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Term Insurance

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Know about Term Insurance

Term insurance is a type of life insurance policy that offers financial compensation to the nominees in the event of the untimely death of the policyholder during the policy term. A plan like this financially protects your loved ones just like you, even when you are not around to fund their needs.

Best Term Insurance Plans

1 Crore
1.5 Crore
2 Crore
2.5 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.51%
Starting From 682/Month
Claim Settlement
Key Features:
  • Right Green Tick Zero Cost Benefit
  • Right Green Tick Terminal Illness
  • Right Green Tick Nominee's Choice payout
  • Right Green Tick Voluntary Top Up
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 95.28%
Starting From 812/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Waiver of Premium on Disability
  • Right Green Tick Terminal Illness
  • Right Green Tick Life Stage Benefit
  • Right Green Tick Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.39%
Starting From 771/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Terminal illness
  • Right Green Tick Special Exit - Option to get your premiums back
  • Right Green Tick Renewability Option
See More Plans
Farhan Akhtar Finds ‘Sukoon’ With Loved Ones - Secure Health Insurance for family | InsuranceDekhoFarhan Akhtar Finds ‘Sukoon’ With Loved Ones - Secure Health Insurance for family | InsuranceDekho

Term Insurance Premium Calculator

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  • Male
  • Female

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Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

What is Term Insurance?

Term insurance offers financial coverage to policyholder’s dependants if they meet an unfortunate demise during the policy term. Let us understand it with an example of two individuals, Ashok and Suraj. Ashok is 35 years old man who has a wife, dependent parents, and a child, on the other hand, there is Suraj who is 40 years old with dependent parents, spouse, child, and who has been diagnosed with a critical illness. Now, in the event that either Ashok meets an unfortunate demise or Suraj is diagnosed with a critical illness, this plan will financially replace them in both of these. Thus, term insurance will financially support your dependents even if you are not around. Scroll through the section to know all about term insurance plans.

Best Term Insurance Plans

The top 7 term insurance plans are as follows:

1. Max Life Smart Secure Plus

The Max Life Smart Secure Plus Plan is like a financial safety net for your family. This term insurance plan is made to meet your financial needs and provide reliable help during tough times.  The Smart Secure Plus Plan by Max Life gives you two types of death benefits: one for terminal illness and another as an exit value. On top of that, you can choose extra benefits like breaks in premium payments, coverage for both partners and added payouts for accidental death. It's not just a term insurance plan; it is a solution to keep your finances secure and adapt to any unexpected changes.

2. ICICI iProtect Smart

The ICICI iProtect Smart Term Insurance Plan offers enhanced protection with coverage against death, terminal illness, and disability. It provides comprehensive additional benefits, allowing policyholders to choose options such as accidental death benefit and accelerated critical illness benefit. Special premium rates are available for non-tobacco users, making it an attractive choice for those who maintain a healthy lifestyle. 

One notable feature of this term insurance plan is the need-based benefit payout, allowing policyholders to receive the benefit amount as a lump sum, monthly income for 10 years, or a combination of both, providing flexibility to meet individual preferences. Moreover, the plan allows flexibility in premium payments, enabling policyholders to pay premiums once, for a limited period, or throughout the policy term. 

3. HDFC Life Click 2 Protect Super

HDFC Life Click 2 Protect Super is a versatile term insurance plan designed to cater to your changing needs, offering a dynamic life cover and comprehensive protection. This plan understands the evolving nature of your life and provides a range of coverage options tailored to your specific requirements. With the flexibility to choose from multiple coverage options, the plan ensures that your income is safeguarded. 

Moreover, the HDFC Life Click 2 Protect Super plan goes beyond basic life coverage, offering additional benefits such as a return of premium option, an extra amount in case of accidental death, and acceleration of death benefit on the diagnosis of specified terminal illnesses until age 80. 

4. Tata AIA Samporn Raksha Supreme

Tata AIA Samporn Raksha Supreme is a comprehensive term insurance plan offering various benefits to secure your family's financial future in your absence. One of the key advantages of this plan is the opportunity to avail tax benefits in accordance with applicable income tax laws. The plan also provides a flexible premium payment structure, allowing you to choose from various options such as single, monthly, half-yearly, quarterly, or yearly payments, ensuring convenience.

The plan offers four distinct options, namely Life Option, Life Plus Option, Life Income Option, and Credit Protect Option, each tailored to meet specific insurance needs. Women policyholders can enjoy preferential premium rates, providing an added advantage. 

5. TATA AIA Maharaksha Supreme

Tata AIA Samporn Raksha Supreme is a comprehensive 'Pure Protection Plan' designed to secure the financial future of your loved ones who depend on you. The policy offers insurance coverage for an extensive term, extending up to the age of 100 years. Not only this, but the plan also allows you to increase the cover at important milestones through the Life Stage Option. Moreover, with the Life Stage Plus Option of this term insurance plan, you can increase your life cover during important stages like marriage or childbirth. 

The Free-Look Period of Tata AIA Samporn Raksha Supreme allows you to review and cancel the policy within 30 days of online purchase or 15 days if purchased offline, with refunded premiums subject to company guidelines. You also have the flexibility to add optional riders to enhance the coverage according to your specific needs. 

6. Bajaj Allianz Life eTouch

Bajaj Allianz Life eTouch Online Term is a valuable term insurance plan designed to offer comprehensive protection for individuals. The plan falls under the category of non-linked, non-participating, life, regular premium payment, individual, and pure risk premium plans. This means it's a simple, easy-to-understand policy that focuses on providing coverage without any complicated financial components. The Bajaj Allianz Life eTouch Online Term plan not only offers life cover but also includes benefits for accidental death, accidental total permanent disability, and critical illness. What sets it apart is the flexibility it provides! 

You can choose from their four variant options to enhance your protection based on your specific needs. Another notable feature is the option for the nominee to receive the policy benefits either as a lump-sum amount or in convenient monthly installments. Furthermore, there's an added incentive for those leading a healthy lifestyle, as non-tobacco users can enjoy lower premium rates. 

7. Kotak E-term Plan

Kotak Life e-Term is one of the best term insurance plans from Kotak Life Insurance Company. Imagine securing substantial coverage for your loved ones with an affordable premium, almost a whopping 1000 times return on investment!  Kotak Life e-Term is not just a policy; it's a financial game-changer, especially if your family depends on your income. This means that if something were to happen to you during the policy term, your family would get a sum of money, which would be a real financial lifesaver.

Eligibility of Term Insurance

Before you proceed to buy a term insurance policy, it's essential to determine your eligibility. Given that various insurance companies offer different plans, the eligibility criteria can also differ accordingly.

Mentioned below are some general eligibility conditions that typically serve as standard requirements across most insurance providers:

  • Age: To qualify for a term insurance plan, you need to be at least 18 years old. The maximum age limit depends on the specific policy and the life insurance company's terms.
  • Citizenship: A term insurance policy generally requires the individual to be a citizen of India. Nevertheless, Persons of Indian Origin (PIOs) and Non-Resident Indians (NRIs) are also eligible to purchase a term plan.
  • Medical Tests: In the majority of cases, undergoing a medical test is compulsory when buying term insurance. This test helps the insurance providers in identifying any potential health risks that could impact the policyholder. Moreover, the results of this medical test play a crucial role in determining the premium for the plan.
  • Income: When it comes to income eligibility for term insurance, there isn't a specific bracket or limit. However, insurers typically request your income slips or bank account details as part of the evaluation process to determine the appropriate term cover.
  • Smoking Habits: Whether you are a smoker or non-smoker plays a significant role in determining your premium. Premiums tend to be considerably higher for smokers, reflecting the higher health risks associated with smoking.

Term Insurance Premium Calculator

Term insurance premium calculator is an online tool that is specially designed to help an individual estimate the amount of premium that they will be paying for their policy. The premium calculator helps an individual to estimate the amount of premium according to the information entered in the calculator such as age, gender, coverage amount/sum assured, policy tenure, etc. Some of the benefits of using a premium calculator are as follows:

  • Easily Compare Different Plans: The premium calculator makes comparing several term insurance plans an easy task. You can easily compare several plans that fit your defined budget and requirements in one go with a premium calculator.
  • Time-saving Process: The term insurance premium calculator saves a lot of time i.e. one does not have to submit any documents to obtain quotes. Using the premium calculator one can easily figure out a term insurance plan that fits your requirements and budget.
  • Help You Make An Informed Decision: When you use the premium calculator you can make an informed decision while choosing a plan as you can compare the benefits and features of different term insurance plans.

Who Should Buy Term Insurance?

While a term insurance plan is recommended for all, here is a group of people who should buy it:

  • If anyone has non-earning dependants such as retired parents, non-earning children, and spouse
  • If you have taken a loan and that might lead to financial burden if you are not around
  • If you don’t have the adequate savings to fund your family’s need
  • If you have certain liabilities to fulfil such as children’s wedding or higher education
  • Newly married couples

Let us understand this with an example: Ram and Shyam are two friends who are thinking to buy term insurance. Ram is 32 years old who has taken a home loan and is planning for having children and Shyam on the other hand is 40 years with no dependent parents and children. In this case, Ram is suggested to buy a term insurance plan as compared to Shyam.

Things to Consider While Buying Term Insurance

Depending on the coverage, policy term, premium payment frequency, and other factors, the premium will vary. These factors also determine premium and thus it is very important to keep these factors in mind. Thus, while buying a term insurance plan, you must check with your insurer regarding the policy term, premium paying term, and a lot of other things.

When Is the Right Time to Buy Term Insurance?

Wondering whether term insurance will be more affordable if you buy at an early age? If so, then the answer is. Go through the illustration to understand the same:

Age

Annual Premium

Total Premium Paid

Total Number of Premiums

30

Rs. 15,000

Rs. 6,00,000

40

40

Rs. 20,000

Rs. 7,00,000

35

The above data explains how the premium gets directly affected if you buy it when you are old. Moreover, you should also keep your financial dependants in mind while determining the right time to buy term insurance.

Factors That Will Affect Your Term Insurance Purchase

While buying term insurance, you need to keep a number of factors in mind such as your age, lifestyle, income, and others. All of these factors affect its premium. So, in the section below, let’s understand the different things that you need to consider when buying this plan:

  • Age: There is no best time to buy a term insurance plan. However, depending on which age you are buying the policy, its premium will accordingly vary. For instance, the premium of an individual who is 25 years old will have to pay a lower premium as compared to those who are in their 30s. This is because the chances of falling ill are higher when you are old and thus age directly affects the premium.
  • Income: To secure a financial future for your loved ones, you must also keep your income in mind. You should ideally choose a plan that offers 10 times the coverage of your annual earnings.
  • Smoking Habits: To keep the lifestyle of your dependents intact even in your absence, you must be careful in choosing the term insurance plan. You should select a plan, considering your current lifestyle. It is important to note that the premium amount for smokers is 30-40% higher vs non-smokers since smokers are more likely to develop smoking-related health complications vs non-smokers later in their life. So, while buying this plan, It is important to declare smoking habits honestly otherwise it may lead to claim rejection.
  • Education: Your education is another factor that will affect the premium. According to different reports, it has been found that insurers consider the educational qualification of the policyholder in determining their earning capability and thus assessing the premium.

How Should I Decide the Policy Duration?

The policy duration or policy term is the time period during which the term insurance plan remains active. You should ideally buy it for a period till you have financial dependents or until you are financially free. An individual who is financially free is one without a dependent spouse, parent, or child, doesn't owe any loan, and has accumulated substantial savings to fund future needs. So, based on your financial dependency, choose the right policy duration.

How Should I Decide on the Premium Paying Term of the Term Insurance?

There are different premium paying terms that you can choose while buying a term insurance plan: Regular Pay and Limited Pay. A Limited Pay is one where the policyholder pays the premium for a limited period unlike Regular Pay, where they are supposed to pay the premium for the entire policy term.

Term insurance with a Limited Pay option is recommended for the following:

  • If you know that your business may suffer loss in the next few years
  • If you work in a non-stable organisation where
  • If you have an unstable source of income
  • If you are nearing your retirement and want to clear the term insurance premiums before that

So, based on your financial liabilities, choose the premium paying model accordingly.

How Should I Decide the Premium Payment Frequency?

While buying a term insurance plan, you should be wise in choosing the premium payment term. In order to avoid paying hefty premiums at one go, you should pay premiums monthly instead of annually. It is however important to note that there are discounts available when you choose to pay premiums on an annual basis. So, depending on your premium paying capacity, choose the premium frequency accordingly. You should also choose the auto-debit option so that premiums are always paid on time.

How Should I Decide the Term Insurance Payouts?

There are different payout options available when buying this type of life insurance plan. On choosing the adequate payout, you will be able to fix how your family will receive money when you are not around. Some of the options available when it comes to term insurance payouts are as follows:

  • Lump-sum: This refers to the payout model where the entire amount is credited to the nominees’ account in one go.
  • Lump-sum with Monthly Income: Lump-sum with monthly income is where a definite amount is paid when the policyholder dies. Along with this, a specific amount is also paid every month for the next 10-20 years.
  • Only Income: In this type of payout option, the payout is done every month for a specific number of years.

Now, depending on your financial dependents, you should choose the payout option. It is advisable that if you have nominees who are financially not independent, you must choose a lump sum with a monthly income. So, while buying term insurance, you need to opt for the premium payout.

Benefits of Term Insurance

Term insurance is a kind of life insurance policy that provides life cover to the life assured at an affordable premium rate. This is the most basic type of life cover that one can get. You can ensure financial security for your loved ones in case anything unforeseen happens to you during the policy tenure as this policy provides a death benefit in case of an untimely demise of the life assured during the policy tenure. Some term plans also provide maturity benefits in case the life assured survives the entire policy tenure, helping the life assured to fulfil their long-term financial goals. Term insurance can also help you save taxes and provide you a sense of peace of mind.

  • Death Benefit

    Death Benefit

    Term insurance provides a death sum assured (death benefit) to the nominee in the event of an unforeseen demise of the life assured during the policy term. This benefit helps your family remain financially sound in the time of emotional grief and meet financial liabilities, if any.

  • Peace of Mind

    Peace of Mind

    Term Insurance plans help you maintain your peace of mind by securing the future of your loved ones financially in your absence. They give you enough assurance that the standard of living of your family and their dreams will not be compromised when you're not around them.

  • Financial Stability

    Financial Stability

    A term insurance plan helps you maintain financial stability of your family in case of your untimely demise. Also, if you opt for term insurance with return of premiums (TROP), you are eligible to receive a sum assured on plan maturity if you survive the entire policy term.

  • Tax Benefits

    Tax Benefits

    Life insurance premiums qualify for a tax deduction under Section 80C of the Income Tax Act. Also, as per Section 10(10D), the sum assured (SA) received on death or plan maturity is eligible for tax exemption if the premium is up to 10% of the SA or SA is at least 10X of premium amount.

  • Pocket Friendly

    Pocket Friendly

    Term insurance plans are known for providing high insurance coverage at affordable premiums. They help you secure the future of your family with amounts as high as Rs. 10 Crore or more against nominal premium amounts. Term plans’ affordability, make them a preferred choice.

  • Whole Life Cover Benefit

    Whole Life Cover Benefit

    Some of the life insurance providers offer a whole life cover with their standard term plans. This helps you to enjoy the benefits of a life cover till 99 years of age. This benefit enhances your peace of mind and helps you live your life to the fullest without worries.

How To Buy Term Insurance With InsuranceDekho?

  • Fill Your DetailsStep 1
    Fill Your Details

    Enter your personal details such as name, mobile number, gender and date of birth. Click on the ‘View Instant Quotes’ button to see available quotes.

  • Compare Different Term Insurance QuotesStep 2
    Compare Different Term Insurance Quotes

    Based on the details provided by you, different term insurance quotes will get displayed to you. Compare the available term plans and select the plan that suits your requirements.

  • Make The Payment
    Make The Payment

    After selecting the best term plan for yourself, adjust the sum assured and the policy term. Once all plan details are finalised make the payment for the premium. You can make the payment via netbanking or debit/credit card.

See Required DocumentsDown Arrow

Documents Required

  • Submit a photo id proof (voter’s id, aadhaar card, pan card and passport).
  • Address proof (electricity bill, telephone bill, ration card or any other utility bill)
  • An age proof such as birth certificate
  • A passport size photograph along relevant medical records and your recent salary slips to get your policy document.

Top Term Insurance Companies in India

Following is the list of best term insurance companies in India as per the claim settlement ratio registered by them in FY 2020-21.

 

Rank Life Insurance Company Claim Settlement Ratio 2020-21  
1 Max Term Insurance 99.35%
2 Bandhan Life Insurance 99.37%
3 Bharti Axa Term Insurance 99.05%
4 Life Insurance Corporation of India (LIC) 98.62%
5 Dhfl Pramerica Term Insurance 98.61%
6 Exide Term Insurance 98.54%
7 Kotak Term Insurance 98.50%
8 Reliance Term Insurance 98.49%
9 Bajaj Allianz Term Insurance 98.48%
10 PNB MetLife Term Insurance 98.17%
11 Tata AIA Life Term Insurance 98.02%
12 HDFC Life Term Insurance 98.01%
13 Aviva Term Insurance 98.01%
14 ICICI Prudential Term Insurance 97.90%
15 Aditya Birla Sun Life Term Insurance 98.04%
16 Sahara India Life Insurance 97.18%
17 Canara HSBC OBC Term Insurance 97.10%
18 Edelweiss Tokio Term Insurance 97.01%
19 IndiaFirst Life Term Insurance 96.81%
20 Daiichi Life Insurance 95.96%
21 Shriram Life Term Insurance 95.12%
22 Ageas Federal Life Term Insurance 95.07%
23 Future Generali Life Term Insurance 94.86%
24 SBI Life Term Insurance 93.09%

 

Top Term Insurance Companies

What Are the Add-on Options Available in Term Insurance Plans?

Listed below are the add-ons available with the term insurance plan:

  • Accidental Death Benefit: Accidental Death Benefit rider provides a definite sum assured in the event of an unfortunate demise of the policyholder due to an accident. This type of rider is best-suited for those who frequently travel and are at greater risk of accidents. Thus, with this rider, you can financially protect your loved ones in case of death due to an accident.
  • Critical Illness: Critical illness rider provides financial coverage if the policyholder is diagnosed with critical illnesses like cancer, kidney failure, heart attack, etc. It is advisable that you check with your insurer about the list of critical illnesses covered under your term insurance plan. This is recommended for those who lead an unhealthy lifestyle and are thus at a higher risk of getting diagnosed with any critical illness.
  • Terminal Illness: Terminal Illness rider provides the payout of death benefits in advance if the policyholder is diagnosed with a terminal illness or any kind of life-threatening disease.
  • Premium Waiver: In case the policyholder suffers permanent or partial paralysis, the entire premium gets waived off with a Premium Waiver Rider. There are some plans that also provide premium waiver benefits if the policyholder is diagnosed with a terminal illness.
  • Accidental Disability Benefit: An Accidental Total and Permanent Disability rider provides or ATPD provides financial benefits if the policyholder suffers a permanent or partial disability.

Eligibility Criteria of Term Insurance

Below mentioned are the eligibility criteria to purchase a term life insurance policy:

Features

Eligibility Criteria

Minimum Entry Age

18 years

Maximum Entry Age

65 years

Minimum Policy Tenure

5 years (may vary from one insurance provide to another)

Maximum Policy Tenure

No limit (may vary from one insurance provide to another)

Who can Purchase It?

Salaried people, self-employed, housewives, professional

Available for NRIs

Yes, term insurance plan is available for NRIs

Types Of Term Insurance

There are different types of term insurance plans that you can buy such as the following:

  • Level Term Insurance Plan: It is the most basic type of plan in which the sum assured remains the same throughout the policy tenure. For example, when you buy with a coverage of Rs. 1 crore, then the same will be paid out to the nominees in case the policyholder meets an unfortunate demise.
  • Term Insurance with Return of Premium: In this type of insurance, the policyholder receives all premiums paid at the time of maturity. Additionally, the death benefit is paid to the beneficiaries of the policy if the policyholder dies during the policy period. Let us understand this with an example X has bought a coverage of Rs. 1 crore and has paid Rs. 20,000 premium per month for 3 years. In this case, if the policyholder survives, then the total premium paid which is Rs. 7,20,000 is paid back to the policyholder.
  • Increasing Term Insurance: With this term plan, your insurance cover increases at a pre-determined rate through policy tenure depending upon your increasing needs. For example, this type pf plan with a coverage of Rs. 25 lakhs, then under increasing insurance, of 10%, for 5 years, then after 5 years, you will get Rs. 37,50,000.
  • Decreasing Term Insurance: Unlike Increasing, in a Decreasing Term Insurance, the sum assured continuously decreases on the basis of the decreasing requirements of the policyholder. For example, if you have coverage of Rs. 25 lakhs, then under decreasing plan you will get Rs. 12,50,000 after 5 years.
  • Zero Cost Term Insurance: In this type of plan, the policyholders can choose to exit the plan after the specified tenure and get back all premiums paid until that date. For example, if you have bought this plan with a cover of Rs. 50 lakhs and at any point, you feel that you are financially free and no longer need the life cover, then in that case you should buy Zero Cost Insurance.
  • Term Insurance with Riders: This is another type of plan that allows adding paid riders such as accidental death cover, accidental disability benefit rider, and more. It is also suggested for those who want to enhance their coverage with additional benefits.
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Term Insurance Riders

The coverage of a basic term insurance plan can be enhanced by opting for additional coverages known as term insurance riders
  • Accidental Death Benefit rider provides sum assured in the event of an unfortunate demise of the life assured in an accident. This rider helps you ensure that your loved ones have enough financial support in your absence. Accidental Death Benefit rider is one of the most preferred term insurance riders.
  • An Accidental Total and Permanent Disability (APTD) rider provides a benefit amount in case the life assured suffers a total and permanent disability due to which they cannot earn a living. The benefit can be received either as a lump sum or in the form or periodic payouts.
  • Critical illnesses come without any warning and can result in a financial strain if you do not plan for them.A Critical Illness Rider offers additional coverage to the life assured if he/she gets diagnosed with anty of the listed critical illnesses such as cancer, heart attack, kidney failure, CABG, paralysis, liver failure, etc.
  • Accelerated Terminal Illness rider provides the life assured with the death benefit in advance on the diagnosis of a terminal illness. The benefit is payable if the life assured has low chances of surviving after contracting the terminal illness. This rider helps you spend time with your family during difficult times without worrying for finances.
  • Under Waiver of Premium rider, all the future premiums payable under the life insurance policy gets waived off if the life assured suffers a permanent and total disability. Some plans also offer the waiver of premium benefit in case of death and diagnosis of a terminal illness of the life assured.
  • When you opt for an Income Benefit rider, a fixed number of monthly instalments equivalent to your monthly income is provided to your family in case of your unfortunate demise. This rider helps your family maintain the same financially standing and standard of living even in your absence.

Advantages of Term Plan

There are multiple benefits of buying a term insurance plan such as those listed below:

  • Provides Death Benefit: It provides a sum assured benefit to the nominee in the event of an unforeseen demise of the life assured during the policy term. This benefit helps your family remain financially sound in times of emotional grief and meet any financial liabilities.
  • Pocket-friendly Option: Term insurance plans are known for providing high insurance coverage at affordable premiums. They help you secure the future of your family with amounts as high as Rs. 10 Crore or more against nominal premium amounts. Term plans affordability, makes them a preferred choice.
  • Tax Benefits: The premium paid towards this plan qualifies for a tax deduction under Section 80C of the Income Tax Act. Also, as per Section 10(10D), the sum assured received on death or plan maturity is eligible for tax exemption if the premium is up to 10% of the sum assured.
  • Financial Security: A term insurance plan helps you maintain the financial stability of your family in case you meet an untimely death. Also, if you opt for a plan with return of premiums (TROP), you are eligible to receive a sum assured on plan maturity if you survive the entire policy term.
  • Ensures Peace of Mind: It helps you maintain your peace of mind by planning a secure future for your loved ones even in your absence. They give you enough assurance that the standard of living of your family and their dreams will not be compromised when you're not around them.
View All

Popularly Opted Term Insurance Sum Assured

Term plans help you get the maximum life insurance coverage at affordable premiums

Why Should You Buy Term Insurance Online?

Unlike the traditional process, policyholders now need not undergo a lengthy and tedious process to buy a term insurance plan online. Some of the benefits of buying it are as follows:

    • Hassle-free Comparisons: When you purchase it online, you can compare different plans offered by different companies without any hassle. You can use the term insurance premium calculator tool online to compare the plans and buy the one that best suits your needs.
    • Lower Premium Rates: Purchasing it online is a cost-effective option. This is because you don’t have to pay any commission to middlemen or agents. Simply visit the official website of InsuranceDekho, enter your personal details, compare different plans, and make a premium payment online to secure the future of your loved ones. There are many insurers who give discounts when you buy term insurance online.
    • Easy and Safe Purchase: Customers can buy this online from the comfort of their homes. You don’t have to visit one insurer's branch office after another in search of good term insurance plans. Additionally, the complete process of purchasing a term insurance plan online is safe and saves a lot of time for you.
    • Free-look Period: Free-look period is the time period during which you can cancel a term insurance plan for free. On buying term insurance online, you will get a free-look period of 30 days. On the other hand, if you buy it offline, then the free-look period is of 15 days. So, it is always a better idea to buy it online.

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Why Choose InsuranceDekho For Buying Term Insurance?

Our goal is to provide you with a seamless experience and understand your requirements to provide you with the best term plans. Below mentioned are some reasons why you should consider InsuranceDekho for purchasing a term insurance policy:
  • Easy Comparisons
    Easy Comparisons
    At InsuranceDekho we strive to provide you a seamless experience. Our online premium calculator tool helps an individual to compare terms plans. You can use the term insurance premium calculator tool to easily compare several term insurance plans according to your requirements and budget. The calculator displays several term plans allowing comparison for you to find the perfect option that fits your requirements in one go.
  • Prompt Policy Issuance
    Prompt Policy Issuance
    At InsuranceDekho you can easily purchase a term insurance plan within a few minutes. You can easily purchase a policy by entering a few personal details such as age, gender, mobile number, date of birth and compare different term insurance quotes before purchasing a term insurance policy. The policy documents and details are sent to your registered email ID as a part of a green initiative taken up by InsuranceDekho.
  • Robust Customer Assistance
    Robust Customer Assistance
    At InsuranceDekho we have knowledgeable teams of customer care specialists who will resolve your queries effectively and efficiently. Our steam strives to provide you a smooth and hassle free experience. Our customer care assistants are available all 7 days to provide information and clear your doubts related to term insurance.

How to Buy Term Insurance with InsuranceDekho?

Here is how you can buy term insurance with InsuranceDekho in a few simple steps:

  • Go to the term insurance page InsuranceDekho website
  • Enter your personal details such as name, mobile number, gender, and date of birth
  • Click on the ‘View Instant Quotes’ button to see available quotes
  • Based on the details provided by you, different quotes will get displayed to you. Compare the available plans and select the plan that suits your requirements
  • After selecting the best term plan for yourself, include the necessary add-ons
  • Once you have finalised your plan, make the payment for the premium. You can make the payment via net banking or debit/credit card.

Basic Documents Required for Term Insurance

The documents required to buy term insurance plan are as follows:

  • Age and ID proof - PAN card
  • Address proof - passport, driving license, aadhaar card, or voter ID
  • Income proof - ITR copy, Form 16 copy, or, Salary slips, bank statement

How To Choose The Best Term Insurance Plan?

Our goal is to provide you with a seamless experience and understand your requirements to provide you with the best term plans. Below mentioned are some reasons why you should consider InsuranceDekho for purchasing this policy:

  • Easy Comparisons: You can use the term insurance premium calculator tool to easily compare several plans according to your requirements and budget. You just need to enter a few details to start comparing the different term insurance plans available.
  • Prompt Customer Response: At InsuranceDekho we have customer care specialists who will resolve your queries effectively and efficiently. Our team strives to provide you with a smooth and hassle-free experience.
  • Quick Policy Issuance: You can easily purchase a policy by entering a few personal details such as age, gender, mobile number, date of birth, etc. Within a matter of a few clicks, you can buy this plan with InsuranceDekho.

Claim Process of Term Insurance

Below mentioned are the steps for an online term insurance claim:

  • Claim Intimation: Visit the chosen insurance provider’s official website and open the claim section on the website. You can log onto the website using your registered mobile number/email address/policy number.
  • Fill Out the Claim Form: Next, fill in the claim form and submit relevant documents for claim processing. The documents will vary for the type of claim you are raising, so check with the insurer regarding the documents you need to submit. For instance, in case of death, the nominees will have to submit a death certificate, on the other hand for critical illness-related claims, the policyholder needs to submit a valid medical certificate from the attending doctor.
  • Claim Processing & Settlement: After the required documents are verified, the insurer will start with the claim processing and will settle the claim for your term insurance policy within 30 days.

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FAQs About Term Insurance Policy

  • General
  • Plans
  • Premium Calculator
  • Rider
  • 1

    What are the key features of a term insurance plan?

    Following are the key features of a term insurance plan - 

    • Budget Friendliness
    • Long-term life protection
    • Availability of riders
    • Easy to Purchase
    • Availability of whole life protection

     

     

  • 2

    Is suicide covered under term insurance ?

    Generally suicide is not covered under term insurance plans. In case the life assured commits a suicide within 12 months of issuance of the policy, the nominee receives a minimum of 80% of the total premiums paid till the date of death after deduction of applicable taxes and charges.

     

  • 3

    If the policyholder passes away in a foreign country, will his term insurance be effective?

    As soon as one purchases a term insurance plan, the policy will be effective disregarding the geographical whereabouts.

  • 4

    Can I purchase term insurance even if I consume tobacco/alcohol ?

    Yes, you can purchase a term insurance even if you consume tobacco/alcohol on a regular basis. However, the premiums for people who consume tobacco/alcohol are usually higher than the ones who maintain a healthy lifestyle. 

  • 5

    Why Is Term Insurance Important?

    Term insurance is important to ensure financial stability of the surviving family members of the life assured in the event of the unfortunate death of the latter. Term insurance also plays a significant role by providing optional coverage for critical illness, accidental death and other unfortunate incidents.

  • 1

    Why should I choose a term insurance plan?

    Term Insurance is the most affordable type of life insurance plans. These plans provide high insurance cover at a nominal premium amount. Some term insurance plans also offer whole life cover benefits with which you get a life cover till 99 years of age. A term insurance plan helps you enjoy peace of mind and leave a financially stable future for your family in your absence. 

     

     

     

     

  • 2

    What are the different types of term insurance plans?

    Term insurance plans come in 5 different types namely Level Term Plans, Term Insurance With Return on Premiums (TROP), Increasing Term Plans, Decreasing Term Plans, and Convertible Plans.

     

     

  • 3

    What are different types of payout available under term insurance plans?

    Different term insurance payouts are Lump Sum, Lump Sum plus Monthly Income and Monthly Income by way of monthly, quarterly, semi-yearly, and yearly instalments.

     

  • 4

    What is the minimum and maximum entry age to purchase a term insurance plan?

    Anyone who is between 18-65  years of age is generally qualified to purchase a term insurance plan.

  • 5

    Is loan against policy available under term insurance plans?

    No, facility of loan against the insurance policy is generally not available under term insurance plans.

  • 1

    What are the different premium payment options available for term insurance plans?

    The policyholder can choose to pay the term insurance premiums through Net Banking, Debit/Credit cards, NEFT (National Electronic Fund Transfer) or through any e-Wallets.

  • 2

    Do You Get Money Back On Term Life Insurance?

    Term life insurance does not provide money back. However, if a policyholder has a Return of Premium policy, they get a refund of the premium paid if they outlive the policy term. 

  • 3

    How Much Does Term Insurance Cost?

    The cost of term insurance or the term insurance premium is dependent on a few factors including age, gender, occupation, policy term, lifestyle, health, add-on benefits and more elements. 

  • 4

    How Are Term Insurance Plan Premiums Calculated?

    The premium for term insurance plans is calculated on the basis of age, gender, policy term, occupation, lifestyle, health, add-on benefits and various other elements. Term insurance premiums may vary with insurer and plans.

  • 5

    What Happens If The Insured Dies Before Paying The Due Premium?

    If the policyholder dies within the grace period before paying the premium, the insurance company will deduct the premium amount from the death benefit. 

  • 1

    What Are Term Insurance Riders?

    Term insurance riders or add-on covers are optional benefits that a policyholder can add to their base policy to enhance the coverage. One of the best features of term insurance riders is that they save one from buying different policies for availing different coverages. 

  • 2

    Is Natural Death Covered In Term Insurance?

    Natural death or death caused due to health conditions is covered under a term insurance policy. 

  • 3

    What Are The Types Of Death Covered In Term Insurance?

    The types of death a term insurance plan covers include natural death, death due to health-related issues and death due to an accident.

  • 4

    Is It Necessary To Buy A Rider With Term Insurance?

    No! It is not necessary to buy a rider with a term insurance plan. Riders are not a compulsion, but are advised to be added to term plans so as to extend the coverage and enjoy various benefits attached.