Family Term Insurance Plans in 2026 – Secure Your Family Future | Bajaj Life Insurance (Formerly Bajaj Allianz Life Insurance)

Q: 1. Which is the best life insurance policy for a family?

The right life insurance depends on your family’s needs, financial goals, age, health, and future plans. You can explore and choose based on what suits your situation best.

Q: 4. What should be the sum assured required for my family?

The sum assured depends on your age, income, lifestyle, liabilities, number of dependants, and future goals. Evaluate these factors to choose an amount that provides adequate financial security to your family.

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Written ByPalak Bagadia

AboutPalak Bagadia

Palak Bagadia, Associate – Digital Marketing at Bajaj Life Insurance, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry, with a strong understanding of the insurance sector.

Reviewed ByRituraj Singh

AboutRituraj Singh

Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.

What is a Term Plan?
Features of a Term Plan
Availability
Benefits
Term Insurance Plans from Bajaj Life Insurance
Types of Term Insurance Plans
How to Choose
What Riders Are Available
Why Should the Main Income
Conclusion
Why Bajaj Life Insurance ?
FAQs

What is a Term Plan?

A term insurance plan is a financial product that may provide support to your family if you were to pass away in an unfortunate manner. You may already be aware of how the cost of term insurance coverage has to be paid via premiums. These premiums may be paid monthly, quarterly, half-yearly, or yearly.

In the event of your demise during policy term, your family may raise a claim. If the claim is approved, the sum assured may be paid out to them. For your family to receive the sum assuredin an easy manner, they should be designated as the nominee/s under the term insurance plan.

Once they receive the sum assured from the term plan, your family may use the money for any reasons they see fit.

Example:

Mr Tripathi was travelling to his office when he got involved in a grievous car accident. He suffered some serious mishaps which eventually led to his untimely demise. His family was shocked. However, Mrs Tripathi understood the financial troubles that might come soon and raised a claim on Mr Tripathi’s term policy.

The insurance company processed the claim, and it was soon approved. The financial compensation received by Mrs Tripathi helped her and her two children to meet the daily expenses, continue with the education for the children, and plan for their future.

Features of a Term Plan

To get a more comprehensive understanding of family term insurance, let’s understand its features:

Availability in different variants

Your term insurance coverage needs may be different from that of others. Hence, you should have the liberty to choose a type of term insurance suiting your specific needs. Apart from pure term plans, term plans can further be categorised into increasing sum assured and decreasing sum assured term plans.

a. Increasing sum assured plans

Here, the sum assured under the term plan may keep on increasing gradually over the years. If you feel your family’s needs and expenses may increase over time, this type of plan may be suitable for you.

b. Decreasing sum assured plans

As the name suggests, the sum assured in this type of plan may reduce over time. If you have taken loans or debts and wish to secure your family against them in your absence, this type of plan may be suitable for you. Over time, as your debts and liabilities get paid off, the sum assured may also decrease, leading to a better sync between the two.

Availability of an optional maturity benefit component

Besides offering your family support during tough times, a term plan may also have a maturity benefitfeature depending on the terms and conditions of the policy. As per this feature, if you were to outlive the policy term, you may have the total of all premiums paid returned to you, subject to certain deductions. Plans offering such a feature may be referred to as Term Insurance Return of Premium (TROP) plans.

The premium of a TROP plan may be higher than the basic plans, due to the maturity benefit feature. However, note that if you were to breathe your last during the policy tenure, your family may only receive the death benefit amount. No maturity benefit may be applicable therein.

Availability of riders

Tragedy may strike your loved ones in different ways. What if an accident were to cause you to become permanently disabled? Or, if a critical illness were to come knocking at your door, how would you deal with the same? Opting for riders with your term plan may help you in these scenarios.

Some popular riders you may buy at a nominal additional cost with your term insurance plan include the waiver of premium rider, the critical illness rider, the accidental death and total/permanent disability rider, and so on. We shall learn more about these riders in the upcoming sections.

Benefits of a Term Plan for your Family

When you buy a term insurance, your family may benefit from it in various ways, such as:

Additional help coping with the loss of income

Losing a family member can be immensely difficult. However, if they are the main earning member of the family, the emotional consequences may be accompanied by financial challenges as well. In such a situation, the sum assured from a term life insurance planmay act as a source of relief. It may act as an income replacement and allow the family to pass through the financial difficulties with dignity.

Empowerment of your children to continue their education

Come what may, you do not want your children to stop receiving their education. You would want them to pursue their schooling and university at the best options available to them. You may fulfil this wish of yours even in your absence with the support of term insurance.

Accumulation of wealth in the long run

If you survive the policy maturity of a TROP plan, you may receive the maturity benefit, that is the sum of all the premiums you may have paid till then, minus the applicable deductions.

This amount may help you and your loved ones get a financial upper hand. The money received in this scenario may help you pay off a loan, buy a private vehicle, or so on.

Savings on tax

You may be able to claim tax deductions of up to Rs 1.5 lakhs against your term insurance premiums under Section 80C of the Income Tax Act of 1961 in case of old tax regime. Moreover, your family may claim tax exemptions on the death benefit payout under Section 10 (10D) of the Act subject to certain conditions.

Also, note that deduction under Section 80C of the Act can be claimed under the old tax regime and not under the new tax regime. Tax benefits are subject to terms and conditions as per the provision of the Income Tax Act of 1961, amended from time to time.

Term Insurance Plans from Bajaj Life Insurance

Types of Term Insurance Plans for a Family

When selecting Term Insurance for Family, understanding the different plan types is crucial to choose the right financial protection for your loved ones. Below are the five common types of term insurance plans designed for families, along with their key features and drawbacks:

Type of Plan	Key Features and Benefits	Drawbacks
Level Term Plans	Fixed premium and fixed sum assured. Suitable for long-term financial stability.	No survival or maturity benefits.
Increasing Term Insurance	Sum assured increases annually. Helpful in beating inflation.	Higher initial premiums. No maturity benefit.
Decreasing Term Insurance	Sum assured reduces over time. Suitable for covering loans or mortgages.	As the sum assured decreases, it’s more suitable for financial responsibilities that reduce over time.
Return of Premium (ROP) Term Plans	Premiums returned if the insured survives. Offers dual benefit: survival and death.	Higher premiums compared to basic plans.

Choose a plan that aligns with your family's financial goals, current liabilities, and long-term security needs.

How to Choose Term Insurance for Family in India 2025?

Choosing the right Term Insurance for Family in India 2025 involves evaluating your needs, comparing options, and selecting a plan that offers maximum value. Here’s a guide to help you make the right choice:

Determine the Right Life Cover:

Estimate the right life coverbased on your income, expenses, existing debts, future goals, and dependents’ needs. You can use a human life value calculator for assistance.
Choose a Flexible Policy Term:

Select a policy term that covers your working years or until your financial responsibilities decrease. Some policies offer coverage up to 99 or 100 years.
Check Claim Settlement Ratio (CSR):

A high CSR indicates that the insurer can efficiently settle claims. Aim for insurers with a CSR above 95%.
Evaluate Riders/Add-ons:

You can choose Riders like Critical Illness or Accidental Death Benefitby paying a little extra to strengthen your insurance cover.
Understand Premium Structure:

Understand how your premiums are calculated—whether they're fixed, increasing, or decreasing—and how they fit your budget.
Review Policy Documents Thoroughly:

Go through the fine print to understand inclusions, exclusions, renewal terms, and tax benefits.
Compare Plans Online:

Use online tools to compare features, premiums, and benefits of multiple plans. Choose the one that offers the best value and flexibility.

By following these steps, you can ensure the chosen term plan supports your family’s future, no matter what life brings.

What Riders Are Available with A Term Insurance Plan?

As mentioned earlier, riders are optional add-ons you may purchase at additional cost with your term life insurance.

Here are some riders you may want to consider:

Critical illness rider

If the assured person were to be diagnosed with a critical illness, this rider pays a lump-sum pay-out to them. This pay-out may be used to treat the illness, handle the lack of earnings that may happen in such a situation, or for any purposes the assured person sees fit.

Accidental death rider

If the assured person passes away due to an accident, their family may receive an additional lump-sum pay-out on top of the death benefit amount.

Accidental permanent disability rider

If an accident may lead to a permanent total/partial disability of life assured, they may receive the rider sum assured to deal with the financial repercussions of the same.

Waiver of premium rider

This rider may help you keep your term insurance plan active even if an accident or a critical illness diagnosis may take your ability to pay the premiums. This rider may essentially waive off the premiums until maturity if the events covered by the rider occur.

Family income benefit rider

While the above rider may waive off the premiums, this rider may provide a pay-out to the assured person and their family if any of the covered events, like a critical illness diagnosis, occurs.

Why Should the Main Income Earner Get Family Term Insurance?

The main income earner in a family is often responsible for managing essential expenses like rent, EMIs, children's education, and daily needs. If something happens to them, the family could face financial instability. Term insurance acts as a safety net by ensuring that your loved ones continue to receive financial support in your absence.

You can choose how the payout is made:

A lump sum after death
Monthly or annual income over a set period
A mix of both lump sum and regular income

These flexible payout options help the family manage immediate and long-term expenses comfortably. Additionally, you can pay premiums based on your preference—monthly, quarterly, half-yearly, yearly, or as a one-time payment.

In short, term insurance gives peace of mind to the main earner, knowing their family will be financially protected even when they are no longer around.

Conclusion

A term plan may be a wise product to opt for, having long-term benefits enjoyed by both the policyholder and their family members. While the financial benefits may be remarkable, one may not overlook the other benefits it may bring along, such as peace of mind and assurance of future financial security. Read Also: Your Family Needs You You Need Insurance

99.29%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,30,733 Cr

Assets Under Management (AUM)^***

3.52 Cr

Number of Lives Covered^##

343%

Solvency Ratio of 343%^{^^^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2024-2025 | ^%99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Life Insurance offices. 96% of non - investigative claims notified were processed within one day in FY’25 | ^$$For details refer to press release published by CARE | ^***Asset under management (AUM) ₹1.30 lakh crore as on August, 2025 | ^{^^^}Solvency ratio 343% as at 30st June 2025 against IRDAI mandated 150% | ^##Individual and group, as on 31st August, 2025.

Frequently Asked Questions

1. Which is the best life insurance policy for a family?

The right life insurancedepends on your family’s needs, financial goals, age, health, and future plans. You can explore and choose based on what suits your situation best.

2. Can a term insurance plan cover more than one person?

Term insurance is typically designed to cover one individual. However, some insurers may offer joint term plans that cover two people, like spouses, under a single policy. It's best to check specific plan details before choosing.

3. How much coverage is required for a family of four members?

Coverage can be calculated using methods like Human Life Value, income replacement, or expense replacement. A common rule is 10 times the main earner’s annual income, considering loans, expenses, and future goals.

4. What should be the sum assured required for my family?

The sum assureddepends on your age, income, lifestyle, liabilities, number of dependants, and future goals. Evaluate these factors to choose an amount that provides adequate financial security to your family.

5. Can riders be purchased for term insurance for a family?

Yes, you can add riders like accidental death, critical illness, or waiver of premium to enhance your term plan. These come at an extra cost but provide additional protection based on your needs.

6. How can my family use the Term Life Insurance policy ?

If the insured dies during the policy term, the nominee receives the sum assured. This amount can be used for daily expenses, education,medical needs etc.

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A term insurance policy is a life insurance plan which is intended to cover the risk of premature death or demise of the life assured, during the policy tenure. The term plan

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Investment Calculator

Answer a few simple questions to know estimated corpus you will have to fulfil your Life Goals.

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Child Education Planning Tool

A simple to use and comprehensive tool to plan for your child's education.

Savings to Life Goals Convertor

Use this calculator to know how savings from regular expenses can help you achieve your Life Goals.

Financial Fitness Calculator

Get to know your Financial Fitness Score by answering few simple questions.

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Use our immunity calculator to find out your immunity score in just a few clicks!

ULIP Calculator

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Child Plan Calculator

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Customer Speaks

Quick & Confident

The term insurance buying process was smooth and fast. I felt confident knowing my family would be financially secure, without having to go through complicated paperwork or jargon.

Sanjay Kumar

Smart Investment Choice

I opted for coverage early on to stay ahead. The premium is quite affordable, and I don’t need to pay it all at once. Honestly, I found it better than investing a huge amount all at once in a fixed deposit. Here I can pay smaller amounts at regular intervals and get high coverage.

Hardik Pathak

Easy Online Purchase

My experience of buying a term plan online was very smooth. Everything was clear, from features to benefits. The calculator helped me precisely calculate the premium I would have to pay for the required coverage. The support team too was helpful and cleared all my doubts aptly. Highly recommended.

Taurn Shinde

Life-Stage Coverage

I looked for a term plan that balanced cost and security. The coverage fits my life stage and gives me confidence for the future. Now my family can fulfil all their future goals even if I am not around to provide for them.

Ritika Malkani

Seamless Experience

The entire experience, from choosing the policy to receiving confirmation, was seamless. It's one of the most reassuring financial decisions I’ve made.

Siya Rai

Flexible & Comprehensive

After comparing various term insurance plans, I picked one with flexible options and rider benefits. It fits my needs perfectly.

Nishant Ahuja

Happy with the services

I have invested in various products of Bajaj Life Insurance - I am happy with the services, returns and diversified product portfolio.

Rashmi Bhavnani

Satisfied, Trust

I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Life Insurance Company.

Shrikant A Karande

Happy with the returns

I was introduced by my advisor to invest in Bajaj Life Insurance .I have invested in the same and am happy with the returns and services.

Kavita Goplani

Very Happy

I am a 7 year old customer of Bajaj Life Insurance and very happy about the services.

Dhruv Soni

Excellent Support

The Bajaj Life Insurance Term Insurance Plan has been extremely helpful and convenient. The online process was smooth, and the customer support is excellent. What impressed me the most is how economical it is while still offering strong coverage. It’s a smart and reliable choice for anyone looking to secure their family’s future. Highly recommended!

SEEMA BIPINKUMAR RESHAMWALA

Reviewed by Life Insurance Experts

Bajaj Life Insurance is a trusted insurance partner

At Bajaj Life Insurance, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

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Disclaimers:

^~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

¹5% Discount applicable for customer's first individual life insurance policy on the life of the LA, applicable only on first year’s premium. 5% Discount for salaried employees, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

⁴Above illustration is for Bajaj Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V01) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 7,159. 2nd Year onwards premium is Rs. 7,760. Total Premium is Rs. 2,32,199 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajlifeinsurance.com ) carefully before concluding a sale.

⁵Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

²Get Free Health Management Services upto ₹ 31,000 per year

Health Management Services	Frequency	Cost (₹)
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
		M - ₹ 5,000	₹ 500
		L - ₹ 5,000	₹ 500
Total per year as per assumption		₹ 31,000

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

⁶Through Parental Care Option available in Bajaj Life Family Protect Rider (UIN:116B056V01)

^*Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy

Bajaj Life Insurance Limited, Bajaj Life eTouch II, Bajaj Life New Critical Illness Benefit Rider and Bajaj Life Family Protect Rider are the names of the company and the product/rider respectively and do not in any way indicate the quality of the product/rider and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document of base product and rider carefully before concluding a sale or consult your “Insurance Consultant” for more details and eligibility conditions. Bajaj Life Superwoman Term comprises of Bajaj Life eTouch II – Life Shield variant (UIN:116N198V03) a Non-linked Non- Participating Individual Life Insurance Term Plan, Bajaj Life New Critical Illness Benefit Rider – Comprehensive option (UIN: 116B058V01) a Non-Linked, Non-Participating, Individual, Pure Risk Health Rider (this is a mandatory rider) and Bajaj Life Family Protect Rider – Child Care option (UIN: 116B056V01) - a Non-linked, Non-participating, Individual, Pure Risk Health Rider (this is an optional rider).

Bajaj Life eTouch II is also available individually for sale without the riders or with the other available riders options under the base policy.

^{^^*}Available with Bajaj Life Family Protect Rider – Child Care option - A Lumpsum benefit equal to 105% of Total premiums paid4 w.r.t rider will be paid on the earliest occurrence of death or Accidental Total Permanent Disability, plus a monthly income as a percentage (0.1% to 0.5%) of Rider Sum Assured as opted at inception will be paid until child turns Age 25. 4Total Premiums Paid: Total Premiums paid till date w.r.t. the rider option shall be the total of all premiums received under the rider option chosen, exclusive of taxes, extra premium w.r.t. the rider, if any. This is an optional rider.

^~~~Available with Bajaj Life New Critical Illness Benefit Rider - Comprehensive option (UIN: 116B058V01) - A Non-Linked, Non-Participating, Individual, Pure Risk Health Rider. This is a mandatory rider

^{^^^}Health Management Services for Women upto ₹ 36,500 per year

Health Management Services for Women	Frequency	Cost (₹)
Comprehensive Health Check-Up: - Cancer Screening - Diabetic, Thyroid, Lipid profile tests - Calcium Serum test - Complete Blood Count test	1 per year	₹ 3,500
*OPD^{^} in-clinic consultations* (Specialist doctors like Gynaecologist, Obstetrician, Dermatologist, Paediatrician, Orthopaedic & General Physician) ^{^}OPD – Outpatient Department	1 per year	₹ 1,000
*Pregnancy OPD^* wallet** (OPD^ benefit worth ₹ 2,000 unlocked in case of pregnancy)	Once during policy term	Not considered in yearly cost since this is available once during policy term
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10% Out-patient consultation (O) - 10% In-patient consultation (P) - 5%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
		M - ₹ 5,000	₹ 500
		L - ₹ 5,000	₹ 500
		O - ₹ 5,000	₹ 500
		P - ₹ 10,000	₹ 500
Total per year as per assumption		₹ 36,500

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor insta consultations and health coach services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

⁷Above illustration is for Bajaj Life iSecure - A Non-Linked Non-Participating Term Life Insurance Plan (UIN:116N109V05) considering Male aged 25 years | Non-Smoker | Policy Term (PT) – 10 years | Premium Payment Term (PPT) – 10 years | Sum Assured opted is ₹ 50,00,000 | Online Channel | Standard Life | Total Premium Paid is ₹ 1,17,340 | Medical Rates | Monthly Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

⁸If the customer is digitally KYC compliant and meets the eligibility criteria, medical, and underwriting norms.

⁹2% Discount on online purchase is available for regular premium payment and limited premium payment frequency throughout the premium payment term.

²⁷Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

²¹HSAR – High Sum Assured Rebate is subject to policy terms and conditions

²²Premium rate applicable to female life will be based on the premium rate of 3 years’ younger male

³5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium, 5% Discount for salaried customers, applicable only on first year’s premium, 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency, applicable only on first year’s premium.

²Above illustration is for Bajaj Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V05) considering Male aged 25 years | Non-Smoker | Standard Life | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Total Sum Assured opted is Rs. 1,00,00,000 | Total Premium - Rs. 2,08,143 (1st Year Premium is Rs- 6535/- and 2nd Year onwards Rs -6952/- )| Online Channel | This is exclusive of discount for salaried customers and for customer's first individual life insurance policy | medical rates | Yearly Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

¹Product feature/benefit mentioned above are dependent on optional benefit, if selected.

^~Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Insurance House, Airport Road, Yerawada, Pune - 411006, Maharashtra

Email: customercare@bajajlife.com | Customer Care No.: 020 6712 1212

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Life Insurance Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

Disclaimer

Claim Settlement Ratio of 99.29%^~

Term Insurance Plans

Insurance Coverage Plans

Affordable Term Plans

Policy Term Plans

Insurance for All

Insurance Made Easy

ULIP Plans

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Child Insurance Plan

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NRI Plans

Term Insurance Plans

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Life Insurance Calculators

Rider Plans

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Know About SISO

Fund Performance

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Tools & Calculators

Fund performance

Life Insurance Guide

Tools & Calculators

Term Insurance for Family: An Overview

Get Life Cover of ₹1 Crore Term Insurance Plan at ₹14*/Day

Enjoy a 16% Discount on 1st year Premium**

What is a Term Plan?

Features of a Term Plan

Availability in different variants

a. Increasing sum assured plans

b. Decreasing sum assured plans

Availability of an optional maturity benefit component

Availability of riders

Benefits of a Term Plan for your Family

Additional help coping with the loss of income

Empowerment of your children to continue their education

Accumulation of wealth in the long run

Savings on tax

Term Insurance Plans from Bajaj Life Insurance

Types of Term Insurance Plans for a Family

How to Choose Term Insurance for Family in India 2025?

Determine the Right Life Cover:

Choose a Flexible Policy Term:

Check Claim Settlement Ratio (CSR):

Evaluate Riders/Add-ons:

Understand Premium Structure:

Review Policy Documents Thoroughly:

Compare Plans Online:

What Riders Are Available with A Term Insurance Plan?

Critical illness rider

Accidental death rider

Accidental permanent disability rider

Waiver of premium rider

Family income benefit rider

Why Should the Main Income Earner Get Family Term Insurance?

Conclusion

Why Bajaj Life Insurance ?

Claim Settlement Ratio~

Get 1 Day Claim Approval%

Stable Rating by CARE$$

Assets Under Management (AUM)***

Number of Lives Covered##

Solvency Ratio of 343%^^^

Frequently Asked Questions

1. Which is the best life insurance policy for a family?

2. Can a term insurance plan cover more than one person?

3. How much coverage is required for a family of four members?

4. What should be the sum assured required for my family?

5. Can riders be purchased for term insurance for a family?

6. How can my family use the Term Life Insurance policy ?

Term Insurance Guide

Videos

Articles

Calculators

Life Insurance Made Easy | Accidental Death & Disability Rider

Life Insurance Made Easy | Annualized Premium

Enjoy a 16% Discount on 1^st year Premium**

Claim Settlement Ratio^~

Get 1 Day Claim Approval^%

Stable Rating by CARE^$$

Assets Under Management (AUM)^***

Number of Lives Covered^##

Solvency Ratio of 343%^{^^^}