₹10 Lakh Term Insurance for your Life
Protecting a family's future doesn't have to be expensive. A ₹10 Lakh term insurance plan offers high life cover at an affordable premium, making it a smart entry point for young earners, newly married couples, and households managing loans or growing responsibilities.
Easy Claim Process
Quick Disbursals
Hassle-Free Purchase
High Claim Settlement Ratio
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What is ₹10 Lakh Term Insurance?
A ₹10 lakh term insurance plan is a pure protection life insurance policy that provides a sum assured of ₹10 lakh to your nominee in the event of untimely demise during the policy term. It is one of the simplest and most affordable life insurance options available for individuals who want basic financial protection for their families.
For many individuals starting their financial planning journey, ₹10 lakh coverage acts as a foundation. It can help cover immediate household expenses, small loans, children’s education costs, or emergency financial needs. Many people choose a 10 lakh term insurance plan either as a starter policy or as an additional cover alongside existing life insurance policies.
What is ₹10 Lakh Term Insurance?
Why Buy ₹10 Lakh Term Insurance Policy?
Life insurance is not only for large coverage amounts. Even a smaller cover can make a meaningful difference when your family needs financial support. A 10 lakh term insurance plan ensures that your family has a financial backup to manage essential expenses and liabilities in your absence.
Financial Protection
The primary purpose of term insurance is financial protection. The ₹10 lakh payout can help your family manage daily expenses, rent, education costs, or emergency financial needs without immediate financial stress.
Affordable Term Insurance Premium
One of the biggest advantages of a 10 lakh term insurance plan is the low premium. It is considered an affordable life insurance option, especially for young professionals, first-time insurance buyers, and individuals with limited income.
Tax Benefits
Premiums paid towards a term insurance plan are eligible for tax deductions under Section 80C of the Income Tax Act, (up to ₹1.5 lakh), provided you are enrolled in the Old Tax Regime. Under the New Tax Regime, this premium deduction is no longer available.
Peace of Mind
Choosing a ₹10 lakh term plan is a big step toward financial security. We take that responsibility seriously, maintaining a 98.52% Claim Settlement Ratio (FY 2025-26). This means when your family needs us most, we are there to deliver on our promise
Benefits of ₹10 Lakh Term Insurance
A ₹10 lakh term insurance plan provides essential financial protection and acts as a financial safety net for families. While the coverage amount may be smaller compared to larger policies, the purpose of this plan is to provide immediate financial support and basic financial stability.
Premiums paid are eligible for tax deduction under Section 80C, and the death benefit received by the nominee is tax-free under Section 10(10D), subject to prevailing tax rules.
Even a basic coverage amount can help families manage essential expenses, repay small loans, and maintain financial stability during difficult times.
₹10 Lakh Cover for Everything You've Built
- Get a ₹10 lakh payout for your family with zero complications
- Affordable premiums to your pocket
How Does ₹10 Lakh Term Insurance Work?
A term insurance plan follows a simple process from purchase to claim settlement. Understanding how the policy works helps you make better financial decisions and choose the right policy tenure and premium payment option.
Policy Purchase
You choose the sum assured, policy tenure, and premium payment option based on your financial needs and affordability. After completing the application process and documentation, the policy is issued.
Premium Payment
You pay the premium regularly based on the selected payment frequency, such as yearly, half-yearly, quarterly, or monthly. Timely premium payment ensures that your policy remains active.
Policy Coverage Period
During the policy term, your life is covered for the chosen sum assured. If anything happens to the policyholder during this period, the nominee is eligible to receive the claim amount.
Who Should Buy ₹10 Lakh Term Insurance?
A ₹10 lakh term insurance plan is suitable for individuals who want basic financial protection, are buying life insurance for the first time, or want additional coverage along with existing policies.
Young Professionals
Young professionals who have recently started working often choose this plan because the premium is low and it helps them start financial planning early.
Low-Income Earners
Individuals with limited income often prefer this plan because it provides affordable life insurance coverage without putting pressure on monthly finances.
Individuals Seeking Basic Coverage
This plan is suitable for individuals who want basic financial protection to cover essential expenses and short-term financial responsibilities.
People with Limited Financial Liabilities
If you do not have large loans or major financial responsibilities, a ₹10 lakh cover may be sufficient as basic financial protection.
Factors Affecting ₹10 Lakh Term Insurance Premium
The 10 lakh term insurance premium is not the same for everyone. It is calculated based on several personal and policy-related factors. Understanding these factors helps you estimate your premium and choose the right policy.
Age
Age is one of the most important factors affecting the 10 lakh term insurance premium. Younger individuals usually pay lower premiums because the insurance risk is lower at younger ages.
Lifestyle Habits
Lifestyle habits such as smoking or tobacco consumption may increase the premium due to higher health risks. Individuals with healthier lifestyles are generally offered lower premiums compared to smokers or individuals with health risks.
Policy Tenure
Longer policy tenure may increase the premium slightly, but it provides coverage for a longer duration, especially during your financially active years.
Riders Added
Optional riders, such as critical illness cover or accidental death benefit, add to the base premium but significantly enhance the scope of your protection.
Documents Required for ₹10 Lakh Term Plan
Applying for a ₹10 lakh term insurance plan requires basic documents for identity, address, income, and medical details. Keeping these documents ready helps speed up the application process
Identity Proof
Identity Proof
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
Address Proof
Address Proof
- Aadhaar Card
- Utility bills (electricity, water, telephone)
- Passport
- Driving Licence
Income Proof
Income Proof
- Latest salary slips (last 3 months)
- Form 16
- ITR for the last 2 years (for self-employed)
Medical Reports
Medical Reports
- Recent medical examination reports, if required, based on age, sum assured, or health declaration
Other Term Insurance Plans by Shriram Life
While term insurance plan is a great starting point, your coverage needs may grow over time. Depending on your income, financial responsibilities, and long-term goals, you can consider higher coverage options for stronger financial protection.
₹ 10 Lakh
Term Insurance Plan
Ideal for basic coverage, this plan offers financial support for essential expenses at an affordable term insurance premium, making it suitable for first-time buyers.
₹20 Lakh
Term Insurance Plan
A step up from basic coverage, this plan provides better financial security for families with moderate responsibilities while still keeping the premium manageable.
₹25 Lakh
Term Insurance Plan
This plan balances affordability and protection, offering a higher sum assured for individuals looking to strengthen their family’s financial safety net.
₹30 Lakh
Term Insurance Plan
An affordable term insurance premium, suitable for individuals with growing financial commitments, this plan ensures enhanced coverage to handle larger expenses and future needs.
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FAQs
What does a ₹10 Lakh term insurance plan cover?
A ₹10 lakh term insurance plan provides a death benefit of ₹10 lakh to the nominee if the policyholder passes away during the policy term. The payout can help cover household expenses, small loans, education costs, and emergency financial needs.
Who should consider buying a ₹10 Lakh term insurance plan?
This plan is suitable for first-time insurance buyers, young professionals, individuals with limited financial responsibilities, and those looking for affordable term insurance premiums and life insurance coverage.
Is ₹10 Lakh term insurance enough coverage for a family?
Coverage adequacy depends on income, financial liabilities, and the number of dependents. For some individuals, ₹10 lakh may be sufficient as basic coverage, while others may require higher coverage for complete financial protection.
What policy tenure is ideal for a ₹10 Lakh term insurance plan?
The policy tenure should ideally cover your working years or until your financial responsibilities, such as loans and dependents’ education, are completed.
Are ₹10 Lakh term insurance plans affordable?
Yes, these plans are considered affordable life insurance options because the coverage amount is lower, which results in lower premium payments compared to higher sum assured plans.
Can a ₹10 Lakh term insurance plan help cover financial liabilities?
Yes, the payout can help manage small loans, daily expenses, emergency costs, and short-term financial obligations.
Are riders available with a ₹10 Lakh term insurance policy?
Yes, riders such as accidental death benefit, critical illness rider, and waiver of premium rider are available with most term insurance plans
What happens if the policyholder survives the policy term?
Most pure term insurance plans do not provide maturity benefits if the policyholder survives the policy term. However, return-of-premium plans may refund the premiums paid.
Can I increase coverage later if ₹10 Lakh is not sufficient?
Yes, you can purchase an additional term insurance policy or choose plans that allow coverage to increase at major life stages
How can I choose the best ₹10 Lakh term insurance plan
You should compare premium cost, claim settlement ratio, policy tenure, available riders, and insurer reputation before choosing the plan.
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