Types of Term Plan & Right Time to Buy it

Term insurance plan 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.

Read more
Get ₹1 Cr. Life Cover at just
Term Insurance plans
Online discount
upto 10%#
Guaranteed
Claim Support
Policybazaar is
Certified platinum Partner for
Insurer
Claim Settled
98.7%
99.4%
98.5%
99%
98.2%
98.6%
98.82%
96.9%
98.08%
99.2%

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

Get ₹1 Cr. Life Cover at just
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
We are rated
rating
58.9 million
Registered Consumers
51
Insurance
Partners
26.4 million
Policies
Sold

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.

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.

Different types of Plans


Term insurance articles

Recent Articles
Popular Articles
Best Term Life Insurance in USA

01 Feb 2023

A term life insurance in USA can secure your family against the
Read more
Tata AIA Term Insurance Login

26 Dec 2022

Tata AIA term insurance login portal offers the company’s
Read more
Why NRIs in UAE Should Buy Term Insurance Plans from India?

08 Dec 2022

Term life insurance plan secures the financial future of your
Read more
Best Term Life Insurance Plans in Singapore

07 Dec 2022

An NRI living in Singapore can easily buy the best term life
Read more
Bima Sugam

29 Nov 2022

Bima Sugam is an online marketplace that will offer its services
Read more
LIC Term Insurance 1 Crore
LIC of India offers various plans to help you secure the financial future of your loved ones. In order to make
Read more
What Medical Tests are Required for Term Insurance?
Term insurance offers a sum assured to the beneficiary of the policyholder upon their death that can help them
Read more
Term Insurance: Tax Benefits under Section 80D
Term Insurance provides financial security and protection to your family in case of your unexpected death within
Read more
2 Crore Term Insurance Plan
The pandemic has surely generated a global panic and emphasised the importance of financial planning that would
Read more
Types of Deaths Covered and Not Covered by Term Insurance
A term insurance plan is the best way to ensure the financial well-being of your family members in case of any
Read more

top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL