A term insurance for parents is the simplest form of life insurance that protect ...Read More
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Himanshu is a content marketer with 2 years of experience in the life insurance sector. His motto is to make life insurance topics simple and easy to understand yet one level deeper for our readers.
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Updated on Nov 17, 2025 6 min read
What is Term Insurance for Parents?
A term insurance for parents is the simplest form of life insurance that protects their children financially in case of the death of any parent during the policy tenure. It ensures their children can live a comfortable lifestyle without worrying about finances. The major purpose of term life insurance for parents is to pay any outstanding loans, for their children’s education, cover their living expenses, etc.
Term insurance does not have any cash value associated with it, so its premiums are lower than those of any other life insurance plan. Apart from financial security, there are various benefits of term insurance, including tax benefits, flexibility to choose payout options, option to choose riders, etc.
Can I Buy Term Insurance for My Parents?
Yes, you can buy a term insurance plan for your parents in India. It provides financial security in case of their uncertain death during the policy tenure. Before buying a term insurance plan for your parents, it’s necessary to compare various plans so that you can make a wise choice.
The term insurance plan you purchase depends on various parameters, including age, gender, health conditions, income, etc. Buying term life insurance for parents becomes necessary to deal with uncertain situations in life. You should buy a term plan if you have any existing liabilities, dependents, financial responsibilities, or just want to create a legacy for your loved ones.
Best Term Insurance for Parents in India in 2025
There are so many term insurance plans available in India. However, buying a good term insurance plan is necessary to ensure your loved ones can live a comfortable life even in your absence. To ease it down for you, we have provided a list of the best term insurance plans for parents in 2025.
| Name of the Insurer | Plan Name | CSR (2023-24) | Minimum Premiums | Why Should You Buy? |
| Axis Max Life Insurance | Axis Max Life Smart Term Plan Plus | 99.70% | Subject to the minimum sum assured |
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| Tata AIA Life Insurance | Tata AIA Sampoorna Raksha Promise | 99.01% | Rs 502/- per month |
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| ICICI Prudential Life Insurance | ICICI i-Protect Smart Lump Sum Plan | 99.3% | Rs. 1083/- per month |
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| HDFC Life Insurance | HDFC Life Click 2 Protect Super | 99.7% | Rs 1,181/- per month |
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| Bajaj Allianz Life Insurance | Bajaj Allianz e Touch II | 99.29% | Rs 873/- per month |
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| Bandhan Life Insurance | Bandhan Life i-Term Prime | 99.66% | Rs 1243/- per month |
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| Bharti AXA Life Insurance | Bharti AXA Life Flexi Term Pro Plan | 99.1% | Rs 1074/ per month |
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Types of Term Insurance Plans for Parents in India
There are various types of term insurance plans available for parents. Each plan type has different features and benefits. You can choose the one that best suits your requirements. Let’s understand all types of term insurance plans in detail:
Level Term Insurance
It is the simplest form of term insurance whose premiums and sum assured remain fixed throughout the policy tenure. The policyholders are aware of how much they have to pay. Plan Name- ICICI Prudential iProtect SmartIncreasing Term Insurance
In this type of term life insurance plan, the sum assured increases after a particular period, as mentioned in the policy documents, to adjust against inflation. Plan Name- HDFC Life Click 2 Protect Super (Life Plus)Decreasing Term Insurance
As clearly understood by the name, the sum assured decreases after a particular period. This type of plan is best to pay off your outstanding liabilities or fulfil financial obligations. Plan Name- HDFC Life Click 2 Protect Super (Life Goal)Whole Life Term Insurance
A whole life insurance plan provides coverage for the entire life, usually 99 or 100 years. It ensures you are financially protected in uncertain circumstances. Plan Name- HDFC Life Sanchay PlusConvertible Term Insurance
As we know, the needs and requirements of an individual change with time. This plan is the best fit to cope with the changing needs. It allows you to convert your pure term insurance plan into a whole life insurance or endowment policy after a particular tenure.
Benefits of Term Insurance Plans for Parents
There are various benefits of buying term insurance plans for parents. Let’s understand these benefits in detail:
Financial Security
A term insurance plan for parents offers financial safety to their child or loved ones in case of their death during the policy tenure. It helps parents ensure that their children can live a comfortable life even if they are not with them.Tax Benefits
The premiums paid for a term insurance plan for parents are eligible for tax deduction under Section 80 (C) of the Income Tax Act, 1961. Moreover, the death benefits received are also tax-free under Section 10 (10D).Choice of Additional Riders
You can choose an additional rider with your term plan that aligns with your needs and requirements. There are various riders available with different term insurance plans. Some common riders include an accidental death benefit rider, a critical illness rider, a waiver of premium rider, etc.Cost Effective
Term insurance is the most affordable life insurance product as it does not include an investment component. The premiums for a term insurance for 1 crore coverage start at just Rs 500 per month.Peace of Mind
Term insurance provides you peace of mind as it ensures that your loved ones are fnancially protected even if something unfortunate happens to you.
Factors Affecting Term Insurance for Parents’ Premiums
Various factors affect the term insurance premiums for parents. Let’s understand these factors in detail:
Policyholder’s Age
The policyholder’s age directly affects the term insurance premium for parents. You must buy a term plan early in your life to ensure you don’t have to pay skyrocketing premiums. As your age increases, the premiums also increase.Medical Conditions
A person suffering from ailments/ disease has to pay higher premiums than a healthy individual. This is so because the risks associated with insuring a person suffering from illnesses is higher than of a healthy individual.Lifestyle Habits
The lifestyle habits of an individual also impact their premium amount. An individual who smokes or consumes alcohol is charged higher premiums than an individual who doesn’t.Policyholder’s Gender
The gender of the policyholder also impacts term insurance premiums. A female policyholder has to pay less premiums than a male policyholder, as the life expectancy of females is higher than that of males.Policyholder’s Occupation
The occupation of the policyholder directly affects their premium. A person engaged in high-risk occupations such as mining, construction, car racing, etc, is at a higher risk than an individual not engaged in these activities.
Conclusion
Buying a term insurance becomes necessary if you have dependents to be taken care of. A term insurance plan ensures that you are financially covered in case of your death. Along with financial protection, the best term insurance for parents provides a range of benefits.
If you are confused about which term insurance is best for your parents, you can visit PolicyX.com or call us at 1800-420-0269. We offer No Spam, No Gimmicks and Only Expert Insurance Guidance.
FAQs: Term Insurance for Parents
1. Which insurance is best for parents?
Axis Max Life Smart Term Plan Plus is one of the best term insurance plans for parents.
2. Can I get term insurance for my parents?
Yes, you can buy a term insurance plan for your parents.
3. Which life insurance is best for my parents?
A term insurance plan is best for your parents as it offers financial security in case of their death during the policy tenure.
4. What is the best age to buy term insurance?
The best time to buy a term insurance plan is today, as the earlier you buy, the lower your premiums.
5. Which is better, a pure term plan or whole term insurance?
Both level term insurance and whole term insurance plans are good. The plan you choose depends on your requirements.
6. Which insurance is best for parents?
Axis Max Life Smart Term Plan Plus is one of the best term insurance plan for parents.
7. What is the best age to take term insurance for your parents?
You should buy a suitable term plan for your parents as soon as possible.
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Written By: Himanshu Kumar
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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