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Recent Trends in Term Insurance & Steps to Buy it

Term Insurance Steps to Buy it
Trends in Term life Insurance

Term life Insurance prices have almost been reduced to twice the amount, of what they were in the year 2009. Taking an example, in the year 2009, Term Insurance for a male of age 30 years would have costed him Rs. 11,800 for a Sum Assured of Rs. 50 Lacs and term of 15 years. Taking the same example and putting it in the current scenario (Year 2011), his today’s term insurance premium would be Rs. 4,363.

Hence a term insurance on www.policybazaar.com are for Sum Assured Rs. 50 Lacs and above, which can be validated by a simple trend chart as depicted below:

  2009 2010 2011
0-10 Lakhs 42% 22% 8%
11-50 Lakhs 40% 57% 61%
51 Lakhs & beyond 18% 20% 31%

 

Hence a key take out is that for term life insurance customers who are continuing their old policies are paying much more. One can today immediately switch their Term insurance policy as there is no bounding of any Surrender Value or Maturity Value.

How can you buy Term Insurance?

With the help of policybazaar’s term insurance calculator, buying a term insurance plan on www.policybazaar.com is a simple 4 step process:

  • Enter your Name, Age, Choice of Sum Assured and a few other simple details to help us generate a premium quotation for you for term life insurance
  • Chose the best product option under term life insurance for you, from the options provided by us.
  • Click on Buy Now to complete the Proposal Form of term life insurance for the chosen insurer and product.
  • Use your Credit / Debit Card to pay the premium and complete your transaction.

It is our strong belief that term life insurance is exceptionally important thing which should be bought as soon as one starts earning rather than waiting till later stage. Term life insurance plans are very cheap and available online with many insurers. Various companies are proving term insurance plans such as ICICI term life plan, SBI term life plan, Aegon Religare term life plan, HDFC term life plan, ICICI insurance term plan, TATA aig life insurance term plan, etc. Buying online is hassle free process and very fast. Get started with term life insurance, on www.policybazaar.com.

Written By: PolicyBazaar - Updated: 21 July 2020
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