Term Life Insurance
Term Life Insurance
Term life insurance provides pure life protection — if the insured passes away during the policy term, the nominee receives the sum assured. Wealthy offers term plans from 5 insurers with multiple plan variants and payout options.
Quote Generation Flow
Step 1: Browse Available Plans
The customer sees available term plans based on their basic profile. Plans are shown with:
- Insurer name and logo
- Plan name
- Claim settlement ratio
- Average settlement time
Plans are filtered by eligibility (age, gender, tobacco usage, residential status) and runtime product configuration.
Step 2: View Product Details
Each plan shows:
- Plan variants (e.g., Lump Sum, Income + Lump Sum, Increasing Income)
- Payout options — How the death benefit is paid out
- Payment options — Pay till policy term, pay till 60, limited pay, single pay
- Key features — Return of premium, waiver of premium, critical illness cover
- Product timeline — Visual representation of payment and coverage periods
Step 3: Get Premium Quotes
Input Required:
- Gender — Male or Female
- Age / Date of Birth
- Tobacco consumption — Yes or No (significantly impacts premium)
- Residential status — Indian resident, NRI, etc.
- Sum assured — Desired life cover amount
- Policy term — How long the cover should last (default: 75 minus age)
- Premium payment term — How long to pay premiums
- Occupation — Occupation type
- Annual income range — Income bracket
- Pincode — Location
Two modes:
- Compare All Plans — Fetches quotes from all active insurers in parallel for the comparison view
- Detailed Single Plan Quote — When a plan is selected, gets detailed quote with riders and plan-specific options
Available Plans
HDFC Life — Click 2 Protect Super (C2PS)
Claim Settlement Ratio: 98.7% | Settlement Time: 1 Day
HDFC Life’s flagship term plan with multiple variants:
- Life Protect — Basic term cover
- Life Protect with Return of Premium — Get back all premiums if you survive the policy term
- Income Plus — Monthly income to family plus lump sum
- Income Plus with Return of Premium
- Increasing Income — Income that increases over time
Bajaj Allianz Life — eTouch
Claim Settlement Ratio: 99.29% | Settlement Time: 1 Day
Bajaj’s online term plan. Uses a redirect flow — customer is redirected to Bajaj’s portal to complete the application after initial details are captured on Wealthy.
ICICI Prudential Life — iProtect Smart Plus
Claim Settlement Ratio: 99.35% | Settlement Time: 1 Day
ICICI Pru’s comprehensive term plan. Also uses a redirect flow for application completion.
Axis Max Life — Smart Secure Plus
Claim Settlement Ratio: 99.65% | Settlement Time: 1 Day
Max Life’s term plan with competitive premiums.
Tata AIA — Sampoorna Raksha Supreme
Claim Settlement Ratio: 99.13% | Settlement Time: 4 Hours
Tata AIA’s term plan. Currently available in filters and product details but bulk quote generation is disabled.
Payout Options
When the insured passes away, the death benefit can be paid in different ways depending on the plan:
| Payout Option | Description |
|---|---|
| Lump Sum | Entire sum assured paid at once to the nominee |
| Monthly Income | Regular monthly income paid to the nominee for a specified period |
| Income + Lump Sum | Combination of monthly income and a lump sum payment |
| Increasing Income | Monthly income that increases each year to account for inflation |
| Return of Premium | If the insured survives the policy term, all premiums paid are returned |
Payment Options
| Payment Mode | Description |
|---|---|
| Regular Pay | Pay premiums throughout the policy term |
| Limited Pay | Pay premiums for a shorter period than the policy term |
| Pay till 60 | Pay premiums until age 60, coverage continues after |
| Single Pay | One-time premium payment |
Premium Frequency
Premiums can be paid:
- Monthly
- Quarterly
- Half-yearly
- Annually
- Single pay
Factors Affecting Premium
| Factor | Impact |
|---|---|
| Age | Younger = lower premium |
| Gender | Females typically get lower premiums |
| Tobacco use | Smokers/tobacco users pay significantly higher premiums |
| Sum assured | Higher cover = higher premium |
| Policy term | Longer term = higher premium |
| Premium payment term | Shorter payment period = higher annual premium |
| Occupation | High-risk occupations may increase premium |
| Riders | Add-ons increase the total premium |
Riders & Add-ons
Common riders available across term plans:
| Rider | Description |
|---|---|
| Accidental Death Benefit | Additional payout on death due to accident |
| Personal Accident Cover | Covers accidental death and disability |
| Critical Illness Cover | Lump sum on diagnosis of specified critical illnesses |
| Waiver of Premium | Future premiums waived on critical illness/disability |
| Income Benefit on Accidental Disability | Monthly income if disabled due to accident |
Note: For HDFC Life C2PL plans, “Personal Accident Cover” and “Accidental Death Cover” cannot be selected together.
Benefit Illustration
Before purchasing, customers can generate a Benefit Illustration (BI) document that shows:
- Year-by-year premium schedule
- Death benefit at various points
- Maturity benefit (if applicable, e.g., Return of Premium)
- Rider benefits
This can be downloaded as a PDF or shared via a link.
Redirect Flow
Some insurers (Bajaj Allianz, ICICI Prudential) use a redirect flow for completing the application:
- Customer enters basic details and selects a plan on Wealthy
- A pre-filled application form is generated
- Customer is redirected to the insurer’s portal
- Application completion, medical checks, and payment happen on the insurer’s portal
- Policy issuance is communicated back to Wealthy
Default Policy Term Calculation
If the customer doesn’t specify a policy term, it defaults to:
- 75 minus current age (minimum 5 years)
This provides coverage until age 75, which is the standard maximum for most term plans.