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Term insurance is one of the most affordable and effective ways to secure your family's financial future. However, several misconceptions often discourage people from purchasing this essential coverage. You're not alone if you're hesitant or unsure about term insurance. Let’s debunk six common myths to help you make an informed decision.
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Misconception: Many believe term insurance comes with high premiums, making it unaffordable.
Reality:
Term insurance is one of the most cost-effective life insurance options, offering pure protection without an investment component.
Compared to other policies, premiums are significantly lower, ensuring maximum coverage at a minimal cost.
Example: An 18-year-old non-smoker can secure a ₹1 crore term plan for as low as ₹487 per month. Plus, the premium remains fixed for the entire policy term.
You can calculate the premiums of your Term Life Insurance policy using the Term Insurance Calculator and choose a plan that best suits your requirements.
Term Plans
Misconception: Young individuals assume they don't need insurance since they are healthy and have no dependents.
Reality:
The best time to buy term insurance is early in life, as premiums increase with age.
Life is unpredictable—having coverage ensures financial security for your loved ones in case of unexpected events.
Buying early means locking in a lower premium for the long term, making it an intelligent financial decision.
Misconception: Some believe that term insurance functions like an endowment plan, offering maturity benefits.
Reality:
Term insurance is a pure risk cover, meaning there is no savings or investment component.
If the policyholder survives the term, there are no maturity benefits—only financial protection for dependents.
If you want a premium refund, you can opt for a more expensive Term Return of Premium (TROP) plan.
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Misconception: Many assume term insurance is similar to other life insurance policies like ULIPs or endowment plans.
Reality:
Term Insurance: Provides a high sum assured for a low premium, focusing purely on financial protection.
Endowment Plans & ULIPs: Combine insurance with investment, increasing premiums.
If you're looking for maximum coverage at an affordable cost, term insurance is the best choice.
Misconception: People worry that making a claim is lengthy and difficult.
Reality:
Reputed insurers have high claim settlement ratios (95%+), ensuring smooth processing.
Many insurers provide online claim submission and tracking for faster resolution.
If you purchase through platforms like Policybazaar, you get a dedicated relationship manager to assist with claims.
Misconception: People think there's an age limit beyond which they cannot buy term insurance.
Reality:
Most insurers offer term insurance for individuals between 18 and 65 years.
While premiums are lower when purchased early, you can still buy term insurance in your 50s or 60s.
It's never too late to secure your family's financial future.
Below are some of the benefits of Term Insurance. Have a look:
Affordable Premiums: Provides high coverage at low costs, especially for younger individuals.
Comprehensive Coverage: You can opt for a ₹1 crore sum assured at an economical premium.
Customizable Plans: Add-on riders such as critical illness cover or accidental death benefits enhance protection.
Peace of Mind: Ensures your loved ones are financially secure, even in your absence.
Term insurance is a must-have financial tool that ensures your family’s financial well-being. By understanding the realities behind these myths, you can make an informed decision about safeguarding your future. The earlier you buy, the better rates you secure. Don’t wait—compare plans online and get insured today!
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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