Riya and Akshat got married and promised each other a life filled with love, laughter, and abundant happiness. Both were young professionals with dreams of buying a home, starting a family, and building a secure future. They planned everything—from vacations to investments. But at the moment a financial advisor asked if they had a term insurance plan, they paused.

Yet, many young individuals tend to overlook the importance of life insurance in their 20s or early 30s. However, buying a term insurance policy at a young age can be a wise decision that offers long-lasting financial benefits.

Life insurance is a vital part of your financial planning. It works like a safety net for your family, should an unfortunate incident happen. While a standard life insurance policy offers a basic death benefit, you can significantly enhance the extent of coverage with add-ons or riders.

Life is an unanticipated terrain. While you cannot predict the future, you can certainly prepare for it. That is where term insurance comes in.

When you’re buying life insurance in India, you’ll often come across technical jargon that might seem confusing. From terms like "Sum Assured" to "ULIP," understanding these words can help you make informed decisions and choose the right policy for your needs. To make life insurance simpler and easier to understand, we’ve compiled a comprehensive A to Z glossary of the most commonly used life insurance terms in India.

Term insurance is one of the best tools to secure the financial future of your family. It offers a high extent of coverage at a relatively low premium for a specific period (term). Plus, in the event of the sudden demise of the policyholder, it pays a death benefit to the nominee (beneficiary).