About Term Life Insurance
Loanpao offers Term Life Insurance, a pure protection plan providing financial security to your family in case of your untimely demise. It offers high coverage at affordable premiums with no investment component, ensuring your loved ones are protected.
[](https://www.tataaia.com/blogs/life-insurance/pradhan-mantri-suraksha-bima-yojana.html)Why Choose Term Life Insurance?
- Sum Assured: ₹25 lakh to ₹10 crore
- Premium: Starting at ₹500/month
- Policy Term: 5 to 40 years
- No medical examination for young, healthy applicants
- Tax benefits under Section 80C and 10(10D)
- Optional riders: Critical illness, accidental death
- Fast claim settlement within 7-15 days
Are You Eligible?
| Criteria | Requirement |
|---|---|
| Applicant Type | Indian resident or NRI |
| Age | 18 to 65 years (entry age) |
| Income | Minimum ₹3 lakh p.a. (varies by insurer) |
| Health | Declaration of good health; medical test if required |
| Bank Account | Active savings account for premium payment |
What Documents Do You Need?
- KYC: Aadhaar, PAN, or passport
- Income Proof: ITR, salary slips, or Form 16
- Age Proof: Birth certificate, voter ID, or passport
- Address Proof: Utility bill or rental agreement
- Medical Reports: If required by insurer
- Passport-size photographs
Competitive Premium Rates
| Insurer | Sum Assured | Annual Premium (₹1 crore, 30 yrs, non-smoker) |
|---|---|---|
| HDFC Life | ₹50 lakh - ₹10 crore | ₹12,000 - ₹15,000 |
| ICICI Prudential | ₹25 lakh - ₹5 crore | ₹11,500 - ₹14,500 |
| SBI Life | ₹50 lakh - ₹10 crore | ₹12,500 - ₹16,000 |
| Max Life | ₹25 lakh - ₹10 crore | ₹11,000 - ₹13,500 |
| LIC | ₹50 lakh - ₹5 crore | ₹13,000 - ₹17,000 |
Extra Charges:
- GST: 18% on premiums
- Medical Test Fees: ₹1,000 - ₹5,000 (if applicable)
- Policy Administration: ₹50 - ₹200/month
Note: Premiums vary based on age, health, smoking status, and policy term. Rates are indicative as of May 2025 and subject to change.
Calculate Your Premium
How to Apply for Term Life Insurance
- Visit loanpao.in or contact our insurance partners.
- Compare plans from top insurers like HDFC Life, ICICI Prudential, or SBI Life.
- Fill out the application form with personal and health details.
- Submit KYC, income proof, and medical reports (if required).
- Undergo medical examination if mandated by the insurer.
- Pay the premium online or via bank account.
- Receive policy document within 7-15 days.
Common Questions About Term Life Insurance
What is Term Life Insurance?
A pure protection plan that provides a sum assured to your nominee in case of your death during the policy term.
What is the minimum sum assured?
Typically ₹25 lakh, varying by insurer.
Who can apply?
Indian residents or NRIs aged 18-65 with a minimum income of ₹3 lakh p.a.
Is a medical test mandatory?
Not for young, healthy applicants; required for older applicants or high sum assured.
What is the claim process?
Nominee submits death certificate and claim form; settled within 7-15 days.
Can I add riders?
Yes, options include critical illness and accidental death riders.
What is the policy term?
Ranges from 5 to 40 years, customizable.
Are there tax benefits?
Yes, under Section 80C for premiums and Section 10(10D) for payouts.
Can I surrender the policy?
No, term plans have no surrender value.
What happens if I miss a premium?
Policy lapses after a grace period; revival possible within 2 years.