1-Year Term Life Insurance
A 1-Year Term Life Insurance plan provides life insurance cover to the life assured for a period of 1 year at an affordable premium.*
The named nominee receives a lump sum death benefit in the event of the unfortunate demise of the life assured during the 1-year policy tenure. 1-year term life insurance plans are appealing to young insurance seekers who are looking for a flexible, affordable policy without the commitment of paying premiums for a long term. By connecting consumers with term life insurance products, we provide the advantage of financial stability to its users and their families.
Benefits
Tax benefits
A term life insurance offers tax savings up to Rs. 1.5 lakh premium paid under Section 80C of the Income Tax Act. Additionally, any sum received as a claim is tax exempted under Section 10(10D) of the same act.
Financial security
If you are the sole salaried person in the family, a term insurance plan will take care of financial needs of your dependents in your absence.
Lower commitment
Since the premiums need to be paid towards one year only, the commitment is lower. You don’t have to worry about paying the same amount every year and can choose to do so based on your current financial standing.
Covers your debt
The coverage amount will ensure safety for your dependents from your financial liability, such as a personal loan or education loan.
Why Should One Enroll in 1-Year Term Life Insurance?
Easy, instant, and paperless
Premiums are as low as Rs. 880 for a sum assured of Rs. 5 lakh
Available for all PhonePe users from ages 18 to 50.
Sum assured ranges from up to Rs. 1 lakh to Rs. 20 lakh
Covers natural death, accidents, illnesses, and natural calamities
What Is Included in the 1-Year Term Life Insurance Plan?
Natural Death
Nominees will be compensated in the event of the natural death of the policyholder.
Accidental Death
The policyholder's death by accident will get covered
Death due to Critical Illness
Death due to any critical illness is covered under term plans. Also, it includes sexually transmitted diseases like HIV/AIDS.
Natural Death
Nominees will be compensated in the event of the natural death of the policyholder.
Accidental Death
The policyholder's death by accident will get covered
Death due to Critical Illness
Death due to any critical illness is covered under term plans. Also, it includes sexually transmitted diseases like HIV/AIDS.
What Is Not Included in the 1-Year Term Life Insurance Plan?*
Death in the first 45 days due to any covered incident
Death in the first 45 days of the 1-year tenure
Death due to suicide
Death due to suicide isn’t covered in a 1 year term life insurance
*Coverage, terms and exclusions may differ from insurer to insurer. Please read respective product’s terms and conditions carefully before concluding a sale.
Death in the first 45 days due to any covered incident
Death in the first 45 days of the 1-year tenure
Death due to suicide
Death due to suicide isn’t covered in a 1 year term life insurance
*Coverage, terms and exclusions may differ from insurer to insurer. Please read respective product’s terms and conditions carefully before concluding a sale.
Blogs and Related reading
Got questions?
Read on to find out more!
What types of death are covered under this policy? 
What is the validity period of this insurance policy?
When will my policy be issued after opting for it?
How can the nominee file a claim?
What should I check before I buy 1-Year Term Life Insurance?
PhonePe Insurance Broking Services Private Limited. IRDAI Direct Broker (Life & General)
Reg. 766 and Broker Registration Code IRDA/DB 822/20 Valid till 10/08/2024.
Regd. office - Office-2, Floor 4,5,6,7, Wing A, Block A,Salarpuria Softzone, Service Road,
Green Glen Layout, Bellandur, Bengaluru, Karnataka-KA, Pin- 560103
CIN: U66000KA2020FTC132814