Term insurance policy News

To start with, a basic term life insurance plan is a must-have in your portfolio. It offers you life cover for a high sum assured in return for a premium. This sum assured is paid as a death benefit to your nominee(s) in case you meet an untimely demise during the policy term. 

Customers earning less than Rs 5 lakh annually will have to pay more for purchasing term insurance. Moreover, non-graduate customers will also have to pay more for term insurance plans. Top insurers have increased the premiums of the policies to make them unaffordable for many.

The government, through the Insurance Regulatory and Development Authority of India (IRDAI), passed a directive stating that all insurance companies must offer a standard and cheap term plan. This term plan called the Saral Jeevan Bima is on the lines of the standard health insurance policy – the Arogya Sanjeevani Policy. It shares similar features across all insurers and aims to make low-cost term insurance a widespread reality.