Prices Increasing soon Prices Increasing Soon

Term Insurance Tips

Keeping your family protected against unfortunate events is everyone’s first preference. If you have a stable income source, then you can make a good financial plan that helps you to do the same. The primary step while buying a plan is to understand how to choose the best term plan for your family members. You can protect their future by making an informed and wise decision of buying a term insurance policy.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

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

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

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

Let’s discuss some of the key tips to understand how to select the best term insurance policy in India:

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

9 Tips to Choose the Best Term Insurance Plans in India

If you are a newcomer in investments, then you may think about choosing the right term insurance plan in India to use your money effectively. One of the important keys to a stable future for you and your family members is making efficient financial decisions. So, here are a few term insurance tips that will help you in making an informed choice:

  1. Term Insurance Tip#1

    Consider the stage of your life and dependents/ family members

    The first step in understanding how to choose the best term insurance plan is to determine your life stages when purchasing insurance. At the time of securing your life cover, the age, and the financial condition impacts the policy term and therefore, the life cover amount that is more suitable.

    In addition to this, each individual has different financial responsibilities. If you are the only sole earner in your family, they may be dependent on you for a long time period to meet their life objectives. On the contrary, an unmarried individual may not have various dependents. Thus, you should consider life cover carefully for them.

  2. Term Insurance Tip#2

    Assess your current lifestyle habits

    It is important to understand that term insurance should be selected on the basis of your lifestyle requirements which include some of your spending habits, or a general living standard. When you get a clear idea of your lifestyle requirements, you can protect your family members and they will not have to face any financial difficulty in maintaining their living standards even in case of your absence.

  3. Term Insurance Tip#3

    Evaluate your Income

    A common question among various individuals is how to decide a term amount that will be sufficient for their loved ones. It is suggested to analyze your income to get a clear understanding of it. Everyone has some financial responsibilities that need some parts of the income. If you analyze your income limitations, you can invest in a good way possible. So, it is important to compute the financial needs of your family members so that you don’t have to over-estimate the sum assured. If your earnings are not enough to meet the premium, you can overburden yourself financially.

  4. Term Insurance Tip#4

    Check For Existing Liabilities

    It is another factor that should be considered while choosing the best term plan. Most individuals take loans to achieve their goals. In case of your absence, if your policy term does not cover the repayment time or if the amount is not enough then it can be a financially difficult situation for your dependents. Thus, it is very important to choose a term insurance plan that considers your debts and liabilities in life.

  5. Term Insurance Tip#5

    Add Riders to your Term Plan

    Riders are additional term insurance benefits provided by the insurance company that enhances the coverage of an insurance plan. They can be added to a base term plan at the time of purchasing the plan by paying an extra amount of premium.

    Few of the riders available with term insurance plans are waiver of premium rider, critical illness rider, and accidental death and disability rider. You can increase the scope of the term plan by knowing about riders.

  6. Term Insurance Tip#6

    Check the Claim Settlement Ratio of the insurance company

    The CSR is the % of claims paid successfully by an insurer divided by the total number of claims which are received in a fiscal year. It indicates the reliability of an insurer to keep their promise of offering financial support in unfortunate times.

  7. Term Insurance Tip#7

    Do not hide information from the Insurance company

    Do not conceal any information from the insurer at the time of claim. If you smoke and drink on a regular basis, then it is suggested to inform the insurance company about it. Hiding details can result in rejecting your claim

  8. Term Insurance Tip#8

    Choose the right amount of cover

    You should know how much coverage you will require. There are a number of term insurance calculator which you find online that help determine the cover amount suitable for you. The thumb rule says that the sum assured amount must be 15 to 20X your annual income. However, as discussed it also depends on your annual income and also on other factors such as financial liabilities, current age, the age at which you are expecting retirement, etc.

  9. Term Insurance Tip#9

    Purchase term insurance online

    You can buy term plans online and offline. It’s better to buy term plans online without any interference of the agent. The procedure is quick and hassle-free and it offers you discounts as well in some cases. You can compare different plans online and compute the premium you will have to pay. Also, the offline option allows you directly interact with the advisor and immediately get your doubts clear.


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
07 May 2024

Term Insurance for 45K Salary Individuals

In life, unpredictability looms large, and while you may

Read more
07 May 2024

Term Insurance for 30K Salary Individuals

Turning your dreams into reality, like owning your home and car

Read more
11 Apr 2024

Government Term Insurance Schemes 2024

The Government of India is committed to the welfare and

Read more
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
19 Mar 2024

Kotak Term Insurance Login

Kotak Life Insurance is one of the leading insurers offering a

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
13 Apr 2021

2 Crore Term Insurance Plan

2 Crore term insurance provides cover amount of 2 Crore as death benefit to your family in the event of your

Read more
07 Mar 2023

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL