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What is 10 Year Term Insurance Policy?

If you are looking for a term plan with affordable premiums, tax benefits and the promise of adequate financial cover for your family if you are no longer around to take care of them, look no further. A 10-year term life insurance plan is the answer.

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

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Term Insurance

The ultimate guide to 10-year term life insurance plans

10 Years Term Insurance
March 01, 2024

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If there’s one thing we know about life, it is that things can take a turn any moment. That doesn’t mean we can sit with our hands folded and wait for an emergency to crush us. Instead, it is critical to find solutions that don’t just safeguard our finances, but also protect our families in case of unforeseen circumstances. That’s where a term life insurance policy steps in.

Even if the family loses its breadwinner, a term life insurance policy ensures they do not have to compromise on their lifestyle. Many people are increasingly opting for a 10-year term insurance that offers cover for a period of 10 years on the payment of regular premium. In this case, you do not have to commit to a long-term insurance policy for 20-30 years, and at the same time, you receive substantial benefits.

How does a 10-year term insurance policy work?

The process works exactly the same as other term insurance policies. The policyholder must pay regular premiums. In this case, since the duration is 10 years, the premiums must be paid after certain intervals to ensure coverage for a period of 10 years. What if the policyholder loses his life during this tenure? His/her family will be offered a death benefit to cover them in their absence.

Why choose a 10-year term insurance policy?

A 10-year term insurance policy works well for those who want to safeguard their family in their absence. It is also advantageous for those who foresee certain huge expenses like their child’s education or marriage after 10 years.

Now that we know who it can cater to, let’s discuss the benefits of a 10-year term insurance plan:

  • Risk protection for 10 years to the policyholder’s family
  • It offers better planning, helping you allocate finances for certain responsibilities over a period of 10 years
  • Death benefit offered to the family, in case the policyholder dies during the policy term
  • Income tax benefit under Section 80C of the Income Tax Act*
  • Surrender benefit, in case the policyholder decides to forego the policy before the tenure ends
  • Added protection through several riders
  • Affordable premiums to ensure coverage, without emptying the pockets of the policyholder
  • Loans can be availed against term life insurance policies in certain cases

How are 10-year term life insurance premiums calculated?

The premium is calculated based on several factors, including the age of the policyholder, annual income, sum assured, medical history, and if they have a history of smoking. If someone has greater health risk, the premium may be higher accounting for potential consequences in the long run.

FAQs

1. Can anyone avail the 10-year term insurance plan?

Anyone who falls under the bracket of 18-65 years can go for this policy.

2. Can the death benefit be extended after the tenure of the 10-year term plan?

No. The benefits are applicable only until the tenure of the policy.

3. Does the policyholder enjoy the policy benefits, in the case of failure to pay premiums?

Every insurance provider has a different set of rules. While most offer a grace period, the benefits will lapse if you fail to pay the premium within that time.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Disclaimers

##Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2023-24.

#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

^ Available under Life & Life Plus plan options

*As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

ARN - ED/05/23/1812