Term Insurance

Term insurance, is also called as term life insurance, which is a type of life insurance policy that provides financial coverage to the policyholder against fixed premiums for a specific term. It is a simple and affordable way to ensure your loved ones are financially secure when you're no longer there to support them. A term insurance plan also offers multiple benefits such as long term protection, high cover at low premium rates, and tax benefits.

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What is Term Insurance? 

Term insurance is a type of life insurance that provides coverage for a fixed duration i.e , the policy 'term'. These plans offer a financial benefit to the policyholder’s nominee/beneficiary in case of an unforeseen death of the policyholder during the policy tenure. Term insurance plans provide high life cover at low premium rates.

For example, an 18-year-old healthy, salaried, and non-smoking male can buy a 1 Crore term insurance and secure the future of his family for 12 years at just Rs. 384/ month.

*Note: Policy rates of term plans are lower for younger people and for those who do not consume tobacco products.

one crore term plan

Term Plans


Life Cover

@ Starting from ₹ 16/day+


Life Cover

@ Starting from ₹ 8/day+


Life Cover

@ Starting from ₹ 12/day+

Why Should You Buy Term Insurance Plan?

Here is a list of 5 reasons why you need term life insurance:

  • To Protect your family: Being a sole earning member of your family, you are responsible for the well-being of your parents, spouse, and children. Buying a pure term life insurance plan is important to make sure that your family is able to meet their financial obligations even when you are not around. 

  • To Pay Off your loans: You might have built different assets such as an office, vehicle, or home through loans. This plan ensures that the weight of these borrowings will not cause any financial difficulty to your family after you.

  • To lessen the risks related to lifestyle: The unforeseen death of the breadwinner in a family can turn your family’s life upside down. Buying the best term insurance plan cannot compensate for the loss of a family member, but it can help reduce the financial difficulties of losing the family’s breadwinner.

  • Stay Prepared for uncertainties: Just like life insurance plans, in case of your unforeseen death, the benefits from a term insurance plan can help your family pay for their regular expenses and also accomplish their long-time objective.

  • Tax benefits: You also enjoy tax benefits under Section 80C and 10(10D) of ITA, 1961, if you have an active term insurance plan.

Why is Term Insurance Important?

Term insurance is important as it is one type of life insurance plan that provides long-term coverage (till 99 or 100 years of age) at the most affordable premium rates. These plans offer financial security to the family of the policyholder in his/her absence and income tax benefits on the premiums paid towards keeping the policy active. One of the most important benefits of term insurance plans is that they have a low claim rejection rate and offer multiple benefit payout options, along with the option of including available riders in the base plan for enhanced coverage. You can easily buy term plans online by comparing them easily on the side by side on the same platform, selecting the suitable plan, and proceeding to pay.

How Does a Term Insurance Plan Work?

  • Term insurance works by paying a death benefit to the policyholder’s family in the event of the policyholder’s unfortunate death during the policy term.

  • You can choose for the death benefit to be paid in a lump sum, regular income, or a combination of lump sum + monthly income.

  • You can add add-on riders to enhance the coverage of your base term insurance plan at nominal extra premiums.

  • In case you outlive the policy term, the TROP plans return the premiums at the end of the policy tenure.

  • You can pay the term insurance premiums at the preferred premium payment term and premium payment modes.


  • Premium payment modes are of 4 types: Monthly, Quarterly, Half-yearly, Yearly.

  • Premium payment terms are of 3 types: Single, Regular, Limited

Who Should Buy Term Life Insurance?

Everyone can buy term insurance until a certain age, but let’s understand in a categorized way who should buy term plans:

Types of Individuals Term Insurance Plan Benefits
Young Professionals
  • Young professionals who are just starting their careers and a lot of them are not married and have no dependents may get married and have to financially support their dependent parents and kids. 
  • It is better to buy a life term plan at a young age because after buying the plan, the premium amount stays the same throughout the life of an individual. 
  • The younger the age of the policyholder, the lower the term life insurance premium will be. 
Newly Married
  • A term life insurance plan is a long lasting gift that will give your partner financial protection and secure their future. 
  • Term plan assures the financial support to spouse in case of an unfortunate event with the life assured and should be bught as early as possible.
Working Women
  • Nowadays, family members are as dependent on the women’s salary as on man’s. This dependency creates a need to financially protect your loved ones in case of unfortunate event.
  • A term insurance plan ensures that your parents/children/partner are financially safe even in case of your absence and don’t need to compromise on their lifestyle.
  • The cover amount helps you to pay off unpaid liabilities such as home loan, education loan.
  • Term policy offers tax benefits under section 80C which helps taxpayers to lower their tax liabilities.
  • Parents are usually the only financial support for their kids. Thus, the best way to secure the financial future of your children is to have a term life insurance policy. 
  • During the policy term, a death benefit is paid to the beneficiary of the term insurance plan in case of the unfortunate demise of the insured person i.e., parents. 
  • With this financial safety net of term plan, they never have to worry about their children’s dreams.
Retired People
  • If you are a retired person, you can avail of the term life insurance plan even after the age of 55-60 years. 
  • If you have a non-working spouse or child, you must buy a term life insurance policy that provides financial protection against income loss or in your absence. 
  • In case something happens to you, the payment from the term plan will help them to maintain living standards without a fixed income. 
Self-Employed People
  • As a self-employed individual, you don’t earn a fixed income monthly because of an uneven income source. 
  • Along with that, you may have also availed of personal or business loans from banks and creditors. 
  • Buying a life term plan to protect your family members becomes essential as it ensures that your dependents remain financially protected even in your absence.
  • If you want to secure your family back in India, you should opt for NRI Term Insurance Plan
  • NRIs can now easily opt for plans in India that allow them to schedule a video or telemedical check-up from their country of residence.
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Can NRIs Buy Term Insurance in India?

Yes, Indian citizens living outside India can buy term insurance for NRI from Indian insurers. Following is the list of benefits of buying NRI term insurance in India:

  • Get large life cover up to Rs. 20 Crores at affordable premium rates

  • Purchase term plans in India by scheduling medicals via video or call

  • Receive additional 5% discount on premiums in annual mode

  • Get an 18% GST waiver as per the prevailing tax laws

  • With the special exit option, you can exit the term insurance plan at a specific stage and receive all the premiums paid

What are the Features of Term Insurance?

Let’s discuss the different features of a term life insurance plan:  

  • Low entry age: Term insurance plans offer a low entry age and people as young as 18 years old can buy term policy.

  • Long-term protection: The term plan offers long-term protection, i.e., you can stay covered under a term insurance plan till 99/100 years of age.

  • Flexible Cover: Term policy offers the customer the flexibility to increase their life cover as per their needs. For example, you can increase your sum assured to fit your changing needs on getting married, having children, or getting loans.

  • Easy to buy: You can compare and buy term plans easily in just a few clicks from the comfort of your home. The documents submission, premium payment, and all other customer concerns can be submitted online.

  • Multiple Premium Payment Options: You can select from a wide variety of easy premium payment options when buying the most suitable term plan online.

  • Protection Against Liabilities: The term insurance plan also helps in providing safety for the dependents from your fiscal liabilities such as loans or any other debts that you have. They can easily pay all the debt amount from the benefits received.

  • Death Benefits in Installments: While buying a term life insurance plan you can select for the death benefits to be paid in regular installments.

What are the Benefits of Buying Term Policy?

Apart from providing financial security to your family, there are various benefits of term insurance plans. Read the following benefits and choose your plan wisely:

  1. Higher Sum Assured at Low Premiums

    Term life insurance plans offer a large amount of life coverage at an affordable premium rate. This life cover can pay for several years of lost income.

  2. Protection from Critical Illnesses

    Various term life insurance plans also provide critical illness benefits to help you get good treatment for different life-threatening diseases/ailments without worrying about the expenses or bills. Policyholders can easily avail of critical illness cover for diseases mentioned under the plan by buying a critical illness rider with a term plan.

  3. Coverage against Disability

    Accidents can occur anytime anywhere and may lead to permanent or temporary disability. Disability coverage with a term policy will provide financial support to your family in case of accidental disability. This can be availed by paying additional premiums.

  4. Death Benefits

    In case of the unforeseen event of demise during the tenure of the policy, the nominee/ beneficiary of the term insurance plan receives the total death benefit chosen at the time of commencement. He/she can also select to receive a regular income along with a lump sum payment in case of your absence.

  5. Survival Benefits

    A standard term insurance plan does not provide any survival benefits if you outlive the policy term. However, a term plan with a return of premium plan (TROP) also provides you with a lump-sum payment or regular income in the form of guaranteed benefits to help you achieve varied financial objectives. This plan pays back the sum that is almost equivalent to the total amount of premium paid. You get these guaranteed payouts at the end of the term insurance plan tenure.

  6. Tax Benefits

    A term insurance plan offers tax savings benefits up to Rs. 1.5 Lacs on the premium amount paid under section 80C of the Income Tax Act, 1961. Also, the death benefit paid under this plan is exempted from taxes under section 10(10D).

What are the Different Variants of Term Life Insurance?

Let us take a look at some of the types or variants of term insurance plans available in India:

Type of Term Plan Benefits
Basic term plan Death benefit is offered in a lump sum amount at low premium rates
Convertible Term Insurance Plan Convert limited period term insurance plan into whole life insurance
Term Insurance with Return of Premium (TROP) Upon maturity, receive a return of the paid premiums, along with death benefit payable on death during the policy term
100% Refund of Premium at No Cost term insurance This term insurance plan variant allows you to exit at a specific stage and receive all the premiums paid at the end of the policy
Term insurance for Housewife You can purchase term policy using your husband’s annual income for the additional financial security of your family
Term Insurance for Self-employed and Business Owners People with unsteady flow on income can secure their family against business loans and liabilities in their absence
Term Insurance for NRI NRIs can buy term insurance plan in India via tele/video medicals and get GST waiver of 18% with additional 5% discount on annual premium payment mode
Coronavirus Term Insurance  Secure your family in case of an eventuality caused due to COVID-19 with coronavirus term insurance plan
Term Insurance for Diabetics Now, you can buy term insurance plan even if you have pre-diabetic or have type 2 diabetes at affordable premium rates
Saral Jeevan Bima People with low income and educational qualifications can buy term plan to financially secure their loved ones

Best Term Insurance Plan in India 2023

Get best term insurance plans starting at Rs. 13 per day. Buy and compare best term insurance plan online from top 15+ insurance companies at Policybazaar and choose the plan that fits your needs. Here is a list of best term insurance plans in India 2023 for you. These term insurance plans are filtered on the basis of various factors including affordable term premiums rates, flexible payout options, coverage, and reliability of insurance providers.

Insurance Company Term Insurance plans Claim Settlement Ratio Entry Age Max Maturity Age Premium (for a cover of 1 crore)
ICICI Prudential Life Insurance iProtect Smart 97.82% 18-65 years 85 years Rs. 856/month
HDFC Life Insurance Click 2 Protect Super 98.66% 18-65 years 85 years Rs. 771/month
Max Life Insurance Smart Secure Plus 99.34% 18-65 years 75 years Rs. 695/month
Tata AIA Life Insurance Tata AIA Sampoorna Raksha Supreme 98.53% 18-45 years 100 years Rs. 683/month
Bajaj Allianz Life Insurance Bajaj Allianz eTouch 99.02% 18-60 years 85 years Rs. 567/month
PNB Metlife Life Insurance Mera Term Plan Plus 97.33% 18-65 years 99 years Rs. 721/month
Canara HSBC Life Insurance iSelect Smart360 Term Plan 98.44% 18-65 years 99 years Rs. 858/month
Kotak Life Insurance Kotak e-Term 98.50% 18-55 years 75 years Rs. 789/month
Edelweiss Tokio Life Insurance Total Protect Plus 98.09% 18-65 years 80 years Rs. 608/month
IndiaFirst Life Insurance e-Term Plus Plan 96.92% 18-65 years 65 years Rs. 517/month
Aegon Life Insurance iTerm Comfort 99.03% 18-65 years 100 years Rs. 1132/month
Bharti AXA Life Insurance Bharti AXA Flexi Term Pro 99.09% 18-65 years 85 years Rs. 675/month
Aditya Birla Sun Life Insurance ABSLI DigiShield Plan 98.04% 18-65 years 75 years Rs. 856/month
SBI Life Insurance SBI eShield Next 93.09% 18-65 years 80 years Rs. 875/month
LIC Term Insurance Policy LIC New Tech Term Plan 98.74% 18-65 years 80 years -
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What is a Term Insurance Rider?

A term life insurance rider is an additional benefit that increases the coverage of the base term plan. These term riders are added at an extra rate over and above the rates of premium and can be selected as per your requirements.

What are the types of term life insurance riders?

Let us take a look at some of the important term insurance riders that you can add to your base term insurance plan:

  1. Accidental Death Rider

    This term rider provides the rider sum assured in addition to the base sum assured, to the nominee of the term life insurance policy in case the policyholder suffers an unfortunate death due to an accident within the policy tenure.

  2. Accelerated Death Benefit Rider

    In this, if the policyholder is diagnosed with a terminal illness, the entire/part of the sum assured is paid to the policyholder in advance.

  3. Critical Illness Rider

    The rider sum assured is paid to the policyholder in lump sum, on the diagnosis of any of the critical illnesses specified under the term life insurance.

  4. HospiCare Benefit Rider

    Under this term rider, the life assured receives a fixed amount for every day spent at the hospital. If the policyholder is admitted in the general ward or the ICU of the hospital, the insurer pays a fixed percentage of the sum assured.

  5. Accidental Total and Permanent Disability Rider

    The rider sum assured is paid to the policyholder in case of a total and permanent disability due to an accident during the policy tenure.

  6. Waiver of Premium Rider

    This rider waives off future term life insurance premiums if the policyholder is unable to pay the premiums due to a job loss caused by a critical illness or permanent total disability.

Eligibility Criteria to Buy a Term Insurance Plan

Here is a list of eligibility criteria you need to qualify to buy a term life insurance plan:

Parameters Eligibility Criteria
Entry Age 18 years - 65 years
Policy Tenure 5 years (may vary with insurer) - No limit for the term plan (may vary with insurer)
Premium Payment Terms
  • Single Premium Pay
  • Limited Premium Pay
  • Regular Premium Pay
Premium Payment Modes
  • Monthly
  • Quarterly
  • Semi-annually
  • Annually
Payout Options
  • Lump-sum
  • Monthly Payout
  • Lump-sum with monthly income
  • Lump-sum with increasing monthly
Medical Test It is mandatory to undergo a medical test for a term policy. It helps the company to be aware of any health conditions and risk factors.
Add-ons or Rider
  • Waiver of Premium Rider
  • Accidental Death Benefit Rider
  • Accidental Total Permanent Disability Rider
  • Hospicare Benefit Rider
  • Accelerated Death Benefit Rider
  • Critical Illness Rider
Documents Required
  • Photo Identity
  • Address Proof
  • Age Proof
  • Income Proof

How to Buy Term Life Insurance from Policybazaar?

You can buy the best term insurance plan in India online by following the below steps:

  • Step 1: Go to Term Insurance Plan application form

  • Step 2: Enter basic details like Name, DOB, and Phone no. and click on ‘view plans' button

  • Step 3: Submit details about your occupation type, annual income, educational qualifications, and smoking habits

  • Step 4: Compare the policy details of the different term plans available

  • Step 5: Select the term life insurance plan that fits your requirements the best

  • Step 6: Proceed to pay via net banking, debit or credit card

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How to Choose the Best Term Insurance Plan?

While buying a term policy, we always have questions like which term insurance plan is best and how to compare the best term life insurance plan. Here are steps that may help you choose the best term plan for yourself:

Step 1: Consider your dependents and life stage, and assess your current lifestyle 

When you secure a life cover, your age and financial condition set the groundwork for choosing the right plan. Also, it is important to understand how to select a term policy on the basis of your lifestyle requirements. Your lifestyle involves spending habits and a basic living standard. When you have a clear idea about your lifestyle requirements, you can protect your family more efficiently. 

Step 2: Check for current liabilities  

Liabilities and debt are other important parameters when choosing the right term life insurance plan. Sometimes, people have loans to repay over a long period. In case the policy term does not cover the time of repayment or if the amount falls, it can be financially difficult for your dependents.

Step 3: Add term policy riders to the Base Plan

In this option, the policyholders can enhance the coverage of the term policy under particular circumstances or critical situations by the use of riders. They can be attached to a base term life insurance at the time of purchasing a rider by paying an additional premium

Step 4: Check the claim settlement ratio (CSR) of the insurer  

Term insurance claim settlement is the % of claims paid successfully by an insurer compared to the total number of claims received in a fiscal year. The ratio of claim settlement is released by the IRDAI every year. A claim settlement ratio that is consistently good indicates that the insurance provider has been quick and robust in its claim settlement process.

Step 5: Solvency Ratio 

The solvency ratio of a term plan provider tells us if the chosen insurer is financially capable of settling the claims if the requirement arises. As per IRDAI, every insurance company should maintain a solvency ratio of at least 1.5.

Step 6: Go through the Customer Reviews and Experience

Go through real customers’ reviews and see their experience with the insurer. You should opt for an insurance company that prioritizes its customers and strives to resolve their issues at the earliest. You can also take a look at the company’s Persistency Ratio (declared by the IRDAI), to understand how many customers decide to stick with the insurance provider.

Step 7: Look at the Term Policy Details

Take a good look at the policy documents to get a better understanding of the policy details. Ensure that the term life insurance policy benefits fit your requirements. You can also consult your financial advisor to make sure you are clear about all the terms and conditions of the term policy.

Step 8: Select the most suitable Benefit Payout Option

Most term insurance plans offer the policyholder the option of choosing their most suitable benefit payout option. You can select the benefit amount to be paid to your nominee in a lump sum, regular/monthly income, a combination of lump sum + regular income, or increasing monthly income. If you are the main income earner of the family, you might want to consider opting for the regular income options as they can act as the new monthly source of income in case of your unfortunate demise.

Step 9: Pay the Term Life Insurance Premium

After picking a life term plan and customizing your plan, you basically need to finalize the plan. You can buy a pure term insurance plan online easily in minutes by entering a few details and making a secure payment to buy term plan online.

++All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C Apply

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Choosing the Best Term Insurance Plan with the Option of the Right Sum Assured

One of the main factors in selecting the best term life insurance plan for the financial protection of your family is deciding on the right sum assured option. Below are the options available for sum assured amounts that are best for you:

What are the Term Insurance Payout Options?

Various term insurance plans in India offer the option of choosing the most suitable payout options. For example, if you are the main breadwinner of the family, in your absence, your family might suffer from meeting their monthly expenses in case of loss of regular income. In such cases, you can opt for a term insurance plan with a monthly payout option which will pay the life cover in installments over a span of 5 to 10 years. The available death benefit payout options in term life insurance are

  • Lump sum payout: This option provides the entire life cover amount in a lump sum at the time of claim settlement to the nominee of the term policy. The nominee can use the payout to meet their financial obligations as per their suitability.

  • Monthly income: This option provides the sum assured in regular installments over a period of 5 to 10 years as per the policy details. This option helps replace the loss of regular income in the absence of the main income earner.

  • Lump sum with monthly income: Under this option, the insurer pays a fraction of the sum assured as a lump sum payout on the death of the policyholder while the remaining amount is paid as monthly income for a specific period. The immediate lump sum payout can help take care of the funeral costs and pay off any remaining loans whereas the regular income can help maintain the family’s financial stability.

  • Increasing income: This option provides the life cover amount as monthly installments where the income amount will increase by a fixed % every year until the entire sum assured is paid off. This option can help the nominee beat inflation as the income amount will increase with time.

It's important to select the death benefit payout option that best fits your needs and the requirements of your beneficiaries. You need to consider factors like the sum assured on death, the financial goals of your nominees, and any ongoing financial obligations like loans that may need to be covered. You can consult with a financial advisor or insurance professional to help you make an informed decision about the best term insurance plan for you.

How to Calculate Term Life Insurance Premiums?

You can calculate the required premiums for your desired term insurance plan by using a term life insurance premium calculator. A term insurance calculator takes several factors into account, like gender, occupation type, age, lifestyle habits, current monthly expenses, annual income, policy tenure, and liabilities. After you have accurately entered all the required information, you can check the available term insurance plans and purchase the one most suitable for you.

How much Term Life Insurance Cover do you Need?

As per industry experts, your term policy coverage should be at least 15 to 20 times your existing annual income. You can get this easily by calculating HLV (Human Life Value). HLV is a numerical process of computing the amount of term life cover that you may require.

There are various insurers that offer human life value calculator. It helps the policy buyers to get an idea of how much sum assured amount they require for a term policy. The human life value calculator calculates the sum assured amount based on the simple formula of time value for money. An individual just needs to enter certain details such as the current age, expenses, present year income, and estimated future inflation rate, in order to get the sum assured amount that they should opt for.

What is the Ideal Term Insurance Policy Tenure?

The ideal term insurance policy tenure will vary depending on your individual circumstances and financial goals. Generally, the term length should be long enough to provide coverage for your dependents until they no longer rely on you financially, such as until they finish college or reach retirement age.

Let us understand this example:

If you have young children and want to ensure that they are financially protected until they finish college, you may want to consider a term length of 20-25 years. On the other hand, if you are close to retirement age and your children are financially independent, a shorter term length may be more appropriate. 

It's important to consider factors like your age, existing health conditions, financial obligations, and future term insurance plans when determining the ideal term length for your policy. You can also consult a financial advisor or insurance professional to help you make an informed decision and ensure that your coverage meets your needs and goals. Keep in mind that you can always renew or extend your policy if needed, but the cost may be higher due to your age and health status at that time.

When is the Right Time to Buy Term Insurance Plan?

The best time to buy a term life insurance will be as early as possible. This is because the premiums increase with age and if you purchase the term insurance plan at a younger age, you will be able to secure a large life cover for your family at highly affordable premiums for a long policy tenure. The premium rates are lower for a young individual in comparison to an older person because as you grow older the chances of getting serious illnesses increase.

Let us understand this with an example:

The table below illustrates the change in base premium rates for the same term policy at different ages. As you can see the premium for a healthy male is Rs. 621 per month but the premium rate increases to Rs. 2,441 per month for the same term policy as soon as the person turns 50 years old. This shows that term insurance premium increasesw with age.

Age of the policyholder Monthly Premium Rates
20 years Rs. 621
30 years Rs. 799
40 years Rs. 1,284
50 years Rs. 2,441

Note: Premium Rates mentioned above are for a healthy non-smoking male. For reference, we have kept the life cover at Rs. 1 Crore and the policy term covering till 60 years of age.

Why is Term Insurance Important During COVID-19?

Term insurance plan is important during COVID-19 for several reasons:

  • Financial protection: COVID-19 has highlighted the importance of having financial protection in place for unexpected events. Term life insurance can provide financial protection for your loved ones in the event of your untimely death, helping to cover expenses like funeral costs, debts, and living expenses.

  • Affordability: Term policy is one of the most affordable types of life insurance policies, making it a good option for many people during these uncertain times.

  • Health considerations: COVID-19 has brought health considerations to the forefront, and many people are looking to secure term coverage while they are healthy. Term insurance plans typically require a medical exam, but the application process can be completed online or over the phone as per the policy details, making it a convenient option during the pandemic.

  • Peace of mind: The COVID-19 pandemic has caused a lot of stress and anxiety for many people. Knowing that you have term insurance plan coverage in place can provide peace of mind and help ease financial worries for both you and your loved ones.

It's important to review your term coverage regularly to ensure that it meets your current needs and circumstances, including during the COVID-19 pandemic. If you don't currently have a term policy, consider speaking with a financial advisor or insurance professional to explore your options.

Some Term Life Insurance Myths

Let us take a look at some of the most common term life insurance myths:

  • Myth 1: The life cover from 1 Crore term policy is enough

    Fact: The life cover offered by a 1 Crore term insurance plan may be enough for some individuals and may not be enough for others. You need to check your financial needs, dependents, retirement savings, life goals, and monthly income to determine the appropriate term insurance coverage for yourself.
  • Myth 2: Term Life Insurance is a waste of money since they only offer death benefits

    Fact: Term policy provides protection against eventualities of life at low premium rates. In case of the life assured’s unfortunate death, the insurer will provide your family with financial aid to take care of their financial obligations. Also, some variants of term life insurance like Term return of premium (TROP) 100% Refund of Premiums at No Cost Term insurance plans also return the premiums paid towards keeping the policy active.
  • Myth 3: Term Life Insurance Plans are expensive

    Fact: A term insurance plan is one of the most affordable life insurance products and offers a large life cover. You can buy a 1 Crore term life insurance for as low as Rs. 608 payable monthly providing coverage till 60 years of age.
  • Myth 4: All term insurance plans are the same and cannot be personalized

    Fact: You can customize term life insurance as per your needs. You can include select policy and premium payment terms, add riders to enhance coverage, choose TROP to receive premiums back at the end of the policy term, or select zero cost term plan to exit the plan at a specific point. You can also choose an increasing or decreasing term policy that offers steadily increasing or decreasing life cover according to the changes in your life stage.
  • Myth 5: Insurance companies often reject term life insurance claims

    Fact: The Indian regulatory body IRDAI has several regulations according to which the insurer has to settle a rightful claim within 30 days of claim submission. You can compare the CSR values of different insurers to ensure you purchase a term policy from a company with the highest claim settlement ratio. Always check the claim settlement ratio for 5 consecutive years of an insurer before you buy a term insurance plan from them. You can refer to IRDAI’s annual reports for each year’s claim settlement ratios or calculate it yourself using the below mentioned formula.

Why Buy Term Life Insurance Online?

You should buy term policy online due to the following reasons:

  • Easy Research: Buying a term insurance plan online allows you to research your most suitable term life insurance easily. Instead of visiting different offices of various insurers to see the list of term insurance plans they offer, you can quickly go through the list of available term plans in India all on the same platform.

  • Quick Comparison: A person trying to compare term insurance plans offline would have to sit down with various brochures from different insurers and compare them manually. Comparing term life insurance plans online saves you the extra time and energy spent you would have to spend on comparing these plans physically.

  • Hassle-free Customisation: You can easily customize your term insurance plan by adding different riders and optional benefits online. This way you can see the applicable premiums for your desired term policy after modifications in real-time.

  • Convenient and Secure Purchase: Buying term insurance plans online allows you to buy plans at your own convenience. This means you can buy term policy from the comfort of your home or anywhere in the world in just a few minutes.

  • Reliable Information: The process of buying a term policy online is reliable as the information is transparent and provided directly by the insurer. You can go through the term insurance plan’s details and T&Cs online and consult your financial advisor for a better understanding of the policy features.

  • Increased Savings: A lot of insurance companies offer term insurance plans at special online discounts of 5-10%. This is because buying a term policy online removes the agent commission from your premiums and thus helps you save on your overall premiums.

Why Compare Term Life Insurance Plans Online?

Comparing term insurance plans online can have the following benefits:

  • Check the availability of all term insurance plans from different insurance companies

  • Access accurate information directly from the insurer itself

  • Purchase a term insurance plan that fits your budget and is suitable for your needs

  • Easily compare term life insurance from different insurers

one crore term plan

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Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

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Term Plan Comparison

Online comparison of term life insurance will help you determine the right term insurance plan as per your financial capacity and budget. It is important to compare the best term insurance plans online before buying any policy.

Note: The following information has been sourced from the official websites of insurance companies.

Comparison of Term Life Insurance Plans

To help you make an informed decision, here is a comparison of the best term insurance plans in 2023. Refer to this table and find out the right term insurance plan for you.

Term Policy Entry Age Maximum Maturity Age Policy Term Premium Payment Term Sum Assured
Max Life Smart Secure Plus 18 - 65 years 85 years 10 - 67 years 5 -15 years 20 Lacs - No Limit
Bajaj Allianz e-Touch 18 - 45 years 99 years 10 - 81 years 5 - 20 years 50 Lacs - 10 Crores
Tata AIA Sampoorna Raksha Supreme 18 - 60 years 100 years 10 - 67 years 5, 10, 12 years 50 Lacs - 20 Crores
ICICI Pru iProtect Smart 18 - 65 years 99 years 5 - (85 - entry age) years 5 - (60 - entry age) years 50 Lacs - 10 Crores
HDFC Life Click 2 Protect Super 18 - 65 years 85 years 5 - (85 - entry age) years - 50 Lacs - 20 Crores

What are the Factors that Affect Term Insurance Premium Rates?

Term life insurance premium rates are computed through an underwriting process that employs the use of various statistical and mathematical calculations around the insured person. Some of the major parameters which can affect the term insurance plan premium rates are:  

  • Age: Younger individuals are at a lower risk of getting life-threatening diseases. Younger people are offered lower life term insurance plan premium charges than an older person who is likely to claim much earlier.  

  • Gender: As per various studies, women tend to live longer than men. So, many insurers charge a lower premium to women because they have a higher probability of paying more premiums. 

  • Family’s Medical History: An individual whose family has a history of ailments such as cancer or heart attack, has an increased probability of contracting or diagnosing these diseases. Therefore existing medical conditions in the family can increase the term plan premiums. 

  • Existing Medical Conditions: A person’s existing medical conditions and ailments can also affect the term life insurance premium rates.  

  • Smoking and Drinking Habits: The term insurance premium rates for smokers and alcohol users are higher in comparison to non-smokers.

  • Policy Duration: If the policy term is longer, then you will end up paying a high amount of premiums as the insurer will have to cover your life for higher risk. And, a small policy tenure will have a low rate of premium as compared to a longer one. 

  • Occupation: Individuals working in industries such as shipping, transport, gas, mining oil, etc. are at higher risk of accidents. Thus, in such cases, the term insurance plan premium rates will be higher as compared to a desk job.

  • Lifestyle Habits: Lifestyle habits like participating in frequent adventurous activities like skydiving, paragliding, and deep sea diving, can increase the term insurance premium rates.

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Documents Required To Buy Term Insurance Plans

Types of Documents Description of Documents
Identity Proof Passport,
Voter ID,
Adhaar Card,
PAN Card
Income Proof
For Salaried Individuals
  • Statement of the bank showing credit of salary for last 3 months
  • Last 2 years Income Tax Returns
  • Recent year Form 16
For Self Employed
  • Last 2 years Income tax returns which are not filed in the same year along with income computation
  • If income calculation is not available, submit the last 3 years income tax returns (not filed in same year)
  • Form 26 AS
Audited balance sheet and profit loss document certified by CA for last 2 years
Address Proof Electricity, telephone, gas, or water bills not more than 2 months old, property tax receipt
Medical Proof Latest medical reports allocated by the insurer

How to File a Term Life Insurance Plan Claim?

Here is a step-by-step guide on how to file a term insurance claim online:

  • Step 1: Inform the Insurance Company

    You need to inform the insurance company of the policyholder’s death as soon as possible and submit the company’s claims form with the required documents. You can download the term insurance plan claims form online from the company’s website.

  • Step 2: Assessment of Term Plan Claim

    The insurance company will receive and assess the term insurance claim and check if the documents and details provided are accurate or not.

  • Step 3: Settlement of Term Life Insurance Claim

    Depending on the outcome of the assessment the insurance company will either accept or reject the term insurance plan claim. If all the documents and details provided are correct, the insurer will approve and transfer the claim amount to the nominee’s bank account within 30 days of claim intimation.

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What are the Documents Required for Term Life Insurance Claim Process?

You can file a life term insurance claim by submitting the following documents:

  • Duly filled term life insurance company’s claims form (available online and offline)

  • Medical records like the death/discharge summary, admission note, and test results

  • Original term policy documents

  • Post-mortem report (if applicable)

  • Death Certificate

  • Photo and ID Proof of the nominee (Voter ID, Adhaar Card, PAN Card)

  • Nominee’s canceled cheque and NEFT mandate form

Common Term Life Insurance Terminology

Here is a list of some important term plan terminologies that you should know:

  • Accidental Total Permanent Disability: Accidental Total Permanent Disability, as the name suggests, is a lifetime disability which has occurred by an accident (as per definition of accident) to the policyholder. It is excluded in some of the policies as per their policy document.

  • Claim: In case the policyholder suffers an unfortunate death within the policy term, the nominee can file a claim in the insurance company to receive the sum assured on death.

  • Entry Age: It is the age range between which a person can purchase a term insurance plan. If the person is over or under the specified age range for a particular plan then he/she would not be eligible to purchase the term plan.

  • Grace Period: The grace period is the extra time period provided by the insurer for the policyholder to pay their term insurance premiums even after the due date. In case the premiums are not paid before the end of the grace period, the policy will lapse.

  • Life Assured: Life assured is the person who is covered under the term plan. In case of an untimely death of the life assured, the nominee will receive the sum assured as death benefit.

  • Maturity Age: Maturity age is the maximum age at which the policyholder can be when the term insurance plan ends.

  • Maturity Benefit: There is no maturity benefit available in regular term plan, but in term return of premium (TROP) plans, you can receive the premiums paid at the end of the policy term as a maturity benefit.

  • Nominee: The nominee is the person appointed by the policyholder to receive the death benefit in the event of the life assured’s unfortunate death during the term insurance policy term.

  • Policy Term: Policy term is the period of time for which the insurer has agreed to provide the policy coverage and in case of the life assured’s unfortunate death during this period, the benefits promised at the inception of the policy will be payable.

  • Premiums: Premium is the amount of money the policyholder has to pay in return to receive the term insurance plan benefits and coverage for the entirety of the policy term.

  • Premium Payment Mode: It is the frequency with which a policyholder has to pay their term life insurance premiums. The premiums can be paid on a monthly, quarterly, semi-annual, or annual basis.

  • Premium Payment Term: The premium payment term signifies if the policyholder has to pay their premiums regularly for the entire policy term, a limited period which is less than the policy term, or purchase the term plan in a single lump sum amount.

  • Revival Period: This is the period during which the policyholder can revive his/her term insurance plan and continue the benefits of the pre-existing plan.

  • Riders: Riders are the additional benefits you can include in your base term plan to increase its coverage. The available riders are different for each plan and can be added at an extra amount included in the base premium.

  • Sum Assured/Death Benefit: Sum Assured or the life cover is the amount for which the term plan has been purchased. It is the amount that is payable to the nominee in case of an eventuality during the policy term.

  • Tax Benefits: The Government of India offers several tax benefits for term insurance policyholders under sections 80C and 10(10D) of the Income Tax Act of 1961.

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Different types of Plans

FAQs About Term Insurance Plan

Term Life Insurance
Critical Illness
Premium Amount
  • A. Term Insurance riders are additional attachments made to an existing term policy at affordable premium rates, giving the policyholder additional coverage, thus enhancing the utility of the policy. Different types of riders that one can avail of are:
    • Accidental death Benefits
    • Accelerated Death Rider Benefit
    • Waiver of Premium Benefits
    • Accidental Disability Rider Benefits
    • Critical Illness Benefits
    • Income Replacement Benefits
  • Ans: Yes, it is a good idea to opt for riders with term policy as it enhances the effectiveness of a base term insurance plan at minimal premiums. They are optional attachments and adding them to your base term insurance plan can be very useful when an unexpected event takes place with life assured. You can have extra benefits under a single term life insurance plan such as critical illness, waiver of premium, income on disability, accidental death benefit, etc. Choosing which riders to attach to your term policy shall depend on your risks, requirements, and preferences.
  • Ans: Although the selection of a rider depends on risks, your needs, and preferences, one of the best options is the waiver of premium rider. The rider protects term insurance policyholders against policy lapses in case of non-payment of insurance premiums due to an illness or under critical circumstances.
  • Ans: A term rider is an extra or additional cover a life assured can opt for along with their base term plan to increase their coverage benefits. A life assured can easily add a term insurance rider to the base term plan by paying an additional premium amount. 
  • Ans: Most of the riders are comparatively inexpensive. A rider usually costs around 5 to 10% of the total premium you pay for your base cover. There is no limit to the number of riders that you can add to your base term cover, but the premium amount on all the term riders should not be more than 30% of your base premium.
  • Ans: Most of the riders are comparatively inexpensive. A rider usually costs around 5 to 10% of the total premium you pay for your base cover. There is no limit to the number of riders that you can add to your base term cover, but the premium amount on all the riders should not be more than 30% of your base premium.
  • Ans:
    • Additional Coverage 
    • Cost-effective 
    • Choose as per your needs 
    • Tax-saving Benefit 
    • Multiple benefits in a single policy
  • The age limit for term plan differs for various plans offered by different insurance companies. The minimum and maximum entry age for most term insurance plans is 18 years and 65 years respectively. 
  • You should buy term insurance plan to secure your family’s financial needs, save on yearly taxes, and lead a stress-free life. It is the most affordable life insurance product that offers large life cover and provides a death benefit to your family in case of an unfortunate death. You can also enhance your term insurance plan coverage by including riders like critical illness rider, accidental death benefit rider, waiver of premium benefit rider, and accidental total and permanent disability rider in the base plan.
  • Ans. A term policy is a type of life insurance product that guarantees death payout to the beneficiaries/nominees upon the death of the policyholder during the policy term, upon approval from the insurer. In exchange for this guarantee, a specific sum of money is deducted at fixed intervals.
  • Term insurance plans provide financial security and protection for the entire family in case of the unforeseen demise of the policyholder. Also, you can receive optional coverage for accidental death or critical illnesses. With a term life insurance plan, you are covered for a longer duration at low premium rates.
  • Ans. Below are the key features of term plan that one can avail of:
    • High sum assured at low premium rates
    • Easy to Understand
    • Multiple options of death benefit payout
    • Add-ons or Additional riders
    • Income Tax Benefits
  • Yes, there is no limit on buying multiple term life insurance to fulfill your life objectives. Buying more than one term insurance plan is certainly beneficial in terms of a number of death benefit payout options, cost-effective premiums, riders, coverage, hassle-free claim settlement, and tax exemption u/s 10(10D) of ITA.
  • Ans. Here are the documents required to submit when buying a term plan online:
    • Photograph
    • PAN card
    • Address & Age Proof such as Driving License (DL), passport, Aadhar card, Voter ID, ITR, Form 16 etc.
    • ID Proof
    • Income Proof such as salary Slips for the last 3 months etc.
    • Medical documents
  • Ans: In order to select the best term insurance plan, you need to first identify your goals, requirements, number of dependents, financial liabilities, etc. Once you have an idea of the benefit amount you will need to sustain future obligations, you will be in a better position to shortlist plans. It is important that you select one which offers the maximum death benefit, a premium amount that fits your budget and is affordable. 
  • Ans. The coverage amount depends on various factors such as the number of, dependents in the family, investment goals, affordability, and the lifestyle you’d like your family to sustain in the future. For calculating the minimum term policy cover you need, you can follow the rule to have a sum assured that is 10X your yearly income. Further, you should factor in your existing debt obligations and liabilities when you are deciding your coverage amount.
  • Ans. The life assured does not receive any benefit or returns in case (s)he survives the term policy tenure unless the policy has the return of premium benefit included.
  • Ans. At 30, you have approximately another 30 years of potential earnings ahead. If we consider a raise in your annual income every two years, you should have enough capital to consider a term cover of Rs. 1 Crore. It is important that you factor in the rate of inflation and decide a cover accordingly before buying the most suitable term insurance plan.
  • All term life insurance plans offer coverage against COVID death claims. Some policies also cover hospitalization charges.
  • Ans. It is extremely important that you do not withhold any information mandated by the insurer while buying term life insurance plan. Even if you have smoked a couple of times in the last 12 months, you are obligated to declare yourself as a tobacco user. If this information is later found to be wrongfully withheld, the insurer has the right to consider the policy as null and void, without benefits.
  • Ans: There are no specific criteria but it is always best to buy a term insurance plan as early as possible. The premiums tend to be higher for people in their 30s than for those in their 20s and so on. Buying insurance is always a good idea whether you are in your 20s, 30s, or above.
  • Ans: Under normal situations, a term policy covers all kinds of death that might fall under Natural or accidental or illness-related death. Death claims arising out of sexually-transmitted diseases, drunk driving, accidents while intoxicated, self-inflicted wounds, murder, death in a war, or while participating in hobbies like skydiving, are not covered by most insurance companies.
  • Ans: Term policy is one of the best ways to protect your loved ones financially in case of your unforeseen death. Term insurance plan provides coverage with a fixed amount as a death benefit in case of any eventuality during the policy term. Buying a term life insurance plan is a good idea as you only have to pay a small premium annually against a considerable amount. Also, the premium of the term plan is also subjected to tax deductions.
  • Ans: The cost of a term policy varies based on different factors like annual income, age, term and amount of insurance cover, medical conditions, and whether you’re a smoker or a non-smoker. Cost-effectiveness of a term plan is one of the important criteria that policyholders consider while choosing a best term insurance plan.
  • Ans: As per the insurance experts, a term policy cover should be at least 15 to 20 times of your annual income. For example, if your yearly income is Rs. 10 Lakhs, it is good to buy a term policy of at least Rs. 1.25 Crores, assuming that you don’t have any other liabilities. Deciding on how much term coverage you will need or calculating term plan premiums that you might need to pay can be done using Term insurance calculator or Human life value calculator.
  • A. The best term policy offers comprehensive coverage to your family in your absence at an affordable premium. Also, best term insurance plan should have a high claim settlement ratio (CSR) and a good solvency ratio. Policybazaar helps you search and compare different term plans from 15+ top insurance companies. You can easily choose the best term life insurance policy as per your requirements.
  • A. Term policy provides financial coverage (sum assured) to the family members at the time of the policyholder's death. This type of life insurance covers your family from the death risk for a limited time called a policy term. Simply means, this plan takes care of your dependents in such times of crisis.
  • A. Below are the top 3 benefits of Term life insurance plan:
    • High life cover at affordable premium rates
    • Additional Riders such as critical illness coverage, and accidental death benefit coverage
    • Tax Benefits as per the prevailing laws of IT Act, 1961
  • A. It completely depends on the policy you choose. With term life insurance, the basic cost, coverage amount, and other criteria remain the same throughout the policy. However, certain terms under whole life plans may keep changing - mostly seen at the time of policy renewal.
  • A. Yes. By opting for a health-related rider such as critical illness coverage with term life insurance from an insurance company, you can avail of tax benefits under section 80D of the Income Tax Act, 1961.
  • A. You can get tax benefits on your term policy under sections 80C, 80D, and 10(10D) of the Income Tax Act of 1961. Under section 80C, you can get tax benefits of up to Rs. 1.5 Lakhs and under section 80D you can claim tax benefits up to Rs. 25, 000 for life assured under 60 and Rs. 50, 000 for life assured over the age of 60 years.
  • A. If you are looking out to purchase life insurance, you may be required to provide ITR. Although not mandatory, insurance companies may insist on ITRs mainly in case of term life insurance if the sum assured amount is high i.e., Rs 50 lacs to Rs. 1 Crore or above.
  • A. Besides the death benefit amount for the family of the deceased life assured, term life insurance offer tax deductions and exemptions. For instance, one can claim up to Rs. 1.5 Lakhs in deductions on the policy premium under Section 80C of the Income Tax Act. Moreover, the benefit proceeds towards your loved ones are also tax-free under Section 10(10D).
  • A. In a regular term plan, there is no return, maturity, or money back at the end of the policy. But a return of premium Term plan returns the premiums paid back, at the end of the policy term as a maturity benefit. This returned amount is subject to some deductions like GST, Admin charges, and other nominal charges.
  • A. There is no specific minimum income required to purchase a term insurance plan. However, you may be asked to present your bank account details and income slips.
  • A. 1 Crore term policy offers Rs. 1 Crore as a death benefit to the nominee of the term plan on the unfortunate death of the life assured during the policy term. It is one of the best ways to secure a large life cover for your family at affordable premium rates.
  • A. Both term life insurance and whole life insurance have their own set of benefits. You can purchase either of the two plans depending on your individual requirements:
    • Term Life Insurance
      • Lower Premium rates
      • Limited term life cover
      • Can be converted into a whole life policy
    • Whole Life Insurance
      • Slightly higher premium rate
      • Life cover till the age of 99/100 years
      • Provides long term protection
  • Ans: The critical illness cover provides you financial protection and security against several life-threatening medical conditions such as stroke, cancer, cardiovascular diseases, and kidney failures. This cover includes a lump sum payment if you are diagnosed with stated illnesses in the policy.
  • Ans: Yes, you can take critical illness cover with a term life insurance plan, if you already have a health insurance plan, the critical illness cover would pay a claim if you got sick. During any critical illness, this cover can be helpful to enhance an existing term life insurance plan.
  • Ans: Best term plan with critical illness cover is a plan that meets the following criteria:
    • Illnesses covered: Determine the number of critical illnesses covered under your term life insurance plan. If you have a family history of any cardiac disease or any other major ailment, ensure these are covered.
    • Adequate sum assured: Always consider the average cost of managing major ailments while determining the size of a cover. Always take inflation into account.
  • Ans: Term insurance plans with Critical illness cover provide a lump sum payment if you are diagnosed with any of the illnesses in the pre-specified list of the policies. This typically includes paralysis, heart attack, lung diseases, cancer, and others.
  • Ans: The insurance company decides the term life insurance premium payable based on several factors such as age, gender, smoking habit, medical history, etc.
  • Ans. No, the premium amount you pay for a term plan will remain the same throughout the term of a policy, unless any adverse announcements are made in the future.
  • Ans. As per the experts, the average Indian woman lives longer than their male counterparts, the premium amount is lower for women than that of men belonging to the same age bracket. Some term plans also offer discounts to women on their premium amounts.
  • Ans. Tobacco/nicotine use directly affects the life expectancy of a person. Considering that non-smoker is expected to live longer, their term life insurance premiums are consequently lower.
  • Ans. If premiums remain unpaid even after the grace period, the policy shall lapse along with its benefits. Some Insurers provide a revival period within which one can revive their lapsed policy.
  • Ans. If the death of the life assured occurs before the payment of due premium, the term life insurance will still be considered valid. In such a case, the death benefit reduces by the amount of due premiums that remain unpaid. The due amount is basically deducted from the sum assured on death.
  • Ans: Term life insurance policies do not offer paybacks unless you have opted for the ‘return of premium’ variant. Therefore, if you were to outlive the policy term, you do not receive any benefits. This is why term insurance plan is rendered as a pure risk policy. It is the chance that you take to ensure a strong financial safety net for your loved ones in case you are not around for them
  • Ans: Yes, the insurer can reject a claim on the grounds of:
    • Misrepresentation of actual information
    • Withholding accurate information
    • Fraud
  • Ans: You need to inform the term life insurance provider, fill in the required forms, and submit the necessary documents.
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Term Insurance Reviews & Ratings
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Lucknow, February 14, 2023
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Jaipur, February 13, 2023
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Policybazaar can truly help you with all your insurance issues. I recently bought a term plan from them and haven't regretted my decision ever since.
Pune, February 12, 2023
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Thank you policybazaar for helping me buy a term plan at such low premium prices. It seemed unbelievable to me that I could buy my dream term plan at low premiums until I saw the premium rates on Policybazaar.
Surat, February 11, 2023
unmatched services
Policybazaar truly offers unmatched services when it comes to insurance-related issues. I was able to talk to their customer assistant and buy a term plan for my family at such affordable costs. Thank you Policybazaar.
Kolkata, February 10, 2023
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Policybazaar really makes the whole insurance buying process customer friendly. I was able to find and buy the best term plan in just a few minutes.
Chennai, February 09, 2023
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Policybazaar helped my cousin's claim settlement process a few months ago. After seeing their incredible services I recently bought a term plan from them as well.
Ahmedabad, February 08, 2023
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Policybazaar helped me understand the importance of having a term plan in place. Because of Policybazaar, I was able to buy a term plan at such low premiums.
Hyderabad, February 07, 2023
zero cost term plan
Thanks to policybazaar I was able to buy zero cost term plan at such low premium rates. Thank you policybazaar for such incredible services.
Bangalore, February 06, 2023
affordable and easy to buy term plans
Policybazaar helps you buy term life insurance at affordable rates from the comfort of your home. Thank you policybazaar.
Agartala, February 04, 2023
incredible services
Policybazaar's incredible services are truly commendable. The whole process of buying term plans and paying the first premium was so quick and easy, I was already done in just a few minutes.

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