• Check the premium payment rules and the applicable 15–30-day grace period.
• Understand the death cover, exclusions and claim requirements.
• Check whether renewal, riders or other policy options are available.
• Most pure term insurance plans generally do not have a surrender value.

Read the policy terms carefully before making a decision. Explore term insurance plans and get a quote after checking the coverage, conditions and benefits that suit your needs.

Before choosing a plan, pay attention to the following:

Before choosing a plan, compare the coverage, premium and applicable policy conditions. Get a quote after assessing the protection your family needs.

Understanding them can help you make a more informed decision and know what to expect during the policy term.

• Clarifies your coverage:

The policy document explains the coverage provided under your plan. It also sets out the conditions, limitations and exclusions that apply.

This helps you understand what the insurer has agreed to cover instead of relying only on general information about term insurance.

• Helps avoid surprises:

Reading the policy terms before buying can help you identify important conditions related to premiums, exclusions, claims and other policy features.

This is particularly useful when your family may need to make a claim in the future.

• Helps you use policy features correctly:

Some plans may offer additional features or riders. Understanding their terms can help you decide whether they are relevant to your needs and how they work.

Do not assume that every rider or feature is available under every term insurance plan.

• Helps you understand exclusions:

Knowing what is not covered is as important as knowing what is covered. If a particular risk is excluded or subject to conditions, you can understand the limitation before choosing the policy.

Understanding the policy terms can make comparing plans easier. Check your premium and review the applicable coverage conditions before choosing a plan.

Some commonly discussed areas include:

• Suicide clause:

Term insurance policies generally contain a suicide exclusion applicable for a specified period from the start or revival of the policy, as stated in the policy terms. The source refers to a 12-month period.

The exact benefit payable in such circumstances depends on the applicable policy terms and conditions because every policy handles a suicide claim in exactly the same way.

• Pre-existing illnesses and disclosure:

A pre-existing medical condition should be disclosed accurately when you apply for term insurance. The insurer evaluates the information provided while assessing the policy.

A condition that was not disclosed or was incorrectly disclosed can create issues during claim assessment, depending on the circumstances and applicable policy terms. Therefore, provide complete and accurate health information when applying.

• Dangerous or hazardous activities:

Some policies may contain exclusions or conditions relating to hazardous activities, hobbies or occupations. For examples activities such as racing or mountain climbing.

Whether a particular activity is covered depends on the policy terms. Check the exclusions before purchasing the plan, especially if your occupation or hobbies involve higher-risk activities.

Use these steps to review your policy:

1. Read the policy document: Go through the key sections and conditions before accepting the policy.
2. Check the exclusions: Identify situations that are not covered or have specific conditions.
3. Review the premium terms: Check the premium amount, payment frequency, due dates and applicable grace period.
4. Understand the claim requirements: Check which documents and information may be required when making a claim.
5. Review additional features: If the plan includes riders or other features, understand their individual conditions.
6. Ask for clarification: If a clause is unclear, speak with the insurer or an authorised representative before making your decision.

Keeping a copy of your policy document and understanding its important terms can also help your nominee later.

Compare plans based on their coverage and policy conditions, then check your premium estimate before making a decision. Get quote!

Premium and policy questions:

What happens if I miss a term insurance premium payment?

If you miss a premium payment, your policy may provide a grace period during which you can pay the outstanding premium. The source specifies a 15–30-day grace period. Check your policy document for the exact period applicable to your payment frequency and understand what happens if you do not pay within it.

Can I change my term insurance coverage during the policy term?

Whether you can increase or decrease your coverage during the policy term depends on the specific plan and its conditions. If such an option is available, it may be subject to underwriting or other requirements. Check your policy terms or contact the insurer to understand whether your plan permits changes to the coverage.

Coverage and riders:

What riders can I add to my term insurance plan?

The riders available depend on the specific term insurance plan. The source mentions Accidental Death, Critical Illness and Waiver of Premium riders. These can provide additional protection when the applicable conditions are met. Before choosing a rider, check its coverage, exclusions, eligibility and additional premium.

How do I know what my term insurance plan covers?

You can check the policy document for the sum assured, policy term, exclusions, premium conditions, claim requirements and other applicable terms. Reading these sections before purchasing helps you understand the scope of your coverage and the conditions that apply when your family makes a claim.

Tax and claims:

Are there tax benefits on term insurance premiums?

Premium deductions for eligible life insurance policies are subject to the applicable tax law and tax regime. From 1 April 2026, eligible premiums can qualify for deductions of 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, subject to applicable conditions.

Tax benefits on premiums are not available under the new tax regime. Death covers can qualify under both old and new tax regimes, subject to applicable conditions. The applicable provision is Section 11 of the Income Tax Act 2025, effective from 1 April 2025, which replaces the earlier Section 10(10D) provision.

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

Understanding the terms and conditions of your term insurance policy can help you make a more informed decision about your family's financial protection.

Pay attention to the premium payment rules, grace period, death cover, exclusions, claim requirements, renewal conditions and surrender provisions. These details explain how your policy works and what conditions apply during the policy term.

It is equally important to provide accurate information when applying for the policy and to read the exclusions carefully. This can help your family understand the coverage and follow the required claim process if needed.

Before choosing a plan, compare the coverage and policy conditions with your financial needs. Get a quote and explore term insurance options that fit your protection requirements.

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