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  • 10 Year Term Life Insurance Policy

     4.5 / 5.0   by 37 users
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    Life is akin to a game and like every game there is a time limit which comes with it. While we can predict the duration of this game called life, we can ensure we stay protected for as long as we are in the game. A term life insurance offers protection to our family members in the event of our death, ensuring the life of our loved ones doesn’t come to a standstill. A 10 year term insurance provides cover for a period of 10 years, subject to payment of regular premium amounts.

    Features and Benefits of 10 year term life insurance Policy

    Some of the features and benefits of 10 year term life insurance policies are mentioned below.

    • Long coverage An individual enrolled in a 10 year plan has protection for a period of 10 years, i.e. as long as his/her policy is valid, offering peace of mind for this duration.

    • Planning An individual can foresee the future 10 years down the line in most cases, offering him/her the chance to plan accurately, keeping immediate requirements in mind.

    • Death benefit In the event of unfortunate demise of policyholder during this term period, his/her nominee will receive a death benefit. This death benefit is often higher than traditional plans.

    • Income Tax benefit Individuals can avail income tax benefits under Section 80C of the Income Tax Act, saving tax and reducing the financial burden on a taxpayer.

    • Surrender benefit Policyholders can get surrender benefits if they choose to surrender their policies before maturity.

    • Additional riders A policyholder can choose to avail extra benefits and cover by adding additional riders to his/her plan, enhancing the protection.

    • Low premiums certain 10 year policies can come with low premiums, depending on the age of policyholder. These premiums do not punch a hole in the finances of an individual and generally have flexible payment modes.

    • Loans Certain insurance providers offer loans against term life insurance policies.

    Note These features and benefits might vary depending on the service provider and it is recommended to check with the provider first.

    Who is this plan suited for?

    A 10 year term life insurance policy is suited for every individual who is concerned about the welfare of his/her family. It is apt for someone looking at protection for a short term, in this case around ten years, post which his/her family might require additional funds. Individuals who are expecting certain expenses towards the end of this term period can opt for it, for example, the possibility of paying for the education or marriage needs of a child in 10 years’ time. It can also be availed by individuals who cannot afford the higher premiums charged for permanent life insurance policies. This is best suited for individuals who might have commitments 10 years down the line.

    How it works

    A 10 year life insurance policy works in a simple way. Individuals are expected to make regular premium payments and they are covered for a period of 10 years. In the event of their untimely demise during this period, their family/nominee will receive a death benefit. Traditionally, term life insurance policies do not have a maturity benefit associated with them.

    Best 10 year term plans in India

    There are a number of 10 year term life insurance plans available in the market today. The list below indicates the top 5 policies in India (as of November 2015).

    1. HDFC Life Click 2 Protect - This plan offers a host of features including extended coverage up to Rs 10 crore

    2. SBI Life eShield Plan - This plan offers cover ranging from Rs 20 lakh upwards

    3. Bajaj Allianz iSecure - Individuals can protect themselves with a cover ranging from Rs 20 lakh upwards

    4. Max Life Online Term Plan - This plan offers cover ranging from Rs 25 lakh to Rs 100 crore

    5. ICICI iProtect - This is suitable for those looking for low cover, with a cover starting at Rs 3 lakh onwards

    FAQs

    1. Q. Are there any age restrictions when it comes to availing a 10 year term life insurance policy?

      A. Yes, most insurance providers have age restrictions. An individual must be at least 18 years old to be eligible with a maximum age of 65 years on entry into the policy. These age restrictions might vary from company to company.

    2. Q. What happens if a policyholder passes away after the policy term expires?

      A. No maturity benefit will be paid on maturity of a term and if a policyholder dies after the term expires his/her nominee will not be eligible for any benefits.

    3. Q. What happens if a policyholder fails to pay premiums?

      A. Most insurance providers offer a grace period for policyholders to pay their premium, failing which the policy will lapse.

    4. Q. Will an individual get protection benefits if a policy has lapsed?

      A. No, an individual is not entitled to any benefits if a policy has lapsed.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    10 Year Term Life Insurance Policy Reviews

  • Page 1 of 2 1 2
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I took this Life insurance Jeevan policy from Lic insurance corporation of India mainly because of the good returns, it has 10 year tenure process for policy coverage of 60 years , the payment am doing through on-line monthly . The best about the policy is it covers accidental coverage and critical illness There customer service and customer response is good .
      Was this review helpful? 0
      , yamuna nagar
      Reviewed on Jun 04, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken Money back policy with LIC 4 years back. I pay quarterly between 1300 to 1500 rupees as a premium. One of my friend suggested this policy to me. It is a tenure of 10 year. After maturity I will get good return. The statement will be sent to my email address. Overall LIC service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 11, 2017
    • Reliance Life Life Insurance
      "Life insurance with Reliance"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with RELIANCE LIFE INSURANCE.Yearly i have to pay 30000.The maturity period is for 10 years. But we have to pay only for 7 years and after 10 year they will provide some amount with some rate of interest. I will make the payment through my credit card.
      Was this review helpful? 0
      , madurai
      Reviewed on Nov 09, 2017
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance plan from LIC of India for the tenure of 10 year in which will get the amount after the maturity period. Policy coverage offered is 10 Lakhs. Accidental and natural death coverage is given.Premium is done through online yearly once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 02, 2016
    • Max Life Insurance
      "Excellent and comfortable "
      0.5 5.0/5 "Blown Away!"
      From Max life I have taken money bank plan and life insurance. In money back after 10 year will get the money till the next10 year. In the life plan will get the amount after maturity plan. Policy coverage offered are good. Premiums are less compare to other insurance companies. Payment can be done through any mode. Remainder are sends for the due date.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jun 07, 2016
    • LIC Life Insurance
      "Good plan with less charges "
      0.5 5.0/5 "Blown Away!"
      Since 10 year i am related with lic of India. I have Jeevan praskah policy. In which the maturity amount will be given after 20 year of the policy . Premiums is paid every quarterly of rs.770 . Policy coverage is seventy thousand. It is easy to make the payment as i am doing through online.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Apr 07, 2016
    • LIC Life Insurance
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have taken money back from lic of India which is named as Jeevan anand the tenure is for 10 year. After the maturity will get the lump sum amount and they also calculate the interest rate for the premium we pay. Lic is good for the people who are trying to business.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 04, 2016
    • HDFC Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance plan from hdfc life. The tenure period of 5 year but the maturity amount be give after 10 year. Policy coverage offered is for Rs.5 lakhs. Yearly premium is Rs 50,000 which is paid through cheque. Risk coverage is also given.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 26, 2016
    • Birla Sun Life Insurance
      "okay"
      0.5 3.0/5 "Satisfactory"
      It is actually a 10 year tenured policy I have with Birla sun life insurance. I would say this policy only offers average benefits. The plan benefits and policy coverage are also of a average kind. According to my point of view I prefer LIC more than birla.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 23, 2016
    • HDFC Life Life Insurance
      "Beneficial for investment purposes"
      0.5 3.0/5 "Satisfactory"
      I have taken a child plan policy from HDFC life this recently. The policy has a premium of Rs.15000 to be paid yearly.Its is a returns policy and has a 10 year term and at the end of the term the returns are paid. The processing of the policies and customer support from the bankâ??s end is really good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 18, 2016
    • HDFC Life Life Insurance
      "Ideal for Investment purpose"
      0.5 3.0/5 "Satisfactory"
      I have taken a child plan policy from HDFC life. I have to pay a premium of Rs.15,000 every year. The returns promised is 7.5 lakhs. It is a 10 year policy and the returns is paid at the end of 10 years. Since I have a good track record with HDFC bank, it was an easy process to take the policies.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 18, 2016
    • LIC Life Insurance
      "Transparency"
      0.5 5.0/5 "Blown Away!"
      When it comes to taking an insurance policy, Goverment based LIC is the right choice. Its way more secure and they have a transparency that is unmatched by private providers. I have a 10 year policy with them and I pay my premiums online. Definitely a requirement these days.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 16, 2016
    • Birla Sun Life Insurance
      "Good insurance plan "
      0.5 4.0/5 "Great!"
      Brila sun life insurance customer service is very good because they motivate the customers. I have taken life insurance plan for my son for the tenure of 10 year in which after 15 years will get the amount. Accidental and natural death coverage is given. Payment options are good.
      Was this review helpful? 0
      , guwahati
      Reviewed on Mar 11, 2016
    • SBI Life Life Insurance
      "Best benefits ..."
      0.5 4.5/5 "Excellent!"
      I have taken life insurance from SBI life. Its a Pension scheme per Annam have to make 25k for 10 year tenure. After the maturity we used to get bounce amount 4 months once. I used to make the payment through net banking which is quick and easy for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 09, 2016
    • Kotak Life Life Insurance
      " To be updated"
      0.5 3.0/5 "Satisfactory"
      From kotak mutual old life i have taken one life insurance policy for the tenure of 10 year in which on the fifth year will get the amount. Policy coverage are average. Accidental and natural death is given. They have tour option on the plan but they use to force the customer to take the plan . Payment options are flexible.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 09, 2015
    • LIC Life Insurance
      "Good Policy to have!"
      0.5 4.0/5 "Great!"
      LIC offered me a good interest rate for my Life Insurance Policy. The premium payment is done on quarterly basis for 10 year. The next 10 years is the waiting period and I am in the waiting period now. This is purely a money back policy. If anything happens to the policy holder within the coverage period, the nominees will be getting 10L as money back.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Nov 18, 2015
    • HDFC Life Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      Mine is a pension plan with life insurance , I am not sure about the coverage its good. The benefits are like after retirement I get this money . I am not sure about the returns. The actual plan is 10 year. However 20 year I will get the double the amount. This would be paid to me . This policy was taken before 5 years.
      Was this review helpful? 0
      , vadodara
      Reviewed on Nov 14, 2015
    • Max Life Insurance
      "Excellent life insurance "
      0.5 5.0/5 "Blown Away!"
      From Max life insurance i have taken once life plan for the tenure of 10 year for which i have to pay for 6 year and rest of 4 years they will pay us back and in the pension plan for the tenure is for 20 years and premium should be paid for 10 years and the rest of 10 years they will repay back. From the age of 61 the plan starts till 75 years. In case any unfortunate takes place for the insure they will pay the amount o the nominee. In third year bonus will start coming from both the policies and every year in keep up increasing. While activating the plan we have to pay the first year .
      Was this review helpful? 2
      , vadodara
      Reviewed on Oct 12, 2015
    • Max Life Insurance
      "The best"
      0.5 5.0/5 "Blown Away!"
      My life insurance is with with Max. The services are not satisfactory. The benefits and coverage is not satisfactory. The tenure for the policy is for 10 year. I pay a premium on a yearly basis. The premium is of 30K. Not been satisfactory at all.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Oct 07, 2015
    • HDFC Life Life Insurance
      "More other options available in the market"
      0.5 4.0/5 "Great!"
      From HDFC life i have taken the life insurance for the tenure 10 year. After the maturity period will get the sum assured of five lakhs which is less comparing to the premium which i pay every year..We have an option that we can if we can extend the policy if required without withdrawing the money.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 10, 2015
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