Prices Increasing Soon
Understanding the differences in insurance policies and knowing how to compare insurance quotes effectively is essential for every Australian household. Whether you're seeking basic life cover or a comprehensive term insurance policy, the ability to review quotes insurance platforms provide can make a significant difference in your financial protection. Let us understand the importance of comparing insurance quotes, how you can request an insurance quotation in Australia, and how these insights relate specifically to term and life insurance.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
In Australia, "quotes insurance" refers to the estimated premiums given by insurers for a certain age and coverage based on your profile. These are non-binding offers used to help individuals assess and compare different types of insurance like life insurance policies.
With a highly competitive insurance market, Australians have access to a wide range of life insurance providers. Comparing insurance quotes allows policyholders to:
Review premium differences
Understand policy inclusions and exclusions
Assess value-added features such as terminal illness cover or TPD (Total and Permanent Disability)
Check claim settlement ratios and reputation
Term Plans
| Feature | Key Factors to Consider |
| Premiums | Frequency (monthly, annually) and total cost over term |
| Sum Insured | Suitability for your family’s financial requirements |
| Payout Options | Lump sum vs. monthly income replacement |
| Exclusions | Health, occupation or lifestyle-related restrictions |
| Riders/Add-ons | Optional features like critical illness or waiver of premium |
Secure Your Family Future Today
₹1 CRORE
Term Plan Starting @
Get an online discount of upto 15%#
Compare 40+ plans from 15 Insurers
Term insurance is one of the most popular forms of life cover in Australia. It offers a fixed sum insured for a specified period (e.g., 20, 30, or 40 years). If the policyholder passes away during the term, the insurer pays a death benefit to the nominated beneficiaries.
Affordable premiums compared to whole life cover
Flexible sum assured and policy term
Ideal for income protection and mortgage cover
Payout can be structured as lump sum or regular monthly benefit
| Feature | Term Insurance | Life Insurance |
| Coverage Duration | Specific period (e.g., 30 years) | Can cover up for lifetime |
| Premiums | Lower premiums | Higher premiums |
| Investment Element | None | May include savings/investment component |
| Ideal For | Temporary needs, income protection | Estate planning, lifelong dependents |
Obtaining an insurance quotation in Australia is straightforward and can be done online or through licensed advisers. Most insurers or brokers provide online calculators to generate quotes instantly.
Step 1: Choose the type of cover (term or life insurance)
Step 2: Enter personal details: age, health status, occupation, etc.
Step 3: Select the sum assured and policy term
Step 4: Review and compare quotes insurance side by side
Step 5: Finalise the application through the insurer or platform
Use comparison platforms: Aggregators provide side-by-side comparisons.
Understand underwriting requirements: Some policies require medical exams, others don’t.
Factor in inflation: Ensure the cover amount accounts for cost-of-living increases.
Review annually: Compare new insurance quotes insurance to reassess suitability.
Term insurance is a practical solution for replacing lost income in the event of the policyholder’s death. By choosing a monthly payout option, Australian families can maintain their lifestyle and meet ongoing financial obligations like rent, education, and bills.
Yes. In fact, many Australians align their term insurance policy with the term of their home loan. Should the breadwinner pass away, the policy payout can be used to:
Repay the remaining mortgage
Cover interest and associated loan liabilities
Prevent the forced sale of the family home
Take care of the loss of household income in your absence
Non-Resident Indians living in Australia may also want to consider term life insurance for NRI from India. These plans often offer the following benefits:
The premiums are much more affordable than international term plans
Get GST waiver in term insurance of 18% and additional discount of 5% on annual pay
Clear medicals online via tele or video channels for easy and hassle-free policy issuance
These plans provide pre-approved cover and global coverage that ensures continued protection no matter where you are
Easy claim settlement process for your family back in India as they could easily visit the insurer office here in India
Here is how you can buy term life insurance plans for NRIs in Australia from Indian insurers via Policybazaar:
Step 1: Visit the term insurance for NRI page of Policybazaar.com
Step 2: Enter your name, gender, and other details
Step 3: Choose the right occupation type, annual income, educational qualifications, and smoking habits
Step 4: Select the best quotes insurance for yourself and proceed to pay
In Australia, comparing insurance quotes is not just about finding the cheapest option. It’s about identifying the right protection aligned with your family’s needs. Whether you are securing your home, replacing potential lost income, or looking after dependents, term and life insurance play an integral role in a well-rounded financial plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2025 policybazaar.com. All Rights Reserved
+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
If you live and work in Australia, protecting your income is
Read more
Trauma insurance, also known as critical illness insurance
Read more
Life insurance plays a crucial role in protecting the financial
Read more
Choosing the right term life insurance policy starts with
Read more
Whether you live in India or another country, ensuring your
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
