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Online Term Plan - A New Trend in Insurance Industry
The need of life insurance can never be ignored. Now that LIC has launched its online term plan,there would be increased awareness along with increased competition in the market. This change will force other insurers to launch similar plans. LIC online term plan is likely to have higher premium.
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- Online Term Plan - A New Trend in Insurance Industry
Note: Know more about what is term insurance first before reading this article.
But, it will help in understanding the need of life insurance and process of collecting investment products that would subsequently help the people in differentiating the need of insurance and investment.
Term insurance is the oldest and cheapest life insurance plan offering death benefit. These plans do not offer any maturity benefit at the end of the policy term. Death benefit i.e. full sum assured is paid to the nominee only if the insured dies during the policy term. It comes with easy understanding which does not require any calculation of returns and charges and premium is the only expenditure. Whether insurance or investment, one must not forget that nothing is available for free.
With the new trend of online term plans, an individual enjoys 40% discount on premium in case of online plan when compared to the regular offline term plans as these involve agent’s commission, office expenses and marketing costs.
The plan targets well educated people thus the mortality experience in term plan is good. The targeted class offers genuine details about their family and themselves. The reasonable claim ratio is another factor that makes term plans’ availability at competitive rates.
Term insurance is the best way of securing your family’s future in case you die in your earning stage. Here are some points that can help you in the selection of the best term insurance plan-
- Before finalizing the sum assured one should analyze the real need for life insurance. As per the thumb rule the cover amount should be at least 12 times of your annual income.
- Life insurance is basically for the earning member whose demise would bring economic loss to the family and not the non earning member like children.
- It is always profitable to have life cover till the age of retirement because the income source comes to an end after retirement.
- Before applying for online term plan it is important to check if your city lies in the list of selected regions where such option is available.
- It is advisable to mention all the genuine details when filling the form for term insurance like health history, existing insurance plans etc. Insurance functions on the trust factor hence it is good to offer apt details.
- It is essential to purchase term plan from the insurer you trust as there is no maturity value rather it is just for the peace of mind. Hence instead of the premium amount one should pay attention at his/ her satisfaction.
- Claim ratio of an insurance company is another important factor to consider. But as a matter of fact, if you have provided genuine details, then no company can reject your claim.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Just purchasing a policy is not your goal; it also includes having in depth knowledge of the policy like the exclusions mentioned in the policy. Like, suicide in first year of policy purchase is not covered by term plans.
It is necessary to inform your spouse or concerned family members about your insurance policy. You should also tell them where the documents are kept. Well, the online term plan helps in understanding the difference between insurance and investment. After purchasing online term plan you need to analyze your risk factor and then get into investment options.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
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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.
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