Last Chance to Save ₹1 Lakh+ on Term Insurance - Act Before April 25!
- AssetPlus
- 4 hours ago
- 3 min read
In an era of economic uncertainty, term insurance remains a cornerstone of financial planning, offering peace of mind and protection for your loved ones. With major insurers announcing price increases of 5–12% starting from April 25-2025 , there’s never been a more critical time to act. This blog breaks down the top term insurance products, their benefits, and why locking in coverage today could save you thousands in the long run.
Why Term Insurance Matters
Term insurance provides a financial safety net for your family in case of unforeseen events. Key benefits include:
High coverage at affordable premiums.
Flexible payout options (lump sum, monthly income, or a mix).
Riders for critical illness, accidental death, and disability.
Tax benefits under Sections 80C and 10(10D).
But with rising costs across the industry, delaying your decision could mean paying significantly more for the same protection. Let’s explore your options.
Top Term Insurance Products & Their Benefits
1. TATA Sampoorna Raksha
Flexible Death Benefits: Choose lump sum, monthly income for 10 years, or enhanced payouts.
Whole Life Coverage: Protection up to age 100.
Retirement Income: Start receiving monthly payouts at ages 55, 60, or 65.
Terminal Illness Support: 50% of sum assured paid upfront.
2. Axis Max Life STPP
Zero Cost Refund: 200% of premiums returned if you outlive the term.
Instant Payout: ₹2 lakhs within 1 working day of death claim intimation.
Spouse Coverage: Lifeline Plus covers 50% of the proposer’s sum assured.
Premium Deferral: Postpone payments multiple times with a 5-year gap.
3. ICICI Super
Zero Cost Refund: 200% premiums refunded at maturity.
No Income Proof: Required for earners above ₹3 lakhs.
Education Requirement: Only 12th pass needed for eligibility.
4. Bajaj E-Touch II & I Secure II
Terminal Illness Coverage: Up to ₹2 crore payout.
Premium Waiver: Future premiums waived on accidental disability.
Early Exit Benefit: 100% premiums refunded if exiting early (I Secure II).
Health Management: Inbuilt wellness programs.
Common Benefits Across Plans
Lower Premiums for Women: Up to 15% discounts.
Terminal Illness Support: 50% sum assured advance.
Flexible Premium Payments: Choose annual, semi-annual, or monthly modes.
Upcoming Price Hikes: What Changes?
Insurers are raising premiums across the board due to rising claims and operational costs. Here’s what to expect:
Insurer | Price Increase | Key Changes |
ICICI | 5–12% | Higher rates for accelerated critical illness riders; steeper hikes for smokers. |
Axis-Max | 10–12% (smokers) | New spouse coverage (Lifeline Plus) and instant payouts now cost more. |
HDFC C2P Super | 5–7% | Flexibility to increase coverage at life stages will become pricier. |
Bajaj | 10% | New housewife-centric plan (similar to Max Life’s offering) introduced. |
What This Means for You:
A ₹50 lakh policy today could cost ₹5,000–₹12,000 more annually post-hike.
Features like premium refunds, spouse coverage, and critical illness riders will become less affordable.
Why Now Is the Best Time to Buy
Lock Lower Premiums Forever: Term insurance premiums are fixed at policy inception. Buying now shields you from future hikes.
Maximize Value: Secure high coverage (up to ₹50 crore) and unique perks like premium refunds before they get costlier.
Beat Eligibility Barriers: Insurers are tightening criteria (e.g., ICICI Super requires 12th pass; Bajaj I Secure II mandates 10th pass).
How to Choose the Right Plan
Assess Your Needs: Prioritize death benefit flexibility (TATA) or spouse coverage (Axis-Max).
Check Eligibility: Ensure you meet education/income requirements (e.g., ICICI’s ₹3 lakh+ earners need no income proof).
Add Riders Wisely: Critical illness or accidental death riders are cost-effective now but will rise post-hike.
Final Call to Action
The clock is ticking. With prices set to rise after April 25, delaying your decision could cost your family lakhs in the long run.
Act Now To:
Save 5–12% on lifelong coverage.
Secure perks like premium refunds and spouse protection.
Avoid stricter eligibility norms.
Don’t wait—your future self will thank you.
Explore your options today and lock in your safety net at pre-hike rates. Consult an advisor now!