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About the Product

Term Insurance Plans – Compare and Choose the Best

Term Insurance is the cheapest form of life insurance that provides full financial coverage for a defined period of time. In the event of any unforeseen situation the policyholder’s family is taken care of and financial stability is ensured. Death benefit is payable to the nominee who is usually a family member. You can choose to get a lumpsum amount or combination of lumpsum and monthly amount as per your requirement. Some companies also cover permanent or partial disability wherein the policyholder’s regular income is disrupted.

Note: In case of survival of the policyholder the coverage at the earlier rate of premiums is not guaranteed after the expiry of the policy. The buyer has to either obtain extended coverage with different payment condition or forgo the coverage entirely. 


Why You Should Buy Term Insurance?


In the event of an unforeseen situation who will take care of your liabilities and responsibilities? It is here that the importance of term insurance is felt. The lumpsum that your family will get as death benefit can bring financial stability and pay off the liabilities. It is the real support that your family can have if something happens to you. Term insurance is important for everyone and especially more for the bread earner of the family.

“Family is not an important thing, it’s everything.”– Michael J. Fox

Don’t be short-sighted. Get Term Insurance and secure your family’s future. Save their harassment by financially securing them through a term plan.

      • Get lumpsum amount in the event sudden death
      • See off all your loans and liabilities
      • Provide money so that your family continues to live with pride
      • Term Insurance also takes care of family in case of your disability or critical illness:
      • Provides supplementary income in case of loss of income due to accidental disability or illness
      • Get lumpsum amount if diagnosed with critical illness
      • Additional sum insured in case of accidental death


Key Features of Term Life Insurance Plans 


Term Insurance Plans are specifically designed to secure your family's core financial needs in case of death or uncertainty. According to the plan, family/dependents of the life insured is/are eligible for a lump sum amount in case of death or critical illness, if applied for, of the life insured and during the term of the policy. Such an insurance plan can help your family to have sound financial independence, even if you are not around.

The key features of term insurance plans are:

      • Policy Term: The minimum policy term is 5 years, with the maximum varying from 25 years to whole life span for equated monthly premium payments. For single premium payment policies, the policy term is 5 to 15 years.
      • Plan Choice: Term insurance provides flexibility in terms of choosing the plan on single life basis or joint life basis.
      • Entry Age: To be eligible for term insurance plans, the minimum age of entry is 18 years, with a maximum age limit of 65 years with optional add on benefits.
      • Death Benefits: On death of life assured during the term of the plan, the nominee or assignee, in case where the policy has been assigned to someone else, will receive the total/ assigned death benefit chosen at the time of commencement.
      • Maturity Benefits: Term insurance plans don't come with any survival or maturity benefits. If one wants maturity benefits, then a TROP (Term Return of Premium) plan is suggested. Read more about TROP Plan here.
      • Additional Optional Benefits: Additional optional benefits such as critical illness and accidental death/ disability or Accelerated Sum Assured are also available.


Eligibility Criteria for Buying Term Insurance Plans








Entry Age

18 years

65 years

Policy Term


30-55 years

Maturity Age


75 years to Whole Life

Annual Premium

INR 2000

Based on Sum Assured and age of applicant


Premium Payment Mode: Single | Regular - Yearly, half-yearly, quarterly, and monthly.

Term insurance offers flexible plan options to suit the need of every individual. You can choose:

      • The amount of preferred sum assured
      • Premium payment option which can be either one-time or regular.
      • Term of the policy
      • Add on protection


Tax Benefits of Term Life Insurance 


Term life insurance plans come with excellent tax benefits. You can avail lucrative tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Additionally, the premiums paid for the Critical Illness Benefit also qualifies for a deduction under Section 80D.

Note: Tax benefits are subject to changes in tax laws. Please consult your tax advisor for details. 


How to Choose the Best Term Insurance Plan?


Term insurance plans have become extremely popular in the last few months owing to a big drop in the cost of premium amount and huge amount of cover. For example, you can get Rs 1 crore of term insurance by paying something below Rs 500 per month. 

While we understand the importance of having a term insurance what confuses a buyer is – How much death benefit cover do I need?

Below given are the factors that one must consider to ascertain the amount of cover required:

Your lifestyle characterized by annual income, dependents and liabilities is an important deciding factor. Ideally, one should have a life cover of 15-20 times their annual income. A married person with children should have higher life cover than a bachelor. Somebody with a home loan to pay off should have higher life cover. Also, consider the factor of inflation in paying premiums and coverage benefits.

Your search for the best online term life insurance plans ends at PolicyBazaar. We help you compare term insurance plans available in India by offering lowest term insurance quotes. We also let you compare plans based on features, coverage, etc. Just fill in your basic details like age and annual income earned. Thereafter, we will not only calculate the amount of term insurance you need but also choose the best plans from top insurers. All you have to do is to compare them side by side on parameters of premium, amount of coverage and additional benefits. Thus, you will make an informed choice and buy the policy hassle-free.

Get started right away!!


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Frequently Asked Questions

What is Term Insurance?


Term insurance is life cover that provides a death benefit to the beneficiary if the insured dies during the specified policy period. If the insured survives until the end of the policy term, the coverage ceases without value and a payout or death claim cannot be made. These are the cheapest insurance plans with high cover.

Why Term Insurance?


Term life insurance provides you with a high cover at very low cost and cover you comprehensively for large periods of time The plans are simple to understand and give you choice to choose your plan, inclusions, premiums and payment frequency Life insurance gives you tax benefits under section 80(C). Many term insurance plans are easily available online

How much life cover would you like?


Though the need varies from one person to other, as a rule of the thumb, your term insurance cover should have at least 20 times of your gross annual income. Depending upon your age, the multiplier will decrease as you grow older.

Documents Required (if any)

  • Age Proof
  • Identity Proof
  • Address Proof
  • Income Proof
  • Duly Filled Proposal Form
  • Some plans may require you to undergo Medical Tests


Product Information

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Expert Speak
If you’re reading this article, i presume somewhere you’re already aware of the benefits of term insurance plans and are looking for one more reason to convince yourself to buy it. having worked in a life insurance company for close to 5 years, i was always convinced of the benefits myself but never pushed my friends to purchase life insurance lest they may think that i’m hard selling my companies’ plans! but, one day, an incident occurred that changed my outlook.  there was a colleague ...
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