Term insurance is a type of pure life insurance product that provides coverage against the fixed premium paid for a specific 'term' of the year. As a protection plan, term life insurance offers higher insurance coverage at lower premium rates. The term insurance plan provides financial coverage to the beneficiary of the policy if the term life insurer dies during the active term of the policy.
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No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Term Insurance is the purest and most affordable life insurance plan, which provides financial protection to your loved ones in your absence. A term insurance plan provides nominees of the policy with a lump sum amount as the death benefit, in the event of the insured's death, during the term of the policy.
All Term insurance plans and insurance companies are regulated under the Insurance Regulatory and Development Authority of India (IRDAI).
Note: In the case of survival of the life insured the coverage at the earlier rate of premiums is not guaranteed after the expiry of the term insurance policy. The buyer has to either obtain extended coverage with different payment conditions or forgo the coverage entirely.
A term plan not only offers financial security to your family but also is capable of fulfilling its future needs such as your child’s higher education, child’s marriage, etc. Among all other life insurance plans, term life insurance offers the highest life cover at low premium rates during the policy term. For example, an individual can buy a life cover of Rs. 1 Crore at a premium rate of a minimum of Rs. 449/ month.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
Premium ₹449/month
Your Age: 18 years
Age 18 yrsAge 50 yrs
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3 key reasons why you must buy term insurance :
The Dependency of your Family: You can use the term life insurance money to meet the monthly expenses of your dependents and family when you’re not around. Moreover, it fulfills vital life goals such as education and the marriage of your child.
Protection of the Assets: A term plan allows you to take loans for assets such as a car or a house. In case of your absence, your dependents and family might be burdened with the repayment of loans. Your family can utilize the term insurance pay-out in paying off the outstanding debts.
Risks Related to Lifestyle: Present-day lifestyle problems often lead to various ailments and diseases. Some term insurance plans do not just safeguard your dependents and loved ones after the demise of the policyholder but also offer critical illness protection for a lifetime. This key feature pays on the diagnosis of some critical illnesses such as heart attack or cancer.
Online Term Plan
Term plan is the way of providing financial security to the family of the insurer with the highest term life coverage for the minimum premiums paid during the term of the policy, if the insurer dies during the active term of the policy.
Why Buy Term Insurance?
Higher coverage at affordable premiums
Get life cover worth Crores by paying a minimal price.
All-Round Protection
Add-ons benefits like income on disability, critical illness & waiver of premium protect you from risks like income loss, etc.
Protection from loans, debts & liabilities
In case of your untimely demise, Term insurance helps your family pay-off your debts & liabilities
Coverage up to 99 Years
Term plans provides lifetime coverage of up to 99 years
Buy Early, Save more!
Premiums are cheaper while you’re young. Buy early & pay the fixed amount throughout the policy term
Tax Benefits worth ₹46,800
Premiums paid for Term insurance can save you up to ₹46,800 in taxes
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Who Should Buy Term Plan?
Any individual with financial dependents should consider purchasing an online term insurance policy. This includes people who want to gain tax benefits as it provides tax benefits under section 80C of Income Tax Act 1961. Let's learn more about them, they could be:
Parents: Parents are generally the single breadwinner of the family and the only financial support for their children. Thus the best way to secure the financial future of the children is to have a term insurance policy. As in the term plan, a death benefit is paid to the beneficiary of the policy in case of the unfortunate demise of the insured person.
Newly Married: A term insurance policy can work as a financial safety net for your spouse even in your absence. In case of any eventuality, the term life insurance plan not only provides financial security to the beneficiary but also takes care of the liabilities.
Young Professionals: If you are a young professional who has recently started working, buying a term life insurance plan is highly recommended. The reason for the same is very simple, you will get a substantial coverage amount at lower premiums.
Taxpayers: Along with the benefit of life coverage, one of the major advantages of purchasing a term insurance policy is that it offers the benefit to save on taxes. The premiums paid towards the term policy are tax exempted under section 80C of the Income Tax Act. Thus, if you want to save on taxes along with the benefit of life cover then you should certainly consider buying a term policy.
Retired or those who are recently retired: At this stage of your life you may think twice about buying a term plan. This can be because of the lesser number of responsibilities by this age. However, if you have a non-working spouse or child, you must buy a term plan even at the sunset years of your life.
Self-Employed People: If you come under this category, buying a term plan is beneficial for you. This is to ensure that the aspirations of your financial dependents are not compromised.
Working Women: For working women, managing work and the house could be difficult. But you can always safeguard your loved ones by buying a term life insurance plan is beneficial.
Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.”
Key Features of Term Life Insurance Policy
Key Features
Benefits of Term Insurance Plans
Death Benefits of Term Life Insurance
A predefined amount is paid out to the nominee in case of the unfortunate demise of the policyholder
Maturity Benefits
Available under Term Insurance with Return of Premium option
Tax Benefits of Term Insurance
Available under all types of term insurance plans.
Riders/Add-on Covers
A number of rider benefits or add-on covers such as critical illness, waiver of premium, extra payout on accidental death/disability are available with Term insurance plans.
Coverage Against Various Liabilities of Term Insurance
Most of the Term insurance policies provide coverage against various liabilities of the policyholders like mortgage, loans, and other types of debts.
Buying Process
Online and Offline
Claim Assistance
Available
Claim Process
The easy online and offline claim process
Physical Paperwork
Only in case of offline policy purchase
Premium Payment Frequency in Term Life Insurance
Annual Quarterly Half-yearly Monthly Single
Payout Options of Term Insurance Plan
One Time Payout, One Time Lump-Sum Plus Fixed Monthly Payouts, Fixed Monthly Payouts, and One Time Lump Sum Payment Plus Increasing Monthly Payouts
Sum Assured (Min/Max)
Minimum – Starts at Rs. 5 Lakhs/ Maximum – No Limit
The death benefit is offered in a lump sum amount at low premium rates
Term Life Plan with Monthly Income
Offers Fixed and stable income for family along with the death benefit
Term Life Insurance with Growing income (monthly)
The death benefit is offered along with the growing monthly income for a family
Term Insurance with Return of Premium (TROP)
Upon the maturity, return of all the paid premiums, along with the death benefit during the policy term.
Group Term Insurance
This plan provides life coverage for a group of individuals under a single policy
Term insurance plans are specifically designed to secure your family's basic financial needs in case of death or uncertainty. According to the plan, family/dependents of the life insured is/are eligible for a lump sum amount in case of death or critical illness (if applied for) of the life insured during the tenure of the policy.
There are a number of term plans available in the market from various insurance companies in India. All of these companies offer both types of online and offline term life insurance with each term policy having its own set of specific features that make it the best term insurance plan in the market. To understand these term plans we need to look at them a bit more in-depth.
Level Term Plan
The level term plan is one of the easiest types of term plan wherein during the policy tenure the sum assured remains unchanged and the benefits are paid to the beneficiary on the demise of the policyholder. The level term plan is easily available in PAN India and is offered by various insurance companies. The rule is simple the younger you are when buying this type of term life insurance plan the premiums will be that pocket-friendly.
Term Insurance with Critical Illness Cover
Along with the benefit of life cover, the lump sum amount is paid out in case the life assured is diagnosed with any of the 34 specific critical illnesses such as heart attack, cancer, kidney failure, etc.
Term Insurance with Limited Pay
The policyholder can choose to pay the premium of the policy for a limited tenure. However, the benefits of the plan continue for the entire tenure of the policy.
Term Insurance With Accidental Death Cover
The beneficiary of the policy receives the life cover along with the benefit of accidental death cover in case of accidental demise of the life assured during the policy tenure.
Standard Term Insurance Plan
A standard term life insurance plan is one where the insured person gets a cover against various risks against payment of a certain term life insurance premium amount. The most common term plan and generally also considered the best term insurance policy is the one that charges a yearly premium for an annual cover.
Term Return of Premium (TROP) Plan
A term insurance return of premium policy is a term plan that refunds the premium paid for the cover in case the insured party survives the policy period. These term plans are increasingly becoming popular as the policyholder gets the money they have invested in the term insurance policy at the end of the policy period. These term insurance policies also give the insured the option to add on riders that they feel are essential. These riders add to the premium of such a term plan just like any other standard term insurance policy.
Group Term Insurance Plan
Group term insurance is a term insurance plan that is specially designed for businesses, companies, societies, associations, or large families and provides term plan insurance cover for all the members of the group. These policies provide the same set of benefits that an individual term plan offers but the overall coverage is generally more in terms of illnesses or other factors that are generally excluded in the individual policies. Most of these term plans are offline as each policy is generally customized to suit the needs of the group taking the policy.
Increasing Term Plan
The cover and the term life insurance premium increase over the overall tenure of the renewable term insurance plan. This term plan helps to cover against risk from rising inflation costs that may affect the real value of the death benefits that the insured individual's family would receive. The cover under these term insurance plan rises at a pre-specified rate and keeps increasing until the overall value of the cover is 1.5 times the original cover under the term policy.
Decreasing Term Plan
The decreasing term insurance plan is a renewable term plan where the sum assured of the policy decreases every year by a fixed percentage over the tenure of the policy. These policies are generally offered as mortgage clearing plans. Decreasing term plan is taken to clear debts and loans. In case of the demise of the insured person, the available sum assured amount is paid towards the repayment of the loan. The premium rate of decreasing term plans is less as compared to the normal term Plan. This term insurance policy provides financial security to the insured’s family and offers the benefit of tax exemption at an affordable premium rate.
Convertible Term Plan
This type of term insurance plan is generally offered by some insurance companies in India. As the name suggests the key highlight of taking a term plan is that when buying this term insurance plan you can opt for the alternative to convert the plan into some other plan in the coming times and accordingly select a date. For instance, if you had taken a term insurance plan let’s just assume for 25 years, however, after 5 years, you intend to convert this into any other plan like an endowment plan or any other plan, you can go ahead.
Single Life and Joint Life Term Insurance Plan
A joint term insurance plan works out to be cheaper than buying two individual term insurance plans. Moreover, the features and benefits remain the same, ensuring both the members get the same advantages of the plan. These policies are ideal for a couple with children as they will ensure the dependents will not have to worry about their future if the unfortunate comes to pass and both parents pass away. A joint term insurance policy is the best option to go with as it also provides insurance cover for the surviving spouse.
Offline and Online Term Plan
Offline term plans are those that are sold through traditional methods such as through an agent or a branch, while online term plans refer to term insurance plans that are sold over the internet. Term insurance providers offer an online term plan at a significantly discounted rate than the offline plan. The primary reason for this is the lack of any intermediaries such as the agent or the branch between the policyholder and the insurance company for an online term insurance plan.
People could now buy online life insurance at the click of a mouse in a few minutes. Research shows that an online term insurance plan may be cheaper by as much as 40% in some cases than the offline plan that offers the same features and benefits. There are various reasons for the low premium in an online term insurance policy.
Riders are additional benefits that you can opt for along with your current term plan to extend the coverage benefits by paying a minimal premium amount. You should add a rider to your base term plan to increase the utility of your policy. In order to select the right rider, it is important to be aware of the different types of riders available in the market. Listed below are the important types of riders in insurance that are available for almost all companies:
Types of Term Insurance Riders
Types of Term Riders
Description
Key Features
Eligibility
Accidental Death Rider
Accidental death benefits are riders that are added to the basic policy when the policyholder dies because of an accident during the rider term.
Low Premium rates i.e., 60-70% of term insurance
Additional SA to family if death occurs within 3 months (90 days) of the accident
Entry Age: 18 - 65 years Maturity age (Max.): 70 years Minimum SA: Same as sum assured of a base policy Maximum SA: No limit
Permanent and Partial Disability Rider
Additional benefit equivalent to rider sum assured on total and permanent disability due to an accident.
Covers loss of both legs or both arms or one arm or one leg or both eyes.
Partial disability provides partial sum assured
Total disability gives full SA
Entry Age: 18 - 60 years Maturity age (Max): 65 years
Accelerated Death Benefit
The individual receives a partial advance amount of their Sum Assured in case of a terminal illness.
Low-cost rider
Financially helpful for your loved ones during your critical days
Entry Age: 18 - 65 years Maturity age (Max.): 70 years
Critical Illness
Critical Illness benefit is paid when you get diagnosed with any of the mentioned critical illnesses such as kidney failure, heart attack, cancer, stroke, etc.
Recompenses the loss of earning
Rider’s premium does not increase till the whole tenure of the policy
It lasts till the term insurance plan
Entry Age:18-65 years Maturity age (Max.): 75 years Minimum SA: Same as base sum assured Maximum SA: No limit
Waiver of Premium Rider
Waives off future premium payments when insured can no longer pay premiums because of critical illness or permanent total disability, death because of an accident.
The rider waives off your premium, but the plan remains in force
Lessens financial stresses of paying future premiums
Entry Age: 18 - 65 years Maturity age (Max.): 70 years Policy term: same as per the base plan
Family Income Benefit
Family gets regular income each month if the insured dies or meets with an accidental permanent total disability or is diagnosed with any of the stated critical illnesses.
A fixed percentage of the sum assured amount will be received by the policyholder’s family/nominee.
Suitable for salaried individuals who are sole earners of their families.
Entry Age: 18 - 65 years Maturity age (Max.): 70 years Premium payment mode: Single/annual/half-yearly/monthly/quarterly.
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Term Plan Comparison
Online comparison of term insurance will help you determine the right plan as per your financial capacity and budget. It is important to compare best term insurance plans online before buying any policy.
Note: The following information has been sourced from the official websites of insurance companies.
Comparison of Term Plans
To help you make an informed decision, here we have shown the comparison of the best term insurance plans in 2022. Refer to this table and find out the right plan for you.
10 years-65 years minus entry age(smokers) 10 years-75 years minus entry age (non-smokers)
Equal to Policy Term
Rs. 50 Lacs
No Limit
HDFC Life Click 2Protect Plus
18 years/65 years
For Life - 85 years For Extra Life - 75 years
Option 1: 5 years to (85 minus entry age) Option 2: 10 years to 40 years
Regular pay, limited pay & single pay
Rs. 25 Lacs
No Limit
ICICI Pru iProtect Smart Plan
18 years/65 years
75 years
5/10/15/20 years
Single pay, limited pay, regular pay
Subjected to the minimum premium
No Limit
IDBI Federal Termsurance Life Protection Plan
18 years/60 years
70 years
10 - 30 years
Single Pay, Regular Pay
Rs. 5 Lacs
No Limit
Kotak e-Term Plan
18 years/ 65 years
70 years
5 - 40 years
Regular pay, limited pay, single pay
Rs. 25 Lacs
No Limit
LIC Tech Term Plan
18 years/65 years
80 years
10 years -40 years
Equal to policy term
Rs.25 lacs
No upper limit
Max Life Smart Term Plan
18 years/60 years
85 years
Regular Pay - 10 years - 50 years Limited Pay - 15 years - 50 years
Regular pay, limited pay
Rs.25 Lacs
Rs.100 crore
PNB Metlife Mera Term Plan
18 years/65 years
ROP - 75 years Life & Life Plus - 99 years
10 years - 81 years
Regular Pay & limited pay
N/A
Pramerica Life TruShield
18 years/45,50,55 years (depending on policy term)
65 years
7 years-20 years
Regular pay, limited pay
Rs.5,00,000
Rs.50 Crore
SBI Life eShield Plan
18 years/60 years, 65 years (depends on the type of benefit)
70 years
Option 1: 5 years- 80 years minus the age at entry Option 2: 10 years-75 years minus the age at entry
Equal to Policy Term
Rs.35 Lacs
No upper limit
Shriram Life Smart Protection Plan
18 years/65 years
75 years
10 years-30 years
Equal to policy term
Rs.1 Lac
Rs.14 Lacs
Star Union Dai-ichi Life Abhay
18 years/65 years
80 years
15 years-40 years
Single pay, regular pay
Rs.50 Lacs.
100 Crore
TATA AIA Sampoorna Raksha
18 years/70,65,50 years (depending on PPT)
85 years
Regular Pay: 10years-85 years minus age at entry, Limited Pay: 15 years-85 years minus age at entry For Whole Life- 100 years minus age at entry
Limited Pay, Regular Pay
Rs.50 Lacs
No upper limit
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Disclaimer- “Policybazaar does not endorse, rate and recommend any particular insurer or insurance product offered by an insurer.
What are the 5 Reasons to Buy Term Plan Online?
Apart from the hassle-free and simple process of purchase, an online term plan offers many other benefits.
Affordability
Purchasing an online term insurance plan is more affordable as compared to purchasing the plan offline. This is because there are no agents involved in between. The policy buyers can directly purchase the online term plan by visiting the website of the insurance company. By purchasing the plan online, the paperwork and processing fees automatically decrease as everything is done online and these benefits are offered to the customers as discounts. Thus, buying an online term plan is more beneficial as compared to the offline term insurance policy.
Sum Assured
This is yet another benefit of buying an online term insurance plan. Mostly, the sum assured amount offered by an online term plan tends to be higher in contrary to an offline term insurance plan, because the overall cost of purchase is low. Moreover, while purchasing the term plan online, most insurance companies do not ask for any medical test. A medical test of the insurance buyer has only required in case the sum assured amount of the policy is above Rs. 50 lakhs.
Comparison
One of the perks of buying an online term insurance plan is that it offers the advantage to compare term insurance policies online and then choose a particular plan as per one’s own requirement and suitability. By comparing best term plan online, the insurance buyers can zero in on the most beneficial plan at the most affordable premium rates.
Reliability
The online process of policy purchase is more reliable. The online term insurance policy offers transparency while purchasing a policy. The policy buyers can know about the features, terms and conditions of the policy in a more detailed way by simply visiting the website of the insurance company. Moreover, in order to make an informed decision, the insured can also check the reviews of the plan.
Easy Access
Unlike offline term insurance policies, the online term insurance plan can be accessed easily. The insurance holder has the convenience to access and know the policy details whenever they require. Moreover, they can also check and keep track of the policy status from time to time.
What are the 3 Steps to Find the Right Online Term Life Insurance Plan?
The best thing about the online term plan is the freedom of the policyholder to select the most suitable policy. In addition to this, the online term insurance plan as well brings some additional responsibility on the insured of staying focused and informed about the features of the product. It is only when one matches his/her requirements with the term plan; he/she is eligible to purchase it. Mentioned below are three steps for making the right choice while buying a term policy:
Select the Right Term Life Insurance Amount
The first step that every term insurance buyer should consider while purchasing is to find out the amount of coverage as per the requirements of his/her family’s future needs. To find out the same, there are many term insurance calculators available online. One can use one of these calculators and find out how much he/she should invest per month so that the future requirements of his/her family are met when he/she is not around. If one wants to calculate it manually, then he/she can do the same by following the thumb rule of the term policy calculation. According to this rule, the life or term insurance coverage should be 15 times the annual salary of the policyholder. So, if Mr. A’s annual income is Rs.12 Lakh, then he requires term insurance of Rs.1.8 Crore. However, the second step is also added in this, wherein one should also find out the required coverage from term life insurance for covering his/her other financial obligations like the higher education of policyholder’s children and other outstanding loans. For example, the sum of these financial obligations on Mr. A is Rs.50 Lakh, and then the total coverage from the life or term insurance that he wants is Rs.2.3 Crore.
Term Insurance Plan Comparison
Term insurance plans are the purest form of life insurance. Term insurance premiums are lower than other life insurance plans. However, in order to ensure the right term life insurance plan, one should look at "term insurance comparison". Compare term insurance with other insurance plans online and stay covered. A term insurance aspirant as well is suggested to compare term insurance Plan through online term insurance comparison websites. One should compare different term insurance plans on various features such as duration of the term, maximum coverage provided, etc. It is also suggested to search for the background of the term insurance provider like the claim settlement ratio of the company, the company’s existence in the insurance industry, etc.
Consider the Riders for Better Risk Coverage
Term Plan as well allows purchasing riders for widening the risk coverage for the family of the policyholder. For example, to provide coverage against critical illnesses or accidents, there are riders provided by most of the term insurance providers. One can check for an appropriate rider on an online term insurance provider’s website. The riders are available at an additional cost, but most of the insurers make these available at affordable premiums. Therefore, it is worth attaching a suitable rider to the term insurance plan. In this way, the policyholder will have better risk coverage and he/she can give better protection to his/her family. Purchasing an online term plan provides its policyholder with a lot of coverage. However, it is the responsibility of the insured to select the most affordable and suitable term insurance plan without missing out on any required detail. This is because a term plan secures the future of the family of the insured.
To select the best term insurance plan, a policyholder should look into the following factors:
Claim Settlement Ratio
The record of term insurance claim settlement provides a clear picture of the insurance provider to the prospect policy buyers. The ratio of claim settlement is released by the Insurance Regulatory and Development Authority (IRDA) India every year. A claim settlement ratio that is consistently good indicates that the insurance provider has been quick and robust in its claim settlement process.
Company Reliability
The reputation of a company and stability is very important in any sector of business, especially in the sector of life insurance for the customers to trust. Before zeroing in on a plan, it is important to check the credibility of the insurance company.
Premium Waiver Rider upon Diagnosis of Terminal Illness:
If the policyholder gets affected by some terminal illness, then all the future premiums for his/her term policy will be waived off.
Solvency Ratio
The solvency ratio is something that tells whether the insurance provider chosen will be capable financially of settling the claims if the requirement arises. As per IRDA, every life insurance provider should maintain a solvency ratio of 1.5 at least.
Enhanced Cover
Some of the specific insurance companies offer the option of enhanced cover in the term plan. In this option, the policyholders can enhance the coverage of the policy under particular circumstances or critical situations.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
When is the Right Time to Buy a Term Life Insurance Policy?
The ideal time to buy the online term plan is as early as possible. The early one buys the better it will be. Buying the right term plan ensures that you obtain the desired life coverage. Moreover, buying term policy at an early stage of life means that the insurance premiums will be low compared to the times if bought at a later stage of life. The moment one realizes that they have dependent on their life, they should immediately look for a plan and buy the best term policy. In case one has missed investing in the term plan at an early stage of life, do not neglect it further by buying the best online term insurance now. It is better to be safe than sorry.
How Much Term Insurance Cover Do You Need?
There are various factors that determine how many terms insurance coverages one should take. For the convenience of the insurance buyers, here we have discussed some of the factors:
Current Income and Expenses: The current expenses and income of the individuals determine how many terms of life insurance premium they can pay towards the online term insurance plan. While determining the insurance coverage one needs, it is important to analyze the monthly income and all the expenses incurred in a month.
Current and Future Liabilities and Assets: While determining the sum assured amount of the term insurance policy, it is very important to consider the loan installments like home loan, personal loan, car loan, etc. and the EMIs that the term insurance buyers have opted for. As the liabilities and monthly assets also include investments such as fixed deposit, ELSS, ULIPs, gold, capital market, etc. it is always important to leave room for such investment and decide the coverage amount of the term plan accordingly.
Future Financial Goal for Family and Self: Keeping the long-term and short-term financial objectives of life, the insurance buyers should determine how much premium they can pay towards the policy and how much coverage they need to secure the financial future of their loved ones and family.
Make Use of Human Life Value Calculator: There are various term insurance providers which offer human life value calculators. It helps the policy buyers to get an idea of how much sum assured amount they require for a term insurance policy. The human life value calculator calculates the sum assured amount based on the simple formula of time value for money. An individual just needs to enter certain details such as the current age, expenses, present yearly income, and estimated future inflation rate, in order to get the sum assured amount that they should opt for. To know the right coverage amount for you, please use the human life value calculator here.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
How Does a Term Life Insurance Plan Work?
As the simplest form of life insurance product, term insurance is the most affordable insurance plan which offers higher insurance coverage. As the purest insurance product, the only death benefit is offered by the term plan. Under the online term insurance plan, the insurance company gets into an agreement with the insurance buyers. According to this agreement, a lump-sum, sum assured amount is paid to the beneficiary of the term insurance policy as a death benefit in case of the unfortunate demise of the policyholder during the policy tenure. The insurer pays the sum assured amount to the beneficiary as mentioned in the term insurance policy documents. The sum assured amount is paid on the basis of the type of payout option chosen by the insured at the time of policy purchase. The payouts can be made as a lump-sum payment at one go or as monthly income at specific intervals of time.
Term Insurance Payouts
1. Lump-sum: The entire sum assured amount is paid at one go to the beneficiary of the term insurance policy.
For example- Sum assured= 1 crore Payout= Rs.1 crore as a lump-sum payment to the beneficiary of the term insurance policy.
2. Lump-sum + Monthly Income: Half of the sum assured amount is paid as a lump-sum payment to the beneficiary of the term insurance policy, whereas, the other half of the sum assured amount is paid as monthly income to the beneficiary of the policy.
For example- Sum assured= Rs.1crore Payout= Rs.50 lakh as a lump-sum payment at the time the claim is made by the nominee and Rs.50,000 every month as a death benefit.
3. Income Replacement or Monthly Income: A fixed percentage of the sum assured amount is paid as monthly income from the first month of the life insured’s death.
For example- Sum assured= Rs.1 Crore Payout= Rs. 1 lakh per month (Rs. 12 lakh yearly) for 83 months approximately.
Why buy from Policybazaar?
The Best Price
Get an online discount of up to 10% when you buy online. You will not get a better price anywhere else.
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Every call happens on recorded lines to ensure unbiased advice & No misselling. We believe in transparency & honest selling.
One Click Easy Refund
In case you aren’t happy with your purchase, you can cancel your policy from MyAccount hassle-free at the click of a button.
How Does a Term Plan from Policybazaar Help You?
A term plan from Policybazaar helps you in the following way: The Plan offers the benefit of tax saving under section 80C of the Income Tax Act. The plans are available for the long policy term. Offers long-term coverage. It protects from critical illness when diagnosed. Offers a regular income for meeting the household needs. Offers disability benefit riders to be added to the term plan. Provides coverage against life-threatening illness. The Plan provides a high maturity age.
Term Insurance Plan Eligibility Criteria
Before buying a term insurance plan of your preference, it is ideal to check if you meet the eligibility standards for the same. The eligibility criteria to buy a term insurance plan is as follows:
Eligibility Criteria to buy Term Insurance Plan
Features
Eligibility Criteria
Minimum age at entry
18 years
Maximum age at entry
65 years
Minimum Policy Tenure
5 years (may vary with insurer)
Maximum Policy Tenure
No limit for term plan (may vary with insurer)
Who can Purchase?
Young individuals, Newly Married, Parents, Senior Citizen
Are NRIs eligible for Term Insurance?
Yes
Payout Options
Lump-sum
Monthly Payout
Annual Payout
Lump-sum with monthly income
Lump-sum with increasing monthly
Add-ons or Rider
Waiver of Premium
Accidental death
Permanent or partial disability
Family Income benefit
And, critical illness
Documents Required
Photo Identity
Address Proof
Age Proof
Income Proof
Medical Test
It is mandatory to undergo a medical test for a term insurance policy. It helps the company to be aware of any health conditions and risk factors related.
What factors to consider before buying the Right Term Plan?
The right term life insurance plan will depend on your needs. But before buying the right term plan online you should consider these factors:
Cost Of Premiums
Term life insurance policies are ideal for those individuals who want high coverage at low premium rates. Entire life customers pay more premium charges for less life coverage but they have the security and protection for life. Most of the buyers favor the cost-effectiveness of term insurance, paying premiums for a long time and availing of no such benefit after the expiration of the term plan is an unpleasant feature. At the time of renewal, the premiums of term policy increase with age and become high-priced over time. The renewal term premium charges may be comparatively higher than the permanent life insurance premium charges.
Availability Of Coverages
The insurance company could refuse to renew the term life coverage at the end of the policy term if in case the life assured is diagnosed with a serious disease/illness. Permanent insurance companies provide life coverage if the premiums are paid timely.
Investment Value
Some of the buyers prefer permanent life insurance because the policies can have savings or investment instruments. A part of each payment of premium is assigned to the cash value, which might give you a guarantee of growth. Some policies pay bonuses, which may be paid or kept in deposits within the policy tenure. At this time, the growth of cash value may be adequate to pay the policy premium charges. Different types of tax benefits are also there.
Financial advisors advise that the policy’s growth rate along with the cash value is sometimes worthless when compared to other financial instruments like mutual funds. Further, administrative charges are also deducted from the rate of returns. So, buy the term and invest in the differences. It is fixed and has tax benefits.
Other Factors
There are some other factors to be considered in term insurance which are:
Always check if the rate of returns that is earned on investments is adequately good or not
Does your permanent policy have a provision of loan or other features?
Do you have any business? Or have any intention to have a business that needs coverage?
Does your life insurance have tax benefits for a substantial estate?
Term Insurance Premium Payment Options
The premium payable for term insurance is an important parameter that governs the purchase decisions. The policyholder should always make the selection as per their requirements and future goals. Term insurance plan offers different premium payment options such as regular pay, limited pay, and single pay.
Regular Pay: In this, assured is required to pay premiums periodically for the complete policy period. You can select yearly/ half-yearly or monthly options to pay premiums.
Limited Pay: Assured can make recurring payments for a pre-decided limited time. In this, the premium payment term is less than the policy term.
Single Pay: This option allows assured to pay the complete premium amount at one time when you purchase the plan.
The amount of preferred sum assured Term life insurance premium payment option which can be one-time, limited pay or regular pay. Term of the policy add-on protection term insurance offers flexible plan options to suit the needs of every individual. You can choose:
What is Term insurance and its benefits?
Term insurance is an agreement or contract between the insured and the insurance company, wherein in case of the unfortunate demise of the policyholder, a specific sum is paid to his/her family by the insurance company.
It provides financial security to the policyholder’s family in case of any miss happening and also optional coverage for accidental death or critical illnesses.
A Term life Insurance policy is a must for every person and one cannot articulate its importance completely. Term plan is the only life insurance product that is specially designed to solve the sole purpose of protection. Now that everyone knows, it covers death perils and risks; here are some other core benefits of term insurance Plan in India:
Safety for Loans and Liabilities
Term insurance also aids in providing safety for the dependents from your fiscal liabilities such as loans or any other debts that you have.
Cover Critical illness
Together with offering life cover, a term life plan also offers protection against critical illness. For a tiny add-on premium amount, Critical Illness cover offers lump sum payment when any critical illness such as kidney failure, cancer, or heart attack, etc. is first detected. Online Term Plan also takes care of family in case of your disability or critical illness. It provides
Supplementary income in case of loss of income due to accidental disability or illness.
Get a lump sum amount if diagnosed with critical illnesses.
Additional sum insured in case of accidental death.
Higher Sum Assured at Affordable Premiums
One of the most alluring features of a term plan is that the premiums are always the lowest, unlike the other life insurance products. Moreover, the sum assured offered under the term plan is relatively higher when compared to the premium amounts. Regular term insurance plans, including TROP Plan, come with a 105% return on the premium benefit when the policy matures.
Tax Benefits
Best term plan comes loaded with tax benefits on the term policy premiums paid. New-age term life insurance plan along with critical illness cover also provide some additional tax benefits on the premiums paid by the policyholder. One can also avail benefits subject to the conditions u/s 10(10D) on the amount that his/her family receives in the case of an untimely demise or unfortunate event.
Support in the case of Disability
In some of the term plans, the insurance provider pays the future premiums in the case of permanent or total disability. Consequently, the policyholder’s life insurance cover continues even if s/he is not able to make payment of the premiums.
Add-on Protection
So as to amplify the security of the family, a term insurance plan offers add-on pay-out in the case of an accidental or untimely demise.
Death Benefits
On the demise of the life assured during the tenure of the policy, the nominee/ beneficiary of the policy receives the total death benefit chosen at the time of commencement. Depending on the type of term life insurance plan, the death benefit may stay the same over the whole tenure of the plan (standard term Plan), decrease (decreasing term Plan), or increase (increasing term Plan). The insurers provide various options of payment for the term life insurance. These include a lump sum payment, lump-sum payment plus an annuity that may be monthly, quarterly or yearly, or simply annuities that are spread over the agreed number of years.
Maturity Benefits
Term insurance plans don't come with any survival or maturity benefits. If one wants maturity benefits, then a TROP (Term Return of Premium) plan is suggested.
Survival Benefits
A standard term plan does not have any survival benefits. However, the demand from investors has meant that various companies have opted to launch term insurance plan with survival benefits. Called Term Return of Premium (TROP) Plan, the term plan refunds the premium at the end of the term plan tenure if the insured person survives the period. The TROP plan is becoming popular with people who are looking for savings as well as insurance with their term plan.his term insurance plan has a higher premium than the standard term plan but has the advantage of assurance that the policyholder will get back the premium he or she paid to the life insurance company for the cover. Policyholders should read the insurance terms and conditions carefully to ensure they know the amount of money they will get back as survival benefits. Check out the term insurance policy that meets your needs with our term insurance comparison.
Is Buying Term Insurance a Good Idea?
Yes, Buying Term insurance is a good idea as it offers financial protection to the family of the life assured on his/her demise. A term plan is a pure risk protection plan that helps the family to meet their day-to-day expenses and accomplish the long-term financial goals. When compared to other life insurance plans, term plans are less expensive and much beneficial.
Is a Medical Test Mandatory for Term Insurance?
Yes, Medical Test is mandatory for buying term insurance in case:
if you are older than 35 years
You choose a sum assured of Rs. 10 lacs or more.
This is because the risk is borne by the insurer, and in case the life assured is found to be suffering from an ailment, premiums are charged higher to balance the risk. However, term policies that do not ask for medical screening are mostly low coverage options, which, anyway might not be very helpful in the long run.
Do You Get Money-back from Term Insurance?
The answer is Yes, you can get money back from Term insurance. Term insurance policies do not provide any maturity benefits. However, some term insurance plans come with the Return of Premium Option, in which the insurer is liable to pay 100% of the premiums back to the policyholder on surviving the policy term.
What is Term Insurance Premium Calculator?
The term insurance calculator is an online tool designed specifically so that one can calculate the premium that needs to be paid monthly and accordingly know the sum assured amount. The term insurance plan calculator is simple and easy to use. When intending to buy a term insurance plan, it is advisable to use a term insurance premium calculator. The term insurance premium calculator permits you to modify the sum as per your convenience that you think your family would require in case of your demise. Listed below are some major advantages of using a term insurance premium calculator:
Saves Time: The term insurance plan calculator saves time wherein you do not need to submit any of the hard copies to obtain term insurance premium quotes. Figure out a term insurance plan that suits your requirements and buy a term plan online enjoying the hassle-free experience.
Compare Plans: The term insurance plan calculator compares various term insurance premium quotes offered by different insurance companies in India.
Pocket-Friendly Plans: Today, buying term insurance online is a preferred option as you have the opportunity to avail of discounts on the term insurance premiums. Therefore, use term insurance premium calculators online, grab the best deal, and save on money.
Related Terms
What are the Death Benefits under Term Insurance? Depending on the type of term insurance plan, the death benefit may stay the same over the whole tenure of the plan (standard term Plan), decrease (decreasing term Plan) or increase (increasing term Plan). The insurers provide various options in death benefit payout including a lump sum payment, lump-sum payment plus an annuity that may be monthly, quarterly or yearly, or simply annuities that are spread over the agreed number of years.
What is Claim Settlement Ratio in term insurance? The claim settlement ratio of an insurance company is the number of claims settled in a year against the number of claims filed. The higher the claim settlement ratio of the company, the more reliable the insurance company is.
What is a Traditional Term Plan? It is a pure term insurance plan, wherein only the death benefit is paid to the beneficiary in case of the insured’s unfortunate demise during the policy tenure.
What is Term Insurance Premium? The term insurance premium is a specific amount paid by the policyholder to the insurance company on a yearly, half-yearly, quarterly, or monthly basis. The premium paid by the policyholder determines the term insurance coverage of the policy. You should note that a term policy is known to provide higher insurance coverage at an affordable premium rate.
FAQs About Term Insurance Plan
Rider
Term Life Insurance
Critical Illness
Premium Amount
Claims
A. Addons are optional attachments and adding them to your base plan can be very useful when an unexpected event takes place with life assured. They increase the coverage of your plan at minimal premiums. You can have extra benefits under a single plan such as critical illness, waiver of premium, income on disability, accidental death benefit, etc.
Ans: Term Insurance riders are additional attachments made to an existing term insurance plan at affordable premium rates, giving the policyholder additional coverage, thus enhancing the utility of the policy. Different types of riders that one can avail of are:
Accidental death benefits
Accelerated Death Rider Benefit
Premium Waiver
Accidental Disability Benefit Rider
Critical illness
Income Benefit
Ans: Yes, it is a good idea to opt for riders with term insurance as it enhances the effectiveness of a term insurance plan. Choosing which riders to attach to your plan shall depend on your risks, requirements, and preferences. Upon assessing the various types of risks to your life, you should supplement your life cover with a suitable rider to enjoy comprehensive coverage.
Ans: Although the selection of a rider depends on risks, your needs, and preferences, one of the best options is the waiver of premium rider. The rider protects policyholders against policy lapses in case of non-payment of insurance premiums due to an illness or under critical circumstances.
Ans: A term rider is the extra or additional cover a life assured can opt for along with their base term plan to increase their coverage benefits. A life assured can easily purchase a term insurance rider by paying an additional premium amount.
Ans: Most of the riders are comparatively inexpensive. A rider usually costs around 5 to 10% of the total premium you pay for your base cover. There is no limit to the number of riders that you can add to your base term cover, but the premium amount on all the riders should not be more than 30% of your base premium.
Ans:
Additional Coverage
Cost-effective
Choose as per your needs
Tax-saving Benefit
Multiple benefits in a single policy
Ans. A term insurance policy is a type of life insurance product that guarantees death payout to the beneficiaries/nominees upon the death of the policyholder during the policy term, upon approval from insurer. In exchange for this guarantee, a specific sum of money is deducted at fixed intervals.
Term insurance plans provide financial security and protection for the entire family in case of the unforeseen demise of the policyholder. Also, you can receive optional coverage for accidental death or critical illnesses. With term plans, you are covered for a longer duration at low premium rates.
Below are the key features of term policy that one can avail of:
High sum assured at low premium rates
Easy to Understand
Multiple options of death benefit payout
Add-ons or Additional riders
Income Tax Benefits
Ans. Yes, there is no limit on buying multiple-term plans to fulfill your life objectives. Buying more than one term insurance plan is certainly beneficial in terms of a number of death benefit payout options, cost-effective premiums, riders, coverage, hassle-free claim settlement, and tax exemption u/s 10(10D) of ITA.
Here are the documents required to submit when buying a term plan online:
Photograph
PAN card
Address & Age Proof such as Driving License (DL), passport, Aadhar card, Voter ID, ITR, Form 16 etc.
ID Proof
Income Proof such as salary Slips for the last 3 months etc.
Medical documents
Ans. In order to select the best term insurance plan, you need to first identify your goals, requirements, number of dependents, financial liabilities, etc. Once you have an idea of the benefit amount you will need to sustain future obligations, you will be in a better position to shortlist plans. It is important that you select one which offers the maximum death benefit, a premium amount that fits your budget and is affordable.
The coverage amount depends on various factors such as the number of, dependents in the family, investment goals, affordability, and the lifestyle you’d like your family to sustain in the future. For calculating the minimum term insurance cover you need, you can follow the rule to have a sum assured that is 10X your yearly income. Further, you should factor in your existing debt obligations and liabilities when you are deciding your coverage amount.
Ans. The life assured does not receive any benefit or returns in case (s)he survives the policy term, unless the policy has return of premium benefit included.
Ans: At 30, you have approximately another 30 years of potential earning ahead. If we consider a raise in your annual income every two years, you should have enough capital to consider a term cover of Rs. 1 Crore. It is important that you factor in the rate of inflation and decide a cover accordingly.
Ans. All term insurance plans offer coverage against COVID death claims. Some policies also cover hospitalization charges.
Ans. It is extremely important that you do not withhold any information mandated by the insurer. Even if you have smoked a couple of times in the last 12 months, you are obligated to declare yourself as a tobacco user. If this information is later found to be wrongfully withheld, the insurer has the right to consider the policy as null and void, without benefits.
Ans. There are no specific criteria but it is always best to invest in a policy as early as possible. The premiums tend to be higher for people in their 30s than for those in their 20s and so on. Buying insurance is always a good idea whether you are in your 20s, 30s, or above.
Under normal situations, the term insurance covers all kinds of death that might fall under Natural or accidental, or illness-related death. Death claims arising out of sexually-transmitted disease, drunk driving, accidents while intoxicated, self-inflicted wounds, murder, death in a war, or while participating in hobbies like skydiving, are not covered by most insurance companies.
Ans. It completely depends on the policy you choose. With term plans, the basic cost, coverage amount, and other criteria remain the same throughout the policy. However, certain terms under whole life plans may keep changing - mostly seen at the time of policy renewal.
Ans: Yes. By opting for a health-related rider such as critical illness coverage with term insurance plans from an insurance company, you can avail of tax benefits under section 80D of the Income Tax Act, 1961.
Ans: You are allowed to claim a deduction of up to Rs. 1.5 lakhs yearly on the premiums you have paid under section 80C. Further, the death benefits of your term plan are also exempted from Income tax.
Ans: If you are looking out to purchase life insurance, you may be required to provide ITR. Although not mandatory, insurance companies may insist on ITRs mainly in case of term plans if the sum assured amount is high i.e., Rs 50 lacs to Rs. 1 Crore or above.
Ans: Besides the death benefit amount for the family of the deceased life assured, term policies offer tax deductions and exemptions. For instance, one can claim up to Rs. 1.5 Lakhs in deductions on the policy premium under Section 80C of the Income Tax Act. Moreover, the benefit proceeds towards your loved ones are also tax-free under Section 10(10D).
A. Ans: Term life insurance plans have no cash value. It is one of the reasons that term life plans are usually the least expensive form of life insurance.
A. Ans: Term insurance is a pure protection plan that helps the policyholder’s family to meet their day-to-day expenses and achieve their financial objectives. The premium rates of term insurance are less expensive and pocket-friendly. So, it is worth going for term plans when compared to other types of life insurance products.
A. The idea behind term insurance is to create a corpus that is sufficient to fulfill the needs of your loved ones. In a way, it is wealth creation but not for yourself. However, if you opt for a policy with maturity benefits, you can create a savings corpus for your own future as well as your family’s. Apart from term plans, there are several other types of insurance that allow opportunities for wealth creation. Some of these are
Whole Life Insurance wherein you pay regular premiums till death and your beneficiaries receive the death benefit amount, or on survival of the policy term, you receive the sum assured on maturity.
Endowment plans also offer both death and maturity benefits along with applicable bonuses.
ULIPs offer you assured payouts on the death and maturity of the policy, in addition to increased returns in the form of various investment avenues.
Money-back plans offer periodic returns on surviving the completion of certain policy years.
A. Both term and life insurance plans have their unique benefits and features. Individuals can make the ideal choice between these two plans by comparing the benefits of each. Term insurance is a type of pure protective plan that helps the life assured’s loved ones to meet their daily expenditure and accomplish their financial objectives. The premium rates of term plans are lower in comparison to life insurance plans. The coverage offered by term plans is for a fixed tenure such as 5,10,15 or 30 whereas life insurance comes with the option of flexible tenure.
A.
Type of Plan
Term Insurance
Life Insurance
Coverage
Term insurance provides cover for the premature death of the life assured within the fixed tenure
Life insurance provides cover on the maturity of the plan and accumulates a cash value for as long as the policyholder lives
Tenure
10 to 30/45 years
5 to 30 years / whole life
Duration
Term insurance is less expensive in comparison to life. The premium rates are low and pocket-friendly.
Premium rates are comparatively higher than the term insurance cover.
Death Benefit
Death benefits are payable if the life assured dies till the policy’s maturity
Life insurance plans provide benefits for both types of the condition if the life assured is alive or with his death on the policy’s maturity.
A. Buying Term Insurance from Policybazaar is hassle-free and affordable. Policybazaar offers you the Best Premium rates with an online discount of up to 10%. You can get high coverage amount at a low price. Policybazaar will also provide assistance to your loved ones at each phase of their claim settlement process involving, documentation, pick-up service, and access to grief support programs free of cost. We have an on-ground claim team in 40+ cities to help you in your critical times and we are expanding further. In case, you are not satisfied with your purchase from Policybazaar, you have the option to cancel your policy in one click.
A. The right time to buy a term plan is as early as possible. The younger you are when you buy term insurance, the lower premium you will pay throughout your life. Premium may increase 4 to 8% every year. Also, at later ages, there are possibilities of insurers rejecting your policy application or could even charge a higher premium, if you have been diagnosed with any lifestyle ailment.
A. The term insurance policy offers financial support to your family in case when you are not around them. It should be long enough till the age you are expecting your family’s financial dependence on you. Ensure to keep it in balance with your loans, retirement plans, and liabilities. Those who wish to leave a legacy for their dear ones can also go for Whole life coverage, in which they will be covered for whole life i.e., 99 years or above as per the policy.
A. The basic principle to calculate the right coverage of term insurance is that it should be at least 15 to 20 times the annual income. Also, calculating the amount of term cover that is suitable for you depends on certain factors such as age, yearly expenses, lifestyle, loan, assets, etc. Alternatively, one can also contact Policybazaar's advisor and know about their HLV (Human Life Value) in a couple of minutes. Enquire today with Policybazaar!
A. A term insurance plan offers financial protection and support to your family against daily expenses, liabilities, EMIs, loans, etc. It also helps in fulfilling their long-term financial goals and needs such as child’s education, child’s marriage, buying a house. Among all other life insurance policies, term life insurance provides the highest amount of life coverage at low premium rates.
Ans: The critical illness cover provides you financial protection and security against several life-threatening medical conditions such as stroke, cancer, cardiovascular diseases, and kidney failures. This cover includes a lump sum payment if you are diagnosed with stated illnesses in the policy.
Ans: Yes, you can take it. If you already have a health insurance plan covering your illness, the critical illness cover would pay a claim if you got sick. During any critical illness, this cover can be helpful to enhance an existing health insurance plan.
Ans: Best term plan with critical illness cover is a plan that meets the following criteria:
Illnesses covered: Determine the number of critical illnesses covered. If you have a family history of any cardiac disease or any other major ailment, ensure these are covered.
Adequate sum assured: Always consider the average cost of managing major ailments while determining the size of a cover. Always take inflation into account.
Ans: Term insurance plans with Critical illness cover provide a lump sum payment if you are diagnosed with any of the illnesses in the pre-specified list of the policies. This typically includes paralysis, heart attack, lung diseases, cancer, and others.
Ans: The insurance company decides the premium payable based on several factors such as age, gender, smoking habit, medical history, etc.
Ans. As per the experts, the average Indian woman lives longer than their male counterparts, the premium amount is lower for women than that of men belonging to the same age bracket. Some plans also offer discounts to women on their premium amounts.
Ans. Tobacco/nicotine use directly affects the life expectancy of a person. Considering that non-smoker is expected to live longer, their premiums are consequently lower.
Ans. If premiums remain unpaid even after the grace period, the policy shall lapse along with its benefits. Some Insurers provide a revival period within which one can revive their lapsed policy.
Ans. If the death of the life assured occurs before the payment of due premium, the policy will still be considered valid. In such a case, the death benefit reduces by the amount of due premiums that remain unpaid. The due amount is basically deducted from the sum assured on death.
Ans. Term life insurance policies do not offer paybacks unless you have opted for the ‘return of premium’ variant. Therefore, if you were to outlive the policy term, you do not receive any benefits. This is why term insurance is rendered as a pure risk policy. It is the chance that you take to ensure a strong financial safety net for your loved ones in case you are not around for them
Ans: No, the premium amount you pay for a term plan will remain the same throughout the term of a policy, unless any adverse announcements are made in the future.
Ans. Yes, the insurer can reject a claim on the grounds of:
Misrepresentation of actual information
Withholding accurate information
Fraud
Ans. You need to inform the insurance provider, fill in the required forms, and submit the necessary documents
A. Below are a few points you as a customer can ensure to avoid any chance of claim rejection:
Ensure that the list of your beneficiaries is updated and they should be aware of your in-force policies. Policybazaar provides Claim Assistance Card in order to keep the details of your policy manageable for them
Make sure that the information provided to the insurer at the time of policy issuance is correct, including current medical conditions, age, income, other declarations, etc.
The policy’s premium should be paid on time to avoid lapsing of the policy
Always be aware of your plan's coverage and addons or riders available.
Policybazaar’s dedicated claim support team assists your family in case of your absence such as with all their queries related to claim, documentation, claim filling, etc. for a hassle-free claim experience.
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Term Insurance Reviews & Ratings
4.7 / 5 (Based on 692 Reviews)
(Showing Newest 15 reviews)
Manbir
Visakhapatnam, March 01, 2022
★★★★★
Good coverage
Purchase Aditya Birla Sun life sheild plan from policybazaar and the benefits are so many. Policy coverage is good 91 percent and the payback amount is 50 Lakhs when policy ends. Claims are easily get due to great services facilitate by executives of the policybazaar company. Nice future investment and it saves taxes also. The policy terms and conditions are very reliable, I like the plan. Thanks team policybazaar.
Lohit
Bhopal, February 28, 2022
★★★★★
Good services
I purchase Kotak life preferred e - term plan. The policy coverage is 87 percent and the claims are good with low premiums. Service provided by policybazaar is very quick and the behaviour of the executives and staff members of policybazaar is really nice. Good future investment and it reduces taxes also.
Lekh
Thane, February 27, 2022
★★★★★
Low premium
I buy ICICI prudential term plan from policybazaar. Policy have various benefits but the policy coverage is the best 91 percent is covered in the policy. Claims are high and the premiums are low. Service is good. Nice future investment which saves tax also. The behaviour of policybazaar executives is very calm. Thankyou team policybazaar.
Jihan
Indore, February 26, 2022
★★★★★
Good coverage
I found awesome Canara HSBC plan. The claim is high and the policy coverage is 87 percent. Service provided by policybazaar is very fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. The policy updates are mailed to me daily. I like this plan. Thankyou team policybazaar.
Jairaj
Nagpur, February 25, 2022
★★★★★
Good plan
I have Aegon life e term plan. The policy coverage is 80 percent and the claims are high which can be easily sanctioned. The service provided by the executives and staff members of policybazaar are fast and responsive. Nice policy plan which save taxes also. Good behaviour of executives and staff members is very nice. Thanks team policybazaar.
Ishaan
Kanpur, February 24, 2022
★★★★★
Satisfactory
The Max life smart term plan i have is an average policy. The premium is good and the returns are okay. Services is really good and the behaviour of the staff members of policybazaar is good. Online services are good and working properly. Satisfactory policy. Thanks team policy bazaar.
Inesh
Lucknow, February 23, 2022
★★★★★
Good claiming amount
I own Future Generali Flexi online term insurance plan. Plan is good and premium is low. Policy coverage is high 89 percent and payback returns good too. Claiming amount is Rs.55 Lakhs. Service is fast like super sonic. The daily updates are mailed to me time to time. The service facilitate by the executives and staff members of policybazaar is very good and the behaviour is also nice. I like my plan.
Hemang
Jaipur, February 22, 2022
★★★★★
Easy process
Pnb metlife mera term plan is good and services of policybazaar is really great. The policy coverage is good 85 percent and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members of policybazaar. The payback amount is Rs.35 Lakhs. Good future investment which save taxes. Good job.
Hredhaan
Pune, February 21, 2022
★★★★★
Really Impressed
I have purchased term insurance policy from policybazaar. Policy has all benefits and the investments are also low. Around Rs.50 Lakhs is payback amount. Kotak life e term insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. Fantastic future investment. Good behaviour of executives is really very impressive.
Girik
Surat, February 20, 2022
★★★★★
Great Services
I purchased superb term policy plan from policybazaar. The plan i purchased was Exide life e term insurance. The policy coverage is 85 percent and the claims are Rs.28 Lakhs after policy ends. The investment is Rs.15,000 quarterly per year. Services are great and fast too. Great work guys. Good future investment with tax saving. The daily updates are send to me regularly. Nice team work.
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