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Term Insurance in Mumbai

Mumbai, the financial capital of India, is the busiest city in the country. It offers unique opportunities for people to build their careers and achieve success. However, with its high cost of living, fast-paced lifestyle, and dense population, the city also comes with certain risks—making it wise to consider buying term insurance in Mumbai.

To delay is to regret

You may not always be around to take care of your family. And that’s when a term insurance plan ensures your family is well protected.

  • points

    Return of Premium (ROP) Option^

  • points

    Individual Death Claim Settlement Ratio of 99.68%##

  • points

    Same Day Claim Processing^^

  • Claims guaranteed

    100% Claims guaranteed15

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66 Mn.

Lives Insured@

Rs. 3 Tn.

Assets under management@

Rs. 630.8 Bn.

Total Premiums@

ROP

Return of Premium^

Same Day

Claim Processing#

99.5%

Claim Settlement Ratio##

100%

Claims guaranteed15

Get Rs. 1 Cr. Life Cover at just Rs.21/day***

17% Online Discount**

Save tax up to Rs.54,600~

Get Rs. 1 Crore Life Cover at Rs. 26/day***

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Why Do I Need Term Insurance in Mumbai?

From high living costs to rising health risks, this city's fast-paced lifestyle causes residents to overlook long-term financial planning. Opting for a term insurance plan is the key to securing the future of your family and safeguarding them against uncertainties. Let us consider the factors below to understand why term insurance is not just a financial instrument but a necessity for Mumbai residents.

  • High Cost of Living in Mumbai

  • Mumbai, India's financial capital, is renowned for its vibrant lifestyle and abundant career opportunities. However, it also ranks among the most expensive cities to live in India. According to Numbeo, as of May 2025, the average monthly expenses for a single person in Mumbai are approximately Rs. 35,418, excluding rent. For a family of four, this figure rises to around Rs.122,872 per month, excluding rent. These costs include housing, education, healthcare, and daily necessities.

    In such a high-cost environment, the sudden loss of income can place significant financial strain on families. Investing in a term life insurance policy can provide a crucial safety net, ensuring that loved ones receive a lump sum to cover expenses in the event of an untimely demise.  

    For instance, Ravikant, a 25-year-old IT professional in Mumbai, purchases HDFC Life Click 2 Protect Super (Life option) and secures 1 crore term insurance for just ₹706¹ per month. This proactive approach to financial planning is essential in a city where living costs continue to escalate.

  • Financial Protection for Your Family

  • In Mumbai's fast-paced environment, term insurance serves as a vital safeguard for families. According to Ministry of Statistics & Programme Implementation with over 60% of Indian households relying on a single income source, the sudden loss of an earner can severely impact dependents.

    Term insurance offers a tax-free lump sum to beneficiaries as per the provisions of Section 10(10D) of Income Tax Act,1961#, helping cover daily expenses, outstanding debts, and future goals like education. This financial cushion ensures that spouses, children, or elderly parents maintain their standard of living and achieve financial independence, even in the policyholder's absence.

  • Rising Health Risks and Stress in Mumbai

  • Mumbai’s urban lifestyle poses significant health challenges. The city's air quality often falls into the 'poor' category, with AQI levels exceeding 150, indicating unhealthy pollution levels. Prolonged exposure to such pollution increases the risk of respiratory and cardiovascular diseases. 

    According to the 2023 ICMR INDIAB study. India faces a growing diabetes crisis, with over 101 million individuals affected, many unaware of their condition. These health risks underscore the importance of securing financial protection. Investing in a term insurance plan with Critical Illness rider can provide a safety net against unforeseen medical emergencies, ensuring peace of mind in Mumbai's high-stress environment. 

  • Coverage Against Hazards in Mumbai

  • Mumbai's bustling traffic poses significant risks, with  by Hindustan Times. Nota4,935 road accidents and 1,108 fatalities reported in 2024 by Mumbai Police 2024 Report. Notably, two-wheeler riders and pedestrians accounted for approximately 70% of these fatalities. Given these alarming statistics, securing a term insurance policy with an Accidental Death Benefit (ADB) rider is crucial.

    This rider offers an additional payout to beneficiaries if the policyholder dies due to an accident, supplementing the base sum assured. Such coverage ensures enhanced financial protection for families, particularly in accident-prone urban environments like Mumbai.

  • Long-Term Financial Planning

  • With rising pollution, urban stress, and healthcare challenges, life expectancy in India remains uncertain. According to the World Economics Forum, India's life expectancy at birth was 72.2 years in 2024. This makes long-term financial planning essential, not optional. Choosing an affordable term insurance plan offers peace of mind by ensuring your family is financially protected.

    It helps manage future expenses like medical bills, children’s education, and long-term liabilities. A well-planned policy with adequate duration ensures financial stability, even during unforeseen life events, securing your loved ones’ future.

How Does Term Insurance Work?

Let us understand how term life insurance works with the help of a real-life example:

Rahul is a 25-year-old professional in Mumbai who buys a Rs. 2 crore term insurance plan for 20 years and pays a monthly premium3 of Rs.14122.

Here is a step-by-step flow on how it works:

  • Policy Purchase:

  • Rahul fills out the proposal form, undergoes a medical exam, and starts paying premiums.

  • During Policy Term:

  •  He regularly pays premiums to keep the policy active.

  • Death during the policy term:

  • If Rahul passes away during the policy term, his nominee receives the tax-free death benefit of 2 Crore#.

  • Outlives the policy term:

  • If Rahul survives the policy term, his coverage will end unless he has chosen a return of premium option.

How to Buy Term Insurance Online?
 

Here is a detailed step-by-step method to follow for purchasing term insurance online:

  • Step 1:

  • Go to the official website of HDFC Life and navigate through several term insurance plans available

  • Step 2:

  • Choose the term insurance plan you wish to

  • Step 3:

  • Fill out the application form with detailed information such as age, name, gender, and other details

  • Step 4:

  • Gather proof of your age, identity, and address, and click on 'Submit'. The address proofs include Aadhaar card, and a passport. Also PAN card is the Mandatory document.

  • Step 5:

    Proceed to select the features of the policy that include the payment method of premiums, riders, policy term, and more.

  • Step 6:

    Pay out the premium amount through debit or credit card, net banking, UPI, and others.

  • Step 7:

    The insurance company further reviews your submitted documents

  • Step 8:

    A copy of your chosen policy is further sent to your chosen email address, and the selected plan will be active

 

How to Buy Term Insurance offline in Mumbai?

Check out the detailed steps below for purchasing a term insurance plan offline:

  • Step 1:

  • Visit the nearest HDFC Life branch in Mumbai and select the desired sum assured for your term life insurance

  • Step 2:

  • The respective officials at the branch will provide you with a detailed guide on the next steps. Normally, the steps are similar to the online method, including submission of your age, identity, address proof, filling out the form, and more.

  • Step 3:

  • Choose the features of your chosen policy, such as the term of the policy, the riders, and the method of paying the premium amount.

  • Step 4:

  • Pay out the premium amount through debit and credit card, UPI, or in cash

  • Step 5:

     The company further reviews your submitted documents

  • Step 6:

  • A copy of your chosen policy is then further sent to your registered email address, and your chosen plan will be active

HDFC Life Branches in Mumbai

Address

Map

When Should I Buy a Term Insurance Plan?

Read the table below to get a detailed idea about when buying a term insurance plan can be helpful.

Age Group

Why Buy at This Age

Key Benefits

20 – 25 Years

You are just starting your career in Mumbai. 


1. Pay low premiums because of young age and good health
2. Maintain financial discipline
3. Provide peace of mind to parents back home who worry about your safety and future

 

26 – 30 Years

At this age, you are financially independent


1. Payment of affordable premiums
2. Secures the future of your dependents and parents 
3. Along with getting a Term Plan, you can cover new financial goals, that as a dream flat in Mumbai or your first car

 

31 – 35 Years

Marriage, EMIs and growing a family in Mumbai


1. Protects spouse and the future of children in a city where education & healthcare are not cheap
2. Provides comprehensive coverage of long-term loans
3. The premium amount is reasonable if purchased term insurance within this age group

 

36 – 40 Years

Multiplying of your responsibilities, ageing parents, and schooling of your kids in Mumbai


1. Ensure that maintaining the child's education and a safe lifestyle for the family stays uninterrupted
2. Offer coverage against financial commitments- Retirement,   3. Brings peace of mind during the active years of working without financial anxiety 

 

41 – 45 Years

Health risks and rising medical expenses, stress and work deadlines


1. Offers a safety net as health risks grow 
2. Provides support to the family as you approach years of retirement years
3. Helps to manage rising medical costs along with other expenses
4. Get covered with multiple add-on riders like critical illness, accidental death, and waiver of premium, enhancing your coverage based on your needs

46+ Years

Pre-retirement planning in Mumbai

1.  Ensures your spouse is financially independent in your absence. 
2. Provides the option of Return of Premium (ROP), where you get back the premiums paid if you outlive your policy term  
3. Upon a terminal illness diagnosis during the policy term, the terminal illness benefit offers an advance payout, providing crucial financial support.

  

FAQS about Term Insurance in Mumbai

1

Can you buy term insurance offline?

Yes, you can buy term insurance offline by going to your nearest insurance company branch or approaching any authorised agent. The agent assists you in guiding you through the entire process, helps manage paperwork and provides a detailed explanation of details of policy to choose the right coverage as per your needs.

2

Which Mumbai branch assists in buying term insurance?

The available 15+ branches in Mumbai offer assistance for purchasing term insurance. Visiting any of your nearby branches is essential for assistance.

1. The above premium rates are for a non-smoker healthy male, age is 25, Policy Term 20 year & Premium Paying Term is 20 year. inclusive of 5% online discount (applicable only for 1st year premium) and exclusive of taxes & levies as applicable. HDFC Life Click 2 Protect Super (UIN: 101N145V08) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product.

2. The premium price is subject to change based on variations in customer profile, policy term, premium payment term, and selected death benefits.

3. The premium amount is exclusive of taxes & levies.

15. HDFC Life Click 2 Protect Ultimate(UIN: 101N179V01) A Non-Linked, Non-Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. The policy must be in force on the date of death, with all premiums fully paid, except for the exclusion clauses mentioned in Part F of the policy document.

*** Riders are subject to payment of additional premium.”

#Tax benefits & exemptions are subject to the conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. 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.

**If a customer is a Salaried individual and has opted for a cover of INR 2 Cr with Limited pay, then the total discounts applicable shall be: 10% +7% = 17% discount on the first year premiums.
 
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
 
^ Available under Life & Life Plus plan options
 
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 24-25
 
^^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
 
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024

HDFC Life Click 2 Protect Super (UIN: 101N145V08) is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. Life Insurance Coverage is available in this product.

ARN- ED/05/25/23875