Policy snapshot
A pure life cover that provides high financial protection at affordable premiums.
What is Term Life Protection Plan?
Term Life Insurance pays a lump sum benefit to the nominee if the policyholder passes away during the policy term, helping replace lost income and repay liabilities.
What can it cover?
- Lump sum death benefit
- Income payout options in some variants
- Optional riders such as critical illness, accidental death and disability riders
Who should consider it?
- Earning members with financial dependents
- Individuals with home or business loans
- Anyone who wants high life cover at a low cost
Key features to understand
- High cover for relatively low premium
- Flexible policy terms and premium payment modes
- Rider options to enhance protection
- Tax benefits on premium and benefit as per tax laws
What deserves attention before you buy?
Coverage, exclusions, sub-limits, deductibles, waiting periods, warranties and underwriting can vary between insurers and policy versions. The policy wording and schedule remain the definitive contract. Novo can help you review the relevant terms for your requirement.
Read the wording, not just the brochure
The schedule and policy wording determine the actual contract.
Compare meaningful differences
Look at exclusions, limits, deductibles, conditions and claim requirements—not premium alone.
Think beyond purchase
Servicing and claims-related support can matter as much as placement.
Frequently asked questions
Pure term plans do not pay maturity benefit. Return of premium variants are available at higher premium.
A typical thumb rule is 10 to 15 times annual income, but it should be customised to your situation.