Key takeaways

• Term insurance provides a fixed death cover during the policy term.
• Plans available through the platform start from Rs. 14/day* for Rs. 1 crore cover, subject to applicable terms and conditions.
• The cover can help with household expenses, outstanding loans and long-term financial commitments.
• Optional riders can provide additional protection, depending on the plan selected.
• Online purchase allows you to compare plans and estimate premiums without visiting a branch.
• Premiums can vary based on age, health, lifestyle, sum assured and policy duration.

Assess your financial responsibilities and required cover first. Then compare suitable plans, review the policy conditions and check the premium applicable to your profile.

Key reasons to consider term insurance:

• Affordable premiums: Term insurance generally costs less than many other life insurance products for a similar level of life cover.
• Financial support for dependants: The death benefit can help your family manage regular expenses and financial commitments.
• Flexible coverage: You can choose the sum assured and policy duration based on your needs.
• Optional riders: You may be able to add benefits such as critical illness or accidental death cover, depending on the plan.
• Financial confidence: Having life cover can reduce the risk of your family being left without financial support after your death.

Term insurance is designed for protection rather than investment. This makes it a straightforward option when your primary goal is to create a financial safety net for your family.

Read more: Importance of life insurance

Term insurance is designed to provide life cover for a defined period. One of the key term life insurance benefits is financial protection for your family if an unforeseen event occurs during the policy term, subject to the policy terms and claim assessment.

The main benefits include:

A standard term insurance plan generally focuses on protection and does not provide a maturity payout when the policy term ends. However, some term products may offer a return-of-premium option under specified conditions, so check the selected plan before applying.

Tax laws are subject to change. BFL does not provide tax or investment advisory services. Please consult your advisers.

 

Consider these factors:

• Start early: Buying term insurance at a younger age can help you access lower premiums, subject to the insurer's underwriting.
• Compare providers: Use term insurance comparison tools or visit platforms like Bajaj Finance Insurance Mall to compare premiums, coverage, and benefits, and get quote.
• Assess your needs: Consider household expenses, outstanding debts, dependants, and long-term financial goals before deciding the sum assured.
• Consider the policy duration: A longer policy term can keep your family protected for a longer period. The suitable duration should match your financial responsibilities.
• Avoid unnecessary add-ons: Choose only the riders that are relevant to your needs so that you do not pay for benefits you may not require.

There is no universal sum assured that suits every person. Your income, liabilities, dependants, and future goals should guide your decision.

Use a term insurance premium calculator to estimate premiums and assess suitable coverage options and get quote.

The right term insurance cover in Pune depends on your income, outstanding loans, dependants and future financial goals. A practical starting point is to assess 10–15 times your annual income, then add major liabilities and planned expenses while accounting for existing savings and insurance. For example, someone earning Rs. 10 lakh a year may consider Rs. 1–1.5 crore of cover, depending on their financial responsibilities. 

Your cover should remain adequate throughout the policy term, especially if you have a home loan, children’s education costs or other long-term commitments. Review your cover when your income, liabilities or family responsibilities change.

For online purchase, you can visit the insurer's official website or go on platforms like Bajaj Finance Insurance Mall, where you can compare term insurance plans offered by trusted insurers at affordable premiums.

How do you compare plans through Bajaj Finance Insurance Mall?

Simply follow the below steps:

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

What is the offline process?

You can also complete the purchase through a branch or insurance agent.

1. Visit a branch or consult an insurance agent in Pune.
2. Discuss your financial requirements and select a suitable plan.
3. Provide the required personal and supporting documents.
4. Complete the application process and choose the required coverage.
5. Make the payment through the available payment method, such as cheque or online transfer.
6. Receive the policy documents after the application has been processed.

The right route depends on whether you prefer completing the process digitally or receiving in-person assistance.

When choosing a life insurance policy, it’s important to understand the key differences between term insurance and other policies, such as whole life or endowment plans. Below is a comparison to help clarify the differences.

Term insurance in Pune, Maharashtra, can help protect your family's financial needs through a defined policy term. The suitable cover depends on your income, liabilities, dependants, financial goals and the period for which you need protection.

Before choosing a plan, compare the sum assured, premium, policy term, riders, exclusions and applicable conditions. You can use online tools to compare options and estimate premiums, or choose an offline process if you prefer assistance.