Prices Increasing soon Prices Increasing Soon

What is Renewable Term Insurance?

A renewable term life insurance is a regular term plan that allows you to renew your existing term plan after the end of the policy term without a requalification process. Most term plans come with a yearly renewable option. With these plans, you can pay the renewal premium amount every year and continue to enjoy the term coverage. At the time of renewal, you don’t have to undergo any medical examination or re-qualify for insurance. These plans offer guaranteed renewability. 

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.

How Does a Renewable Term Life Insurance Plan Work?

Let us understand this with an example:

Suppose a 25-year-old male has purchased a renewable term plan providing coverage till the age of 60. When the person turns 60 years old, he decides that he needs coverage for another 20 years. Now, the person has two options: either renew the existing term plan or purchase a new plan. In case the person buys a new term plan, the premium rate for the new policy would be way higher than the premium rate for the renewable term plan and he would have to undergo the verification process again. When the person renews his existing life insurance policy, he does not have to go through any verification process but just pay the increased premium and get coverage for an extended period.

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+

Benefits of a Renewable Term Life Insurance Plan?

Let us take a look at the term insurance benefits of renewable term insurance:

  • Family’s Financial Security

    In case of the policyholder’s unfortunate death during the policy term, the sum assured will be paid to the family of the policyholder.

  • Short Term Solution

    Purchasing renewable term insurance allows you to secure your family’s future for the short term without making a long-term commitment. You can extend the coverage duration if you need it in the future.

  • Lower Premium Rates

    The premium rates for a renewable term plan start low and increase gradually with each renewal. You can also use the term insurance premium calculator to determine the approximate premium rate for your desired policy.

  • Easily Renewable

    The biggest perk of term insurance renewal is that you can extend coverage without giving a medical exam or verification process all over again.

Who Should Buy Renewable Term Insurance?

Here is a list of people who can consider buying renewable term life insurance.

  • People looking for short-term coverage: People who want a short-term solution and do not want to purchase a term plan for a longer tenure can buy this plan to secure their family in the meantime.

  • Individuals uncertain about their retirement: Today a lot of people are uncertain about their retirement age. Some continue to work into their 60s and 70s whereas others opt-out at the age of 50. A person can increase the plan tenure in case they continue to work for a longer term.

  • People with a low budget: In case the premiums for a traditional term plan is unable to fit in your budget, you can purchase a renewable term plan and can get covered for as long as you want.

  • Individuals with improving health: If you are working on your health and have faith that in a few years, you can get healthier, then a renewable term plan might be a good temporary option for you. You can stay covered under the plan until you get healthy and buy a new term plan later.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Renewable and Convertible Term Life Insurance: Difference

Renewable term life insurance is often mistaken for convertible term life insurance because of their minute similarities. Both types of plans increase the policy duration, but while a renewable term plan only increases the coverage for a limited period, a convertible term life insurance converts your current term plan into a whole life term plan i.e., provides coverage till 99/100 years of age.

Both plans do not require you to reverify your profile or clear your medical exams again. It is important to note that a renewable term plan cannot be converted into a whole life term plan, but a convertible term plan can be switched into whole life at any point.

Final Thoughts

A renewable term plan offers several advantages like low premiums, short-term coverage, and the option to save on yearly taxes. Young individuals or people with low income who do not want to make a long-term commitment can buy a renewable term life insurance plan online by comparing plans from different insurers.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.


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