• 10 Year Term Life Insurance Policy

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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 50 1 2 3 4 5
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Bharti Jeevan Policy for a while. I pay a premium of 21000 per year. I make payments Via Cheque.. The service is good. No issues so far. The tenure of the policy is 15 years. Overall it has been a hassle free experience with the LIC and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • Exide Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've been using the Life insurance policy from the Exide Life for a while. The response is not good. I pay a premium of 2000 per year via ECS. The premium gets auto debited from the account as it is more convenient for me. So far it has been a useful insurance policy to have.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying the premium 11000, per year. The service good. It is so easy to make payments for this policy. I never faced any issues with their services. Being a govt company the security for my investment is guaranteed with the LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Max Life and I pay a premium of 600 per Month, I make payments online and the sum assured is 1 Crore. My friend is an agent and never faced any issues with their service so far. Overall it has been a hassle free experience with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Tarang Policy for a while. It is take for my children. The tenure of the policy is 18 years. It can also be converted to a pension scheme where my children will be getting 28000 per year as a part of the plan. It is a useful policy and recommendable.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Bhima Gold Money back policy for a while now. I will get cash back every 5 years via DD. I pay a premium of 700 monthly for this policy. It is a very useful policy considering the low premium I pay. Overall it has been a good experience with the LIC and their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Jeevan Anand policy with the LIC. I am paying the premium of 500 per month. It is too easy to make payments and I never faced any issues with their services. Being a govt company the security is there with the LIC Overall it has been a good experience .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the life insurance policy long back. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy . I would say i am satisfied having the Life insurance policy with Life Insurance Corporation of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the LIC of India. I would like to say that the customer service is good one and the response is better one too. Policy coverage value is good too with them. I am happy with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the Life Insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is also very good too and the response is good too. Coverage value is fine one too with the LIC of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      Customer service is not experience with the Life Insurance Corporation of India, Policy coverage is good and I have taken two policy with the Life Insurance Corporation of India. Everything is better one with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The tenuity period is for 10 years. I have been using since 2016 and i am happy by using the life insurance. The payment i do through the on line for monthly once. Apart from that the documentation i have done through the physically at my doorsteps.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2018
    • Max Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have been using since 5 years. I am very happy by using the MAX LIFE INSURANCE. i had a excellent experience with the life insurance. The tenuity period is for 10 years and it is a short term policy from life insurance. I have been using because i am happy holding this insurance policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and the customer service is good too. I would like to say that everything is good and their response too. I am happy with them till now and everything is better with the HDFC life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "LIC is a very good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this LIC Jeevan Tarang policy 10 years before. I don't remember about the plans and benefits. I'm paying the premium amount of rs. 10000 six months once. I will come to know about the benefits when the maturity arrives. Total tenure of the policy is 12 years. Sum assured amount is 8 lakhs. Death benefits, Risk coverage and Accidental benefits are available. I used to make the payment through cash. My brother working as LIC agent and he suggested this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • Bajaj Allianz Life Life Insurance
      "Best product offerings"
      0.5 4.0/5 "Great!"
      I have three policies from Bajaj Allianz life. The premium gets auto debited from the account(Check details here : https://www.bajajallianzlife.com). I don't have to worry about the due date and this makes life so much easier. The agents are very friendly and in case of any discomfort, they have always helped me understand and sort things out. I recommend Bajaj Allianz to everyone over any other company in the market
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance from LIFE INSURANCE CORPORATION OF INDIA and the yearly premium is 30000. The total maturity period is for 20 years. After the maturity period i will get the sum assured and the interest. I mostly do cash payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 14 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is after 23 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
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