts were given
- Exclusions written in the policy, such as some causes of death
- Death after the policy has lapsed
- Cover beyond the sum assured you chose
Good to know
How to choose the right term plan
- Think about your yearly income, loans and family needs. A common rule of thumb is about 10 to 15 times yearly income, but it is only a rule of thumb.
- Buy early. Age and health usually make a plan easier and cheaper to get.
- Be honest about health, smoking and income. Wrong facts can lead to a rejected claim.
- Choose riders only if you really need them, and read their terms.
- Tell your nominee and family that the policy exists and where the papers are.
How we help
Simple steps to get covered
Share your details
Fill the short form with your name, mobile number and vehicle type. It takes about a minute.
Get your options
We call you, ask a few simple questions and explain the plans that fit your vehicle and budget.
Choose and stay covered
Pick the plan you like. We help with the papers, and with renewals and claims later.
Related guides
Read more before you decide
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Read guideTerm Insurance vs Endowment and ULIP: A Simple Comparison
Term insurance vs endowment vs ULIP: see how each works, what they cost and who they suit, in simple words. Ask Insurance Kro for free, clear guidance.
Read guideTerm Insurance Riders Explained: Which Add-Ons Are Useful?
Term insurance riders explained in simple words: accidental death, critical illness and waiver of premium. Learn which add-ons suit you. Ask Insurance Kro.
Read guideTerm Insurance Claim Process for the Nominee: Step by Step
Term insurance claim process for the nominee, step by step: papers needed, how to inform the insurer and why claims get delayed. Insurance Kro can guide you.
Read guideBest Age to Buy Term Insurance: Why Early Is Usually Better
Best age to buy term insurance: why buying early is usually cheaper and easier, and when to buy if you started late. Ask Insurance Kro for free guidance.
Read guideFAQs
Questions about term life insurance
What is term life insurance?
It is a pure protection plan. If the insured person dies during the term, the insurer pays the sum assured to the nominee as per the policy.
Do I get money back at the end of a term plan?
A basic term plan has no maturity benefit. Return-of-premium plans do exist, but they usually cost more.
How much cover should I take?
A common rule of thumb is about 10 to 15 times your yearly income. Adjust it for your loans and family needs.
Why is buying early better?
Age and health affect the plan. Buying early is usually cheaper and easier.
What can lead to a claim being rejected?
Wrong or hidden facts, such as health or smoking habits, can lead to rejection. A lapsed policy can also be a problem. Check your policy wording.
How does my nominee make a claim?
The nominee informs the insurer, fills the claim form and gives the policy, death certificate and ID proofs. The insurer may ask for other papers.
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