Importance of Term life Insurance

We all would have heard it a hundred times that Life is unpredictable, but very few of us understand this. Just like our life, death is also unpredictable and we never know what will happen in the future. Therefore, it is important to be prepared for unseen events of the future and taking up a good life insurance is one of the sure fire ways to make our and our family’s future secure.

Term Life Insurance is an agreement between the insurer and policy holder that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the policy holder. Life Insurance provides for financial security in the event of death or on the inability to earn due to physical disabilities.

Premium table for IndiaFirst Anytime Plan

Premium table for IndiaFirst Anytime Plan:

Age and Term		5	10	15	20	25	30
30		3,472	3,472	3,675	4,012	4,416	4,888
35		4,180	4,416	4,922	5,630	6,338	7,045
40		5,832	6,405	7,416	8,529	9,675	10,787
45		8,461	9,843	11,495	13,214	15,001	-
50		13,517	15,574	18,068	20,832	-	-
55		20,562	23,967	28,147	-	-	-

                                            

The mode of premium payment and the premium payment frequency of term insurance will also impact the premium amount. Following are the premium frequency factors for monthly and six-monthly that will apply to the annual premium amount.

Premium	Factor to be applied to the
frequency	yearly insurance premium
Monthly	0.0870
Six monthly	0.5119

Available Policy Term Options

Policy Term options available under the above mentioned online term insurance plan

Regular premium	Single premium
5 to 30 years	5 to 30 years

Are maturity benefits available under term insurance plan?

Since IndiaFirst Anytime Plan is a pure term insurance plan, there are no maturity benefits available under it.

Calculate premium for IndiaFirst Anytime Plan

To calculate premium for the term insurance plan, refer the chart given below:

The term insurance premium is primarily dependent on age of the policyholder at the time of application, the sum assured and the term of the plan. For example, for a sum assured of Rs. 30 lakhs, a policyholder will have to pay the following regular insurance premium