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 Term Insurance Term And Conditions

Policy documents of a term insurance policy have terms and conditions of the policy which the policyholder has to abide by. Under these terms and conditions every detail about the policy is mentioned which includes the free-look period, grace period, premium modes/frequency, exclusions and inclusion. One must read the terms and conditions carefully before purchasing a term insurance policy.

Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
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    Tax Benefit
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*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

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1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Terms and Conditions on Term Insurance Plans

Term Insurance Term and Conditions

Following are the terms and conditions of a term insurance policy:

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Terms and Conditions on Term Insurance Plans

  • Free Look Period: Under term insurance policy a free look period of 15-30 days is offered where the life assured can choose to cancel or return the policy if he/she is not satisfied with it. The life assured can cancel or return the policy by stating valid reasons for not being satisfied with the policy. If the life assured decides to cancel the term insurance policy under the provided free-look period the insurance company will return the premium paid after deducting the medical examination expenses incurred by the insurance company and after deducting proportionate risk premium.
  • Grace Period: Insurance provider offers a 30 days grace period from the date of first unpaid premium payment. If the premium is not paid within the grace period, the term insurance policy will be considered lapsed.
  • Revival of Policy: Term insurance policies can be revived within the 2-5 years of policy lapse. The policy can be revived by paying due premiums with the current rate of interest. Rate of interest changes from time to time and depends on the insurance provider.
  • Tax Benefits: Premiums paid towards term insurance policies are eligible for tax deductions as per applicable tax laws and conditions. Premium paid towards term insurance policy qualify for tax exemptions under Section 80C and 10(10D) of the Income Tax Act, 1961.
  • Nomination: The policyholder is allowed to make a nomination anytime during the policy term under Section 39 of the Insurance Act, 1938. Nomination is to be made by an endorsement on the policy or giving in written to the insurance provider.
  • Assignment: The policyholder is allowed to assign the policy to transfer the policy right anytime during the policy term under the section 38 of the Insurance Act, 1938. Assignment is to be made with an endorsement on the insurance policy.
  • Suicide: If the life assured commints suicide within the fisrt 12 months from the date of commencement of the term insurance policy, the insurance company will provide 80% of the premium paid till the date of demise, to the nominee.
  • Fraud: Fraud, forfeiture, Misrepresentation would be followed according to provisions of Sec 45 of the Insurance Act 1938. In case of any fraudulent or misrepresentation the policy will be cancelled immediately by paying surrender value.
  • Loss of Original Policy: In case the original policy document is lost or destroyed, the policyholder needs to make a request to the insurance provider to issue a copy of policy documents. The copy of policy documents is issued only with an endorsement that shows that it was issued after the loss or destruction of original documents. Insurance providers are entitled to investigate in such cases.
  • Incontestability: In case the terms and conditions in the sales brochure do not match with terms and conditions in actual policy documents, then the terms and conditions under the policy documents must be followed by the policyholder.

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What users are saying
  • In my opinion as well as other customers, the Sampoorna Raksha Supreme is a highly recommended plan. Based on ...

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    ICICI Prudential
    By Akshita Bajaj
    On: March 01, 2024
  • I have renewed my Max Life Term Insurance policy this year with InsuranceDekho and the process was quick. Thei...

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    By Christina Murmu
    On: February 29, 2024
  • I recently had the pleasure of purchasing the SBI Term Insurance plan from InsuranceDekho, and the efficiency ...

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    By Anshul Mishra
    On: February 28, 2024
  • I never thought purchasing term insurance could be such a smooth experience until I chose InsuranceDekho. The ...

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    Reliance Nippon
    By Sumit Mehra
    On: February 28, 2024
  • An amazing place to buy a term insurance policy. It was a nice experience with the customer service staff of t...

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    Canara HSBC OBC
    By Nisha Yadav
    On: February 27, 2024

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