• A Rs. 10 lakh policy provides a fixed sum assured during the policy term.
• Longer policy terms can affect the overall premium.
• Riders such as critical illness or accidental death cover can increase the premium.
• Your financial needs should determine whether Rs. 10 lakh provides sufficient protection.
• You can use a term insurance premium calculator to obtain a personalised estimate.

Explore term insurance plans based on your protection needs. Check plans and get a quote to understand the premium applicable to your profile.

A Rs. 10 lakh term insurance plan provides life cover with a sum assured of Rs. 10 lakh for the selected policy term. You pay premiums according to the policy's payment schedule, and the nominee receives the applicable death benefit if the policyholder dies during the policy term, subject to the policy terms and conditions.

Term insurance primarily provides protection rather than savings or investment benefits. Therefore, the key consideration is whether Rs. 10 lakh would be sufficient to meet your family's financial requirements if you were no longer around.

It may help your family manage expenses such as household costs, loans or other financial commitments after your death.

• Family expenses: The death cover can provide financial support to your dependents.
• Debt protection: The payout can help address eligible outstanding loans or other liabilities.
• Income replacement: The death benefit can provide a financial cushion after the policyholder's death.
• Additional protection: Available riders can extend the policy's protection for specified risks.
• Flexible coverage: You can choose a policy term and premium payment mode based on the available options.

A Rs. 10 lakh cover may not be sufficient for every family. Assess your coverage needs before deciding on the sum assured.

You can explore term insurance plans starting at Rs. 14/day* for Rs. 1 crore plan through Bajaj Finance Insurance Mall. Get quote for a plan that matches your requirements.

A Rs. 10 lakh term insurance plan works by providing life cover for a specified period in exchange for regular premium payments.

If the policyholder dies during the policy term, the insurer pays the applicable death cover of Rs. 10 lakh to the nominee, subject to the policy terms and conditions.

If the policyholder survives the policy term, a standard term insurance plan generally does not provide a maturity benefit, as its primary purpose is life protection.

One of the key features of term insurance plans is that they offer high coverage at affordable premiums, making them a convenient and accessible choice for individuals across different age groups. Here are some key features of a 10 lakh term insurance policy to consider:

Its benefits include:

• Basic financial protection: Provides a Rs. 10 lakh death benefit during the policy term, subject to applicable conditions.
• Support for dependents: The payout can help your family manage essential expenses.
• Debt protection: The benefit can be used towards eligible loans and other financial commitments.
• Customisation: Available riders can provide additional protection for specified risks.
• Flexible tenure: You can select from the policy terms available under the plan.
• Premium planning: You can choose an applicable premium payment mode based on your financial situation.

The right sum assured depends on your family's actual financial requirements rather than the premium alone.

The sum assured should reflect the financial support your family may need if you are no longer there to provide for them. A Rs. 10 lakh cover may be suitable for some basic protection needs but may be inadequate when you have substantial liabilities or several dependents.

Consider your outstanding debts, household expenses, children's education and other long-term financial responsibilities when assessing the required cover.

Choosing too little cover can leave a financial gap, while unnecessary additional cover can increase your premium commitments.

Explore plans and choose as per your financial needs and goals. Get quote online!

How do you buy a life insurance plan through Bajaj Finance Insurance Mall?

Buying a life insurance plan online takes under 10 minutes. Compare plans on Bajaj Finance Insurance Mall — no branch visit required. Here are the steps:

1. Click on 'Get Quote' on the life insurance page to visit the online application form.
2. Enter your name, mobile number, email ID, DOB and gender and click on ‘Proceed’ to generate a personalised premium estimate across available plans.
3. Share details related to your lifestyle, occupation, education, income and PIN code. Click on ‘View Plans’.
4. Review the plan details, riders and premium breakup. Add optional riders, such as Critical Illness Benefit or Accidental Death Benefit, if relevant to your profile.
5. Click on ‘Buy Now’ on the plan and a representative will call you back to explain the products available and help you make an informed decision.

Other factors that may be considered are occupation and selected riders. Riskier occupations may affect the premium, while additional coverage can increase the amount payable.

Consider these factors:

• Assess your coverage needs: Consider debts, education expenses, household costs and dependent requirements.
• Compare plans: Review premiums, features and available policy terms.
• Consider riders: Assess whether additional protection for specified risks is relevant to you.
• Review claim settlement information: Consider the insurer's claim settlement information when comparing policies.
• Read policy terms: Check exclusions, applicable conditions and other policy requirements.
• Consider online plans: Online purchase options can simplify the application and comparison process.

Compare available plans to see how the premium and coverage align with your financial requirements. Get quote!

Term insurance premiums and death covers may qualify for tax benefits subject to applicable tax provisions and conditions.

From April 01, 2026, premium deductions qualify up to Rs. 1.5 lakh per year under Section 123 of the Income Tax Act 2025, which replaces Section 80C of the Income Tax Act 1961. Section 80C was applicable up to March 31, 2026 for taxpayers who opted for the old tax regime.

Death cover and maturity benefits now qualify under both the old and new tax regimes, subject to applicable conditions. The applicable provision is Section 11 of the Income Tax Act 2025, effective from April 01, 2025, which replaces the old Section 10(10D) of the Income Tax Act 1961.

Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors.

The premium for a Rs. 10 lakh term insurance plan varies based on factors like age, health, and policy tenure. For instance, a healthy 30-year-old non-smoker might pay around Rs. 1,000–Rs. 1,500 annually for a basic plan with a 20-year tenure. Including riders or opting for shorter premium payment durations could increase this amount.

Online calculators provided by insurers are an effective tool to estimate the premium. By entering personal details and preferences, you can get a customised premium quote to plan your finances accordingly.

A Rs. 10 lakh term insurance plan is a valuable investment for safeguarding your family’s financial future. It combines affordable premiums, flexible options, and essential tax benefits to cater to various needs. By understanding its features, factors affecting premiums, and claim process, you can choose the most suitable plan to ensure long-term financial security for your loved ones.

Term insurance plans by sum assured