Monthly Payout Options
Entire benfit is paid out as a one-time lump sum.
Lumsum + Monthly Income
50% of the benefit is paid out immediately. The rest of the benefit is paid out in equal monthly installments over 120 months
Monthly Income for a Fixed Term
The entire benefit amount is paid out in equal monthly installments over 120 months
Monthly Income till the End of Your Policy Term
The entire benefit amount will be paid out in equal monthly installments till the end of the planned policy term.
- Death/ Terminal Illness
In case of the unfortunate death the sum assured will be payable.
- Accidental Death (If Opted)
In case of an unfortunate event of death of the Life Insured due to an accident, an additional amount will be paid to the nominee along with the sum assured.
- Accidental Total and Permanent Disability (if opted)
In case the life insured suffers from accidental total and permanent disability, the sum assured under the policy will terminate.
This being a term plan, no benefits are payable on maturity.
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80C of Income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.# Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time.For tax related queries, contact your independent tax advisor.
iSelect Term Plan provides a life insurance cover at a low cost. Please refer to the following example for "Only Me" option to get an idea of how the plan works:
Rahul is a 34-yr old professional, married and blessed with a young daughter. He is responsible for the financial welfare of his family and wants to ensure their financial security as well as their daughter's future in case he is not around. He opts for iSelect Term Plan with sum assured of Rs.1.5 crore for a term of 26 years and the death benefit to be paid out as regular monthly income for a period of 10 years to his family. His premium is Rs. 10,818/- per annum or just Rs. 974/- per month (Illustrated premiums are excluding applicable taxes and cesses).
In case of Rahul's untimely demise any time during the term of the policy, his family will receive equal monthly instalment of Rs.151,350 for 120 months as a regular income which will help support his daughter's education apart from fulfilling other financial obligations.
Note:The premium mentioned above is for standard lives. Premium rates for tobacco users will vary. Your actual premium will depend on the Company's assessment of risks on your health, lifestyle, occupation, etc. Annualized premium may vary for monthly mode. For a personalized quote please refer to the premium calculator on our website.
Age at entry (as on last birthday)
Spouse (if opted for):
Maximum age at maturity
(75 years: if optional in-built cover has been chosen)
*Policy term of 5 years - 9 years is available only for age at entry of 35 years and above
₹ 25,00,000 & above(subject to underwriting)
Accidental Death Benefit (ADB)
Accidental Total and Permanent Disability (ATPD)
- Premium Payment Mode
- Premium Payment Term
Regular premium payment (Same as Policy Term)