Term & Life Insurance
The largest cover your money can buy, for the people who depend on you.
A term plan is the simplest and the cheapest form of life insurance. The insured pays a small premium for a fixed number of years, and if something happens to them during that period, the family receives the full sum assured.
It is the one policy every earning member of a household should own before anything else. Through Paydeer, retailers can compare term plans from leading life insurers and help the customer choose the right cover amount and policy term.
Life Insurance Plans Available At Paydeer
- Pure Term Plan – the highest cover at the lowest premium. Pays the sum assured to the nominee on death of the insured.
- Return Of Premium Term Plan – the same protection, and the total premium paid is returned if the insured survives the policy term.
- Endowment & Money-Back Plans – protection along with guaranteed savings and periodic payouts.
- Child Plans – build a corpus for a child’s education that continues even if the parent is no longer there.
- Retirement & Pension Plans – convert today’s savings into a regular income after retirement.
Riders That Can Be Added To A Term Plan
- Critical Illness Rider – lump-sum payout on diagnosis of a listed major illness.
- Accidental Death Benefit – an extra sum assured if death is caused by an accident.
- Accidental Total & Permanent Disability – pays out when an accident stops the insured from earning.
- Waiver Of Premium – future premiums are waived if the insured becomes disabled or is diagnosed with a critical illness, and the cover continues.
How Much Cover Does A Customer Actually Need?
A simple rule that works well in practice: the sum assured should be at least 10 to 15 times the annual income of the earning member, plus any outstanding home loan, vehicle loan or business loan, plus the money the family will need for the children’s education.
Premium is lowest when the policy is bought young and it stays locked for the entire term, so the earlier the customer buys, the cheaper the same cover becomes.
Benefits For The Paydeer Retailer
- Life insurance carries one of the highest commission structures of any Paydeer service.
- Renewal premium every year means recurring income, not a one-time sale.
- Quotes from multiple life insurers on a single screen, so the customer never has to be sent elsewhere.
- The entire journey — quote, proposal form, payment and policy document — is digital.
F.A.Q
Frequently Asked Questions
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What is the difference between term insurance and life insurance?
Term insurance is a type of life insurance that gives only protection — there is no maturity amount if the insured survives the term. Other life insurance plans such as endowment or money-back mix protection with savings, so they cost far more for the same cover.
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Till what age should the term plan run?
Ideally till the age the customer expects to stop earning, usually 60 to 65 years. Covering beyond that is useful only when there are dependants or a loan that will still be running.
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Is a medical test compulsory for a term plan?
It depends on the age of the customer and the sum assured. Small covers for young applicants are often issued without a test, while a high sum assured almost always requires a medical check-up, which the insurer arranges free of cost.
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Does the family pay tax on the claim amount?
No. The death benefit received by the nominee is exempt under Section 10(10D) of the Income Tax Act, and the premium paid qualifies for deduction under Section 80C.
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What happens if a premium is missed?
Every policy has a grace period, normally 15 to 30 days, during which the premium can still be paid and the cover continues. If it lapses after that, most insurers allow revival within a few years by paying the pending premium with interest.
