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Term Insurance in China
Term life insurance in China provides a fixed-sum death benefit if the insured person dies during the policy term. Because term products focus only on protection and do not accumulate cash value, they generally offer large coverage at lower premiums compared with permanent life plans. Let us understand how term insurance works in China, the product types available, key country-specific considerations (regulation, providers, underwriting), and how you can buy term life insurance from India.
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What is Term Insurance in China?
Term insurance in China is a time-limited life insurance contract. The policyholder pays regular premiums for a defined period; if the policyholder dies while the policy is in force, the insurer pays a pre-agreed lump sum (the sum assured) to the nominated beneficiaries. If the policyholder survives the term, most term products have no cash payout, the contract simply expires unless it contains a conversion or return-of-premium feature.
Key points:
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Term products are “pure protection” and do not accumulate savings or investment value.
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The most relevant underwriting factors are age, medical history, smoking status, occupation, and the size and term of cover.
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Chinese life insurers distribute term policies via agents, bancassurance, and increasingly through digital channels and InsurTech platforms.
Who Regulates Life Insurance in China?
The China Banking and Insurance Regulatory Commission (CBIRC) is the primary regulator for life and non-life insurers. The CBIRC issues rules on licensing, solvency, product approvals, distribution, and consumer protection. In recent years, China has continued to open and reform its insurance sector while strengthening prudential oversight to reduce systemic risks. Notable regulatory changes include liberalisation of foreign ownership limits and enhanced solvency and consumer-protection measures.
Key Features of Term Insurance in China
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Wide coverage options: Consumers can select short to long terms, commonly from 5 up to 30 years, and sometimes longer depending on insurer rules.
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Distribution channels: Policies are sold through tied agents, bancassurance, direct digital platforms, and workplace/group schemes.
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Underwriting: Insurers use medical questionnaires and, for larger covers, medical examinations and reports. Telemedical assessments and electronic health data are increasingly used.
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Pricing drivers: Age at entry, gender, health, smoking, occupation risk, and term length are primary drivers of premium rates.
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Product innovation: Some insurers offer index-linked increases, convertible term options, or riders for accidental death and critical illness.
Types of Term Insurance
| Type of Term Insurance | How it Works | How it Helps |
| Level term insurance | Fixed sum assured; premium often fixed for level-term products | Income replacement, family protection |
| Decreasing term insurance | Sum assured falls over time, usually to match loan balances | Mortgage or loan protection |
| Increasing (index-linked) term insurance | Sum assured increases (often with inflation adjustments) | Long-term purchasing power protection |
| Convertible term insurance | Option to convert to permanent cover without full medical checks | People who may want lifelong cover later |
| Joint term insurance | Policies covering two lives with first-death or last-death payout options | Couples seeking shared protection |
How Term Insurance Works in China?
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Choose sum assured and term: You decide the amount to protect (for example, the multiple of your annual income or outstanding loan balance) and how long you need cover.
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Apply and underwrite: You complete an application and health questionnaire; for larger covers the insurer may order medical tests or medical records.
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Premium payment: You pay premiums monthly, quarterly, or annually; some insurers offer digital auto-pay.
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Policy in force: While the policy is active, death during the term triggers the claim process.
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Claim and payout: Beneficiaries file the claim with required documentation; once validated, the insurer pays the lump sum.
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Policy expiry or conversion: If you outlive the term, the policy ends unless you have a conversion or return-of-premium option.
Why NRIs Might Buy Term Life Insurance from India?
Non-Resident Indians (NRIs) may consider buying term life insurance for NRI in China from India as an alternative or supplement to local Chinese products. Indian term plans can offer different advantages that may suit NRIs whose primary financial responsibilities or beneficiaries are in India.
Key benefits of buying term life insurance for NRI in India
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Competitive premiums: For comparable sums assured, Indian term plans are often much more affordable compared to the international term plans.
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High sum assured options: Indian insurers commonly offer large cover amounts, which can be cost-efficient for high coverage needs.
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Global validity: Many Indian term plans remain valid worldwide; confirm country-specific limitations with the insurer.
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Digital purchase and telemedical options: Various insurers offer video/telemedical examinations and online onboarding to ease the process of term insurance purchase from abroad.
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Simpler claim settlement for beneficiaries in India: If your dependents live in India, claims can be settled by Indian branches without cross-border complications.
What are the Term Life Insurance Plans for NRI in China?
Here is a list of term life insurance for NRIs in China from Indian insurers:
| Life Insurance Company | Term Insurance Plan | Type of Plan |
| Axis Max Life Insurance | Axis Max Smart Term Plan Plus | Pure-risk |
| ICICI Pru Life Insurance | ICICI Pru iProtect Smart Plus | Pure-risk |
| HDFC Life Insurance | HDFC Life Sanchay Legacy | Legacy |
How NRIs Can Buy Term Life Insurance in India?
Here is how NRIs in China can buy term life insurance from Indian insurers:
Step 1: Visit the term insurance for NRI page of Policybazaar
Step 2: Fill in your name, gender, and other contact details
Step 3: Select the right annual income, educational qualifications, and smoking habits
Step 4: Choose the best term insurance in China and pproceed to pay
Wrapping it Up!
Term life insurance in China is an effective, affordable way to protect dependents and cover financial obligations for a defined period. The market offers a variety of term products distributed through traditional and digital channels under the supervision of the CBIRC. For NRIs whose primary financial ties remain with India, purchasing a term plan from India via platforms like Policybazaar can provide a practical alternative — combining competitive pricing, large coverage, and online convenience. Compare options carefully, confirm eligibility for your circumstances, and consult local advisers for tax or legal questions
˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Rs. 400/month 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 30 years of age, rounded off to nearest 10.
Rs. 400/month (Rs.13/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 30 years of age.
+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.
+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs.679/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 30 years of age.
+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 1,374/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 30 years of age.
+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
Women
+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.
1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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.
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Term Insurance for NRIs in China
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