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What Our Plans Cover
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Death benefit
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Death from any cause after the fir...
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Accidental death
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Terminal illness benefit
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Optional critical illness rider
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Optional waiver of premium on disa...
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Choice of lump sum
Who Can Consider This Plan?
- Entry age typically 18 to 65, with cover ceasing between 60 and 85
- Demonstrable income — the sum assured must be justified by earnings
- Full disclosure of health, smoking, alcohol use and family medical history
- Medical examination, usually required above a threshold age or sum assured
- Indian resident or NRI, subject to the insurer's country rules
What May Not Be Covered?
- Suicide within the first twelve months, where only premiums are returned
- Death from a condition deliberately concealed at proposal stage
- Death arising from a hazardous activity not declared to the insurer
- Any survival benefit — there is no maturity value by design
- Death during a lapse, when the policy has no value at all
Always check the policy wording before you commit.
Why Choose Wealth & Covers?
- Expert advice to choose the right plan
- Plans from leading insurance companies
- Hassle-free process and documentation
- End-to-end support, including claim assistance
- Dedicated relationship manager
Our Insurance Partners
- Star Health Insurance
- Care Health Insurance
- Niva Bupa Health Insurance
- HDFC ERGO
- ICICI Lombard
- Bajaj Allianz
We represent multiple providers to help you find the most suitable option at the best price.
- Expert Guidance Personalised advice from experienced insurance professionals.
- End-to-End Support From choosing the right plan to claim assistance, we are with you always.
- Claims Assistance Hassle-free claim support to ensure you get what you deserve.
- Transparent Process Clear information, easy documentation and a hassle-free experience.
Overview
A pure term plan pays a lump sum if you die during the policy term and pays nothing if you do not. It has no investment component, no maturity value and no surrender value. That is not a shortcoming; it is the entire reason it is cheap.
Because every rupee of premium buys protection rather than being split between protection and savings, a pure term plan delivers several times the cover of any other life product at the same price. A thirty-year-old in good health can typically hold a crore of cover for less than a monthly restaurant bill.
The trade-off people struggle with is emotional rather than financial. Getting nothing back feels like waste. But an insurance premium is the price of transferring a risk, in the same way a health premium is — and nobody expects their health insurer to refund it.
Who should consider it
Anyone with people who depend on their income: a spouse who would face a shortfall, children whose education has to be funded, parents who rely on support. Anyone with a home loan, where the outstanding balance is a liability that outlives you.
It matters most for a single earner. It matters least, and is sometimes unnecessary, for someone with no dependants and no debt — in which case the honest answer is that you may not need life cover at all yet.
Buy it young. Premiums are set by entry age and stay level for the whole term, so a plan bought at twenty-eight costs less every year for thirty years than the same plan bought at thirty-five.
Benefits
- The highest sum assured per rupee of premium available in the market
- Premium is level for the entire term, fixed at your entry age
- A large cover becomes affordable for an ordinary income
- Riders can add critical illness, accidental death and waiver of premium
- Premium qualifies under Section 80C; the death benefit is tax-free under Section 10(10D)
- Simple to compare — the product is nearly identical across insurers
What is covered, and what is not
Read the right-hand column first. It is the one that decides whether a claim is paid.
Typically covered
- Death benefit — the full sum assured, paid to the nominee
- Death from any cause after the first year, subject to the suicide clause
- Accidental death, at the same sum assured or enhanced with a rider
- Terminal illness benefit, accelerating the payout on most modern plans
- Optional critical illness rider
- Optional waiver of premium on disability
- Choice of lump sum, monthly income, or a combination, for the nominee
Typically not covered
- Suicide within the first twelve months, where only premiums are returned
- Death from a condition deliberately concealed at proposal stage
- Death arising from a hazardous activity not declared to the insurer
- Any survival benefit — there is no maturity value by design
- Death during a lapse, when the policy has no value at all
- Death from war or nuclear risk, on most contracts
Inclusions and exclusions vary between providers and between plans from the same provider. The wording in your own policy document is what governs — we will walk you through it before you buy.
How it works with us
- 1 We work out the cover, before the plan Income, liabilities, dependants and the years they need supporting. The sum assured is the decision; the brand is a detail.
- 2 Underwriting reality check Health, occupation, smoking and family history decide who will accept you and at what price. Better to know now than after a rejection.
- 3 Two or three quotes with the claim record attached Premium matters, but so does the insurer's claim settlement history and how it treats early claims.
- 4 Proposal, medicals and financial underwriting Medicals are arranged at home. For larger cover the insurer will also want income proof — we prepare that file properly.
- 5 Policy issued, and your family knows where it is A term plan nobody can find is a term plan that does not pay. We make sure the nominee has the details.
Important considerations
The things a brochure tends to leave out. Read these before you decide.
- Buy the cover you need, not the premium you find comfortable. Under-insuring at a comfortable price is the most common and least visible mistake on this page.
- Cover to age eighty-five sounds prudent and usually is not. Term cover exists to protect dependants during their dependent years; extending it decades past that mostly raises the premium.
- Disclose smoking honestly. A smoker's premium is materially higher, and non-disclosure discovered at claim stage is among the most common causes of repudiation.
- Look at the insurer's claim settlement record and, more usefully, how it handles claims in the early policy years. Both are published.
- Tell your nominee the policy exists and where the documents are. Unclaimed term policies are a real and avoidable problem.
Documents required
- Completed proposal form with full health and lifestyle disclosure
- Identity proof — Aadhaar, passport or PAN
- Address proof
- PAN card, mandatory for life insurance
- Income proof — salary slips, Form 16 or filed returns
- Bank statements, for larger sums assured
- Medical reports, arranged by the insurer
- Recent passport-size photograph
Frequently Asked Questions
I get nothing back if I survive. Why is that acceptable?
Because you are buying a transfer of risk, not a savings product. The same logic applies to your health or motor premium, and nobody objects there. The moment an insurer promises money back, most of your premium stops buying cover and starts funding that promise — which is why return-of-premium plans cost two to three times as much for the same protection.
How much cover do I actually need?
Start from what your household would need if your income stopped permanently: outstanding loans, children's education, and enough capital to generate the income your family currently relies on. Ten to twenty times annual income is a serviceable rule, but the calculation is more useful than the rule and takes ten minutes.
Until what age should the cover run?
Until your dependants are no longer dependent — usually when the loans are cleared and the children are earning. For most buyers that is somewhere between sixty and seventy. Cover to eighty-five is a considerably more expensive way of insuring a risk your family will no longer be exposed to.
Will the insurer actually pay?
Claim settlement ratios across major Indian life insurers are high and are published annually. The overwhelming majority of rejected claims trace back to non-disclosure at proposal stage, not to insurer reluctance. Disclose fully and the risk of rejection becomes very small.
Can I increase the cover later?
Some plans allow an increase at defined life events — marriage, a child, a home loan — without fresh medicals. Otherwise you buy an additional policy, subject to underwriting at your then age and health. If you expect your responsibilities to grow, the increasing cover variant is worth pricing now.
Want a shortlist instead of a catalogue?
Tell us the situation and an advisor comes back with two or three options that actually fit — and names what each one gives up.