Term Insurance

Term insurance is a life insurance plan offered by an insurance company that provides comprehensive financial coverage against premiums paid for a limited period to the beneficiary of the policy; this coverage, provided under term insurance plans, is paid as death benefit upon the demise of insured during the policy term.

What Is Term Insurance?

Term insurance is a life insurance policy that provides financial coverage to the beneficiary of the policy if the life insured dies during the active term of the policy. A term insurance plan provides life insurance cover against the fixed premium paid for specified "term" of the year.

A term plan not only offers financial security to your family but also is capable of fulfilling its future needs such as your child’s higher education, child’s marriage, etc.

Among all the life insurance products, Term life insurance offers the highest life coverage for the minimum premiums during the term of the policy. Some Insurance Companies also cover permanent or partial disability wherein the policyholder’s regular income is disrupted.

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

Why You Should Buy Term Insurance?

There are various reasons to buy a term plan. However, here are the key and basic reasons that you must buy term insurance:

  • The Dependency of your Family: You can use the term insurance money to meet the monthly expenses of your dependents and family when you’re not around. Moreover, it fulfils vital life goals such as education and marriage of your child.
  • Protection of the Assets: A term plan allows you to take loans for assets such as a car or a house. Nevertheless, if you’re not around, your dependents and family might be burdened with the repayment of loans. In such circumstances, your family can utilize the term insurance pay-out in paying off the outstanding debts.
  • Risks Related to Lifestyle: Present-day lifestyle problems often lead to various ailments and diseases. Some term insurance Plan do not just safeguard your dependents and loved ones after the demise of the policyholder but also offer critical illness protection for a lifetime. This key feature pays on the diagnosis of some critical illnesses such as heart attack or cancer.

Benefits of Term Insurance Plan

Benefits of Term Insurance Plan

A term insurance policy is a must for every person and one cannot articulate its importance completely. Term insurance Plan are the only life insurance products that are especially designed to solve a sole purpose of protection. Now that everyone knows, it covers death perils and risks; here are some other core benefits of term insurance Plan in India:

  • Safety for Loans and Liabilities

    A term insurance also aids in providing safety for the dependents from your fiscal liabilities such as loans or any other debts that you have.

  • Cover Critical illness

    Together with offering life cover, a term insurance plan also offers protection against critical illness. For a tiny add-on premium amount, Critical Illness cover offers lump sum payment when any critical illness such as kidney failure, cancer, or heart attack, etc. is first detected.

    • Online Term Insurance Plan also takes care of family in case of your disability or critical illness. It provides
      • Supplementary income in case of loss of income due to accidental disability or illness.
      • Get lumpsum amount if diagnosed with critical illnesses.
      • Additional sum insured in case of accidental death.
    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
  • Higher Sum Assured at Affordable Premiums

    One of the most alluring features of term insurance Plan is that the premiums are always the lowest, unlike the other life insurance products. Moreover, the sum assured offered under term Plan is relatively higher when compared to the premium amounts. Regular term insurance Plan, including TROP Plan come with a 105% return on premium benefit when the policy matures.

  • Tax Benefits

    Term insurance Plan come loaded with tax benefits on the term policy premiums paid. New-age term insurance Plan along with critical illness cover also provide some additional tax benefits on the premiums paid by the policyholder. One can also avail benefits subject to the conditions u/s 10(10D) on the amount that his/her family receives in the case of an untimely demise or unfortunate event.

  • Support in the case of Disability

    In some of the term Plan, the insurance provider pays the future premiums in the case of permanent or total disability. Consequently, the policyholder’s life insurance cover continues even if s/he is not able to make payment of the premiums.

  • Add-on Protection

    So as to amplify the security of the family, a term insurance plan offers add-on pay-out in the case of an accidental or untimely demise.

Top Term Insurance Plans in India

Insurers Term Plan Claim Settlement Ratio Max Maturity Age Premium (for a cover of 1 crore)
Aditya Birla Sun Life Insurance ABSLI LifeShield Plan 97.1% 75 years Rs. 623/month
Aegon Life iTerm 96.5% 100 years Rs. 479/month
Bajaj Allianz Life Cover 95% 85 years Rs. 458/month
Canara HSBC OBC Life Insurance iSelect+ LumpSum 95.2% 99 years Rs. 480/month
EXIDE Exide Life Smart 97% 55 years Rs. 926/month
Edelweiss Tokio Zindagi Plus+ Lump sum 97.8% 80 years Rs. 478/month
Future Generali Future Generali Flexi Online Term-Lumpsum 95.2% 75 years Rs. 486/month
HDFC Life Life Option 99% 85 years Rs. 709/month
ICICI Prudential iProtect Smart Lumpsum 98.6% 85 years Rs. 647/month
India First e-Term Plan 94.2% 65 years Rs. 422/month
Kotak Life e-Term 97.4% 75 years Rs. 654/month
Max Life Smart Term Plan Life Cover 98.7% 75 years Rs. 571/month
PNB Metlife Mera Term Plan-Full Lumpsum payout 97.16% 99 years Rs. 585/month
Reliance Nippon Life Insurance Reliance Digi-Term 97.71% 65 years Rs. 500/month
SBI Life eShield 95.03% 80 years Rs. 589/month
Tata Aia TATA Maha Raksha Supreme Lumpsum 99.1% 85 years Rs. 927/month

Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.”

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

  • The amount of preferred sum assured
  • Term life insurance premium payment option which can be one-time, limited pay or regular pay.
  • Term of the policy
  • Add on protection
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Key Features of Term Insurance Plan

Term Insurance Plan are specifically designed to secure your family's basic  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 during the tenure of the policy. Let’s take a look at the salient features of the term insurance Plan.

  • Claim Settlement Ratio: The claim settlement ratio can be described as the percentage of claim settled by the insurance company as compared to the total number of claims received.
    **Claim settlement ratio = (No.of claim settled / No.of claim received) *100

    With the help of the claim settlement ratio of the company, the policy buyers can get a clear idea of the ratio of claim settled by the insurance company in a financial year. The insurance companies, which have a higher claim settlement ratio are considered more reliable and a better choice of investment.
  • Death Benefits : On the demise of the life assured during the tenure of the policy, the nominee/ beneficiary of the policy receives the total death benefit chosen at the time of commencementDepending on the type of term insurance plan, the death benefit may stay the same over the whole tenure of the plan (standard term Plan), decrease (decreasing term Plan) or increase (increasing term Plan). The insurers provide various options of payment for the term insurance plan. These include a lump sum payment, lump-sum payment plus an annuity that may be monthly, quarterly or yearly, or simply annuities that are spread over the agreed number of years.

    Moreover, there are basic life cover plus monthly income term insurance Plan which are specifically designed to take care of the monthly expenses of the family, even in the absence of the life insured. Under term insurance plan option, a lump-sum payout is made to the beneficiary in case of demise of the life insured. Along with the one-time payment, the term plan also offers monthly payouts for the fixed tenure of 10 years, in order to meet the daily expenses of the family.

    This term insurance plan is best suitable for individuals who are the single breadwinner of the family or whose dependents do not have any other source of income. So, with the monthly income feature of the plan, the dependents can use the money wisely and take care of their monthly liabilities.
  • Limited Pay: Limited premium payment term insurance plan allows the policyholder to pay the term policy premiums for the limited-term period, while the coverage continues for the longer tenure. For example, if an individual buys a term plan with policy coverage of 25 years and premium payment tenure of 10 years, then he/she will have to pay the term life insurance premium only for the term period of 10 years whereas, the coverage will continue for the tenure of 25 years. There are many different benefits of limited pay option such as:
    • The term insurance premium payment term ends within a short- time period.
    • The limited pay term insurance Plan offer a longer duration of life coverage.
    • Reduce the chances of term policy lapse.Besides this, one of the major benefits offered by limited pay option is that, under this option of premium payment, one can save up to 40% on the term insurance premium amount.

For Example- Let us assume.

Payment Type Monthly Premium Payment Term Total Premium
Regular Pay Rs.944 44 years X 12 Rs.4. 98 lakh
Limited Pay Rs.2.34 K 10 years X 12 Rs.2.81 Lakh
  Savings Rs.2.17 lakh
Effective Savings 44%
  • 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 policies, the policy term can vary from a minimum of 5 years to a maximum of 40 years. People can opt for the term plan period they think works for them. Experts suggests to go for term insurance plan which has a longer term-period as the premium amount generally gets locked and the insured party gets to pay the same premium over the tenure of the term plan for the same amount of cover.
  • Entry Age: To be eligible for term insurance Plan, the minimum age of entry is 18 years, with a maximum age limit of 65 years with optional add on benefits. The premium of the term plan increases with age and people who are looking for a term policy for a longer period should opt for the best term insurance policy when they are relatively young.
  • Maturity Age: The best term insurance Plan are those that offer cover well into the lifetime of the insured. Term insurance policy offers coverage to the insured up to 65-70 years of age. Term policy with higher maturity age may also charge a higher premium rate as they offer a term insurance cover against life risks for a longer tenure. Also, the risks increase with age and this is reflected in the premium amount.
  • Tax Benefits: Term insurance Plan 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 term life insurance premiums paid for the Critical Illness Benefit towards tern plan, 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.
  • Maturity Benefits: Term insurance Plan don't come with any survival or maturity benefits. If one wants maturity benefits, then a TROP (Term Return of Premium) plan is suggested.
  • Plan Choice: Term insurance provides flexibility in terms of choosing the plan on a single life basis or joint life basis. Single life means that the term plan will only provide cover for the life of the insured party who is generally the breadwinner of the family. A joint life term plan, on the other hand, covers the life of both the husband and the wife through a single term plan. Most term insurance Plan offer the term policy on a first claim basis. This means that the term plan pays the sum insured on the expiry of either of the two insured. There are also other term Plan that pay on the death of both the insured persons.
  • Survival Benefits: A standard term plan does not have any survival benefits. However, the demand from investors has meant that various companies have opted to launch term insurance Plan with survival benefits. Called Term Return of Premium (TROP) Plan, the term plan refunds the premium at the end of the term plan tenure if the insured person survives the period. The TROP plan is becoming popular with people who are looking for savings as well as insurance with their term plan.

    This term insurance plan has a higher premium than the standard term plan but has the advantage of assurance that the policyholder will get back the premium he or she paid to the life insurance company for the cover. Policy holder should read the insurance terms and conditions carefully to ensure they know the amount of money they will get back as survival benefits. Check out the term insurance policy that meets your needs with our term insurance comparison.
  • Additional Rider Benefits: Additional optional benefits such as critical illness and accidental death/ disability or Accelerated Sum Assured are also available under the term insurance policy. The benefits can be added to the term plan by paying an additional premium amount. The best term plan in India is the one that offers these riders at a comparatively lower price than opting for such cover through individual Plan. Choose the additional optional benefits for your term insurance plan with our website. Use the term plan comparison features to shortlist the additional benefits you need. Some common term insurance riders are:
    • Critical Illness Rider
    • Waiver of Premium
    • Accidental Death Benefit Rider
    • Accidental Total and Permanent Disability Rider
    • Income Benefit Rider

Types of Term Insurance Plans in India

There are a number of term insurance Plan available in the market from various insurance companies in India. All of these companies offer both types of online and offline term life insurance with each term policy having its own set of specific features that make it the best term insurance plan in the market. To understand these Plan we need to look at them a bit more in depth.

  • Level Term Plan

    The level term plan is one of the easiest types of term insurance plan wherein during the policy tenure the sum assured remains unchanged and the benefits are paid to the beneficiary on the demise of the policyholder. The level term insurance plan is easily available PAN India and is offered by various insurance companies. The rule is simple the younger you are when buying this type of term insurance plan the premiums will be that pocket-friendly.

  • Standard Term Insurance Plan

    A standard term insurance plan is one where the insured person gets a cover against various risks against payment of a certain term life insurance premium amount. The most common term plan and generally also considered the best term insurance policy is the one that charges a yearly premium for an annual cover.

  • Term Return of Premium (TROP) Plan

    A term insurance return of premium policy is a term insurance plan that refunds the premium paid for the cover in case the insured party survives the policy period. These term Plan are increasingly becoming popular as the policyholder gets the money they have invested in the term insurance policy at the end of the policy period.

    These term Plan also give the insured the option to add on riders that they feel are essential. These riders add to the premium of such a term plan just like any other standard term insurance policy.

  • Group Term Insurance Plan

    Group term insurance are term insurance Plan that are specially designed for businesses, companies, societies, associations or large families and provide term plan insurance cover for all the members of the group. These policies provide the same set of benefits that an individual term plan offers but the overall coverage is generally more in terms of illnesses or other factors that are generally excluded in the individual policies. Most of these term Plan are offline as each policy is generally customised to suit the needs of the group taking the policy.

  • Increasing Term Insurance Plan

    The cover and the term life insurance premium increase over the overall tenure of the renewable term insurance plan. This term plan helps to cover against risk from rising inflation costs that may affect the real value of the death benefits that the insured individual's family would receive. The cover under these term Plan rises at a pre-specified rate and keeps increasing until the overall value of the cover is 1.5 times the original cover under the term policy.

  • Decreasing Term Insurance Plan

    The decreasing term insurance Plan are a renewable term plan where the sum assured of the policy decreases every year by a fixed percentage over the tenure of the policy. These Plan are generally offered as mortgage clearing plan. Decreasing term Plan are taken to clear debts and loans. In case of demise of the insured person, the available sum assured amount is paid towards the repayment of the loan. The premium rate of decreasing term Plan is less as compared to the normal term Plan. This term insurance policy provides financial security to the insured’s family and offers the benefit of tax exemption at an affordable premium rate.

  • Convertible Term Insurance Plan

    This type of term insurance plan is generally offered by some insurance companies in India. As the name suggests the key highlight of taking term plan is that when buying this term insurance plan you can opt the alternative to convert the plan into some other plan in the coming times and accordingly select a date. For instance, if you had taken a term insurance plan let’s just assume for 25 years, however, after 5 years, you intent to convert this into any other plan like an endowment plan or any other plan, you can go ahead.

  • Single Life and Joint Life Term Insurance Plan

    A joint term insurance plan works out to be cheaper than buying two individual term insurance Plan. Moreover, the features and benefits remain the same, ensuring both the members get the same advantages of the plan.

    These policies are ideal for a couple with children as it will ensure the dependents will not have to worry about their future if the unfortunate comes to pass and both parents pass away. A joint term insurance policy is the best option to go with as it also provides insurance cover for the surviving spouse.

  • Offline and Online Term Insurance Plan

    Offline term Plan are those that are sold through traditional methods such as through an agent or a branch, while online term Plan refer to term insurance Plan that are sold over the internet. Term insurance providers offer an online term plan at a significantly discounted rate than the offline plan. The primary reason for this is the lack of any intermediaries such as the agent or the branch between the policyholder and the insurance company for an online term insurance plan.

    People could now buy online life insurance at the click of a mouse in a few minutes.Research shows that an online term insurance plan may be cheaper by as much as 40% in some cases than the offline plan that offers the same features and benefits. There are various reasons for the low premium in an online term insurance policy. For instance:

    • No commission to be given to agents in online term life insurance.
    • Well-informed decision, since the online term plan space gives a lot of scope to compare the choices.

    There are quite a few online life insurance Plan that may suit your requirements. A smart way to look at online life insurance Plan is to compare term insurance Plan side by side and pick the term plan that makes sense. Choose your online term insurance plan using our term plan comparison options.

    Your hunt for the best online term insurance Plan ends at PolicyBazaar. We go extra miles to serve you with the best term insurance quotes that suit your budget and requirements. Just provide us with the minimum basic details such as name, age, income and here you go. We not only suggest the quotes but also calculate the premiums for you. On the basis of our suggestions, all you need to do is to compare term insurance Plan and opt for the best deal. Do you comparison on the basis of certain parameters like premium offered, claim settlement ratio of the insurer, tenure, coverage etc. This way we help you make an informed decision while suggesting the best available options in a hassle-free manner.

Why is It Important to Compare Term Insurance Plan?

As there is an extensive range of term insurance Plan available in the market, choosing an apt plan can always be a daunting task for insurance buyers. Different insurance providers offer a different type of term insurance plan and each plan varies from another based on various factors.

Thus, in order to choose the best plan as per one’s own requirement and suitability, it is very important to compare term insurance Plan online before zeroing in on one.

While comparing term insurance Plan, it is very important to check the various aspects of policy such as Insurance Coverage, Maturity Age, Claim Settlement Ratio etc.

By comparing the quotes of various term insurance Plan, the policy buyers can choose the plan which fulfils their requirement at an affordable premium rate.

Term Insurance Comparison Chart

For the better understanding of our readers, here we have shown the term plan comparison chart.

Plan

Entry Age

Policy Term

Premium Paying Mode

Sum Assured

Incurred Claim ratio

Aegon Religare iTerm Insurance Plan

Minimum-18 yearsMaximum- 65 years

5-62 years

Single, Yearly, half-yearly quarterly, monthly

Minimum-Rs.25 lakhMaximum- NoUpper Limit

97.11%

HDFC Click to Protect Plus Term Insurance Plan

Minimum-18 yearsMaximum- 60 years

10-40 years

Yearly, half-yearly quarterly, monthly

Minimum-Rs10 LakhMaximum-No upper limit 

97.62%

ICICI Pru iProtect Smart

Minimum- 18 yearsMaximum-65 years

5-40 years

Limited, Single, yearly, half-yearly, monthly

Minimum-Subject to minimum premiumMaximum – No upper limit

96.68%

LIC e-Term Insurance Plan

Minimum- 18 yearsMaximum- 60 years

10-35 years

Annually

Minimum-Rs.50 lakhMaximum-no upper limit

98.31%

Max Life Term Insurance Plan Plus

Minimum- 18 yearsMaximum-60 years

10-40 years

Yearly, half-yearly quarterly, monthly

Minimum-Rs25.lakhMaximum-Rs.100 Cr

97.81%

Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

How to Choose the Best Term Insurance Plan?

To select the best term insurance plan, a policyholder should look into the following factors:

  • Claim Settlement Ratio: The record of term insurance claim settlement provides a clear picture of the insurance provider to the prospect policy buyers. The ratio of claim settlement is released by the Insurance Regulatory and Development Authority (IRDA) India 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.
  • Feature to Add Terminal/Critical Illness Benefit: A critical medical issue such as brain surgery or cancer costs a lot of money and cripples the finances of the family. However, if a term plan chosen by a policyholder covers critical illness or if it has the feature to add-on critical illness cover in it, then one can easily safeguard self from such risks. Most of the critical illness add-ons immediately payout upon diagnosis of the critical illness.
  • Company Reliability: The reputation of a company and stability is very important in any sector of business, especially in the sector of life insurance for the customers to trust.  Before zeroing in on a plan, it is important to check the credibility of the insurance company.
  • Premium: The premium rate of a term insurance plan plays a vital role while purchasing the plan. Hence it is important to compare term insurance policies online and choose the term plan which offers higher coverage at an affordable premium rate. Additionally, choose a company that provides discounted premiums to non-smokers.
  • Premium Waiver Rider upon Diagnosis of Terminal Illness: If the policyholder gets affected by some terminal illness, then all the future premiums for his/her term policy will be waived off.
  • Solvency Ratio: The solvency ratio is something that tells whether the insurance provider chosen will be capable financially for settling the claims if the requirement arises. As per IRDA, every life insurance provider should maintain a solvency ratio of 1.5 at least.
  • Enhanced Cover: Some of the specific insurance companies offer the option of enhanced cover in the term insurance policy. In this option, the policyholders can enhance the coverage of the policy under particular circumstances or critical situations.
  • Riders: While purchasing a term plan, it is important to check the rider benefits offered by the term insurance company in a detailed way. An insurance rider is extra to the essential plan that offers advantages far beyond the subject of the policy in case of any eventuality.
  • Go for a Regular Income Payout Option: Since their inception, the life insurance Plan like term insurance Plan are providing a large sum of amount to the nominee of the policyholder. However, some modern term insurance policies are providing the option of regular payout along with some lump-sum. So, opt for a policy that provides a regular payout option.

Term Insurance Premium Calculator

The term insurance calculator is an online tool designed specifically so that one can calculate the premium that needs to be paid monthly and accordingly know the sum assured amount. The term insurance premium calculator is simple and easy to use. When intending to buy a term insurance plan, it is advisable to use a term insurance premium calculator.

The term insurance premium calculator permits you to modify the sum as per your convenience that you think your family would require in case of your demise. Listed below are some major advantages of using a term insurance premium calculator:

  • Saves Time: The term insurance premium calculator saves time wherein you do not need to submit any of the hard copies to obtain term insurance premium quotes. Figure out a term insurance plan that suits your requirements and buy a term plan online enjoying the hassle-free experience.
  • Compare Plans: Term insurance premium calculator compares various term insurance premium quotes offered by different insurance companies in India.
  • Pocket-Friendly Plans: Today, buying term insurance online is a preferred option as you have the opportunity to avail discounts on the term insurance premiums. Therefore, use term insurance premium calculator online, grab the best deal, and save on money.

Reasons to Buy Term Plan Online

Apart from the hassle-free and simple process of purchase, an online term plan offers many other benefits.

  • Affordability: Purchasing an online term insurance plan is more affordable as compared to purchasing the plan offline. This is because there are no agents involved in between. The policy buyers can directly purchase the online term plan by visiting the website of the insurance company. By purchasing the plan online, the paperwork and processing fees automatically decrease as everything done online and these benefits are offered to the customers as discounts. Thus, buying an online term plan is more beneficial as compared to the offline term insurance policy.
  • Sum Assured: This is yet another benefit of buying an online term insurance plan. Mostly, the sum assured amount offered by an online term plan tends to be higher on contrary to offline term insurance plan, because the overall cost of purchase is low. Moreover, while purchasing the term plan online, most of the insurance companies do not ask for any medical test. Medical test of the insurance buyer is only required in case the sum assured amount of the policy is above Rs.50 lakhs.
  • Comparison: One of the perks of buying online term insurance plan is that it offers the advantage to compare term insurance policies online and then choose a particular plan as per one’s own requirement and suitability. By comparing term insurance Plan online, the insurance buyers can zero in on the most beneficial plan at the most affordable premium rates.
  • Reliability: The online process of policy purchase is more reliable. The online term insurance policy offers transparency while purchasing a policy. The policy buyers can know about the features, terms and conditions of the policy in a more detailed way by simply visiting the website of the insurance company. Moreover, in order to make an informed decision, the insured can also check the reviews of the plan.
  • Easy Access: Unlike offline term insurance policy, the online term insurance plan can be accessed easily. The insurance holder has the convenience to access and know the policy details whenever they require. Moreover, they can also check and keep track of the policy status from time to time.

Government Term Insurance Schemes in India 2020

Investing in a term insurance plan, which should be included by everyone in their investment portfolio and secure the future of their dependents. In any case, if you are the bread earner or you have a family to take care of then it is prudent that you buy the best term insurance plan and provide stability and security to the family. Likewise, the government of India also offers different term insurance schemes for its citizens to safeguard the future of the dependents of the policyholder.
  • Pradhan Mantri Jeevan Jyoti Bima Yojana

    The Pradhan Mantri Jeevan Jyoti Bima Yojana is ccessible for anyone who is aged between 18 years till 50 years and has bank account giving their permission either to auto-debit or join. Aadhar will be the essential KYC for the account holder. The life cover of Rs. 2 lakh will be for the one year extending from June 1st to May 31st and can be renewed. The risk cover under this plan is for Rs 2 Lakh if there should be an occurrence of the death of the policyholder. The term insurance premium is Rs 330 for each annum, which is to be auto-charged in one portion from the bank account of the subscriber according to the alternative given by him at the latest 31st May of every yearly inclusion period under the plan. The Life Insurance Corporation and other life insurance providers who are offering it on comparable standing with essential assent and other link-ups with banks are for this reason.
  • Pradhan Mantri Suraksha Bima Yojana

    The Pradhan Mantri Suraksha Bima Yojana is accessible for people who fall betwixt the age of 18 years to 70 years with an account in the bank giving their agreement upon the auto-debit or join at the May 31st for the period of coverage frame June 1st to May 31st on the premise of yearly renewal. Aadhar to be the essential KYC for the account in the bank. The cover for risk within the plan is for an amount of 2 lakh unplanned demise and full inability and Rs 1 lakh for halfway handicap. The term insurance premium of Rs 12 for each annum is to be deducted from the account holder of the bank through the 'auto-charge' office in one portion.
  • Aam Admi Bima Yojana

    The Aam Admi Bima Yojana came into existence in the year 2007. It essentially provides financial aid to those people who fall within the low-income category in India. This plan is specifically designed for those individuals who are not on a regular payroll such as auto-drivers, fishermen, etc. This scheme can be availed by anyone aged between 18 years to 59 years. At the initiation of this scheme an amount of Rs 200 is charged as the term insurance premium amount, however, half of the premium amount will be subsidized from Social Security Fund. In the case wherein the policyholder passes away, as the death benefit the beneficiary will receive an amount of Rs 30,000.

Who Should Buy a Term Insurance Policy?

Any individual with financial dependents should consider purchasing a online term insurance policy. This includes young professionals, parents, married couples and people who want to gain tax benefit as term insurance plan provides tax benefit under section 80C of Income Tax Act 1961. Hence, any individual who wants to provide life protection to their family at an affordable premium rate along with the benefit of tax exemption should purchase a term insurance policy.

  • Parents: Parents are generally the single breadwinner of the family and the only financial support for their children. Thus the best way to secure the financial future of the children is to have a term insurance policy. As in term plan, a death benefit is paid to the beneficiary of the policy in case of the unfortunate demise of the insured person.
  • Newly Married: A term insurance policy can work as a financial safety net for your spouse even in your absence. In case of any eventuality, the term insurance plan not only provides financial security to the beneficiary but also takes care of the liabilities.
  • Young Professionals: Purchasing a term insurance policy at a young age is more beneficial as compared to buying a policy at an old age. This is because the term policy offers very low premium rate to the young individual as compared to the old policy buyers. Moreover, one can also secure the financial future in the long-term by buying a term insurance plan while being young.
  • Taxpayers: Along with the benefit of life coverage, one of the major advantages of purchasing a term insurance policy is that it offers the benefit to save on taxes. The premiums paid towards the term policy are tax exempted under section 80C of the Income Tax Act. Thus, if you want to save on taxes along with the benefit of life cover then you should certainly consider buying a term policy.

How Does a Term Insurance Plan Work?

As the simplest form of life insurance product, term insurance is the most affordable insurance plan which offers higher insurance coverage. As the purest insurance product, only death benefit is offered by the term plan. Under the online term insurance plan, the insurance company gets into an agreement with the insurance buyers.

According to this agreement, a lump-sum, sum assured amount is paid to the beneficiary of the term insurance policy as a death benefit in case of the unfortunate demise of the policyholder during the policy tenure. The insurer pays the sum assured amount to the beneficiary as mentioned in the term insurance policy documents.

The sum assured amount is paid on the basis of the type of payout option chosen by the insured at the time of policy purchase. The payouts can be made as a lump-sum payment at one go or as monthly income at specific intervals of time.

Term Insurance Payouts

1. Lump-sum

The entire sum assured amount is paid at one go to the beneficiary of the term insurance policy.

For example-

Sum assured= 1 crore

Payout= Rs.1 crore as a lump-sum payment to the beneficiary of the term insurance policy.

2. Lump-sum + Monthly Income

Half of the sum assured amount is paid as a lump-sum payment to the beneficiary of the term insurance policy, whereas, the other half of the sum assured amount is paid as monthly income to the beneficiary of the policy.

For example-

Sum assured= Rs.1crore

Payout=  Rs.50 lakh as a lump-sum payment at the time the claim is made by the nominee and Rs.50,000 every month as a death benefit.

3. Income Replacement or Monthly Income

A fixed percentage of sum assured amount is paid as monthly income from the first month of life insured’s death.

For example-

Sum assured= Rs.1 Crore

Payout= Rs. 1 lakh per month (Rs. 12 lakh yearly) for 83 months approximately.

How Does a Term Plan from Policybazaar Help You?

A term plan from Policybazaar helps you in the following way:

  • The Plan offer the benefit of tax saving under section 80C of the Income Tax Act.
  • The Plan are available for the long policy term.
  • Offers long term coverage.
  • It protects from critical illness when diagnosed.
  • Offers a regular income for meeting the household needs.
  • Offers disability benefit rider to be added to the term plan.
  • Provides coverage against life-threatening illness.
  • The Plan provide a high maturity age.

Term Insurance Claim Process

The steps to process a claim for a term insurance plan is mentioned below:

Term Insurance Claim Process in the Event of Death
    • Filing the Term Insurance Claim

      The very first step is to file a claim. One can follow any of the below steps to file the claim:

      • Go to the claims section available on the official website of the insurance provider for intimating the claim.
      • Or call the toll-free number of insurance providers for intimating.
      • Or Go to the nearest branch office of the insurance company.
      • E-mail the insurance provider for claim intimation email id provided.

      Remember

      A claim is formally registered and accepted only after receiving a written request for claim settlement with a duly signed and filled claim settlement form with other relevant documents. An individual should file a term claim via phone call or by visiting the nearest branch of the insurance company for the quick claim process.

    • Claim Process in case of Death

      The process of claim settlement starts when the nominee of the policyholder submits a duly filled and signed claim form with all the supportive and valid claim documents. The list of all the required documents is given below:

    • Document required in case of natural death

      • Documents of term insurance policy
      • Copy or original death certificate of the life insured.
      • Duly filled and signed the claim form.
      • Statement of the claimant
      • Any other documents as required by the insurance company.
    • Document required in case of accidental death

      • Police investigation report, police FIR report
      • Medical reports and hospital certificate including the discharge and admission summary of the policyholder, test reports, death summary, etc.
      • Statement of attending doctor/s, certificate released from the medical attendant.
      • Report of post mortem
      • Statement of the claimant
      • Any other relevant documents as asked by the insurance provider.
    • Filed Term Insurance Payouts and Claim Approval

      As soon as the insurance provider verifies all the required documents and then accepts the claim, the payouts will be made according to the payment options present in the term plan. The payouts are usually given via ECS, for which, the nominee should submit the details of the bank, photocopy of the passbook of bank account, and canceled cheque. Some insurance providers may need these details attested by the concerned bank, so do check the same.

    • Some Important Aspects Related to the Claim Process of Term Policy

      • If the nominee dies with the insured, then the payouts of the policy are given to the next legal heir.
      • If the nominee dies before the policyholder, then the policyholder should appoint some other person as his/her beneficiary before the expiration of the term plan.  

Term Insurance Plan Exclusions

Before purchasing any term plan, it is very important for policy buyers to go through the terms and conditions of the policy and check all the exclusions mentioned in the policy documents.  However, term insurance Plan come with only one exclusion i.e.

Suicide Exclusion

In case, the life insured (sane or insane) commits suicide within 12 months (1 years) from the date of policy inception or from date of revival of policy, the policy terminates immediately. In such cases, the beneficiary of the term insurance policy receives only the total term life insurance premium amount paid by the insured from the insurance company (inclusive of extra premium, if any, but exclusive of applicable charges and taxes imposed by the government).

Apart from the above, there are other exclusions as well, which come under critical illness rider. If any of these exclusions are found at the underwriting stage of the term insurance policy, then no benefit will be offered. Let’s take a look at the exclusions, which comes under critical illness rider.  

      • Any health condition or ailment that has been suffered by the life insured/ were diagnosed/or receiving treatment within 48 months before the policy initiation date, the insurance provider will not provide insurance protection under critical illness rider of term plan.
      • The critical illness rider offered by term plan does not provide coverage in case of intentional self-inflicted injuries, self-abuse, attempted suicide, psychological disorder, etc.
      • The external congenital anomaly, which is in the accessible and visible part of body, is not covered under the critical illness rider offered by term insurance plan.
      • The critical illness rider offered by term insurance plan, does not provide any benefit in case the life insured delays the medical treatment in order to avoid the waiting period.
      • No critical illness rider benefit is offered by the term plan in can of invasion, war, act of foreign enemy, civil war, revolution, rebellion, strike, mutiny, etc.
      • The life insured will not be entitled to avail the benefit of critical illness rider offered by term plan, in case, the insured is an alcoholic or addicted to drugs and narcotics.
      • Any man-made disasters such as wars or rights which result in the loss of life are not covered under the critical illness rider of an online term plan. Any suffering or damage resulted due to the carelessness of the people is not counted by the insurance company. Thus, no coverage is offered to the insurance holder in such case.
      • Term Plan do not offer any critical illness rider coverage in case of involvement of the life insured in extreme and risky sports activity such as scuba diving, bungee jumping, trekking, rock climbing, paragliding, skydiving, water sports activity, etc.
      • Term Plan do not offer any critical illness rider in case of sexually transmitted diseases such as AIDS/HIV, the claim made by the beneficiary of the policy is rejected by the insurance company.
      • The term insurance company does not provide any critical illness rider in case of any casualty resulting from the involvement of law violation or unlawful activities. The beneficiary of the policy will be eligible for the claim only in case it is a sudden and unintentional act.

Term Insurance Riders

Riders are the add-on coverage which can be purchased by the policyholder along with the basic term Plan in order to enhance the coverage of the policy. There are various online term insurance Plan which offer rider as an in-built feature of the policy. Before, zeroing in on an online term plan it is very important to check what are the in-built riders and add-on riders offered under term insurance policy. The rider benefit can be availed by paying an extra premium to the insurer along with the basic premium of the term policy. Some of the riders offered by the term Plan are:

  • Critical Illness Rider

    With this term insurance rider benefit, the insurance holder receives a lump-sum amount in case of valid diagnosis of any critical illnesses as pre-specified in the policy. The illnesses which are covered under critical illness cover are heart attack, cancer, paralysis, stroke, kidney failure, coronary artery bypass surgery, major organ transplant, etc.

  • Waiver of Premium

    This is one of the most beneficial rider benefit offered under term insurance policy. Under this rider benefit, in case the life insured fails to pay the future premium of the term policy due to a disability or income loss, then all the future premiums of the term plan are waived off and the policy continues to remain active.

  • Accidental Death Benefit Rider

    Accidental death benefit rider can be bought in order to enhance the coverage of the term insurance policy. Under this rider benefit, an extra sum assured amount is paid to the beneficiary of the policy along with the basic sum assured amount in case of accidental demise of the insured person.  This rider benefit works as a saviour by offering an add-on payment to the family at the time of financial hardship.

  • Accidental Total and Permanent Disability Rider

    This is an add-on rider benefit offered by the term insurance wherein, an extra sum assured amount is paid to the policyholder in case; he/she suffers from an accidental permanent or partial disability which leads to unemployment. Generally, the insurance companies offer 10% or more sum assured amount per year in order to compensate for the regular income that may happen due to total and permanent disability of the policyholder.

  • Income Benefit Rider

    This rider offered by term plan is specifically designed to generate income after the demise of the life insured. Under this rider benefit, the insured’s family receives additional income every year for the tenure of 5-10 years, along with the regular sum assured amount.

How Much Term Insurance Cover Do You Need?

There are various factors which determine how much term insurance coverage one should take. For the convenience of the insurance buyers, here we have discussed some of the factors.

      • Current Income and Expenses: The current expenses and income of the individuals determine that how much term life insurance premium they can pay towards the online term insurance plan. While determining the insurance coverage one needs, it is important to analyze the monthly income and all the expenses occurred in a month.
      • Current and Future Liabilities and Assets : While determining the sum assured amount of the term insurance policy, it is very important to consider the loan installments like home loan, personal loan, car loan, etc. and the EMIs that the term insurance buyers have opted for. As the liabilities and monthly assets also include investments such as fixed deposit, ELSS, ULIPs, gold, capital market, etc. it is always important to leave room for such investment and decide the coverage amount of the term plan accordingly.
      • Future Financial Goal for Family and Self: Keeping the long-term and short-term financial objectives of life, the insurance buyers should determine that how much premium they can pay towards the policy and how much coverage they need to secure the financial future of their loved ones and family.
      • Make Use of Human Life Value Calculator: There are various term insurance providers which 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 insurance policy. 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 yearly income, and estimated future inflation rate, in order to get the sum assured amount that they should opt for. To know the right cover amount for you, please use the human life value calculator here.

What should be the Term Insurance Policy Duration?

The term offered by most of the term insurance Plan ranges between 5 to 40 years. One must opt for the term of a policy according to his/her retirement age. Indians generally retire at the age of 60 years. In this way, if a person purchases a term insurance plan at the age of 60 years, then by that age most of his/her liabilities and responsibilities are cleared. However, a policyholder can opt for the life cover till the age of 99 years, if he/she has several dependents and wants to provide financial coverage to them for their entire life span.

Three Steps to Find the Right Online Term Plan

The best thing about the online term plan is that the freedom of the policyholder to select the most suitable policy. In addition to this, the online term insurance plan as well bring some additional responsibility on the insured of staying focus and informed for the features of the product. It is only when one matches his/her requirements with the term plan; he/she is eligible to purchase it. Mentioned below are three steps for making the right choice while buying a term policy:

  • Select the Right Term Life Insurance Amount

    The first step that every term life insurance buyer should consider while purchasing it to find out the amount of coverage as per the requirements of his/her family’s future needs. To find out the same, there are many term insurance calculators available online. One can use one of these calculators and find out how much he/she should invest per month so that the future requirements of his/her family are met when he/she is not around.

    If one wants to calculate it manually, then he/she can do the same by following the thumb rule of the term policy calculation. According to this rule, the life or term insurance coverage should be 15 times the annual salary of the policyholder. So, if Mr. A’s annual income is Rs.12 Lakh, then he requires a term insurance of Rs.1.8 Crore. However, the second step is also added in this, wherein one should also find out the required coverage from term life insurance for covering his/her other financial obligations like the higher education of policyholder’s children and other outstanding loans. For example, the sum of these financial obligations on Mr. A is Rs.50Lakh, and then the total coverage from the life or term insurance that he wants is Rs.2.3 Crore.

  • Different Term Insurance Plan Comparison

    Term insurance Plan are the purest form of life insurance. Term insurance premiums are lower than other life insurance Plan. However, in order to ensure the right plan, one should go for term insurance comparison. Compare term insurance with other insurance Plan online and stay covered.

    A term insurance aspirant as well is suggested to compare term insurance Plan through online term insurance comparing websites. One should compare different term insurance Plan on various features such as duration of the term, maximum coverage provided, etc. It is also suggested to search for the background of the term insurance provider like the claim settlement ratio of the company, the company’s existence in the insurance industry, etc.

  • Consider the Riders for Better Risk Coverage

    Term Plan as well allow purchasing riders for widening the risk coverage for the family of the policyholder. For example, to provide coverage against critical illnesses or accidents, there are riders provided by most of the term insurance providers. One can check for an appropriate rider on an online term insurance provider’s website. The riders are available at an additional cost, but most of the insurers make these available at affordable premiums. Therefore, it is worth to attach a suitable rider in the term insurance plan. In this way, the policyholder will have better risk coverage and he/she can give better protection to his/her family.

    Purchasing an online term plan provides its policyholder with a lot of coverage. However, it is the responsibility of the insured to select the most affordable and suitable term insurance plan without missing out on any required detail. This is because a term plan secures the future of the family of the insured.

How Long Must be the Term of the Term Plan?

tenure of the term policy is an important aspect. This is because it involves the term insurance premium amount that one pays for his/her term insurance policy. The longer is this tenure, the greater will be the annual premium of the term plan. However, if one keeps this period very short, then there are chances of being without cover at the time when the family of the policyholder is at utmost need. Therefore, it is essential to consider different necessary factors such as the tenure of the term insurance plan and its coverage.

Related Terms

    • Term Life Insurance

      Term insurance is the simplest form of life insurance product, which financially safeguards the future of the family and takes care of the liabilities in case of an eventuality. Read More

    • Death Benefits

      The death benefit is the total sum assured amount paid to the beneficiary of the policy in case of the unfortunate demise of the insured person. Read More

    • Term Insurance Riders

      Term insurance riders are add-on benefits offered under the policy, in order to enhance the coverage of the policy. Policyholder can add riders to the plan by paying an extra premium along with the basic premium of the policy. Read More

    • Claim Settlement Ratio

      The claim settlement ratio of an insurance company is the number of claims settled in a year against the number of claims filed.  The higher the claim settlement ratio of the company, the more reliable the insurance company is. While purchasing a term insurance plan, it is very important to check the claim settlement ratio of the company. Read More

    • Traditional Term Plan

      It is a pure term insurance plan, wherein only death benefit is paid to the beneficiary of the policy in case of the unfortunate demise of the insured person during the tenure of the plan. Read More

    • Term Insurance Premium

      The term insurance premium is a specific amount paid by the policyholder to the insurance company in yearly, half-yearly, quarterly or monthly mode. The premium paid by the policyholder determines the term insurance coverage of the policy. The term policy is known to provide higher insurance coverage at an affordable premium rate. Read More

Term Insurance - FAQs

  • Q: What are the minimum and the maximum age to buy a term insurance policy?

    Ans: Anyone who intends to buy the term insurance policy should be between the age group of 18 years to 65 years and should have an income of at least Rs 2 lakh.
  • Q: How much risk cover should I buy?

    Ans: How much risk cover you should buy primarily depends on your annual income. The general thumb rule says that risk cover should be 10 - 15 times of your annual income. It means if you are earning Rs 4 lakh/annum then you should buy a term risk cover of at least Rs 40 lakh. The idea is to arrange for self-sustainability of dependents so that lifestyle can be maintained and future needs could be settled after the demise of a policyholder. This also depends on the age. Younger age people should and can buy higher term insurance cover – up to 25 times. This is because their dependents will take a longer time to be on their toes. To know more click here.
  • Q: Is it possible for an NRI to buy a term insurance policy?

    Ans: Today the insurance companies in India do offer term insurance policies, which fulfil the insurance requirements of the NRI.
  • Q: What are the benefits of buying term insurance online at PolicyBazaar?

    Ans: Buying term insurance online at PolicyBazaar is always advised. You can find a most effective plan by comparing all available options on a click of the mouse. When you buy term plan at PolicyBazaar, you make substantial savings because the policy is directly sold to the person without the involvement of the agent. You can also upload all documents online and submit them to the insurer. There are various insurance policies, which can only be bought online like SBI eShield, HDFC Click2Protect, ICICI Prudential iProtect etc. When a company specifically designs a product for an online market, distribution cost is saved and the benefits of a term plan are transferred to the policyholder. It is a general observation that the claim experience has been better for online customers. Moreover, you can even compare different insurance policies online to see, which plan suits you most. By entering basic details like name, age and type of policy intending to buy, you can get free insurance quotes on a click of the mouse.
  • Q: If my term insurance policy claim is rejected, whom should I contact?

    Ans: Even after submitting all the required documents and adhering to the rules your term insurance policy claim gets rejected you should immediately get in touch with the specific insurance company and seek for help.
  • Q: In case if I wish to cancel my term insurance policy, is it possible?

    Ans: Yes, if you wish to cancel the term insurance policy, you may dos o but within the free-look period offered within the plan.
  • Q: Can I switch my term plan from one company to another if I get better benefits in another plan?

    Ans: Term insurance portability is not yet available and hence one cannot switch from one insurance company to another but you can surrender your policy and buy a new plan with desired benefits. However, surrendering a term policy is not recommended because that will cost you a lot as the entire term insurance premium paid towards current plan will lapse without any return and the new policy, which you will buy come at a high cost since your age has increased. In such a case, it is advised to continue with your current term policy and buy another term insurance policy after declaring your current insurance plans, thus availing the benefits of both the plans. For the term plans bought offline, one can consider closing them down after analysing cost difference. Generally, online term plans will be way cheaper with the age factor as well.
  • Q: Is it possible to add a rider in an existing term insurance policy?

    Ans: Yes, if you wish to, you can add an optional rider in your existing term insurance policy by paying a nominal charge.
  • Q: If I die in a foreign land, will my term insurance policy be effective?

    Ans: Once you have bought the term insurance policy, it will be effective and taken into consideration irrespective of the geographical location.
  • Q: Why term insurance premium rates for a smoker are higher than that of a non-smoker?

    Ans: According to current rules and regulations, insurance companies charge high premium of term plan from smokers or tobacco users than non-smokers as there is more risk involved in insuring a smoker. Also, a smoker becomes more susceptible to diseases, especially heart-related disorders, and therefore, increasing the risk for the insurer. To combat high risk, insurers charge higher term insurance premium rates from smokers. To know more click here.
  • Q: Are there any benefits of buying insurance at an early age?

    Ans: Yes, buying term insurance at an early stage would entitle you to a lower premium on the policy. The earlier you buy an insurance policy; the lower will be your premium amount. Also, the chances of getting a policy are higher because of your good health.
  • Q: Which are the traditional life Insurance instruments available?

    Ans: Traditional Insurance products consist of Term Insurance, Term with Return of premium, Endowment, and Whole Life Policies. The cash value increases every year as you pay the premiums under these policies. Some traditional life insurance policies are participating, that means they offer bonus and dividend to their customers.
  • Q: Should I buy a term plan even if my employer has already covered me under group policy?

    Ans: Yes, it is always advised to buy individually to buy term plan even if you are covered under a group policy because:
  • Q: What documents will I need to buy term insurance plans?

    Ans: Documents you need to buy term plan are:
    • Age proof (Voter’s ID card, Passport, Driving license, etc.)
    • Address proof (Voter’s ID card, Passport, Utility bills, etc.)
    • Photo identity proof (Passport, Voter’s ID card, PAN card, Driving license, etc.)
    • Recent passport size photographs Income proof (Salary slip, Form 16, ITR etc.)
    • Some insurance companies might need specific documents apart from these.
  • Q: For how long should I buy a term plan?

    Ans: Term insurance plans are beneficial if they are bought for the longest duration possible. A term insurance policy should cover the person until the age he intends to work. Also, late marriages and children at a high age mean responsibilities do not end at 60 years, which was earlier considered as a retirement age. Our financial experts at PolicyBazaar believe that a person needs coverage at least till 65 years, though it may vary as per circumstances. You should go for plans that offer you the flexibility of fixing the tenure. For example, a businessman might have planned for extended earning years and therefore, it makes sense to buy an income replacement plan.
  • Q: Can I avail loan on term insurance plans?

    Ans: No, you can’t avail loan on term insurance plans because these policies do not have maturity benefits.
  • Q: How can I change my communication address?

    Ans: You can get the changes done by visiting the branch office of your insurance company. Written communication is required. This can also be done via registered email id in case branch is not easily accessible. Few insurers allow the change through the customer portal.
  • Q: Will the term plan cover me if I am travelling abroad for business/leisure purpose?

    Ans: Yes, a term plan covers an insured even if he/she travels abroad for business/leisure purpose. However, if any such trip is scheduled at the time of buying the term insurance policy then the same should be mentioned in the proposal form.
  • Q: What is the sum assured?

    Ans: Sum assured is usually referred to as the amount of insurance in a term plan. It is the amount that would be paid to the nominee in case of death of the policyholder. Sum assured plays a major role in deciding premium rates of a term insurance policy. Few policies also pay additional cover along with sum assured. This increases total life cover for the same sum assured.
  • Q: Can I increase or decrease the value of sum assured in future?

    Ans: Slightly unrelated, there are a few plans, which have increased income facility in their structure. It means, these term insurance plans offer the benefit of monthly income increase every year. For example, HDFC Click2Protect Plus Increasing income, Max Life Increasing Monthly Income Plan, etc.
  • Q: What is a premium paying term?

    Ans: It is a term during, which a policyholder pays a premium to the insurance company.
  • Q: What is the death benefit?

    Ans: The amount received by nominees at the time of death of a policyholder is called the death benefit.
  • Q: Who is a proposed insured?

    Ans: A proposed insured is a person whose interests are safeguarded by the insurance company. For instance, if you are an individual whose life is going to be covered under the life insurance policy then you will be called proposed insured.
  • Q: What if I become an NRI after purchasing term insurance plan?

    Ans: Your term insurance plan coverage will remain active even if you become an NRI post-policy issuance. It is good to keep the insurer informed about the change in status though.
  • Q: How does a life insurance company evaluate my risks?

    Ans: The life insurance company’s decision to insurer your life or not relies on the information you provide in the application form. The evaluation of your risk is determined by several factors such as your age, habits, occupation, and medical history. If you have any pre-existing medical condition then the insurer will raise the premium of the term insurance policy. The increase in premium is subject to the actual medical status of the policyholder and risk posed to his life.
  • Q: Do term plans cover death due to natural disaster?

    Ans: Yes, term insurance plans cover death due to natural disaster, like flood, earthquake, storm, etc.
  • Q: Does the insurance company cover death due to terrorist attack?

    Ans: Yes, death due to terrorist attack/war/natural calamities is covered in the term insurance policy (unless specifically excluded by the insurance company) and the claim is settled if documentation is in order.
  • Q: Who is a preferred non-smoker and how is an individual declared as a preferred non-smoker?

    Ans: Non-smoker refers to a person who does not consume tobacco in any form. A preferred non-smoker is the one who does not have any pre-existing medical conditions at the time of signing the term insurance policy. Below are the situational requirements to fall under this category: No use of tobacco or nicotine-based products in the last 12 months Cholesterol level not exceeding 280, with or without treatment Blood pressure not exceeding 152/92, with or without treatment No cardiovascular or cancer death of more than one parent before age 60 These customers generally fall under non-medical category – depending on their age. Preferred rates are applicable for this category if there is any differentiation by the insurer.
  • Q: Can I get term insurance cover if I am a smoker or tobacco user?

    Ans: Yes, you will be entitled to get term insurance cover even if you are a smoker or tobacco user. However, the premium rates will be higher than a non-smoker. Do declare in the proposal form.
  • Q: I am an occasional smoker. Do I need to declare myself as a tobacco user?

    Ans: Even if you are an occasional smoker, you need to declare yourself as a tobacco user in the proposal form.
  • Q: I used to smoke earlier but now I have quit smoking. Shall I declare myself as a smoker or non-smoker?

    Ans: Anyone who has not consumed tobacco product in the last 5 years will be considered as a non-smoker. In your case, if you haven’t smoked for the last 5 years, you can declare yourself as a non-smoker in the proposal form. Usually, the time frame is mentioned in the proposal form.
  • Q: Currently, I am a smoker but if I quit smoking a few years down the line, can I get my re-assessment has done and avail rebate on policy in the middle of the policy term?

    Ans: Once you have booked your term plan policy under smoker category, it is not possible to do re-assessment for a non-smoker category. Your term insurance policy will continue with the same premium rate. You can apply for a new one if you wish to. Chances are that the premium will become the same after those 5 years.
  • Q: How do you decide if a customer is a non-smoker at the time of policy issuance?

    Ans: A customer needs to declare his tobacco and alcohol usage at the time of filling the proposal form. Also, the insurer conducts additional nicotine/continue medical test to confirm tobacco usage by a customer.
  • Q: What would happen if I start taking alcohol after the policy issuance?

    Ans: If the insured starts smoking & drinking after buying the policy, it will not affect the base cover.
  • Q: What is the policy number?

    Ans: A policy number is a unique identifier that attaches a policy to a specific individual. It is the number by, which the insurer keeps the track record of your term policy details.
  • Q: Are policy conditions different for all term insurance plans?

    Ans: Yes, every policy has distinct features to meet the specific needs of the insured. The features that your policy holds will vary according to the plan and term of the policy. Hence, you must read the policy document and understand the policy conditions.
  • Q: How do I know if the agent is authorized to sell life insurance policy?

    Ans: You must buy a term policy directly through the insurance company or an authorized agent. To check whether the agent is authorized to sell a life insurance policy or not, you can ask for his authorization card issued by IRDA (Insurance Regulatory and Development Authority). A safer option is to buy an online term plan!
  • Q: Can I change the policy duration after the issuance of the policy?

    Ans: No, it is not possible to change the policy duration after its issuance. However, if you wish to increase the duration of the policy then a good idea is to buy a fresh policy with a longer duration.
  • Q: Will my premium amount change during the policy tenure?

    Ans: No, the premium amount will not change during the policy tenure, provided you continue paying your term insurance premiums on time.
  • Q: What are the different options to pay the premium?

    Ans: There are various options provided by insurance companies by, which you can pay your term insurance premiums. Policyholders can make their insurance premium payment via: National Electronic Fund Transfer (NEFT) Net Banking Credit card Debit card Electronic Clearing Services (ECS) Direct payment at branch offices
  • Q: Is there any policy where I can get the money during the policy tenure?

    Ans: Yes, money back policy is the insurance plan under, which you can get money at regular intervals during the tenure of the policy. It is an anticipated endowment policy with an additional feature of receiving regular benefits during the policy term. Even if the instalments are already paid to you in advance, the risk cover continues for the entire sum assured. In case you outlive the policy, the balance sum is paid back to you along with the accumulated bonus.
  • Q: What if my insurance policy has lapsed?

    Ans: For a regular premium paying policy, the premium has to be paid within 30 days of the due date. It will be 15 days in case selected mode is monthly. The insurance company provides a grace period during, which you can pay the premium and keep the term insurance policy in force.

    However, if the premium is not paid within the grace period, your policy is considered lapsed. Insurance companies offer different ways to revive lapsed policies. Some of them are mentioned below- By paying all the arrears of the term along with interest, you can revive your term plan.

    In some situation, the company offers instalment revival process. It means you can pay arrears and interest in instalment along with regular premium. The balance revival amount is paid in instalments spread over a year.

    You can revive your money back policy by using survival benefits (amount received from the insurance company at regular intervals) to pay the premium and extra charges. If the survival benefit is lower than the revival value, you have to pay the shortfall. If it is higher, you receive excess funds from the company.

  • Q: What is the income replacement plan?

    Ans: Known as a protection plan, an income replacement plan is a non-linked and non-participating term plan. It gives death benefits in the form of the lump-sum amount and ensures an uninterrupted annual income for a family for a specified number of years in case a policyholder dies within the tenure.
  • Q: What is the age eligibility to buy an income replacement plan?

    Ans: Any individual lying in the age bracket of 18-65 years can opt for this plan. Even NRIs are allowed to buy this term plan.
  • Q: What is the tenure of receiving money under the income replacement plan?

    Ans: Usually, there is no fixed period of payouts under the term plan and thus, it could vary between 10-20 years.
  • Q: What is underwriting?

    Ans: Underwriting is a term used by the insurance companies to evaluate the proposal and assess risks, ensuring that the cost of cover is proportionate to the risks faced by an individual. The evaluation is done based on information submitted by the proposer in the term insurance form along with the reports of medical tests. Usually, insurance companies take 3-4 days for underwriting after receiving all documents like medical certificates, financial and other relevant information.
  • Q: What is the free look period?

    Ans: While forwarding policy documents to the policyholder, the insurance company will inform the insured by issuing a letter that they have 15 days from the date of receipt of documents to review all terms and conditions of the policy. If the insured disagrees with conditions, he has the option to return the policy and the insurance company has to refund the premium paid, subject to deductions. These 15 days is also called the cooling-off period. It remains the same for all products/policies.
  • Q: Can I get a full refund of premium if I cancel my policy within the free-look period?

    Ans: Yes, if you bought a term insurance policy and later realized that you don’t want it then you can return it and get a refund. You can exercise this option within 15 days of receiving the policy document. Very nominal charges are deducted. For example, stamp duty charges, the premium on pro-rata basis for the days covered along with medical charges, if applicable.
  • Q: Can I change the date of birth after the free look period?

    Ans: Yes, you can change the date of birth after the free look period of the policy. Just submit the proof of age with the correct date of birth, along with a covering letter. However, if the age changes premium or eligibility, it will involve additional premium payment or cancellation.
  • Q: What is a claim?

    Ans: A claim is a formal request to an insurance company asking for the payment based on the terms of the policy. It is reviewed by the company and once approved the benefits are paid out to the insured or the beneficiary.
  • Q: What parameters are considered by the company while asking the claimant to submit particular records/document?

    Ans: The term insurance company checks the sum at risk, circumstances of the claim, cause, and duration of the policy before asking the claimant to submit the documents. For example, in case of accidental death, the company requires a police report, post mortem report etc. while in case of death due to illness, the company calls for medical records.
  • Q: Once all the requirements are submitted, how much time does the company take to settle the Claim?

    Ans: It generally takes 8 – 10 working days after all the documents, records, necessary forms are submitted, and documentation is completed. In case, the claim warrants further verification, the insurance company keeps the applicant informed of the same.
  • Q: What documents are required for claim settlement?

    Ans: Following are the documents required for claim settlement:
      • Mandatory documents: In case of death claims the mandatory documents include Original Policy bond
        • Copy of death certificate and self-attested by the nominee.
        • Copy of photo identity proof
        • Copy of residential proof
        • Copy of bank passbook of the nominee along with the cancelled cheque.
        • Additional documents: In case the policyholder is murdered or killed in an accident, the following documents are required along with the mandatory ones:
          • Copy of FIR
          • Copy of Post Mortem report In case of non-accidental death of the policyholder,

    The following documents are required along with the mandatory ones:

    1.Copy of medical and legal cause of death

    2.Copy of medical reports

    3.The certificate issued by the attending physician

    4.certificate issued by a family doctor (optional)

  • Q: What will happen if death occurs within a year of policy purchase?

    Ans: If death occurs within a year of term insurance policy purchase, the insurance company will do a thorough investigation on the matter to strike out any chance of fraudulency or criminal intent. The nominee will get the entire amount of the assured money and the claim will settle within 180 days of submitting all the relevant and necessary documents of the early death claim to the insurance company.
  • Q: Who is entitled to receive claim benefit?

    Ans: The nominee last recorded under the policy is entitled to receive the claim benefits in case of death of the policyholder.
  • Q: What will happen if my claim is rejected and my nominees wish to re-apply for it?

    Ans: If your term insurance claim gets rejected your nominee can re-apply for it. For that, he will have to submit a written application to challenge the insurer’s decision of repudiation of your claim. If the nominee is not entertained by the insurance company he can approach the local insurance ombudsman (for claims up to Rs 20 lakh). He can even move to consumer court and claim for above Rs 20 lakh. Both the ombudsman and the consumer court have the power to compel the insurer to reconsider his decision.
  • Q: What are the reasons for the rejection of a Term Insurance claim?

    Ans: Here are a few main reasons for, which a term insurance claim may get rejected:
    • Lapsed policy: Once your policy has lapsed there is no chance that your claim will be paid any more.
    • Avoiding Compulsory medical tests: Some insurance plan asks for some mandatory medical tests. If you avoid those tests your claim may get rejected.
    • Mandatory exclusion: Some policies are preconditioned to exclude some particular events or loss. If you ask for coverage on such events your claim may get rejected.
    • Inadequate or untrue information: If you have not provided some important information (e.g. some pre-existing condition) in the proposal form, your claim may get rejected. Similarly, if you have provided some false information, your claim will be rejected.
  • Q: What is IRDA?

    Ans: Insurance Regulatory Development Authority or IRDA, in short, is the apex body that oversees the insurance industry in India. Apart from protecting the interests of the policyholders, it promotes, regulates and makes sure that the development of the insurance industry in India is in order.
  • Q: What are the IRDA guidelines about claim processing?

    Ans: According to IRDA guidelines, the company has to process a claim within 30 days. If the claim needs further verification, it should not take more than 6 months to settle. In case the company fails the whole procedure within 6 months the company will have to pay interest on the claim amount.
  • Q: Should I pay my premiums through the agent?

    Ans: You can pay through the agent only if you are sure that he is IRDA authorized and provides you with the receipt after you pay the premium. But it is always better and reliable to pay your premiums directly to the insurance company itself.
  • Q: Why should you split your desired sum assured between multiple policies?

    Ans: There are numerous benefits of splitting your money among multiple policies instead of sticking to only one policy. For example, instead of buying a 20/25years long plan, you can buy multiple policies with different maturity dates. This will help you manage your finances better through different stages of your life. Moreover, when you have multiple policies, the rejection of claim from one insurer will not matter most as long as you have other back up policies to file your claim. On the other hand, if you have only one policy and your claim gets rejected, the entire money would be lost. So it is always better to buy multiple policies instead of one.
  • Q: How much premium will be raised in case there are issues with my medical condition?

    Ans: In case there are issues with your medical condition, your term insurance premium will increase. However, there is no fixed percentage of increase in premium. It is completely depended on the insurer’s decision as well as on the policy holder’s actual medical condition. Even you can reject the offer if you do not want the raise in your premium.
  • Q: What is the nomination?

    Ans: Nomination is the act of authorizing another person the right to receive the policy money in case of death of the policyholder. The nominee is the person who, chosen by the policyholder, will receive the term insurance policy money in case of the policyholder’s death.
  • Q: Can I change my nominee?

    Ans: Yes you can change your nominee just by filling up the nomination form and submitting it to the term insurance company anytime before the maturity date of your policy.
  • Q: What details am I to provide about the nominees?

    Ans: While appointing a nominee you have to provide the details including his/her full name, address, age, and your relationship with your nominee. Make sure that the information you provide is correct to avoid any future complications.
  • Q: What is the difference between a nomination and assignment?

    Ans: Nomination means the right of the policyholder to appoint another person who will receive the policy money in case of death or unavailability of the policyholder. On the other hand, an Assignment is an act of legally transferring the rights of the policyholder (assignor) to another person (assignee).
  • Q: What is the benefit of opting for riders/add-ons?

    Ans: The main benefit of riders/add-ons is that it provides additional insurance coverage on your existing term insurance policy. You can get riders/ add-ons by paying some extra amount on your basic policy premium.
  • Q: In case I lose my policy document, how do I obtain a duplicate policy?

    Ans: You have to apply for a duplicate copy of your policy from the insurance company. You will also have to pay the necessary fees and execute the indemnity bond to get the duplicate policy.
  • Q: How can I change my term insurance policy details?

    Ans: To change your policy detail you have to submit a written request either online or by visiting the insurance company office in person.
  • Q: Can I change the frequency of payment for my term insurance policy?

    Ans: Yes, you can, but only in case of your term insurance policy renewals. If you were paying your term insurance premium annually (low frequency) you can change your frequency to pay half-yearly or quarterly (high frequency) or vice versa.
  • Q: What do I need to do to surrender my term insurance policy?

    Ans: Either visit the Insurance Company office in person or submit the request online. You can also surrender your term insurance policy simply by not paying your term insurance premiums.
  • Q: How does health condition affect premium rates?

    Ans: Term insurance premium rates are hugely affected by health conditions. The chances of a healthy person to be hospitalized are very low. In the same manner, a person having some pre-existing condition may have to be hospitalized more than once for, which he would have to pay higher premium rates or the disease may also be excluded from the policy coverage.
  • Q: Is term life insurance worth buying?

    Ans: Term life insurance is the most basic form of life insurance and is worth your money as a term policy offers a death benefit to the family of the deceased in case of the sudden demise of the insured. The compensation amount is taxed-free.
  • Q: What happens to term life insurance if you don't die?

    Ans: If you outlive your term life insurance, the term insurance policy ends as per the policy due date and no policy benefit will be offered.
  • Q: What kinds of deaths are not covered in term insurance?

    Ans: No term insurance plan covers suicidal death, self-inflicted death; death due to sexually transmitted diseases, death due to involvement of criminal activities, death due to involvement of life-threatening activities, consumption of alcohol etc. are not covered.
  • Q: What are the disadvantages of term insurance?

    Ans: The major disadvantages of term insurance are in case the policyholder outlives the policy tenure, no policy benefit is offered.
  • Q: Do I get my money back at the end of term insurance?

    Ans: If you survive the policy tenure, you won’t get the money back. However, some term plans offer ‘return of premium’ benefit’, where the policyholder gets the premium amount returned.
  • Q: Can you get cash in term insurance?

    Ans: No
  • Q: Do you get life insurance if you are murdered?

    Ans: No
  • Q: What is 1 crore term insurance?

    Ans: In such a policy, you will get 1 crore insurance coverage as a death benefit.
  • Q: What happens to the money in a term life insurance when it expires?

    Ans: If a claim arises during the policy tenure, the insured’s family gets the monetary assistance. If the policyholder survives to the term life insurance policy expiry date, no benefit is offered or the funds are forfeit
  • Q: Do you need life insurance after 65?

    Ans: You need life insurance if your family is entirely dependent on you. When you retire you stop earning and thus no family dependency on you. Moreover, if there is sufficient retirement income, you probably don’t need life insurance.
  • Q: Is natural death covered in term insurance?

    Ans: Life term insurance offers death benefit in case of death due to natural causes and accidental death.
  • Q: What is the difference between life insurance and term insurance?

    Ans: The only difference between life and term insurance is- Term insurance only offers death benefit while a life insurance policy comes with dual benefit of death coverage and survival benefit. If the policyholder outlives the policy tenure, survival and maturity benefit are offered under a life insurance policy.
  • Q: Should I buy a term plan or a traditional life insurance plan?

    Ans: If we compare traditional life insurance plans like term insurance and new-age life insurance, you should go for a life insurance policy that offers both death and maturity benefit. Certain types of life insurance also offer the dual benefit of insurance and investment under a single policy. However, online term insurance comes with additional benefits such as a discount on premium and so on.
  • Q: What is the policy term that I should select?

    Ans: If you are looking for online term insurance policy, you should choose a term plan that at least covers you up to the age of retirement or after a few years after your retirement. However, make sure the term insurance premium will not be a burden on you.
  • Q: Is there any advantage of limited pay option in term insurance?

    Ans: The major benefit of a limited pay option is you’re free from paying a term insurance premium for a long policy period. If your policy premiums continue beyond retirement, the term insurance premium probably will be a burden on you. Term policy with limited pay option reduces the chances of policy lapse.
  • Q: Which is better term insurance or whole life insurance?

    Ans: Whole life insurance is better as it covers you for the entire life-span with the death benefit to the family in case of the sudden demise of the insured. However, these policies come at a higher premium than term insurance.
  • Q: What is the solvency ratio in term insurance?

    Ans: Solvency ratio defines how financially strong an insurance provider is. If we consider private firms Sahara Life, DHFL Pramerica, Bajaj Allianz Life, Canara HSBC OBC etc. have a higher solvency ratio in the market. On the other hand, LIC and Future Generali are amongst the lowest solvency ratio. (Data culled from economictimes.com, the year 2017)
  • Q: Is term insurance premium fixed?

    Ans: Term insurance premiums depend on various factors such as age, income, coverage and basis on these it is decided at the time of buying insurance. So, there is no fixed premium.
  • Q: Does life insurance pay if you die of cancer?

    Ans: IIt entirely depends on the life insurance provider. If the policy offers coverage for cancer, then term insurance policy benefits will be provided in case of death due to cancer. If you already own life insurance, you can always have an option to opt for critical illness rider to get coverage for such critical illnesses that could cost a bomb.
  • Q: What is the accidental cover in term insurance?

    Ans: An accidental term insurance policy covers the insured for death due to accident. It can be bought as add-on or rider cover with the basic life insurance cover. A lump sum amount is provided to the family in case of death or disability caused by an accident.
  • Q: Do life insurance companies check your medical records?

    Ans: Yes. This clause is mandatory if the term insurance company doesn’t cover you for pre-existing illnesses.
  • Q: What medical conditions affect life insurance?

    Ans: Below is some of the common health conditions that might affect your life insurance premium: 1. High cholesterol 2. High blood pressure 3. Heart-related diseases 4. Obesity 5. Diabetes 6. Cancer

News

  • Want to Purchase Term Insurance? Buy Now or Pay up to 40% more

    If you are thinking about purchasing a term insurance plan, then you might need to hurry up a bit. Recently, in April 2020 the term insurance policies experienced a price hike. As per the sources, the premium rate of term insurance plans is most likely to experience another significant increase in the coming months.

    Pure protection term plans offered by the prominent insurance providers like ICICI Prudent Life, HDFC Life, Tata AIA and Max Life observed a hike in the premium rates from 20%-35% in April 2020. The insurance companies that already have revised their premium by a certain percentage will further increase the premium rate by the remaining values. Also, the insurance providers who have not yet increased the prices of the term insurance will increase it in the coming months.

    To determine the premium rate of term insurance policy by the reinsurers, it has been assumed that for every 10,000 lives covered by the term plan, only 3 deaths occur in each policy year. While the expected death number is 3 the actual death issued in the policy year per 10,000 policies is between 4-4.5. Moreover, the claim amount offered under a term plan is massive with an average policy sum assured is around Rs.1 crore. In India, the actual Vs expected ratio is more than expected, which leads to a negative experience in mortality. Thus, as demanded by the reinsurers, to improve this situation the term insurance premium will be revised by 40%.

  • How Covid-19 has Impacted Term Insurance in India?

    Similar to the other industries, the Covid-19 outbreak has severely impacted the insurance industry including, health, general, and life insurance. According to market experts, the insurance industry will be further impacted more as the crisis intensifies.

    As far as the life insurance industry is concerned, it normally includes insurance products like pure term insurance policies, savings policies, and investment-linked policies. As per the recent report by PWC India, all these categories of life insurance will be impacted on a broad, however, the reasons will be different for each category.

    With the impact of Covid-19, there is an urgency to increase coverage of the term insurance policy. As a result of this, insurance companies are experiencing a boost in demand. However, with people’s cash positioning being unstable, they may be reluctant to take higher coverage. Also, if the buyers will choose higher insurance coverage then they will have to undergo medical tests, which people these days are reluctant to do. Thus, a temporary fall in sales activity is anticipated.

  • Aegon Life to Launch 1-Year Term Insurance with COVID-19 Cover

    The popular Aegon Life has recently introduced a term life insurance cover along with a novel coronavirus (COVID-19) cover for the expenses incurred in case of 24 hours continuous hospitalization for a sum of Rs 1 lakh in the initial diagnosis of COVID-19. This can be easily bought by using the application of Flipkart. This term insurance policy will remain active for a year, which implies that the bought term insurance and COVID-19 cover will expire immediately after a year from the date of buying the policy. Moreover, neither survival nor maturity benefit will be payable to anyone when the policy expires as this is a term insurance cover. Anyone who is between the age group of 18 years to 50 years can buy this policy and excluding the senior citizens as well. The idea is to offer financial assistance at pocket-friendly life term insurance premium along with life benefits. In case of demise, a life benefit can be availed via the base plan likewise supporting the family of the policyholder. There are certain exclusions to this policy as well, which can be checked on the website of Aegon Life.
  • Term Insurance May Rise in the Coming 03-06 Months

    The premiums for term insurance is expected to increase in the coming months, which means that the complete hike in the term life insurance premiums for 2020 would be 20-40 per cent. According to financial experts, the rise in the premiums is expected in the coming 06 months. In April, some of the prominent life insurance companies had increased up to 20 per cent of the life term insurance premium. The reason for the increase in the life term insurance premium is that the premiums have been revised upwards by the re-insurers. Besides, there has also been a rise in the claim numbers because of, which the re-insurers had to increase the premium rate. There are term insurance companies, which have not yet increased the premium as they are still considering that the hike should be passed on to the buyers of the policy.
Written By: PolicyBazaar - Updated: 09 July 2020
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 51 Reviews)
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Term Insurance Reviews & Ratings
4.7 / 5 (Based on 51 Reviews)
(Showing Newest 15 reviews)
Naresh
Canning, July 03, 2020
All time assistance
The assistance provided by the company is very nice. They helped me in getting a good term insurance policy. Also, the customer care team is always available to help their customer.
Hitesh
Uchchhal, July 03, 2020
Protection of assets
We are living a risky life as we know. And what will going to happen we don’t know. So it’s better to have a better term insurance so that you can save some money for your family to protect your asset.
Kunal
Faizabad, July 03, 2020
Claim easily
The claim ratio is very well as I checked through the website. So, one can claim after the demise of the policybazaar or during the accident. You just have to call the customer care team and have to tell whole information.
Gurpreet
K.b.p. Pupri, July 03, 2020
Term is important
It is really important to have term insurance so that after you, your family can meet the day to day expenses on daily basis and they should have money to check the same. Thanks team policybazaar.
Mukul
Calicut, July 03, 2020
Quick and hassle free
After getting introduced to the new term insurance plan I was very happy and satisfied that at least I have save my family from financial crunches and losses. Thanks team policybazaar for such great and wonderful services.
Sushant
Ichalkaranji, July 03, 2020
Customer service
The customer service team is very nice. They were quite helpful to me at the time of crisis which I was facing. I was having problem with my term plan and after a call they helped me a lot to get a change in the plan.
Ankit
J. P. Nagar, July 03, 2020
Renew it easily
I renewed the policy from policybazaar and it has to be renewed annually depending on you. So, the renewal process is very fast and simple. It can be done on online basis . Very quick and hassle free.
Gulshan
S.c. Pur, July 03, 2020
Provides the benefits
The term insurance policy is very good and very important as it helps to secure our family and from other financial constraints. As, it will help you to understand your financial things.
Kartik
G.k. Bhatar, July 03, 2020
Soft copy
I got my term insurance policy from policybazaar and it was a great services within 15-20 minutes I got my policy copy. Thanks a lot team for such support and great services.
Anik
Dabhoda, July 03, 2020
Overall service
The overall experience of the customer related team is very nice. I really like the service of the policybazaar. I would love to refer this term insurance policy as well as company to everyone who are planning to take the policy.
Vineet
Chail, June 16, 2020
Soft copy issue
I recently purchased the term insurance policy from policybazaar and I got a very good plan from them. In 10-15 minutes the moment I purchased the policy I received the policy copy at my email box. It was such a good and fast way of doing work.
Rajesh
Gadag, June 15, 2020
Recommend to all
I like the services given by the policybazaar quite good and unique. I would love to recommend to my friends and family. The prices and premium rates are quite good. I bought a term insurance plan for myself and for securing the future of my family.
Manmeet
Banarpal, June 14, 2020
Great experienceIt was a great experience for me to be with policybazaar and I bought the term insurance from them. I am really happy to get the secured and safest services from them at right price. Thank you team.
It was a great experience for me to be with policybazaar and I bought the term insurance from them. I am really happy to get the secured and safest services from them at right price. Thank you team.
Keya
Gajapati, May 25, 2020
You can get tax benefits
I got a good amount of tax benefits by taking a term insurance policy from them. It was really good and it helps me in all financial planning. One can avail the benefits under the section 10(10D) on amount which the family receive at the demise of policy holder.
Adah
Manubazar, May 24, 2020
Premium rates are less
I was checking for some term insurance plans. And I searched in the website of policybazaar. I found that the plans are quite good and unique. And also I got a good number of benefits. Even the premium rate of policies is affordable and quite less too. Thanks for a great plan.
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