Types of Term Plan & Right Time to Buy it

Term insurance planĀ are of 2 types a) Without Return of Premiums b) With return of Premiums. But usually, people buy term insurance plans which is Without Return of Premiums because in the other variant the premium rates are very High and plus the amount that we get on return is the premium paid itself. When you buy term insurance plans which is Without Return of Premiums there is no interest component added to it.

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

This means if Mr A buys term insurance policy which is without premium back it will cost him around Rs 4000, then Mr B buys term insurance policy costing around Rs 8000, paying almost double than Mr A. Plus, after 10 or 20 years whenever Mr B gets his premium back it will be exact Rs 8000 with no interest element to it. Plus, this will happen only when Mr B does not claim on his policy.

When is the right time to buy Term Insurance?

Generally speaking, the best time to buy term insurance would be when you are young and in good health. When we buy a term insurance cover early in life, the premium amount becomes half of what the same life insurance policy premium would be term life insurance10 years later.

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

Life Insurer Details

This is for a simple reason- as you grow older, the likelihood for mortality increases. For example, a 23 year old is considered less likely to die than a 65 year old.

This leads to a simple question, is Term insurance for youngsters only? The simple answer to the same would be No, even though the premiums which go up marginally as you grow a little older so do your responsibilities. As you grow old, you obtain a new mortgage, Get married and have children, acquire additional liabilities like Home and Car Loans. Hence, it is all the more important that you always keep yourself adequately insured. Thus, when you buy term Insurance you are certainly going for the most preferred solution.

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 insurance plan in India and choose one that suits your requirements.


Premium By Age

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 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

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.

Ā© Copyright 2008-2025 policybazaar.com. All Rights Reserved

+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.

Choose Term Insurance Plan as per you need

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

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