What is Term Life Insurance and why do I need it?

Term insurance is the purest, most affordable form of life insurance — it pays a large death benefit to nominees if the policyholder dies during the term, with no survival benefit. Financial advisors recommend a cover of at least 10–15× your annual income. A ₹1 crore cover at age 30 costs just ₹8,000–₹12,000 per year.