How to Select the Right Insurance Company for Term Insurance?

Term insurance is one of the most secure and the best ways to provide financial security to your loved ones and achieve the financial goals of life. However, with an extensive range of term insurance plans available in the market, it often becomes difficult to choose the best term insurance plan in India as per your own requirement and suitability.

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

Besides the various different factors that should be considered while purchasing a term insurance policy, choosing the right insurer is equally significant. Further, in this article, we will give some insight on how to choose the right insurance company and some tips to choose the best term insurance plan in India.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

How to choose the Best Insurance Company

The insurance company plays a vital role while purchasing a term insurance policy. In order to choose the best insurance provider, it is very important to keep a proper knowledge of the claim settlement ratio of the companies. The factors that should be considered while choosing the best insurance company are:

Claim Settlement Ratio of the Company

You should always consider purchasing a term insurance policy from the insurer who has a higher claim settlement ratio. This way you can be ensured that the claim filed by the beneficiary will be processed on time.
Early Claims

The early claim arises in case of death of the insured, within the three years of policy initiation. The non-early claim is settled only by submitting the receipt of simple claim form along with the death certificate of the insured. Early claims need investigation prior settlement. Thus, the company requires more time in settling such claims. According to the instructions of IRDA the early claim should be settled in a time period of 1 month.
Lapse Ratio

Lapse ratio specifies the policies which are terminated due to the failure of payment of premium. In case the policy lapses before enough premiums are paid by the policyholder, the insurance company will not be in a position to cover the early expenses of the policy. Thus, the policy buyers should always consider choosing the insurance company with a lower lapse ratio.

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

The service quality of an insurance company is one of the most important factors to consider. It showcases the attitude of the insurance provider towards the customers. It is very important that the insurance company should have a good customer support service so that all the queries of the insurance buyers can be taken care of. Moreover, by having a proper service quality, the insurance buyers can take the help of the experts and make an informed decision.
Customers Reviews

On the basis of the customers’ reviews, you can evaluate the insurer. In order to choose the best term insurance plans in India, you can go through the website of the company to check the reviews of the customers. This way you can ensure the reliability of the insurance company and zero in on the best term insurance plan in India.
- What is the number of grievances solved by the particular insurance company in a year?
- Check the online reviews of the company.
- Check the credibility of the company by determining the post-sale service.

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Tips to Choose the Best Term insurance Plans in India

In order to choose the best term insurance plan in India, it is very important to understand the financial requirement and what is the objective of purchasing a term insurance plan.

Access your long-term and short-term financial needs.
Based on the number of dependents you have, you should decide the term insurance coverage amount.
If you want to purchase a term insurance plan with an objective to secure the future of your family financially, then you should consider investing in a term insurance plan with a higher sum assured amount and lower premium rate.
In order to choose the best term insurance plans in India, it is very crucial to compare various plans online.
The insurance buyer should check the inclusion and exclusion of the policy before zeroing in on a particular plan.
If required, you should consider opting for a term insurance rider.
In case of any queries, you can seek the advice on the customer support team and experts.
Consider the factors that determine the premium rate of the policy while purchasing the plan.

Why you should consider having a Term insurance Policy?

Having a term insurance policy is beneficial in many different ways. Let’s take a look at some of the term insurance benefits.

Provides financial protection to your family.
Works as an income replacement in the event of life assured demise during the tenure of the policy.
Take care of the liabilities of the family in the absence of the breadwinner of the family.
Secures the life after retirement.
Helps to achieve the short-term and long-term financial goals of life.
Provide funds for your child so that they can achieve the major milestones of life.

Wrapping it Up!

Purchasing a term insurance policy totally depends on one’s own situation and requirement. The policy which is beneficial for others might not be suitable for you. Thus, there is a list of factors that should be kept in mind while purchasing a term insurance policy. By keeping the above-mentioned factors in mind you can not only choose the best insurance company to invest in but can also choose the best term insurance policy according to your own requirement and suitability.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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