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Term Insurance

Term insurance is a type of life insurance that provides financial cover against death for a specific duration. ...Read More

No Time for Regret!

Secure Your Family's Future with Term Insurance.

Life Cover of 1 Crore @ Rs 26/day***

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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What is Term Insurance?

image-star image-star image-star image-star image-star image-star image-cloud image-cloud image-cloud moon What is Term Insurance?

Term Insurance is the simplest form of life insurance that only offers financial cover for a specific number of years. Term insurance plan provides a financial benefit to your nominee in case of your death during the term of the policy.

As term plan is a pure life insurance policy it offers the financial benefit only in case of death for the premiums paid.  It does not return any financial value in case you survive the term of the policy. If you wish to get your premiums back after the term of the policy you can opt for term insurance with return of premium.

You can buy term life insurance by paying a premium amount at a desired frequency for the required financial benefit for your nominee.

For example, a healthy 25-year-old non-smoker male has to pay Rs.780 per month over 30 years for 1 crore term insurance.

Explore Plans

Why Do I Need Term Insurance?

Despite the many features and benefits of term insurance, people are sceptical about whether they really need term insurance or not. Here are some of the top reasons why you may benefit from a term insurance plan:

Term Insurance To Protect Your Assets

To Protect Your Assets

Many people take loans to purchase a vehicle or a home. However, if something happens to the borrower, the family stands to bear not just a huge personal loss but also the loss of income and assets if the loan is not repaid. The payout from a term plan can help your family deal with debt and protect your assets.

Term Policy To Cope with New Lifestyle Risks

To Cope with New Lifestyle Risks

The risk of lifestyle diseases and critical illnesses such as heart problems and cancer is increasing by the day. With a critical illness rider added to your term insurance you can cover yourself for financial support upon any such diagnosis, making your recovery stress-free. To stay updated on your fitness status, use the BMI calculator.

Term Plan To Protect Your Family

To Protect Your Family

We all love our family, be it our partner, the kids or the elderly in the family. Having plans to secure their financial future, ensuring the best education and stress-free retirement years with the best healthcare is always a top goal. With a term insurance plan in place, you can live a stress-free life and enjoy time with your loved ones without worrying about their future. 

Term plans for Low premium and attractively large cover

Low premium and attractively large cover

term insurance policy offers substantial cover, and if started early, the premium is often quite affordable. Therefore, if you are looking to build a sound financial portfolio, pick the best term insurance plan as the very basis of your investments. Let the financial protection put you at ease to follow your dreams. 

Term Insurance Plans

The most cost-effective way to secure your family’s financial future.

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Why Buy Term Insurance Online?

Here are some benefits of purchasing a term insurance plan:

High protection at low premiums

High protection at low premiums

People can easily buy term insurance as it is highly accessible and offers large cover at low premiums. The earlier in life you purchase term insurance, the lower the premium.

Add ons

Add ons

Term insurance plans often come with riders and add-ons to boost insurance coverage. Some such add-ons include critical illness coverage and accidental disability riders.

Financial security

Financial security

A term insurance plan offers instant financial security in the event of the death of the insured. The payout, often received as a lump sum, helps beneficiaries meet their immediate living expenses.



Buying term plan online is convenient and easy vis-à-vis buying offline. Without repeated visits, the online process is streamlined and fast. 



Online term insurance plans are more cost-effective as they bypass intermediaries, resulting in competitive rates and affordable options for policyholders. 



Term insurance buying is a straightforward, quick and user-friendly process. Simply go to the insurer's website, fill in your details, choose a suitable term insurance plan, pay, and activate the policy.

Comprehensive Features

Comprehensive Features

Online term insurance plans offer a range of features, such as death benefits, maturity benefits, tax advantages, and flexible premium payment options. These features provide optimal coverage, ensuring financial security.

Who Should Buy Term Insurance?

Let’s take a look at who should buy term insurance:



Term insurance for parents is crucial when it comes to the financial protection of children. If you are a parent worried about safeguarding your children’s future, a term plan is a must for you. With the term insurance plan, you can relax about your family and kids’ financial future, in case of untimely death.

Young Workers

Young Workers

As young professionals you have limited financial liabilities. If you invest in a term plan now, your premiums will be low and becomes more affordable with every increase in salary, offering the much-needed financial security for loved ones.



Lending financial security to one’s partner is a significant responsibility every newlywed must address. It is best to invest in a term insurance to ensure your spouse always has the financial support to remain financially independent. 

Working Women

Working Women

As a working woman looking to secure your family’s financial future, you can consider investing in a term plan. The payout of a term insurance for women can help your family take care of outstanding debts or meet future financial goals if something happens to you.



Term insurance policies offer certain tax benefits that allow taxpayers to reduce their tax liability. Premium paid under term insurance plans are eligible for deductions under Section 80C of the Income Tax Act, 19616



Having a term insurance plan in your golden years provides financial security to your spouse. In case of your death, the payout from the policy will allow them to maintain their standard of living and cover medical costs. 



Term insurance for housewives is important as it provides her family with financial security in case of her untimely death.  A term insurance payout helps cover the costs of running the household, including childcare and other expenses.



Term insurance for self-employed lends financial security to the families of the self-employed in case of their death. The policy payout may cover the cost of immediate business overheads as well as everyday household expenses till someone else can take charge. 

Non-resident Indian (NRI)

Non-resident Indian (NRI)

NRIs living abroad can take a term insurance plan benefiting their family back in India with financial security in case of their death. The maturity amount of the term insurance for NRI can help offer respite from the high cost of medical care, or the travel expenses etc.

Relatable Examples as per your Situation

How Does a Term Plan Work ?

Term insurance plan work like limited life insurance policies. They provide life cover for a specific time. To enjoy the life cover, you must pay premiums at regular intervals. If anything happens to you, the policyholder, during the policy tenure, your nominee receives the promised sum assured as the policy payout. To enhance your family’s financial protection, you can choose to purchase riders or add-ons.

Term Insurance Benefits

Following are term insurance benefits –

Affordable Premiums for High Life Cover

Affordable Premiums for High Life Cover

Term Insurance being the purest form of life insurance policy has affordable premiums for high sum assured. For example you can avail a 1 crore term insurance at a daily premium of just Rs.26/-***

Critical Illness Cover with Term Plan

Critical Illness Protection

Your term insurance policy comes with a critical illness benefit or rider that covers you adequately for the treatment of certain life-threatening diseases. The payout covers your treatment cost or the loss in income resulting from the disease. 

Long-Term Coverage

Long-Term Coverage

With term insurance, you can get financial security for 30 years or more, depending upon your policy terms. It is, therefore, a must-consider aspect when selecting the best term insurance plan

Disability Support

Disability Support and Benefits

Accidents may leave one temporarily or permanently disabled. With the disability rider on a term plan, your future premiums are taken care of besides offering financial support for your family.

Enhanced Financial Security

Financial Security in Case of Unfortunate Events

With your term plan you get lump sum benefit, there is a regular income stream for your loved ones. Also, the payout from the rider offers additional financial support for dependents’ day-to-day living expenses, pay off loans and clear debts.

Flexible Payout Options with Term Plan

Additional Benefits Through Riders

The best term insurance plan often features add-ons/riders which if selected offer additional benefits upon maturity. Some of these riders include - disability cover, critical illness cover, and accidental death cover.

Tax Savings with Term Insurance Plan

Tax Benefits

Term insurance plans are popular tools for tax planning and tax saving benefits. The premiums paid are tax deductible up to INR 150,000 per year from your income under Section 80C6 of the Income Tax Act, 1961. Also, payouts received by you or your nominee are exempt u/s 10(10D)7 of the Income Tax Act, 1961.

Features of Term Insurance

Let's look at the Features of Term Insurance Plans:
Low Entry Age

Low Entry Age

Term plans have a low entry age of just 18. So, you can buy term insurance for yourself or your loved ones on reaching adulthood.

Long-Term Protection

Long-Term Protection

Term life insurance offer whole life coverage, allowing you to provide your family with financial protection for several decades!

Adjustable Cover

Adjustable Cover

With a term insurance plan, you can opt to increase or decrease your sum assured depending on your evolving financial needs.

Flexible Premium Payment Options

Flexible Premium Payment Options

When you purchase a  term life insurance, you can choose how to pay the premiums. You can opt to pay an annual premium, half-yearly premiums, quarterly premiums or even make monthly payments.

Easy to Buy

Easy to Buy

In today’s digital India, you can purchase a term life insurance online in just a few minutes. You can compare various policy benefits and customise a plan with add-ons based on your unique needs. Once you know which policy you want, you can submit a few document scans and pay the premium.


Liability Protection

Liability Protection

The payout from a term insurance policy allows your loved ones to better deal with debt liabilities. By purchasing a term plan, you can help your family members pay off existing debts and loans.

Save Tax U/S 80C & 80D (Income Tax Act, 1961)

Save Tax U/S 80C & 80D (Income Tax Act, 1961)

Most term insurance plans offer tax benefits under Sections 80C and 80D of the Income Tax Act. This helps you save money on premiums and maximize your savings. 

Premiums Returned on Survival

Premiums Returned on Survival

 Term insurance plans have no maturity benefit. In case the policyholder survives the policy term, you will get your premiums returned without any interest. 

High Maturity Age

High Maturity Age

Term insurance plans come with a high maturity age, making it easier for policyholders to avail of a higher level of coverage. The maximum term of a term insurance plan is up to 75 years.

Cover Against Life-Threatening Diseases

Cover Against Life-Threatening Diseases

Some term insurance plans also provide coverage for life-threatening diseases such as cancer, stroke, heart attack, and kidney failure. This protection helps provide additional financial security for your family in case of a medical emergency.

Hear from the experts

Vishal Subharwal

Vishal Subharwal

Chief Marketing Officer & Group Head

Hear from the experts

Quote StartHDFC Life Click 2 Protect Super(UIN: 101N145V02)is an intelligent term insurance plan that provides benefits as per your altering lifestyle and life stage needs and helps you stay truly protected. It also provides you with the flexibility to choose a cover that fits your needs from 3 plan options.Quote Start End

Types of Term Insurance Plans

There are various types of term insurance - 


Term Plan


Term Insurance

This policy lends financial security and protection at low premium rates to  dependents/beneficiaries in the event of the death of the policyholder.

Term Insurance with Critical Illness rider

It provides financial security for the family if the policyholder passes away unexpectedly. The lump sum can be used to meet the financial goals of the family. A Critical Illness rider further lends added protection against an array of critical illnesses based on the plan you choose.

Term insurance with Return of Premium

This type of term insurance offers financial security to dependents at a low premium if the policyholder dies. If the policyholder outlives the policy term, all premiums paid are returned. 

Term Insurance with Waiver of Premium Waiver

Under this plan, all future premiums are waivered in case there is a covered dismemberment or a critical illness diagnosis. Such a plan eases the stress of financial security in the face of unexpected situations and health concerns. 

Term Insurance with Accidental Disability & Death Cover

This plan offers cover against death caused by accident

Term Insurance with Monthly Income

This insurance plan features payout in the form of monthly income to help ensure a regular inflow of money besides the lump sum received as a death benefit.

Group Term Life Insurance Plan

This is an insurance plan offered by employers to their employees to lend financial security to their families. It is an affordable insurance cover for death or disability caused by illness or accident. 

Increasing sum assured plan

In this plan, the sum assured increases by a certain percentage, typically capped to a multiple of the original sum assured. The premiums are higher than a level plan as the benefit amount increases with each passing year.

Term Insurance for Housewives

This plan offers lump sum benefits to the dependents of the insured, should they pass away. It features low and adjustable premium rates and does not require medical examinations. It covers whole life insurance and accidental death insurance.

What is a Term Insurance Rider?

A term insurance rider is an add-on that provides enhanced benefits over and above life insurance. For example, you can opt for an accidental death rider or a disability rider which offers an additional payout in case the policyholder passes away in an accident or if they become disabled. Most insurers provide a critical illness rider as well. With this add-on, you receive a lump-sum payout on the diagnosis of a covered critical illness. The most popular term insurance rider is the premium waiver rider, which waives off future premiums in case the policyholder receives a critical illness diagnosis or other eventualities outlined by the plan.


Term insurance plan is incomplete without these riders.

They help you deal with those additional risks life brings.

HDFC Life Income Benefit on Accidental Disability Rider

HDFC Life Income Benefit on Accidental Disability Rider


UIN: 101B013V03

Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident.

HDFC Life Critical Illness Plus Rider

HDFC Life Critical Illness Plus Rider


UIN: 101B014V02

We pay a lump sum amount equal to Rider Sum Assured upfront if diagnosed with of any of the specified critical illnesses.

HDFC Life Protect Plus Rider

HDFC Life Protect Plus Rider


UIN: 101B016V01

Get protected with a proportion of Rider Sum Assured in case of accidental death or partial/total disability due to accident or diagnosed with Cancer

Extra Protection is always better | HDFC Life Riders

Discover the power of Extra Protection with HDFC Life Riders


How to Buy Term Insurance?

Purchasing term life insurance is a quick and easy process. Let’s see how you can get the cover you need:

Estimate Your Sum Assured

Consider your current financial position. Do you have any financial liabilities or dependents? If something were to happen to you within the next 20 or 30 years, how much would they need to enjoy their standard of living? Understand what kind of sum assured you want and look for term insurance plans that offer what you need.


Enhance Your Cover

If you’d like to boost your cover, you can choose to add riders to your sum assured amount. Once you know exactly what you want, you can get online quotes and compare plans.


Fill Up the Application Form

Select the term insurance plan you want to purchase and fill up the online application form. You have to provide details about your age, medical history and lifestyle habits. You have to upload a few documents for verification


Pay the Premium and Rest Easy

Submit the application and pay the premium amount to enjoy life cover and peace of mind.

3-Step Process to Buy Term Insurance Plan

  steps-heding-bg BUY Now
3-Step Process to Buy Term Insurance 3-Step Process to Buy Term Insurance

Know more about Term Insurance

Here are a few more essential things to know about term insurance policies before you invest in them:

When Should I Buy a Term Insurance Plan?

The best time to buy a term plan is right away. The sooner you buy a term plan, the higher your sum assured at lower premiums. As you age health issues crop up and your sum assured gets reduced despite higher premiums. 

How Long Should the Term Insurance Policy Period Be?

A term insurance policy tenure ranges between 5 years to being a lifelong cover. An ideal cover terminates just before you retire. By then most financial liabilities are met and the remaining are taken care of with the term insurance payouts. You can, however, convert your term plan into a full-life plan before the tenure ends and enjoy lifelong coverage.

How to select the Best Term Insurance Plan?

To ensure you choose the best term insurance, you should:


Look at the Claim-Settlement Ratio

An insurance company’s Individual Death Claim Settlement Ratio tells you how likely they are to settle your nominee’s claim. You can check a company’s Individual Death Claim Settlement Ratio online. HDFC Life has a Individual Death Claim Settlement Ratio (CSR) of 99.39%5


Understand the Customer Experience

Ask people you trust about their experience with the insurance company you prefer. You can also check online reviews from customers to understand whether individuals enjoy a pleasant experience with the company or not. Remember, your term plan could continue for the rest of your life, so you need to build a lasting relationship with the company.


Check the Solvency Ratio

The solvency ratio refers to a company’s ability to financially fulfil the insurance obligations. The IRDAI mandates that all insurance companies should have a ratio of at least 1.5. You can check the solvency ratio of companies online


Consider the Benefits.

Not all term insurance plans are equal. You should look for policies that offer higher benefits than others. Try and find policies that offer maturity benefits as well as flexible payment and payout options.


Choose Riders

Term plans offer more than just life cover. You can opt for riders that provide coverage for critical illnesses and accidental disability as well. The payouts from these add-ons can go a long way in offering financial stability to you and your loved ones at a difficult time.


Find Flexible Payout Options

When you purchase a term plan, you often have specific financial goals in mind. Most term insurance plans offer lump-sum payouts to nominees. Often, these individuals get overwhelmed by the large sum and do not know how to manage it. You should consider policies that offer monthly payouts instead. Your nominee will be better equipped to deal with smaller amounts every month that can help them with immediate financial needs.


Research Online Availability

Before you make a decision, you must check whether your insurer is available to you online and offline. Most companies today have 24x7 chat features on their website so you can get quick answers to your queries. You should also look for companies that offer online filing of claims for quick processing.

Why Sum Assured is an Important Factor When it Comes to Term Insurance

The sum assured in term insurance plans is crucial for your family's financial security. It provides protection in unfortunate events, offering peace of mind. A substantial sum ensures a secure future by covering debts, education, and income replacement. Choosing the right sum is vital for safeguarding your loved ones. Learn more about the best term life insurance sum assured by clicking the tabs below.


Choosing the Best Term Insurance Plan With the Wide Range of Right Sum Assured Options

Below are the important factor of choosing the best term insurance plan for your family’s financial security

Term Insurance Policy Term

One of the important factors while buying a term insurance to decide on the correct term of your policy. Below are some of the commonly availed policy terms that you can explore in details – 



Term Insurance Plan as per your Age

Age is an essential factor that is taken into consideration while calculating your term insurance premium. Also, depending on age your life cover amount might change basis your financial needs. The more your age the will be your term insurance premiums. You can explore term insurance plans basis your age in details -    



Term Insurance Plan basis your salary

You income or salary is an important factor to decide the amount of sum assured you would need in case of a term insurance. Here are few term insurance plans which you can explore basis on salaries -



Term Insurance Plan for all

Term insurance needs might vary basis your residential status, family and age. You can explore the below term insurance options to identify the best term insurance plan that answers your needs – 


Some common queries on term insurance answered

How Does a Term Plan Secure Your Family’s Future?

How Does a Term Plan Secure Your Family’s Future?

Term insurance plans are the most affordable type of life insurance plans. They offer life coverage in exchange for minimal premium amounts that you can choose to pay monthly, quarterly or annually. Depending on your needs, you can add riders like critical illness or accidental death or disability to your policy. By doing this, you can enhance the financial payout that your family receives in case anything happens to you, the policyholder. In the unfortunate event of the demise of the policyholder, the nominee receives the sum assured, which they can use to clear outstanding debts or take care of day-to-day expenses. As the policyholder, you can decide how you want your family to receive the payout – either as a single lump-sum or with monthly installments that can help them deal with long-term EMIs or even inflation. With a term plan, you ensure that your family doesn’t have to struggle financially if they were to suddenly lose you and everything you contribute to their lives.

Which Factors Affect Term Insurance Premiums?

Your term insurance premium depends on several factors, including:

Age Factors Affecting Term Insurance Premiums


In term insurance plans, premiums are generally lower for young and healthy individuals due to their lower risk status, unlike older individuals who may face higher premiums due to potential health concerns.

Gender Factors Affecting Term Insurance Premiums


Studies show that women, on average, live longer than men. So, insurance companies often provide women with favourable premium rates in term plan, since they may pay for longer.

Health and Medical History affecting Term Premium

Health and Medical History

When you purchase a term plan, you have to answer questions about your medical history and provide details about your family members. Health issues such as heart attacks or kidney failure may be passed on from parents to children. If you or your family members have a history of certain health conditions, your premium could increase.

Lifestyle Habits affecting Term Plan Premium

Lifestyle Habits

Individuals who often partake in adventure sports, drink alcohol and smoke or consume tobacco in other forms regularly are considered high risk. So, insurance companies charge them a higher premium. You must honestly disclose these details while applying for term insurance to avoid your nominee’s claim getting rejected later.

Profession affecting Term Plan Premium


Certain individuals have jobs that place them in risky situations every day. People like sailors and pilots or those who work with hazardous materials may have to pay higher premiums for their term insurance plan than their friends with less dangerous jobs.

Policy Tenure and Sum Assured in Term Plan

Policy Tenure and Sum Assured

The premiums you pay for your term insurance plan are directly influenced by both the sum assured and the policy tenure. It's important to note that a higher sum assured will result in a correspondingly higher premium.

Why Buying Term Insurance is a Must During COVID-19 Pandemic?


Term insurance plan are the most basic life insurance product available in the market. They provide life cover at affordable premiums. They are ideal for individuals who have certain financial obligations and do not wish to leave their family members with any kind of debt if something were to happen to them. During the COVID-19 pandemic, it became more crucial than ever to buy term insurance.


Many individuals succumbed to the disease after long stays in the hospital. This left their families with broken hearts and mounting hospital bills that they might not have been able to afford. The payout from a term insurance policy could help these individuals pay off outstanding medical expenses and other debts.


A term plan can provide your loved ones with financial stability during an incredibly difficult time.

Why Choose HDFC Life’s Top-Selling HDFC Life Click 2 Protect Super?

Multiple Customisations

Multiple Customisations

Pick from three plan options and riders to customise your cover and receive policy benefits based on your needs.

Accelerated Payout Option with Term Policy

Accelerated Payout Option

If the policyholder gets diagnosed with a covered terminal illness, they receive the sum assured payout earlier. They can use the money to pay for medical treatments.

Increasing Death Benefit with Term Policy

Increasing Death Benefit

Choose to increase your sum assured amount, up to 200% of the plan value, under the policy’s Life variant.

Critical Illness Benefit with Term Policy

Critical Illness Benefit

Enhance your cover with the Critical Illness Plus Rider and receive the sum assured payout upfront after covered critical illness diagnosis.

Accidental Death and Disability Benefits

Accidental Death and Disability Benefits

Receive an additional financial safety net with the HDFC Life Protect Plus rider^ after an accident leaves the insured permanently disabled or becomes fatal.

Maturity Benefits with Term Policy

Maturity Benefits

Receive a maturity benefit equivalent to all premiums paid over the policy tenure when you choose the return of premium plan option and survive the policy term.

Cover for Your Spouse with Term Policy

Cover for Your Spouse

The policy allows you to get additional coverage for your spouse, ensuring that your children remain financially secure, regardless of what happens.

Smart Cancellation Benefits with Term Policy

Smart Cancellation Benefits

If you cancel your policy, you can use the Smart Exit option to receive an amount equivalent to all base premiums paid at the time of cancellation.

Waiver of Premium Benefits with Term Policy

Waiver of Premium Benefits

Future premiums of term insurance plans get waived after the diagnosis of a covered critical illness or after total and permanent disability.

Term Insurance Buying Guide

Here is a detailed guide that you can follow while buying your term insurance plan:


Always compare

Different people and households that have different financial needs and goals. Therefore, it is important to compare the options available when looking for a term insurance plan. This will help you find the plan that offers the best financial security for your family, keeping future needs, health conditions, medical requirements, debts, loans, liabilities, and more in mind. 


Check the Claims Settlement Ratio

Every life insurance provider maintains a claims-paid ratio or the claim settlement record. It is a critical piece of information for a customer who can assess the company’s claim clearance track record before making a final decision. It indicates how easily your dependents will get the claim benefit as per the plan you choose. HDFC Life has an Individual Death Claim Settlement Ratio (CSR) of 99.39%5.


Check the Persistency Ratio

Read up online about how other customers feel about the company and your selected product. Other’s experiences and complaints, if any, provide insight into whether the plan and the company’s customer service, policy and experience. The annual persistency ratio is a good indicator of the insurer’s service capabilities. 


Check the Solvency Ratio

The solvency ratio of an insurer is a representation of their financial situation in accordance with the solvency norms. It is the size of their capital with respect to the risks taken. By checking this ratio, you know if the company has sufficient funds to settle the claims in the short or long run. Usually a solvency ratio of 150% is acceptable.


Understand the specific benefits of the policy

If you are unclear about the benefits your policy offers, you can make wrong decisions when buying. It can also leave the beneficiaries confused while filing a claim. Make sure that the benefits offered under the policy are a good or close match to your financial requirements. This careful analysis will help you select a policy best suited to you. 


Carefully Select the Insurance Riders

As a policyholder, understand that you need cover not only for death but also for critical illness, disability and accident. As these situations too can severely impact the financial health of your family, it is only wise to add suitable riders to your term plan for enhanced financial backup.


Decide between Lump Sum and Regular Income Payout

Your term insurance plan offers a choice in the payout. You can opt for a total lump sum payout or a combination where a part payment is made in a lump sum, and the remaining goes out as regular monthly income. This helps the beneficiaries meet their immediate needs and sustains them for months. The lump sum can be reinvested for future financial needs. 


Check Online Availability

In today’s digital era, it is important to have an insurance provider who is available online and offers faster resolution to queries. Check for online contact options and customer support numbers. You can try reaching out to check how fast your query is resolved and whether the support team is equipped to handle online queries satisfactorily Their responsiveness will matter in the long run.

Listen to what our Financial Consultants have to say

Financial Consultant Testimonials | HDFC Life


Documents & Eligibility Criteria for Term Insurance Plans

The documents required to apply for a term plan include:

Acceptable Identity Proofs and Address Proofs

Sr. No


Identity Proofs

Address Proofs






Voter’s Identity Card issued by Election Commission of India




Permanent Driving License




Aadhaar Card




Central KYC Identifier (can be accepted, if the downloaded documents are from the list of Officially Valid Documents (OVD) reflecting across Sr. No. 1 to 4 and there is no change in the address basis the document downloaded from Centralized KYC Registry (CKYCR) database as mentioned on the proposal form)




Utility bills not more than two months old




Receipt of Property tax



Acceptable Income Proof

Sr. No



Self Employed 


Bank statement with proof of credit of salary




Income Tax Returns - last two years




Form 16 for the most recent year or PAN Card




CA verified profit loss document




Income Tax Returns - last two years




Income calculation




Form 26AS




Audited balance sheet - last two years



Terms Related To Term Insurance

The amount of financial protection that the policyholder can receive is referred to as coverage.

An individual’s insurability measures the conditions that could affect their health or life expectancy or make them susceptible to injury.

The maturity date refers to the day when the policy automatically ends and the insured receives the benefits of the term insurance plan, if any.

A nomination refers to the process during which the insured authorises another individual to receive the death benefit payout. The authorised individual is called the nominee.

The premium is the amount the insured must pay to keep their term policy active. Premium payments can happen as a lump sum or in instalments

The insured may opt to end the term plan before the maturity date. The amount they receive when they do so is known as the surrender value.

Your term insurance company will have a Individual Death Claim Settlement Ratio (CSR). It refers to the number of claims they settle against all claims received in a year. At HDFC Life, our CSR is 98.66%.

Term insurance add-ons or riders provide an additional element of financial protection over and above what your policy offers at an added cost. For example, you can pay for an accidental death rider, which provides an additional payout in case the insured meets with a fatal accident.

The sum assured is the amount you choose as your term insurance payout in case anything happens to you. It is the amount the term insurance company will provide to your nominee. The sum assured plays a part in determining the premium for the plan.

The sum assured is also known as the death benefit. It is what the nominee receives in the unfortunate event that that policyholder passes away.

The individual who enjoys life coverage under the policy is called the insured.

Term policies now offer a maturity benefit. The amount the insured receives is known as the maturity claim.

Some policies are insurance-cum-pension plans that offer a regular payout. The age at which the insured starts receiving the payouts is known as the vesting age.

FAQs on Term Insurance

We’ll tell you everything you need to know about Term Insurance.

1 What is the age limit to buy a Term Plan?

The age limit within which an individual may purchase a term plan range between 18 to 65 years.

2 Why is the term insurance premium amount for smokers higher than that of a non smoker?

Smoking could potentially lead to health risks such as cancer or heart disease. So, smokers have a higher mortality risk than their non-smoking peers. To help cover their higher mortality rates, term insurance companies charge smokers a higher premium.

3 Is COVID-19 covered by HDFC Life Term Insurance Plans?

During these harsher living conditions presented by the pandemic, HDFC Life Term Plans have got your covered for Covid-19 as well. All life insurance policies issued by HDFC Life cover COVID-19* claims. For more queries on term insurance, visit the HDFC Life website.

Covid-19 disclaimer: “The settlement of Claim would be subject to declaration of all pre-existing medical conditions at the time of policy purchase and in accordance to applicable terms and conditions of policy contract"

4 What kinds of deaths are not covered in term insurance?

Term plans will not cover any deaths caused by self-inflicted injuries or suicide. Additionally, deaths caused by intoxication or sexually transmitted diseases like HIV or AIDS are not covered. The insurance company will carry out investigations into every claim. If they uncover any kind of fraud, the death will not be covered.

5 What documents are required to buy a term plan online?

To buy term insurance, you will need to submit the following documents:

1. Any one of these Officially Valid Documents as ID and Address Proof:

Passport, Voter’s ID, Aadhaar Card, PAN Card, National Population Register containing details of name, address and Aadhaar number, or any other Central Government issued document

In case Officially Valid Documents does not contain updated address, you may submit any one of the following as Address Proof:

Property or Municipal Tax Receipt, Utility Bill of electricity, telephone, post-paid mobile connection, piped gas, water not more than two months old, Pension or family pension payment orders (PPOs) issued to retired

2. Any one document can be used as Income Proof for the Salaried:

Bank statement showing salary credit for the latest 3 months, Latest year Form 16, Latest 2 years Income Tax Returns

3. Any one document can be used as Income Proof for the Self-Employed:

Form 26 AS, CA certified Audited balance sheet and profit loss account for latest 2 years, Latest 2 years Income tax returns not filed in the same year along with Computation of income. If the computation of income is not available, you will need to provide the income tax returns for the last 3 years.

6 Can I have multiple term insurance policies?

Yes, you can have multiple term insurance policies in order to ensure that your loved ones can achieve their life goals in the case of any unfortunate event. They can also manage to pay off liabilities such as loans in your absence.

7 Does Term Insurance Plan cover death or health related issues?

Yes, the HDFC Life Term Plan covers issues related to health and death. There are riders that come with the term plan among which are the basic death benefits and health benefits that you can avail in accordance to your needs. Being the cheapest and one of the most affordable types of insurance available, term insurance plans serve to provide protection with a life cover for your family.

The critical illness rider can be opted for protection from a critical illness. In such a case, you will receive the sum assured upon diagnosis. This is in addition to the benefits that are to be received in case of death during the policy term.

In case of unforeseeable events within the policy term, the nominee that you chose while filing for the term insurance receives the death benefits. The nominee, who is also referred to as the beneficiary, receives a lump sum amount as part of death benefits.

8 Should I buy a term plan or a traditional life insurance plan?

It is a smarter move to invest in term insurance plans in comparison to traditional life insurance policies. While both cover the risk of premature death, the difference between term insurance and life insurance lies at the point of maturity.

A conventional life insurance plan with maturity benefits, like moneyback policies, endowment policies, retirement policies, etc., is typically 10 times its premium amount. From the perspective of wealth creation, such products provide 3% to 4% interest rate which is largely what you get had you kept your funds in your savings bank account. With term insurance policies your net gain is higher in comparison to a life insurance product that comes with a maturity benefit.

However, the choice needs to be on the basis of your life goals.

Other benefits that make buying a term plan a wise decision are:

Death Benefit: Even though term life insurance provides a death benefit in the event of the policyholder’s demise prior to the maturity of the term policy as opposed to life insurance offering both death and maturity benefit, the compensation offered by a term insurance policy's much higher.

Low Premiums: Term plans offer higher risk coverage on low premium but does not create wealth like life insurance policies.

Flexibility: It is a much simpler process to surrender term plans compared to conventional life insurance policies.

9 Can I change the frequency of payment for my term plan?

There might be instances when you would like the change the premium payment frequency.

“For example - If you have been paying your premium yearly, you might want to change it to monthly or if you have been paying your premium monthly, you might want to change it to yearly.”

With HDFC Life’s term insurance policy, you can change your premium payment frequency anytime.

10 Can you cash out term insurance policy?

Term insurance plans generally do not offer maturity benefits, so they do not have any cash value. Given this, it is not possible to cash out a term insurance policy. The policy will only provide a cash benefit in case something happens to the insured individual.

11 Do term insurance plans offer tax benefits?

Yes. The premium you pay for the upkeep of your term plan, up to INR 1,50,000 per year, is tax-deductible under Section 80C of the Income Tax Act, 1961. Additionally, the payout you or your nominee receive will also be tax-free under Section 10(10D)

12 What is the policy term that I should select?

Ideally, you should select a term for your whole life or one that will see you through until your retirement. You can purchase a policy when you’re in your 20s for affordable premiums in the coming years

13 Should you opt for Limited pay or regular pay term insurance plan?

Your decision should depend on your financial ability to pay premiums. If you can afford small regular payments, you can commit to a regular pay term plan. With this option, you can pay every month, quarter, six months or year. Conversely, if you can afford to payhigher premiums quicker, you can opt for a limited pay option.

14 Can I change the frequency of life cover after the term insurance policy is issued?

Yes, many insurance providers will allow you to change the frequency with which you make premium payments toward your term insurance plan. But, you will only be able to make the change when the policy is up for annual renewal.

15 Do you get your money back at the end of the policy term on survival?

This depends on the type of plan you purchase. If you have a return of premium policy, the insurance provider will return the premium amount once the policy expires. Most regular term plans do not offer any monetary benefit at the end of the policy term if the insured survives.

16 What if I become NRI after purchasing a term plan?

If you happen to shift residence out of India after purchasing a term plan, you must let your insurance provider know about the upcoming shift in writing. The company will then confirm whether they will keep your policy active or not. Typically, they will keep your policy going as long as you pay the premiums on time. However, some policy providers will not cover risks in particular countries. So, make sure you document their approval before you move.

17 Why should I buy a term insurance policy?

Term insurance policies provide your loved ones with financial security at a particularly difficult time in their lives. Additionally, depending on the term plan you choose, you can also secure your own financial future in case you’re diagnosed with a critical illness or you meet with an accident that leaves you permanently disabled.

18 How much cover should I take in a term insurance plan?

The amount of coverage that you should ideally opt for in a term plan can be determined with the help of several parameters.

  • Current Annual Income: The generally accepted thumb rule is 20 times your current annual income which more or less factors in all possibilities like life cover, high inflation, and the rising costs of living that helps to decide your overall term insurance plancoverage.
  • Current and Future Financial Commitments: Outstanding loans and debts are yet another key factor that is considered when determining your term policy coverage. If you are the primary breadwinner of the family, you must opt for a large enough coverage that will secure your family, take care of ongoing and future financial obligations in your absence.
  • Financial Goals: Factor in all liabilities that you need to meet in the future when deciding on the sum assured for your term insurance plans. The whole point is to make sure that your family is able to maintain their lifestyle and meet financial goals in the event of your sudden demise.
  • Age at the time of Policy Purchase: You can use the term insurance calculator to reach a decision. 20x of current annual income if you are in your 20s, 15x of annual income if you are in your 30s, and 10x of annual income for those in their 40s. Remember to add any outstanding debt to this calculation too.

Duration of the Coverage: It is best to purchase young and opt for a maximum tenure of coverage on your term plans.

19 What are the in-built benefits offered under the HDFC Life Click 2 Protect Super plan?

You can enjoy the following benefits with your HDFC Life Click 2 Protect Super10 policy depending on the plan variant and add-on covers you select:

  • Death benefit paid to your nominee in case anything happens to you
  • Accelerated death benefit paid in case of a terminal illness diagnosis
  • Return of premiums if you outlive the policy term
  • Waiver of premiums in case of a critical illness diagnosis or permanent disability

20 Can the nominee be changed after I have purchased the term insurance policy?

Yes. After you have purchased a term insurance policy, you are free to update the name of your nominee at any time. You may want to add a spouse after you get married or add your children as nominees as well.

21 Do I need to buy term insurance even if I am covered under my company's group policy?

It’s a good idea to purchase an individual term plan even if you’re covered under your company’s group policy. Group term plans often do not offer very high cover amounts. Individual plans, on the other hand, can be customised to suit your individual needs. You can decide your sum assured and how you’d like the payouts to be made to your nominees. Individual plans also offer continuous cover, which may not always be the case with group plans. If you happen to leave the group, you will no longer enjoy the life cover offered, which leaves you and your family with significant financial risk. With both an individual and a group policy, you can enjoy enhanced cover at all times, irrespective of whether you opt to change your job at any time.

22 What happens to the term insurance policy if the premium is not paid before the due date?

With a term insurance policy, if the insured individual fails to pay the premium before the due date, the policy will automatically lapse. This means that you will have to forfeit all the premiums paid so far and the insurance benefits. If you would like to get life cover again, you will likely have to purchase an entirely new policy.

23 What happens to a term insurance policy if the insured individual outlives the policy term?

Term insurance policies mainly offer the nominees of the individual a death benefit. If you happen to outlive your policy, the policy will end so you no longer have life cover and in most cases, you will not receive any kind of maturity benefit. If you’ve purchased a term plan that offers a maturity benefit, then you will receive it once the policy term expires. Before the term expires, you have the option of converting your term life insurance policy into a regular life insurance policy. You can check with your insurance provider on whether this is possible and ask about the process for the same.

24 How do I select the best term insurance policy for myself?

The term insurance policy that you choose will depend on your financial requirements. First, you must decide whether you want a simple term plan or if you’d like to get critical illness and disability cover as well. Next, you should look for policies that also offer maturity benefits, such as the return of the premium. Finally, you should look at the sum assured on offer. The sum assured that you opt for will depend on the number of dependents you have and the kind of lifestyle you’d like your family to enjoy in the future. Once you understand your needs and requirements, you’ll be able to select the right term insurance policy.

Key Takeaways

Term Insurance Plan offers you:
  • key points

    A low entry age of just 18

  • key points

    Premium payment and benefit payout flexibility

  • key points

    Long-term protection for life

  • key points

    High life cover with affordable premiums

  • key points

    Enhanced coverage with accidental disability and critical illness add-ons

  • key points

    Tax savings

  • key points

    Maturity benefits

  • key points

    Opportunity to secure your family’s financial future

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HDFC life
HDFC life


Reviewed by Life Insurance Experts


We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

  1. Available under Life Protect and Income Plus Options only.
  2. Available as an inbuilt feature under Income Plus Option and on payment of extra premium under Life Protect Option (Fixed Term variant) and Life & CI Rebalance Option.
  3. WoP on diagnosis of CI is available as in inbuilt feature under Life & CI Rebalance Option and on payment of extra premium under Life Protect Option (Fixed Term variant).ADB option is available on payment of extra premium under Life Protect Option.
  4. As per Income Tax, 1961. Tax benefits are subject to changes in tax laws
  5. Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2020-2021. Source - https://www.hdfclife.com/claims
  6. Subject to conditions specified u/s 80C of the Income tax Act, 1961.
  7.  Subject to conditions specified u/s 10(10D) of the Income tax Act, 1961.Therefore stated views are based on the current Income-tax law. Tax benefits are subject to change in tax laws. Also, the customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.
  8. Applicable for step-up variant at Policy Term of 30 years
  9. Subject to maximum policy term of 30 years in Classic and Comprehensive variants
  10. HDFC Life Click 2 Protect Super (UIN: 101N145V02) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product.
  11. This can be exercised in any policy year greater than 30, but not during the last 5 policy years

##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2022-23.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

^ Available under Life & Life Plus plan options

^^ The names of the people used are examples only

***Online Premium for Life Option, Male Life Assured, Non-Smoker, 25 years of age, Policy term of 30 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Annualized Premium of 9214/365=25.7)

*Online Premium for Life Option, Male Life Assured, Non-Smoker, 25 years of age, Policy term of 30 years, Regular pay, Monthly frequency, exclusive of taxes and levies as applicable.

**7% online discount available on 1st year premium only!

ARN - ED/04/24/10534