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10-Year Term Life Insurance Policy - Explained in Detail

A 10-year insurance plan helps you make specific financial arrangements for your family in case something were to happen to you. Explore more about the 10-year term plan.

  • 15,511 Views | Updated on: Feb 27, 2024

Life insurance policies come with long policy terms and some even have lifetime coverage. This translates to you paying the premium for 20-30 plus years. But do you really need coverage for that long? If you are not the one for long-term insurance policies then a 10-year insurance plan is meant for you. Let’s run through the features and benefits of a 10-year term insurance plan and some frequently asked questions.

Features and Benefits of the 10-year Insurance Plan:

1. 10-year coverage: You are able to avail a life insurance cover for 10 years and if anything were to happen to you within the 10-year term, a death benefit would be given to the beneficiary.

2. Short-term planning: Ten years is a short duration for an insurance policy but it is also short enough for mapping out a plan. A 10-year insurance plan helps you make specific financial arrangements for your family in case something were to happen to you.

3. Tax benefit:You can claim the payments made towards securing life insurance under Section 80C to avail tax benefits

4. Surrender Option: If you feel that you have no liabilities left or do not require a life cover anymore, you can surrender the insurance policy. This makes you eligible for a certain amount of money which is called the surrender value of the policy.

5. Rider benefit: Term insurance plans come with insurance rider benefit which enables you to get extra coverage from uncertain incidents like accidental death, critical illness, etc.

p>6. Loan against insurance policy: You can avail loan against your insurance policy if there is an emergency situation. These loans are a lucrative option when compared to a personal loan.

7. Death Benefit: If you were to pass away during the policy term, then a lump sum would be given to your beneficiary as a death benefit to secure their financial condition.

Who Is Best Suited for This Plan?

A 10-year insurance plan is best suited for everyone because the term plan gives you a life cover for ten years. This plan is perfect for people in the below-given situations:

  • Your retirement date is coming up or you have retired from work already: In this situation, the 10-year term insurance plan aids your spouse by providing financial assistance if you were to pass away after retirement.
  • The mortgage loan taken by you will be getting over in the next ten years: In such a situation, if you were to pass away, your spouse would be able to pay off the mortgage loan without any hassle
  • Your health is deteriorating: If you know that your health is declining and you have dependent children or spouse, this type of insurance is the perfect option to safeguard finances for them.
  • Your children are in school as you are nearing retirement: To secure your young children from any unknown threats, a policy with a 10-year term gives a sense of relief and safety.

How Does a 10-year Insurance Policy Work

In this type of policy, you have to regularly pay the premiums according to the payment frequency chosen by you. In case of death, a lump sum amount would be given to your beneficiary. As it is a term insurance plan, you cannot avail any maturity benefit if you survive the policy term insurance plan?



Is there an age restriction to be eligible for availing a 10-year term life insurance plan?

Yes, the minimum age limit to be eligible for a 10-year insurance plan is 18 years and maximum age limit is 65 years.


What if the policyholder were to pass away after the policy term expired?

As a 10-year term insurance policy is a term plan, it doesn’t have any maturity benefit.


What would happen if the policyholder failed to pay the premiums?

There would be a grace period varying from insurer to insurer. If you failed to pay even within the grace period, the policy would lapse.


Is there any protection benefit involved with the term plan if the policy has lapsed?

No, there are no benefits that you can avail if the policy were to lapse.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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