Terms & Conditions of Term Insurance Plans

Term insurance offers a safety net for your family in case of your untimely death. But to truly benefit from the policy, it's critical to understand the terms and conditions of term insurance. Overlooking these can lead to claim denials, loss of premiums, and unnecessary disputes during claim settlement. This page covers the essential term insurance terms and conditions you must know before purchasing a policy.

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Why are Term Insurance Terms and Conditions Important?

Before buying a term insurance plan, understanding terms and conditions of term insurance is essential. Failing to understand the fine print can lead to a claim rejection for your family, leaving them financially vulnerable in their time of grief. Every insurer has a different set of rules, but some term insurance plan conditions are common across the board. Below, we cover key term insurance terms and conditions that most insurers follow.

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⁺

Common Exclusions in Term Insurance Death Conditions

Here are scenarios where the term insurance death conditions claim may be rejected, regardless of the insurer:

Suicide Clause
- If the policyholder commits suicide within 12 months of the policy commencement, no death benefit is payable.
- Some insurers may refund the premiums paid till that point (after deductions).
Non-Disclosure of Smoking or Alcohol Habits
- Smokers or heavy drinkers are considered high-risk.
- If the applicant conceals this and later dies due to related complications, the claim is likely to be rejected.
Death Due to Intoxication or Narcotics
- Any death under the influence of drugs or alcohol is typically one of the deaths not covered in term insurance plans.
Participation in Hazardous Activities
- Deaths caused during risky sports like skydiving or mountaineering may not be covered unless explicitly included.
Death During Criminal or Illegal Activity
- If the policyholder dies while participating in unlawful activities or riots, no payout is made.
Pre-Existing Medical Conditions
- If not disclosed while purchasing, claims arising due to such conditions can be denied.
Sexually Transmitted Diseases (STDs)
- Deaths due to HIV/AIDS or other STDs are often excluded.

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⁺Standard T&C Applied

Eligibility Conditions for Term Insurance in India 2025

Condition	Description
Minimum Entry Age	Usually 18 years
Maximum Entry Age	Varies from 60 to 65 years
Maximum Policy Term	Up to 85–100 years of age (varies by insurer)
Waiting Period for Illnesses	3 months to 4 years for certain diseases
Medical Tests	Required above a certain sum assured limit or age
Policy Lapse Rules	Policy lapses if the premium is unpaid within the grace period

Terms and Conditions of Term Insurance Claim

The following are the conditions for term insurance claim filing:

Death Benefit Claim Filing:

The term insurance claim form must be filed by the nominee with proper documents attached, such as a death certificate, ID proofs, and policy documents.

Grace Period:

Generally, 15 to 30 days after the end of the premium due date. If death occurs during the grace period, the claim may still be paid.

Documents Required:

Death certificate
Policy copy
ID/address proof of nominee
Medical records (if applicable)

Pro Tips for Term Insurance Buyers

Read all inclusions and exclusions carefully in the policy brochure.
Use a term insurance calculator to estimate accurate premiums.
Disclose everything honestly: health history, habits, lifestyle.
Keep the nominees informed of the life insurance policy and how to claim.
Review the terms and conditions for term insurance riders (accidental death, critical illness, etc.).

Term Insurance Term & Conditions: Overview

Feature	Included/Excluded
Suicide within 12 months	Excluded (premium may be refunded)
Death due to smoking (undisclosed)	Excluded
Death due to intoxication	Excluded
Death due to criminal activity	Excluded
STD-related death	Excluded
Pre-existing illness	Covered after waiting period (if disclosed)

Final Thoughts

Term insurance is a powerful financial tool, but not understanding its terms and conditions can leave your loved ones financially vulnerable. Take the time to read the fine print and consult an advisor before signing up. A few minutes spent reviewing term insurance terms and conditions today can save your family from future financial grief. Make informed decisions and secure your future with confidence.

Standard T&Cs apply. Always read the full policy document before purchasing.

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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

Rs. 400/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. 400/month (Rs.13/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.

+Rs. 230 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. 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. 12/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. 497/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. 487/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. 626/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. 905/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. 1,267/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.

*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. 447/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.679/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. 910/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. 1,924month 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.

Women

+Rs. 400/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, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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

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.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.