Prices Increasing soon Prices Increasing Soon

How Big Should the Term Insurance Cover Be?

The uncertainties spare no one in the life regardless of whether you belong to a middle-class family or you are on the high-earning side. However, with the right insurance coverage, you can reduce the burden in terms of the finances for the family members in case any uncertainty occurs.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

It is important to be protected within a term insurance plan and the size of the cover. Regardless of how good a term plan is, selecting the best term insurance companies that you intend to buy the plan from, the incorrect estimation in regards to the cover can simply defeat the whole intent of purchasing the term insurance plan.

Listed below are some important factors that will enable you to decide on the term life insurance coverage size:

Note: Know more about what is term life insurance first before reading this article.

  1. Present Yearly Income

    • The coverage is directly linked to your present yearly income, therefore, it is prudent to factor in the present income and the expenses that are regularly incurred when buying the term insurance plan from any of the best term insurance companies.

    • The payment of the premiums changes with a change in the coverage sum. This implies that when you choose for a large cover then the premium will be on a higher side and vice versa. Besides, when it comes to paying the term insurance premium then it is upon the premise of the yearly income that is why it becomes important to assess both your income and the expenses ensuring sufficient savings for the premium.

    • Your present income also indicates your living standard that is the lifestyle. So, when you tend to grow old, it is inferred that the income would be ‘X’ times of the present income, wherein the ‘X’ would be determined simply by considering the factor of inflation. Earlier, the ‘X’ was ten times but with the current rise in the living expenses, this ‘X’ can be set a minimum twenty times.

  2. Age When Buying the Term Plan

    One of the most basic yet important parameters for the policyholder of a term insurance plan is the age. Any best term insurance companies in India take up the factor of age seriously as the greater the age then the probability of any unexpected happening is greater. This aspect affects the coverage to a great extent. Most of the term insurance companies in India list down the premium of the policy in a simple tabular format that makes it easy for you to decide on the coverage required.

    Note: You can easily calculate the term plan premium by using the term insurance premium calculator online tool.

  3. Short and Long-term Financial Objectives

    Most of the individuals have a certain set of the financial objectives that they intend to achieve in their respective professional career. Now, with the short and long-term financial objectives it plays a vital role when it comes to determining the term life coverage. Mostly these financial goals revolve around the financial safety of self and the members of the family primarily such as the marriage, owning a house or a car, education of the children, and so forth. The term insurance plans enable an individual to move ahead on the path of achieving their desired objectives respectively.

  4. Present and Prospective Financial Objectives

    Financial security is the key reason behind buying a term plan from the best term insurance companies. However, another crucial aspect is to meet the financial liabilities, which includes both the present and the future. Let us just assume that you have taken a loan in your name surely you would not want the burden of it to befall upon the family members when you are not around. So, it becomes important to buy adequate term insurance coverage, which not only covers the credit but also ensures that your family members need not undergo any financial burden even in your absence. In case you have the financial assets in your name like a mutual fund, stocks or saving account then only need a little sum assured that will ensure the financial safety of your family members.

  5. Choosing the Riders

    There are different types of rider options available that is offered by the best term insurance companies in India. These rider options will help you to enhance the scope of the coverage. Moreover, specific riders will apply to some and will also be directly linked to it. Be attentive when selecting the rider benefit options within the term insurance plan and avail the maximum benefit out of it. For example, an accidental rider benefit option will be helpful to financially protect from an accident wherein all the medical expenses will be taken care of and also provide an additional sum in case of a disability or a demise. There are rider benefit options so are the choice on the premise of your need and what suits you. The rider modifies the coverage accordingly. Assess your requirement and not choose unnecessary rider options.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

The Bottom Line

Now with the above information, it would be easy for you to evaluate the requirements and according to select and calculate the term insurance coverage.

Never buy a term insurance plan under any pressure, rather assess your needs and requirements and then sign below the dotted lines. Buy the term plan from the best term insurance companies in India and leave the baggage of worries far behind. A term insurance plan is one of the most cost-effective and efficient ways of securing the financial future of the family members.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

Note: Check out the best term life insurance in India and choose one that suits your requirements.


Premium By Age

Choose Term Insurance Plan as per you need

Plans starting from @ ₹473/Month*
Term Insurance
4 crore Term Insurance
Term Insurance
6 Crore Term Insurance
Term Insurance
7 Crore Term Insurance
Term Insurance
7.5 crore Term Insurance
Term Insurance
8 Crore Term Insurance
Term Insurance
9 crore Term Insurance
Term Insurance
15 Crore Term Insurance
Term Insurance
20 Crore Term Insurance
Term Insurance
25 Crore Term Insurance
Term Insurance
30 Crore Term Insurance
Term Insurance
15 Lakh Term Insurance
Term Insurance
60 Lakh Term Insurance

Term insurance Articles

  • Recent Article
  • Popular Articles
19 Jul 2024

ICICI 5 Crore Term Insurance

Securing your family's financial future requires careful

Read more
19 Jul 2024

Bajaj 1 Crore Term Insurance

Ensuring your family's financial security requires indepth and

Read more
02 Jul 2024

Term Life Insurance in Daman and Diu 2024

Daman and Diu, a union territory in western India, consists of

Read more
02 Jul 2024

Term Life Insurance in Andhra Pradesh 2024

Andhra Pradesh, a state in the southern coastal region of India

Read more
02 Jul 2024

Term Life Insurance in Sikkim 2024

Sikkim is a Northeastern Indian state bordered by Bhutan, Tibet

Read more

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more

2 Crore Term Insurance Plan

Individuals can choose to buy best 2 crore term insurance plan that offers a life cover (sum assured) of ₹ 2

Read more

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more

LIC Term Insurance Premium Calculator For Cover...

Affordability is crucial when evaluating any insurance policy; the premium amount associated with the plan is the

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL