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Term Insurance Plan
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Last Updated - August 2023
What is Term Insurance?
Term insurance offers the best financial protection for your family. You get a large life insurance cover by paying a small premium. In case of the death of the policyholder during the policy term, the nominee will receive the entire cover amount. Some term insurance plans offer additional in-built features like payments in case of terminal illness or accidental disability. You can enhance your life cover by attaching riders to your policy.
Why should I buy a Term Insurance Policy?
Financial protection is the primary reason for buying a term insurance plan. Your family will receive a substantial amount from the life insurance company if something happens to the policyholder.
Income Replacement
Your family will be able to manage their future financial needs with the amount received from the term insurance payout. In your absence, this is crucial to plan out their life's journey.
Business Continuity
In the case of a business family, part of the funds can be used to get the business back to normalcy.
Paying off loans
You may have taken a home loan and your family can use the payout received from the plan to pay off the outstanding loan amount and secure the house in their name.
Peace of mind
This is the biggest reason why you should have a term insurance policy. Once you have the large life cover you know that your family will be comfortable financially even in your absence.
Child's Education
The funds received from the term insurance plan can be used to fund your child's current and future education.
Why Compare Term Insurance Plans with MyInsuranceClub?
There are more than 50 insurance companies in India providing protection to our lives and our assets. Whether it is life, health, motor or any other insurance policy, MyInsuranceClub simplifies the products to help you select the best insurance plan at the right price.
We will Save Money for you
Based on your requirements, we will compare premiums from different insurance companies. You not only get the most suitable plan for your protection but also save a lot of money in the process.
We are Un-biased
We are 100% unbiased and work only for our customers. With our technology and partnerships, we ensure that you get the best product at the lowest cost.
We are IRDAI Licensed
We are an IRDAI-licensed insurance comparison site and our operations are audited periodically by the Insurance Regulator.
We offer Claims Assistance
Our team will assist your nominee in making claims in your policy. We are just a phone call away and will help with the entire claim process. This is a free service.
Our Advisors are Certified
Our team of advisors undergo mandatory training and examination conducted by the Insurance Institute of India. This ensures that you only the trusted & accurate information from our advisors.
Renewal Reminders
Our service continues even after you buy your plan. To ensure that your plan benefits are always active, we will remind you when your premiums are due.
How much Term Insurance do I need?
The ideal cover amount will depend on factors like how much savings you already have, if there are other earning members in your family and your age. While there is no perfect answer to this question, for most people it is best to have cover of 20 times your annual income. Keep increasing your life cover as your income increases, till the age of 50.
How to select the Best Term Insurance Plan?
Compare Plans from different insurers
There is a lot of variation in the benefits and premiums of plans from different insurance companies. Compare plans on sites like ours (MyInsuranceClub) to select the best features at optimum premiums.
High Claim Settlement Ratio
Select a plan from an insurer with a high Claim Settlement Ratio (>95%). Check for the trend of CSR being maintained by the company in the last few years.
Brand Preference
While there will always be differences in premiums, go with a brand that you feel comfortable with. Go for a brand that is well-established and offers a competitive product.
Check Product Features
There are a lot of benefits that may be in-built into the plan or offered by way of Riders. Ensure that benefits like Accidental Disability and Critical Illness scenarios are covered in the plan, as such conditions which limit your ability to service your term insurance plan on time.
How much does term insurance cost?
For 30 yr old | Male | Policy Term - Till Age 60
₹ 10,257 / year
₹ 1 Crore
Cover Amount
₹ 14,230 / year
₹ 1.5 Crore
Cover Amount
₹ 17,044 / year
₹ 2 Crore
Cover Amount
Lowest Premiums with us - August 2023
Top 6 companies with the highest Claims Settlement Ratio
Max Life
99.5%Claims Ratio
HDFC Life
99.4%Claims Ratio
Aegon Life
99.4%Claims Ratio
PNB Metlife
99.1%Claims Ratio
Tata AIA
99.0%Claims Ratio
ICICI Prudential
97.8%Claims Ratio
How can I get the Cheapest Term Insurance Plan?
Buy at an early age
Term insurance premiums increase with age. Start your cover before you turn 30 to get the lowest premiums for the rest of your life.
Compare Plans from different insurers
This can help you make substantial savings. Compare plans on sites like ours (MyInsuranceClub) to check premiums from different insurers.
Maintain a healthy lifestyle
Avoid habits like smoking and drinking, they will increase your premium. Maintain a healthy lifestyle so that your overall health and BMI are in control to get the lowest premiums.
Buy policy online
Online plans are cheaper than plans that can be purchased offline. Insurers save money through the digital process and pass the savings on to the customer through lower premiums.
Pay Annually
You will pay lower premiums if you select the annual premium payment mode. Premiums will be higher for the monthly, quarterly and half-yearly modes compared to annual.
Avoid unnecessary add-on covers
Insurers offer a lot of additional covers in the form of Riders, for which additional premiums are charged. Opt for riders that are beneficial and really required by you.
Riders - Optional Covers
Some of the popular riders that are offered along with term insurance policies are the following.
Critical Illness Rider
With a Critical Illness Rider, a lumpsum amount is paid to the policyholder in case they are diagnosed with a critical illness. In some plans, the future premiums are waived and the coverage continues.
Accidental Death Benefit
With this rider, an additional amount is paid in case of accidental death of the policyholder.
Waiver of Premium Rider
This rider ensures that the benefits of the policy continue even if the policyholder is unable to pay policy premiums due to a critical illness or disability. All future premiums are waived.
Terminal Illness Rider
In case the policyholder is diagnosed with a life-threatening disease, the full cover amount is paid out.
Our Expert Says
The significance of the term plan has increased dramatically in the past few years. It was once viewed as a wise decision but with changing times it has become absolutely necessary to have a term plan. It serves as a strong financial safety in today's world of increased financial dependency and unpredictability. Its cost-effectiveness and features that give you premiums back have elevated it to the status of a necessary tool for providing financial security to your loved ones.
- Alesha Yadav, Insurance Expert
Happy Customers!!!
4.9/5
Das P
January, 2023
Yukti she explained me each and every thing about my policy then i purchased. She knows better time management. She is very friendly not like as other tele caller. In future if i need more plan i will definitely consult her.
Jitendra Sonawane
February, 2022
Ms. Prapti, very professional and focused. She helped me to understand the diference between the policies, pleasure to work with, got the policy issued much sooner than expected.
Dinesh Mali
March, 2023
It was good support from Subhojeet Shah to make Home loan protection plan of HDFC .so it was good experience to me. From Subhojeet shah ji..Thankyou
Important Terms You Should Know
Sum Assured
Sum Assured is a fixed amount that is paid to the nominee in case of the death of the policyholder. This is the cover amount of the policy.
Policy Term
Policy term refers to the period for which the benefits of your term insurance policy will remain active. This period is determined at the time of purchasing the insurance plan.
Premium Payment Term
The premium payment term is the total number of years the policyholder has to pay the premium. This could be single, limited or regular pay.
Premium Payment Mode
Your mode of premium payment determines the frequency with which payments are made. It could be Annual, Half-yearly, Quarterly or Monthly.
Free Look Period
A free look period is the time period when a new life insurance policyholder can terminate the policy without any penalties.
Claim Settlement Ratio
The claim settlement ratio is a metric used to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it has received including pending claims.
Nominee
The policyholder can decide who should get the benefits of the policy in case of her/his death. This person is called the nominee in the policy and the details should be mentioned in the policy document. You can have more than 1 nominee and decide the % split in benefits that need to be paid. You can also change the nominee anytime after purchasing the policy.
Tax Benefits
The premiums paid for term insurance are eligible for income tax deductions under Section 80C. The proceeds from the policy are also exempt from tax under Section 10 (10DD).
Frequently Asked Questions
Below mentioned are the most Frequently Asked Questions on Term Insurance.
What is Zero Cost Term Insurance?
Zero cost term insurance plans give you the option to discontinue the plan after a certain number of years. The premiums paid by you will be returned and the plan is terminated. These are offered in longer duration policy terms. These are different from Return of Premium Plans where the premiums are returned at the end of the policy term.
What policy term should I select?
You should choose a policy term till your retirement age or maybe till a few years after retirement. Term policy is taken to cover the risk of loss of income. So ideally take a term policy for a period in which you will be earning money. Beyond that period, the premiums paid by you will become a burden for you.
Is it safe to buy term insurance plans online?
Yes, it is absolutely safe to buy term insurance plans online. In fact, it is better to buy your term plan online as you would be filling up the form yourself ensuring that all details are filled accurately. This is very important to ensure that there will be no issues in case of a claim.
Will I face issues at the time of claim if I purchase the plan online?
You will be provided the same level of support in case of a claim. It does not matter whether you purchased your term plan online or through any other mode. It is a bit like purchasing your movie tickets online - the product and the level of service remain the same.
What kinds of deaths are not covered in term insurance?
Some of the conditions under which your term insurance coverage would be invalid are as follows.
- Death due to involvement in criminal activity
- Death due to a pre-existing health condition which was not disclosed
- Death due to suicide in the 1st year
- Death due to murder by nominee
- Death under the influence of alcohol or drugs
Why is there a vast difference in premiums of term insurance plans from different insurers?
Not all plans are identical - the benefits and features vary from plan to plan. Also, different insurance companies will price their products differently based on the strength of their brand and market competitiveness.
What documents are required for buying a term insurance plan?
You will be required to provide the following documents at the time of purchase. Companies will accept Aadhaar as Address, ID & Age proof.
- Completed Proposal Form
- Income document - Salary Slips / Form 16 / ITR
- Address Proof
- ID Proof
- Age Proof
- Medical Test Reports, if required
What are the different payout options in term insurance?
You can decide the way the policy benefits will get paid to your nominee. You can select the following options.
- Lumpsum - all money paid at one go
- Monthly payments for a fixed number of years
- Part lumpsum + Balance in Monthly payment for a fixed number of years
What is Terminal Illness in Term Insurance?
Terminal illness refers to a medical condition due to which the patient is not expected to live for more than 6 months. Some term insurance plans make a payout in case doctors confirm that the policyholder is terminally ill.
How many Term Insurance plans can one take?
There is no limit on the count of term insurance plans that one can take. However, insurance companies cap the overall cover amount that should be offered to an individual based on their underwriting rules. When you buy a new policy, you will have to share the details of other life insurance policies that you hold - based on this the new insurance companies make their decision on offering you a new cover. Mostly your life insurance coverage will be capped anywhere between 20 to 25 times your annual income.