Compare & Buy Best Term Insurance Plan

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Term Insurance

Term Insurance is basically a traditional protection plan that offers the needful financial assistance to your family in case of your demise. It is the best way to secure your family against financial crisis.

Term Insurance is a kind of life insurance that covers life risks against any unforeseen situation. It's the best way of securing your family against any kind of financial crisis. With the small Investment, you can have huge Sum Insured. It helps your family by maintaining the dignity they deserve. It will be there to support your family during hard times and can also assist in living an independent life after you.Term insurance plans can cover the risk of death, disease & disability. With the same, family members of insured get desired financial security.

"Price is what you pay. Value is what you get." -Warren Buffet

Have you ever thought that what will your family do incase of your absence, demise or in a situation where you will not be able to earn for mainitaing the living standard. Term insurance is the perfect solution to fight against such unwanted contigencies.

We all are aware of the fact that life is uncertain but no matters what we would always wish to provide complete security.

With the help of an effective term insurance policy, your family would not have to ask for any external help in case of your (breadwinner) demise. It would be there to provide the needful financial support. Additionly, along with the protection features, there are a few policies which will be able to offer the maturity benefits but the premium of such plans will be higher as compare to basic term insurance policy.

Term insurance refers to be the most effective form of insurance when it comes to the security of your family in case of your absence. It allows you to get wider covearge by investing just Rs 10 per day. Under an effective term insurance plan, you will be able to add benefits for wider coverage with the help of available riders.

It is true that no amount can fulfill your place in your family but a financial assiatnce can easily help your family to live a healthylife and can easily meet their financial goals along with daily expenses.

In India , there are many companies that deals in term insurance plans.So, finding the best one is completely your call. You have to choose the right plan with the right sum assured which can easily go well with your needs. If you are not sure about the sum insured which will be enough for your family then you must go with the thumb rule which says that death benefit on your policy should equal seven to 10 times the amount of your annual salary. But it is always adivsable to keep the current lifestyle of your family in mind and the growing inflation rate as well.

PolicyX.com is a great platform which can help you in choosing the best term insurance plan according to your needs. It is offering free term insurance quotes through which it will be easy for you to compare term insurance plan from top insurance companies on the basis of features, benefits, premium, etc. The company is also providng a free online term insurance calculator through which you will be ale to get an estimate of the premium amount that you might have to pay for your term insurance policy.

You can customize it as per the amount of sum nsured and policy term. The algorithm in these online calculators can provide quotes from various Insurance companies simultaneously. It can help you in getting the best term isnurance policy out of all.

"We at PolicyX.com aims to assist our customers in choosing the best term insurance plan according to your needs."

You can always take an informed decision after comparing various players. On getting the free quotes from top insurance companies, it will become quite eaiser for you to get the best out of all.

There are many aspects of a Term Insurance plan that are imperative to understand. To choose the best plan according to your needs, it is important for you to first understand about your family requirements, and the amount which you will buy for their protection.

At the same time, you must be aware about all kinds of plans. Besides that, a quick survey of Term plans online is always beneficial. Make a decision after analyzing all the factors. Term Insurance is one of the basic and mandatory investments that a person should have.

People understand the importance of Term Insurance only when they face a financial crisis. That time they so very wish to reverse the death and get financial security. But unfortunately, it is not going to happen that's why it is always advisable to invest in a term insurance plan at a young age to get complete peace of mind.

The best thing one can do is staying protective and take suitable Term plan in advance. It not only covers the risk of life but assists in dealing with financial liabilities as well. You can get many add-on benefits as well. If you buy Term Insurance at a young age, you will always end up buying the best.

"A Term insurance riders can help you in getting wider coverage and additional privileges"- Naval Goel - CEO - Policyx

Why Is Term Insurance The Best Investment?

Term Insurance is a plan that offers wider coverage at an affordable price. It's recommended for everyone who is eligible to get it. You can invest a small amount as well.

There are lots of benefits that Term Insurance plans can offer. It will not be wrong to say that Term Insurance is not a luxury. Coming years as Lifespan will reduce, Life risk will increase, then people will understand its relevance even more. Smart people always make the decision before the storm. Before it's too late you must buy the appropriate Term Insurance Plan.

Some of the important benefits it offers are as follows:-

Family Security

"The Family is the center of life and it is the key to eternal happiness" - Tom Pery.

One of the most important parts of your life is your family. Have you ever thought what will happen to them if you no longer exist? Best way to exhibit your love towards them is buying them the gift of security. Term Insurance plan is a tool to ensure the security of your family. The cost of Term Insurance is negligible but the benefits are unparallel. First of all, it provide the needful financial assistance to your family in case of need.In case something happens to you, your beneficiary gets all the Sum Insured through which it will be easier for them to maintain their standard of living. You can decide the amount of Sum Insured as per your needs and savings. A term insurance plan doesnt cost high,it is affordable as a cup of coffee.

The cost of the premium also depends on the amount of Sum Insured besides other factors. It's good to take the coverage as per the current lifestyle that you have. This can assure to manage the mundane expenses of your family. Your beneficiary can take the claim in flexible ways as it is suitable. The beneficiary will get the death benefits in lump sum or combine it with equal monthly installment over the years.

There are many insurance plans that you can buy. It is advisable for you to invest in the same, after checking all the features and factors.Each plan carries some unique benefits that can easily go well with the different needs of buyers. You have to buy the one according to your needs.

Achieving Financial Milestone

We all have many goals that we aspire to achieve. These plans are applicable at various thresholds of life. The goals that we set also involves our family in a subtle way. Have you ever thought what will happen to these goals if you no longer exist to fulfil them? Good news is that you can still achieve your dreams set for your family in your absence. This can be possible with the help of Term plans.

Most of the goals need money to get fulfill, we can earn money to achieve only till we are alive. To secure the funds for our family after our demise Term Insurance is the only option.

You can buy a suitable plan through various platforms. The best part is even if we are alive till the policy term we are entitled for refund or other benefits. However, this facility will completely depend on the kind of plan we have chosen. We can always select the plan as per our financial aspirations. The Sum Insured should be set based on our financial goals and monthly earnings.

Tax savings as per Section 80C & 80D

Yes, this is an additional benefit of investing in a term isnurance plan. On buying a term insurance policy you will be liable to get tax benefits under section 80C. It is a combination of wider coverage and tax benefits. So, as it comes out with dual benefits, it is always a win win situation to invest in a term insurance policy.

Rider Benefits

Riders are add-on benefits that you get with these policies. They are the top-ups that provide add-on coverage. Riders cover all possible eventualities subject to the Term plans. Presence of various additional riders such as personal accident, waiver of premium, critical illness, etc will help at different stages of life. It is always advisable to add riders in your term insurance policy to get wider coverage and assistance against many unwanted contigencies.

There is no doubt in saying that hazards often come uninformed, with an effective term insurance and riders, you will be abe to cover almost all possible risk and can also offer finnacial assistance to your family to live a stable life after you.

When it comes to riders, it is important for you to not make any mistake in choosing the appropriate one. Examine your needs first and then choose accordingly. PolicyX.com can easily help you in the same.

Maximum gain with small Investment

Term Insurance plans are available at a very nominal amount. It may be as low as some hundreds or thousands per month. As compared to that the Sum Insured can be in lakhs and crores, it is generally 25 to 30 times more than our salary. In case of any eventuality that leads you towards death, the nominee and beneficiary will be liable to get death benefits. He/she have to inform the insurer and the rest will be taken care by the company itself. It is always adivisable for everyone that before buying any policy, go through terms and conditions of plans so that you will be aware that in which situation the claim will get approval or face rejections.

The best thing about a term insurance is the wider coverage and the presence of additional riders. Moreover, with the presence of a few exclusive term insurance plans that offers returns as well, it become the first choice of investors for investment.

Whatever little amount that you pay as a premium offers much more benefits than it's worth. The returns on Investments is way beyond our investment. In fact, it's that high that investment seems to be negligible.

Lesser Claim Rejection Ratio

Claim Settlement of Term Insurance is usually more than 90%. In very rare circumstances if the policy term is not adhered, the claims get rejected. It is always better to read the policy documents before buying any plan to avoid rejections. Often people are unaware of some clauses. As a result, there are great chances that their claims may be rejected. At the same time, one thing more that you should take care is that at the time of purchase, you should not hide anything from the insurer. This can become another reason for the rejection of the claim.

By staying aware and honest there is lesser chance of claim rejection.

Buying Flexibility

There are many channels from where you can buy Term Insurance plans. PolicyX.com is the right platform to buy term insurance plan. It will help you with free insurance quotes through which it will become quite easier for you to get the best one out of all at an afforadble price. The helpful customer care service will assist you at every stage.

A few reasons which makes the PolicyX- the right platform is affordable cost, easy buying process, less confusion, no spams, etc. Moreover, at PolicyX.com you will get deatiled information about all available term insurance plans which makes it easier to buy the best.

Ease of Payments

When it comes to payment, you can always choose the premium payment mode on your own according to your covenience. You can pay monthly, quarterly, half-yearly or annually

Many people prefer to pay the amount of Term Insurance monthly as it comes at a very nominal price. Payments can be easily made online. You can do it either through NEFT, Net banking, IMPS or wallet banking. Timely payment of policy is must to enjoy their benefits. For timely payment, we share reminders to all of our customers, so they would not face any problem in getting timely benefits.

Survival Benefits

Well, there must be a few policies only that will be able to offer returns or refunds of your premium. Not all term insurance plans are liable for this and those plans who offer such benefits will cost really high as compared to basic term insurance plans. However, these plans reimburse the entire premium that you have paid.You can avail benefits even if you survive after the policy term. Some Term Plans not only covers the risk of death but other life risks as well. The deadly disease, accidents, disability are other risks that need coverage as well. You can go for riders to get coverage against the same.

Variations of Term Plans as per our suitability

There are various kinds of Term plans that offers many different kinds of benefits. You must choose the plan as your current need. Many customized plans are easily available. Every person may have different requirements. You can always choose the plan that is most suitable for us. Variations come in two different ways. People often get confused about these differentials. You have a choice between Insurance companies and Term plans. Before buying and Term Insurance you can always compare them from online comparison websites.

Claims Benefit

The beneficiary can take the claim either in a lump sum or in monthly installment. The best thing about the term insurance plan is no matters what is the inflation rate, your premium will remain same. When it comes to claim settlement, it is very easy and simple. You have to inform the insurer about the demise and submit a few essential documents.After verification of documents given by beneficiary, the claim is processed.

Maturity benefits can only be taken after policy tenure. In other cases, it will be applicable as and when an event occurs. Here also it is based on what kind of coverage you have taken. If it's only for life than claim will be applicable if policyholder expires. But if other additional benefits are chosen than claim will arise in other situation as well. These situations can be either at the time of any critical illness or any disability as well. You must understand the policy document carefully before taking the claim. These way not only you will get the claims faster but you will be aware how much amount you should be getting.

Free Lookup Period

Free Lookup period is the time when you have an option of canceling our policy. At times you may not be sure about the policy. It happens when you buy Term Insurance in hurry. As a result, may many take wrong decisions. All Insurance companies allow a grace period of 15 to 30 days to change our your decision. You need to raise the request through the proper channel. You need to surrender original policy papers along with a few additional documents. 100% After a few nominal refund can be expected within a short period.

Eligibility For The Term Insurance Plan

Anyone having salary Rs 2 Lakhs and above is eligible to get the Term Insurance. Minimum age of Investment for same is at least 18 years with maximum age till 80 years. Minimum policy term ranges from 5 years to 40 years. The amount of the sum insured is directly proportional to your monthly Income or revenues. All these factors can always be customized as per the Term Insurance company. You can always check all these criteria online on any comparison sites. As an alternative, you can touch base with the customer care of these policies to clarify any doubts.

After checking our eligibility there are many other choices that you need to make. These options can vary between the types of policies to the amount of Sum Insured that you wish to secure. The price of the premium is decided by the Actuaries. Eligibility is mutually decided by IRDA and Insurance companies. It might be subject to periodic alternations.

Eligibility For The Term Insurance

For buying suitable Term Insurance Plan, IRDA has set some guidelines. It's beneficial for the Insurance Companies as well as policyholders. Parameters are set with some analysis. It helps in avoiding any defaulters, also assists in continuing the policies until the policy term. If anyone surrenders the policy before it's term then it will be a waste of money. All the efforts of the Insurance companies and the customers will be useless.

ELIGIBILITY CRITERIA IN DETAIL*

CRITERIA DETAILS
AGE 18 years - 70 years
MINIMUM INCOME Rs 2 lakhs
TERM OF POLICY 5 years to 40 years
AMOUNT OF SUM INSURED Rs. 25 crores (can be customized in special cases)
MATURITY AGE 80 years to 100 years

*Subject to guidelines by IRDA.

If you are professional earning above Rs. 2 Lakh than you can always choose the plan as per your goals. There are many customized plans that you can choose from. The best way to decide about the suitable plan is based on your financial requirements. You may choose the amount of Sum Insured as per your anticipated expenses. Later the claim can be taken in multiple ways. It can be taken as a lump sum or in monthly installments. You can stretch monthly installment for the period of 10 to 15 years till the age of the policy mentioned.

On an average people in India earns a gross salary of about Rs. 20,000 per month. So almost everyone can afford Term Insurance with ease. Considering the cost of the premium is so less so it should be taken on the priority. Benefits that you get against the payment is unparalleled. Along with other priorities of day to day life Term Insurance should also be the part of our expenses.

Terms & features Of Term Insurance Plans

  • Sum Insured

    Term plans can easily provide coverage till Rs. 25 Crores and more. They also offer a customized plan as per your financial needs Sum Insured is basically the amount that you the personget upon maturity. You can always choose the amount as per your requirements. Factors that are important in choosing the sum Insured are monthly Income and financial goals. Another important aspect is our current and anticipated expenses as per the Inflation. After deciding the amount of coverage, it's easy to calculate the premium using our term insurance calculator

  • Minimum Investment

    Starts at just Rs 10/day or lower in some Insurance Plans. With such a low price this is one of the cheapest Investment that can be expected. You just have to invest only 3 to 5 % of your earnings. The returns that you get are 25 to 30% more than the Investments. This is one of the Investment plans that can be taken at a very low cost. At the same time, there is guaranteed sum Insured at the time of the demise of the policyholder. Along with that, there are many additional benefits such as accidents and disability. So with minimum Investment, you can easily cover the risk of death, disease & disability.

  • Lifetime Cover

    There are many Insurance players that provide life cover till 100 years of age. Majority of the Insurance companies covers up to 75 years of age. Since an average lifespan of the person is 75 years so you can expect to get the complete coverage. In some of the term plans entire amount is refunded upon the maturity. This is in the context of the survival of the policyholder. You may choose to take an add-on in which even returns are granted along with the sum insured. Benefits can be availed only after the completion of Policy Term.

  • Policy Term

    Policy Term is the time till we have to pay the amount of premium. Normally it ranges from 5 to 40 years. You can always choose the term of policy based on our age. People who are young can choose a higher term of the policy. Whereas people who are little old can reduce the tenure of the policy. Younger you choose the Term Insurance, a lesser amount you may need to pay.

  • Tax Benefits

    Tax benefits are provided as per Section 80C etc. This can also help you in choosing the amount of the sum insured. To get the maximum Tax benefits you can also choose more amount of Sum Insured.

  • Exponential Sum Insured

    Sum Insured can be 25 times more than a monthly salary. It's kind of guaranteed return that you can expect. This amount can be claimed if anything happened to the policyholder. The situation can be death, disability or any critical illness. For taking additional benefits than death, you need to take the riders.

  • Fixed Return

    Even with less than 10% of investment through your salary, you can get the best returns. Sum Insured is the fixed amount that you get in case of any tragedy. you can get the Sum Insured in three situations, these are death, disease & disabilities.

  • Claim Benefit

    You can choose to take the claim amount in a lump sum or in monthly installment as suitable. In some plans, the monthly income increases at the rate of 4% every year. Most of the Insurance companies have got the flexibility of taking the claims. you can plan it as per the type of Insurance or financial goals as well.

  • Customised Riders

    These kinds of Term Insurance plans cover basic risk related to life i.e death. you get the entire amount of Sum Insured in case of any tragedy with the policyholder. The amount of premium in pure term plans are usually least. It covers the Insured as soon as you buy Term Plan.

Types Of Term Insurance Plans

Pure term plan

These kind of plans covers basic risk related to life i.e death. The nominee get the entire amount of Sum Insured in case of any tragedy with the policyholder. The amount of premium in pure term plans are usually least. It covers the Insured as soon as you buy Term Plan.

TROP (Term Return of Premium)

Best part of TROP plan is it assures maturity benefits. Even the policyholder can get the benefits. It's paid after the end of the policy period only. This policy turns out to be beneficial if the Insured survives after the term of the policy. In some plans, additional returns can also be expected. The premium may be little higher if you plan to take it with returns.

Convertible Term Insurance Plan

Covertible plans enable many add-ons on the existing Term Insurance plan that you may have. You can choose any plan as suitable. It can be any market linked plan as well. This is a good way of covering the life risks along with returns.

Single Life Term Insurance Plan

This is normal plan where only a single person is covered. Claimant gets the entire amount of Sum Insured if the policyholder is expired. However, there are many risks that can be clubbed as per this plan. But all of them will be related to the Insured who has been covered in the plan.

Joint Life Term Insurance Plan

A Joint Life Insurance plan can be either an endowment policy or a basic term plan, wherein two lives are covered instead of one. Joint Term Plan:In this type of joint life insurance, both individuals pay a single premium for a fixed period.

Increasing Term Insurance Plan

As per increasing Term Insurance plan, the premium and cover increase every year. This plan is launched keeping in mind growing rate of inflation. Usually, It keeps on increasing until it becomes 1.5 times of the original Sum Insured.

Decreasing Term Insurance Plan

In decreasing plan both the premium and the Sum Insured decreases with time. This kind of plan is usually issued by the banks to recover the loan. With decreasing interest amount, the risk of non-payment of loan can be managed.

Group Insurance

Group Insurance is suitable for the companies or institutes having more than 50 people. Large communities can also avail this kind of Insurance. The rate of premium in such kind of Insurance may vary every year. These kinds of plans are usually taken by the corporates or large institutes.

Online Term Insurance Plan

Online Term Insurance plans are the plans that can be bought online easily. Usually, the cost of the premium is less in these plans. They are also delivered faster than any other plans. Because of the Swiftness of this platform, it's preferred by many. It can be easily taken from any online comparion marketplaces. You will get multiple plans to choose from.

Offline Term Insurance Plan

Offline plans may be a little different from the online Insurance plans. Besides the rate of the premium, there may be many features that may vary completely in case of offline plans. Also, there may be few plans that might be available only offline. At times it might be a little tedious to take plans through them that's why people prefer online platforms.

What Are The Different Types Of Riders In Term Insurance?

Critical illness

Critical illness riders cover many illnesses that are deadly in nature. You can buy this rider anytime if you are prone to any such illness. Before taking the rider, you can always check the additional cost and decide accordingly.

Benefits of Critical Illness Riders

  • Covers more than 100 deadly diseases

  • Entire Hospitalalization expenses is covered

  • Comes at a very nominal cost

  • Guaranteed return of fixed percentage on Sum Insured

Permanent Disability

As per this rider, you are given the benefit of Sum Insured if the policyholder becomes disabled for any reason. Not only he gets complete coverage of the sum Insured but all the future premium are also waived off.

Benefits of Permanent Disability Rider

  • Waiving of all future premium

  • 100 Sum Insured granted

  • Available as top up with the least cost

  • Some Insurance Policies provide this as an inbuilt feature

Accidental Death

If this rider is taken than accidental death is covered as well. This can be clubbed with any kind of Insurance plan.

Benefits of Accidental Death Rider

  • Waiving of all future premium

  • 100 Sum Insured granted

  • Available as top up with the low cost

  • Some Insurance Policies provide this as an inbuilt feature

Cashless Treatment Rider

As per this rider complete cashless treatment is provided at the time of any illness. Before taking such riders you must inquire about the rate of premium that you need to pay.

Benefits of Cashless Treatment Rider

  • Access to the chain of cashless hospitals

  • Can use it as per a certain percentage of Sum Insured

  • Great Benefit with not much Investment

  • Convenience and offer great offers

Premium Waiver

As per this rider, all the future premiums are waived off. This is more suitable if you wish to discontinue premium payments after some time.

Benefits of Premium waiver Rider

  • you can choose the time when you wish to wave off your premium.

  • No effect on the Sum Insured.

  • Reduce the burden of paying the premium.

  • Just need to Invest on this rider to avail this benefit.

What All Documents You Need To Have To Get The Term Insurance Plan?

Proof of Income

Latest salary slips for 3 months or Income tax returns for the last 3 years. These documents are mandatory as you have certain criteria for Income of the person. After you submit the same they are verified and policy is issued immediately after that.

Forms for the Income Tax

Form 16 in case of salaried professionals and Form 16 A for self-employed or freelancers. This is an alternative if you are not able to submit the salary proofs.

Identity Proof

Aadhar Card is one of the mandatory document that needs to be submitted. It is one of the most valid Identity proof in India.

Income Tax Proof

Pan Card is must to show the proof for Income tax.

Birth Certificate

Birth Certificate is applicable if there is any mismatch in the date of birth in Aadhar or Pan card.

Image Proof

In order to authenticate the identity, one Passport size pic is mandatory.

Important Factors To Consider Before Buying A Term Insurance Plan

Cost of the premium

The Cost of premium plays an important role in the selection of the premium plan. You can select the same as per your financial goals. Different Insurance companies will have different term Insurance plans. The rate of premium is decided based on a couple of factors. Few of the important factors are like age, policy term, Sum Insured and type of Insurance plan.

You can easily get the idea of the amount of Premium cost by checking it online. These calculators are quite efficient & fast. All you need to do is enter the required details and you get the amount immediately. It's always prudential to check the same on the online comparison sites. As you can instantly check the quotes from various Insurance companies.

Claim Settlement ratio

Claim Settlement process also plays an important role in choosing the Term plan. You can always check the Term Insurance claim settlement ratio of different Insurance players. This is one of the Important parameters for the selecting Term Insurance Plan. Most of the Insurance companies settle 95% of the claims. However, some may have a better ratio.

Claims are declined because of lapse from the policyholder only. One of the common reason of claims rejection is hiding important details. Like if you smoke then you must reveal it at the time of buying the policy. This is because if the death happens because of smoking than it will not be covered in the claims. If the claims are rejected even after disclosing all important information and providing required documents than you can always reach Ombudsman for settlement.

Type of Plans

There are various plans to choose from. You can select the one as per your convenience. All these kinds of plans are made as per your requirements only. Before selecting the types of plans you can check all there features thoroughly and choose the one that is most suitable. Most of the Insurance companies have designed their products based on various types of plans.

Availability of the Riders

Riders play an equally important role in all forms of Term Plan. They cover additional Life risks other than the death. By paying little more amount of premium you are getting much more value. This also plays important role in choosing the Term plan. Before selecting the Term Insurance plan you must check their rider options as well.

Flexibility of Payments

Many Insurance companies offer flexible options for making the payments of the Insurance plans. you can consider that factor as well before choosing the Insurance plan for ourselves. Payment can be made either monthly, quarterly, bi-annually or yearly. Whatever period you may choose you must ensure to pay before the due date. Because if you miss that time than your policy may lapse.

Customer Care Services

PolicyX.com is providing great customercare service to cater each and every needs of their customers. We at PolicyX.com, comes out with solutions of every problem related to your insurance plan. The kind and generous team will be there to support you at each and every essential stage. Your personal information will be secure with us and w can assure you with that.

The swiftness of the process

You must check the speed of our process in resolving your queries and sharing policy's document. It will be a matter of few seconds and you will get it on your E-mail.From payment to delivery, all can happen within a fraction of seconds.

Free Lookup Period

You can always make your decision after checking the free lookup period pf these companies. Look period may vary between 15 to 30 days. You can always check the tenure and take your Insurance plan accordingly. Free Lookup period is important especially if you feel you have taken the term plan that is not suitable.

Parameters That Affect The Amount Of Premium

There are many factor that affects the calculation of the premium. Age, Income, Gender, Habits like smoking and many others, all affect the rate of premium drastically. you can take an example of 4 friends who want to take Term Insurance. Each of them differs in the age. They plan to take the coverage of around Rs. 75 lakhs. Term Plan that they selected will continue till 60 years.

Since all of them are of different age groups so the tenure of policy will also be different. Out of them 2 of them smokes others are non-smokers. Therefore the amount of premium will differ in all the cases. Based on all these parameters the rate of premium for all will vary. Same has been tabulated below. Also demonstrated with the graph.

Age Gender Sum Insured Smoker Policy Term Amount of Premium
22 years Male Rs. 75 Lakhs Yes 38 years Rs. 6,767
28 years Female Rs. 75 Lakhs No 32 years Rs. 4,684
37 years Female Rs. 75 Lakhs Yes 23 years Rs. 10,239
42 years Male Rs. 75 Lakhs No 18 years Rs. 11,537

How To Use Online Premium Calculator?

An online premium calculator can be easily used on any Insurance Website. PolicyX helps in showing the quotes of many Term plans. It is one of the most preferred channels. With the same, it will be quite easier for you to know the premium cost from various Insurance players. In order to get the rate of premium, you may need a few details as below.

Sno. Factors Affecting the Premium Cost
1. Age of the Insured
2. Annual Income of the Policyholder
3. Smoker or Non-Smoker
4. Date of Birth
5. Medical History
6. Tenure of Policy
7. Type of Insurance Policy
8. Riders Benefits
9. Features of Term Insurance
10. Add-Ons in the Term Insurance
11. Amount of Sum Insured

At times only a few details might be required to get the amount of the premium. you can always customize the plan by adding different variables. Few very important factors that affect the rate of premium are the age, gender and smoking habits. Besides, that other important criteria are the term of the policy and amount of Sum Insured. you can input all the variables and get the rate of premium instantly. you can input required variables to get the rate of premium. For online calculation the parameters that are required are limited.

Benefits Of Using Online Calculator

The rate of premium calculation

After knowing the rate of premium you can always take an informed decision. An online calculator can be easily used with the click of a mouse. You can check the amount for any of your family members or close relative as well. The rate of the premium is a major factor that can assist in choosing the suitable Term Insurance plans. Before taking the decision on Term plans first thing you must check is the amount that you need to incur for the same. It can be easily checked with the help of using Online calculators.

Comparison of various Insurance Players

It's prudential to cross-check features of all the Term Insurance players. Comparison of the features always gives a better idea of which company to select. Once you know the cost of all the Term Insurance products and players, the decision becomes quite easy. Take help of our free insurance quotes and get the best one today.

Though Online calculators are available on the Term Insurance companies as well. However one of the major drawback there is in order to check the premium of other companies you will have to separately visit them. In order to save time, you should always use the premium calculator on our website.

Instant availability of the Information

Using an online calculator can make information handier. As soon as you enter the details you get all the information on the same page. Time is money, you must always go for the plan that enables all the information within a short time. Information that you require to Input are like the age of the person, their contact details, monthly salary, city etc. As soon as you enter all these details you get the amount of premium annually and monthly as well.

Customised amount of Premium

Using an online calculator can make information handier. As soon as you enter the details you get all the information on the same page. Time is money, you must always go for the plan that enables all the information within a short time. Information that you require to Input are like the age of the person, their contact details, monthly salary, city etc. As soon as you enter all these details you get the amount of premium annually and monthly as well.

Quick decision making

Since you have all the information on the same page you can take better decisions. Informed decisions are always the best. you can always choose the Sum Insured and the policy term as per your goals. Once you decide about them selecting Term Insurance plan becomes much easier.

Avoids any kinds of confusion

After checking the premium through Online calculators, you can compare the quotes of various Term Insurance companies. Besides that, you can also compare their features. All these online comparisons can help us in making an informed and right decision.

No involvement of the brokers

Without the involvement of the broker, you can always take a quick decision. At times the brokers tend to upsell the Insurance plan. you must stay alert in case of such issues. Brokers or middlemen might make the process lengthy. Also, they may sell the products where they are getting better commissions.

Leading Term Insurance Plans

Tata Sampoorna i Raksha Term Plan

Tata Sampoortna i Raksha plan is a kind of Standard Term plan where the beneficiary can take the claim as per their choice. Either it can be taken as a lump sum amount or as a monthly Income for the period of 10 years. Like any Term plan, this plan offers tax advantage as per section 80c.

Tata Sampoorna Raksha should be chosen for the following reasons.

  • Many options to choose the claims. It can be either taken as a lump sum or can be clubbed with monthly installment.

  • Life Coverage upto 80 years.

  • Payment Term from 5 to 10 years

  • The nominal rate of premium for non-smokers and female lives.

Kotak e-term Term Plan

This plan offers multiple benefits of Sum Insured. 100% Sum Insured is paid in the case of a person's death. For accidental death as well 100% Sum Insured is granted. In the case of permanent disability along with the disbursement of the Sum Insured all future premiums are waived off as well.

The reason of Choosing Kotak e-term plan is as follows.

  • Cost of premium starts at just Rs.9 per day.

  • Complete Sum Insured in the case of accidents.

  • 100% claim settlement at the time of the death

  • Some percentage of claim amount can be taken at the death other can be taken as a monthly installment for 15 years.

  • Claim amount can be taken both as a lump sum and increasing installments at the rate of 10% for the period of 15 years.

Max Online Term Plan

Max Online Term Plan covers person covers upto 85 years of age. The Sum Insured can be taken in the lump sum or installments. Flexible payments options are also available.

Why shall you choose Max Online Term Plan?

  • One of the riders facilitates additional coverage of Life. You can add your spouse by paying nominal additional amount.

  • Assured Sum Insurance in case of accidental death.

  • The best part is to pay till the age of 60 years but get coverage till 85 years of age.

  • A dual option of taking claim as a lump sum and as a monthly Installment

Bharti Axa Life - Online Protect

Minimum Sum Insured as per this plan is Rs. 25 Lakhs. The term of policy ranges from 10 to 30 years. Free lookup period of upto 30 years is provided.

Benefits of choosing Bharti Axa Life - Online Protect is as follows.

  • Immediate grant of the sum of Rs. 1 lakh within 48 hours of documents submission at the time of the death of the policyholder.

  • For Sum Insured of more than Rs. 50,00,000 special requisitive for the non-smokers is provided.

  • Tax Benefits are applicable in this term plan as per the applicable law.

HDFC Click2 Protect Plan

This plan covers three important parameters of life risk. First is at the time of death, another is disease and third is the disability. It also got the flexibility of choosing the claim options. Can be either taken as a lump sum and as monthly installments.

Why shall you choose HDFC Click2 Protect Plan?

  • The flexibility of top-up of Sum Insured every year

  • Waiving of future premium at the time of an accident.

  • Lifetime risk coverage.

  • Increase coverage on important threshold like marriage, childbirth and likewise.

Aviva i Life total protect

It facilitates life cover of upto 80 years of age. The flexibility of enhancement of Sum Insured is provided as per this plan.

Thus Aviva i Life total protect should be chosen because of the following reasons.

  • An inbuilt feature of critical illness coverage.

  • 120% refund on the policy.

  • Accidental benefits with a great percentage of Sum Insured value.

ICICI Prudential iProtect Smart Plan

The amount of the premium starts with very less investment annually. The additional benefit of tax saving is also available. The person has an option of selecting the payment flexibility as well.

Reasons for choosing ICICI Prudential iProtect Smart Plan is as follows.

  • Almost 34 critical illnesses are included.

  • Even the diseases like AIDS are covered

  • Easy to buy, can get it within a day through an online platform.

  • With minimum payment lifetime, risk coverage is granted.

Aegon Religare iterm

Life coverage till 100 years of age is provided. 25% of return on Sum Insured is provided.

Why shall you choose Aegon Religare iterm Term Insurance Plan?

  • Very low monthly Investment

  • Life Coverage upto 100 years

  • Covers all risks from Life, disease & disability

PNB Met Life Mera Term Plan

This term plan helps in securing the family against any kind of lifetime risk of breadwinner. Easy option of increasing the life cover is available.

Benefits of PNB Met Life Mera Term Plan are as follows:-

  • Flexible options available for taking the claims

  • Lifetime coverage till 99 years

  • The benefit of spouse coverage within the same plan

LIC e-term Plan

Free lookup period of 30 days included in the same. Besides that, the claimant has the choice to take the amount as a lump sum or in installments.

Reasons you must select LIC e-term Plan are as follows.

  • People with 85 years of age can also buy this plan

  • No pre-medical examination required to buy this policy

  • Easy flexible options of payments are available

Various Channels Of Buying Term Insurance Plans

There are many ways by which Term Insurance can be bought. The method of purchase is further bifurcated in the Online or offline method. Any platform can be chosen as per the convenience of the buyer. However, it is prudential to pick up the plan after understanding each and every plan thoroughly. The sensible decision can be taken only with the right Information available online.

Sno. How to buy Term Insurance Plan?
1. Online Comparison Website/Web Aggregator
2. Website of the Insurance company
3. Toll-Free numbers
4. E-mails
5. Distribution Networks
6. Insurance Advisors
7. Visiting Insurance Companies
8. Customer Care
  • Online Comparison Website

    Online comparison sites also called web aggregator can also help you buy best Term Insurance plans. At the Policyx focus of your team is to provide all the required information related to the Term plans. your core objective is to facilitate you with the best online comparison and choose the best plan.

  • Insurance Websites

    Once you decide about any policy you may choose to buy from that company website itself. However, it's advisable to purchase it from the Insurance marketplace only. Not only you get the better price but faster delivery too. Besides that their customer care ensures the best experience by providing the required support.

  • Toll-Free Numbers

    Toll-free numbers are always there to support with any doubts. It addresses all the query related to Insurance policies. All sites got toll-free numbers. However, if you contact Online comparison sites toll-free numbers than you can get information about many Insurance companies. Usually, toll-free numbers are Instant voice responses (IVR).

  • Contact through the E-mail

    If you don't wish to connect verbally than you can also buy term plan through an e-mail. The response is quite prompt. Eventually, it can assist you in buying the policy online quickly.

  • Distribution Networks

    There are many distribution channels that these Term Insurance firms may have tie up with. Most common out of all are the banking networks. you can buy from that network as well.

  • Insurance Advisors

    There are many Insurance Managers who are associated with these companies as a freelancer or on the commission basis. They can be the ones in your trusted circle as well. If you have a comfort level with them, can approach them to buy the policy. However, they may try to cross-sell the policy because they get a higher commission for some plans.

    It is imperative to visit the Online comparison site before buying the plans from these advisors. After staying aware you can always choose the plan as per your requirements rather than Insurance advisors.

  • Customer Care

    By contacting customer care numbers directly you can share your specific Term plan need. By their assistance, you can buy it with ease as well.

Why Are Online Comparison Sites The Best Platform To Buy Term Insurance?

Comparison of leading Term Insurance plans & players.

By using online comparison sites you can assess features of various Insurance companies on the same platform. From a quick comparison of premium to any other features, these Insurance web aggregator has it all. Before buying the Term Insurance plan you can use their online premium calculator. As soon as you enter the required details you get an immediate amount from various Insurance companies. This can assist in making the right decision. You can analyze your needs and buy the plan accordingly.

The lesser amount of premium

Since there are no middlemen involved in the entire process the cost of online term plans are less. There are many other overheads cost saved as well such as the cost of office, commission to the middlemen and distribution channels etc. All these savings assist in facilitation Term Insurance plans at a lesser price. Furthermore, you can use the online premium calculator to do a quick comparison. It can help in choosing a suitable Term Insurance plan as per your need

Faster Delivery

Online process of buying an Insurance Plan is quite automated. As soon as you enter the required details and make the payments, you can get the Insurance documents in your Inbox. As soon as you submit the documents and make the payments policy documents comes in your Inbox. Payments can be easily done through online bank transfers or wallet payments. These online payments are secure as well.

All data available online

Whatever documents you submit and any other further details related to your policy is available online. you can access it anywhere anytime. Once you buy the policy unique online access is provided. You can check all your details there.

Quick resolution of queries

All the information related to Term Insurance plans is available freely on the Online Comparison websites. The data published in thoroughly researched and accurate. It's designed to resolve all the possible query of the users planning to buy Term Insurance plan online.

Automated Process

From the calculation of the premium to making payment of premium everything is automated and made convenient for the users. The entire online process is quite systematic and automated in all sense.

Myths Associated With Buying Online Term Insurance Plan

Myth #1 Online Policy can be taken by people who are Tech Savvy only.

Fact Buying online policy is more convenient than buying it through any other platform. It's not at all rocket science to purchase it online. Neither you need to have a technology background. You just need to know how to use the internet.

Myth #2 Purchasing Online Policy is not secure.

Fact All the sites selling online plans are IRDA approved. They are completely safe and secure. They are registered and got a special approval for selling the policies online.

Myth #3 There is no one to assist online.

Fact you can always reach on the toll-free numbers available online. An instant response can always be expected.

Myth #4 After buying the policy there's no chance to cancel it.

Fact you are always provided a grace period of 30 days. During this period it can be canceled without any deduction.

Myth #5 Buying the policy online may have higher chances of claim rejection

Fact Site that sells the Insurance policy are authorized to do so as per the guidelines of IRDA. There are no chances of the claim rejection unless something is not adhered, as per the policy guidelines.

How Can PolicyX Help You In Choosing The Best Plan?

Policyx is the web aggregator that intents to assist you with the best possible Term Insurance plans. It's an online comparison site that ensures to provide all the details related to Term Insurance companies on a single platform. It covers almost all the parameters of the Insurance.

Can Death be reversed? Of course not but your dreams can be. All your financial aspirations can be achieved by the Term Plan. With some of the best Insurance agents, Policyx provides a customized portfolio as per your needs and requirements. All the experts are certified by IRDA. They can assist you with any kind of Insurance related query. All of them are chosen with due diligence after rigorous analysis from all perspectives. Issuance team that you have are proactively engaged in giving you the best customer experience. From documentation to any other further assistance they are always on their toes to serve you in the best possible way.

"To encash maximum benefit of Term Insurance plan start young" - Srishti, content contributor-PolicyX

Policyx Online Comparison Methodology

PolicyX believes in the transparency of all the information. They ensure to provide all sort of data related to the Insurance. These details are freely available on your website. You are also actively engaged in publishing blog articles time and again to keep you updated with latest details in Insurance. Your forte lies in assisting you in an online comparison of various Insurance players and assist in choosing the best Term plan. Your algorithm is designed in a way that can enable quick quotes from leading Insurance companies.

You have a specialized online premium calculator to assist you in providing the amount of the premium from leading Insurance players. After checking the premium details it's easy to decide about the appropriate Term Insurance plan. There are other factors as well that help in selecting the suitable Term plans. Some of them are like the term of the policy, rider benefits, and other add-ons. Policyx endeavour is always to assist you in taking an Informed decision related to buying any kind of Term Insurance plan.

Best Term Insurance Plans in India

Term Plan Types Age Criteria(Min-Max) Term of Policy Maturity age in years Minimum Sum Insured* Monthly amount of Premium years - Life Cover - Rs. 1 crore* Approx. Percentage of Claims Settlement
Tata Sampoorna i Raksha 18-70 years 10 to 40 years 80 years Rs. 50 Lakhs Rs. 865 96%
Kotak eterm 18-65 years 10 to 40 years 75 years Rs. 25 Lakhs Rs. 872 91%
Max Online Term Plan 18-60 years 10 to 35 years 70 years Rs. 25 Lakhs Rs. 893 98%
Bharti Axa Life - Online Protect 18-65 years 10 to 30 years 85 years Rs. 25 Lakhs Rs. 992 92%
HDFC Click2 Protect Plan 18-65 years 10 to 40 years 75 years Rs. 25 Lakhs Rs. 1073 98%
Aviva i Life total protect 18-55 years 10 to 35 years 75 years Rs. 50 Lakhs Rs. 1114 91%
ICICI Prudential iProtect Smart Plan 18-65 years 5 to 40 years 75 years Subject to Minimum Premium Rs. 1238 97%
Aegon Religare iterm 18-65 years 5 to 40 years 100 years Rs. 25 Lakhs Rs. 1286 97%
Aegon Religare iterm 18-65 years 10 to 40 years 99 years Rs. 10 Lakhs Rs. 1401 91%
LIC eterm Plan 18-60 years 10 to 35 years 75 years Rs. 25 Lakhs Rs. 1571 98%

* Details are subject to change as per the discretion of IRDA and Term Insurance firm.

How Is Term Insurance Better Than Other Investment Plans?

  • Least Investment

    Term Insurance involves minimum investment with maximum advantage. The amount of Insurance can be as low as Rs. 10 per day. you hardly need to Invest 2-3 % of your salary. As compared the returns that you get are many times more than what you pay. If you consider any other plans like Life Insurance and ULIPS than there's no limit on the Investment. And the returns are always linked to the market.

    Though In life Insurance plans, some part of the Investment is linked to the market. In case of ULIP complete plan is market-based. Unless you make huge Investment you can't expect any benefits. Also because of approximate or no guarantee of returns, other plans may be little risky to Invest.

  • Faster Claim Settlement

    Claims can be taken at many events. After submission of the documents settlement of the claims is quite fast. Your beneficiary can apply for the claim at the time of your demise. Alternatively, it can be taken against any rider as well. The process is very simple as Sum Insured is fixed. All you should care about is the documentation process. After the submission of the required documents, you can get the claims within no time.

  • Additional Security

    After an online comparison of the Term plans, you can choose the one that is most suitable to your needs. Once you buy term Insurance plan you can lead a stress-free life. As one of the most important concerns of your life i.e. family security is covered. Infact, you can cover any and every kind of risk with the help of these Term Insurance Plans. Usually, the risk that you may face can be related to death, permanent disability or any kind of deadly diseases. Variety of Term Insurance products covers all of them. Also, there are many riders that cover additional risks as well.

  • No dependency on the Market

    In Term Insurance usually, sum Insurance is a fixed amount. As soon as anything happens to the policyholder their beneficiary can take complete amount without any dependency on the market. So more or less you can surely say there is an availability of the guaranteed amount if the life of the Insured ceases. This assurance is applicable for any kind of Term insurance Plan. There is no connection between this plan with Market uncertainty.

  • Guaranteed Return

    Since it's not dependent on the market you can surely get some returns that are fixed. In some term plans, Insured can get the entire refund after the policy term. You can always plan the sum insured in advance and take the plan accordingly. The amount of premium that you will need to pay will be completely based on the amount of sum insured that you need to pay.

BENEFITS TERM PLAN ULIP LIFE INSURANCE
Amount of Premium Least Market Linked As per the returns
Nature of Investment Guaranteed Sum Insured Completely based on the market Traditional plan
Claim Settlement Ratio Best NA Good
Riders Multiple options NA Limited, more focussed on returns on maturity

"Even the celebrity couldn't control the death, can a layman do? But of course, it can be managed through the Term plan" - Naval Goel - CEO- PolicyX

How To Get The Claim In Term Insurance Plans?

Incase of the demise of the policyholder nominee should share certain documents with the Insurance company. Documents will vary in different scenarios. Based on the situation, various cases have been bifurcated below.

Case #1 - Natural Death

Incase of such deaths documents that need to be submitted are as follows.

  • Policy document in original

  • Claim form as issued by the Insurance company

  • Application from the claimant

  • Any other documents required by the Insurance company

Case #2 - Accidental Death

In the case of an accidental death, the process is completely different. Documents that you need to submit are.

  • Post Morterm report of the accident

  • FIR report of the police

  • Investigation report from the police

  • Statement of attending doctor or certificate of Medical attendance

Case # 3 - Death due to Sickness

If the patient is sick since long and dies because of some illness than documentation process might be slightly different. They can take the claim only if they have taken a critical illness rider.

Documents that you need to submit in such cases are as follows.

  • Discharge Summary from the hospital in the original

  • Supporting Medical reports

  • Claim form as issued by the Insurance company

  • Application from the claimant

  • Any other documents required by the Insurance company

Case #4 - Death due to any other reason

If the Insured dies because of any other reason such as natural calamity or terrorist attacks than also he will be covered. Documents that he needs to submit in such cases will be

  • Proof of reason of death, Incase of natural claimity the proof of his name in the death list should be included

  • Claim form from the Insurance Company

  • Detailed application from the claimant

Case #5 - If claimant also dies along with Insured

In such cases, the legal heir of the claimant becomes the beneficiary. The legal heir can get the benefits only after attaining the age of 18. But his guardian must inform the Insurance companies immediately. It may be possible the amount may be transferred with the locking until he becomes an adult. However, age criteria may depend completely on the provisions of the Insurance companies or IRDA.

Case #6 - If the nominee dies before the policyholder.

When nominee dies before the policyholder than it's the responsibility of Insured to nominate other beneficiaries. If you have taken any plan and your beneficiary passed away then you must change the details at the earliest. This can be done either online or by informing the customer care.

Term Insurance FAQs

1. How much premium person with age of 25 years with Sum Insured of Rs 1 Crore needs to pay annually?

In order to calculate the correct amount of premium, you may need some additional Information. These details can be the gender of the person, their age, smoking habits etc. The term of the policy & Sum Insured also affects the rate of premium. All these details help in calculating the amount of premium online.

Below is the quote from one of the Insurance companies. Policy Term is 30 years in the example below. The amount may vary periodically and differ across companies.

Age Smoker Gender Sum Insured Amount of Premium Annually
25 years No Male Rs. 1 crore Rs. 6,521
25 years No Female Rs. 1 crore Rs. 5,529
25 years Yes Male Rs. 1 crore Rs. 9223

2. What is the minimum rate of premium that you need to pay?

The minimum rate of premium can go to as low as Rs.10 per day. However, the exact amount depends on the kind of plan that you have chosen. There are a lot of factors that determine the rate of premium.

3. Can a person at the age of 80 years get the premium?

Yes, there are many Insurance Companies that covers age upto 100 years. you can always check the coverage of various Insurance companies and take the Term plan accordingly. All you need to do is pay the premium till the policy tenure. The coverage for the lifetime is provided by many Insurance companies.

4. How can you apply for the Claim?

you can apply for the claim after the submission of required documents. you must be clear what documents need to be submitted and in what situation. There is a time limit to the same which you must adhere to as well. Within that time you need to submit all the documents to the concerned address. These documents may differ from one Term Insurance plan to other.

5. Whom shall you contact if your claim gets rejected?

Even after submitting all the document and adhering to the policy document if the claim gets rejected then it's a matter of great concern. You can get in touch with the Insurance Manager in such situations. If he can't assist then you can escalate to the Ombudsman. Usually, they announce the decision as per the guidelines of IRDA.

6. What should be the minimum qualification of the person for buying the Term Insurance Plan?

Usually, most of the Insurance companies cover people who are atleast 12th pass. There are few companies that even covers people who are 10th pass. However, many Term Insurance companies are quite stringent on education criteria. They have fixed minimum qualification as graduate only.

This is done to assure the person who is taking the policy should be educated enough to read terms and conditions properly. If the person is not educated enough they are anticipated to have a comprehension issue. There may be chances that they overlook important details related to the policy. As a result claim rejection ration may increase. Hence for the benefit of Insured & insuree education criteria has been decided

7. What is the minimum salary you should have before buying any term plan?

Usually, the minimum monthly Income that you need to have in order to buy the policy is Rs 2 lakhs. This amount is decided as per the discretion of the IRDA. It might be subject to timely changes. As of now, a person needs to have a minimum salary of at least Rs. 2 lakh to buy any policy.

8. What if there's a mismatch of the date of birth in Aadhar card & Pan card?

In such cases, you need to submit the birth certificate as a proof of document. you can also submit 10th class marksheet as a substitute, many companies accept it with ease. Best thing to do is submit the actual birth certificate that is easily accepted by all the Insurance companies.

9. What are the consequences if you furnish incorrect information to the Insurer?

If you provide incorrect information to the Insurer that there are higher chances that your claim may get rejected. Such cases are common with the people who smoke but don't declare in the policy document.

10. Within how much time you can get the Term Insurance Plan?

If you are buying Term Insurance through an online channel than you may receive it immediately. However, if the plan is taken through another channel then it may be delivered within a week's time. Delivery is also subject to the submission of your documents. As soon you submit the required details the process of delivery is initiated.

11. What Term plan shall you choose?

There are many plans in the market you should take the plan as per your requirements only. All plans come with one or other features. you must check all the details carefully before selecting the plan.

12. How do you select the best Term Plan?

you can select the best plan by visiting various online comparison sites. you can compare the features of various policies and chose the suitable plan accordingly. It is also advisable to check each and every detail carefully. If you miss any information than chances of your claim rejection might be higher.

13. What riders shall you select for ourselves?

There are many riders available in the market. However, it's not necessary to choose all the riders. You can always buy the one that is most suitable for your needs. you can take critical illness rider if you are vulnerable to any of the deadly disease. Likewise, you can take accidental rider if you are more prone to the same.

14. How can you take claims against the riders?

The Claims for the riders can be taken in more or less the same way you take against the policy. The required documents need to be submitted as and when required.

15.From where shall you take Term Insurance Plan?

While selecting a Term Insurance plan you must check all the important factors that are important in choosing the policy. Best way to select suitable Term Insurance plan is to do a quick online comparison on the web aggregator. Best way to buy Term Plan is through the insurance e-commerce websites.

16. Shall you make your decision for Term Insurance premium based on the cost of the premium only?

The cost of premium plays an important role in choosing the Insurance. However, this is not the only factor that impacts the decision of buying Term Insurance. you need to consider the factors like features, claim settlement ratio etc before buying suitable Term Plan.

17. What is the Free Lookup period and what's its duration?

Free Look period is a grace period that is provided to cancel your policy. Usually, it's tenure varies between 15 to 30 days. If you decide to surrender your policy within this time frame than the entire premium amount is refunded.

18. Can online premium calculator give us the accurate amount?

Yes, the amount of the premium is usually correct. However, if you plan to take additional add-ons than it will differ.

19. What if I want to change any of my KYC details in existing Term Plan?

As soon as there are any changes in the personal details like phone number or email you must inform the Insurance companies immediately. It can also be conveniently done online. All you have to do is log in to the portal.

20.Why you must have a Term Insurance plan?

ITerm Insurance is one of the basic investment that you must have. It costs even less than per day cost of the tea. With dirt cheap price you get so many benefits. Besides covering the risk of life you are also getting the benefit of Tax savings. It's an additional security and best gift that you can give to your family.

21. What is the best way to buy the Term Insurance plan?

There are many channels available to buy the Insurance plan. It is usually recommended to buy online because the delivery is faster. Online Insurance is also cheaper as compared to other platforms.

22. Can you cancel your Insurance Policy after the Free Lookup period?

you may choose to surrender or cancel the policy anytime. But it's not recommended as you may not get any refund. Besides money, it will also be waste of time.

23. What will happen if you miss to may premium on time?

Usually, all the Insurance companies give the reminders 15 to 30 days before the due date of premium. But if you still miss it then further grace period of 30 days is provided. If you still miss than also than your policy might get terminated altogether.

24. How can Online comparison help in choosing the best plan?

Whenever you buy something you will always choose the things after comparing and doing the required analysis. Same is applicable for the Term Insurance products. Evolution of E-Commerce firms has made life quite easy. Online Comparison websites bring all the Insurance players on one platform. This can help in quick comparative analysis and hence choosing the best plan.

25. Is it secure to make the payment online?

All these comparison sites are IRDA approved. Their payments channels are quite secure. It's as good as making any other online payments. So it's completely safe to make the payments online. Rather it got lots of advantages. The process becomes quite fast and smooth as compared to other channels.

26. Why PolicyX is the best online Insurance Comparison Site?

PolicyX works with a team of experts to provide you with the best advice. your mission is to help you in taking the best buying decision after comparing across the Term Insurance Industry. you can assist you throughout the process of buying the plan. From educating you about various plans to assisting you in buying the best, you operate 24*7. All your processes are quite organized and automated for the convenience of its users.

Term Insurance - Customer Reviews

Mukesh, Ahmedabad
- Reviewed On 22-04-2018
"Mukesh, Ahmedabad"

Good

mahendra, Rudrapur
- Reviewed On 08-02-2018
"ease of purchase"

Purchasing life insurance has been made easy by policyx.com

Amar Gupta, Mumbai
- Reviewed On 04-02-2018
"good site"

Good site

Rakesh Kumar, Ambala
- Reviewed On 02-02-2018
"Canara HSBC OBC i-select"

Canara HSBC OBC i-select plan is a plan which fits my requirement and has discounted premium also

Lovely Sing, Gurgaon
- Reviewed On 29-01-2018
"Good Plan layout"

This site has detailed information about every plan and insurance company there is. It is a good effort

Sanyam, Gurgaon
- Reviewed On 01-02-2018
"Claim setllement"

Policyx is good site, they helped me in claim setllement also for the life insurance policy I brought from them

Situ Tiberwal, Jaipur
- Reviewed On 31-01-2018
"HDFC click 2 protect 3D plan"

I have HDFC Click 2 protect plan which covers uncertainities like- Death, Disease and Disability. It's a good comprehensive plan and fits your budget

Surabhi Sharma, Meerut
- Reviewed On 29-01-2018
"good"

This site helps you in making a decision as to which plan to buy and offers many options as well

Bhawna Prasad, Pune
- Reviewed On 28-01-2018
"Supportive"

I was in a need of good term plan from the purpose of investment. I called policyx represntative and was offered all the information I required and they also hepled in buying the plan

Nayan Sindhwal, Agra
- Reviewed On 26-01-2018
"Informative"

One can know all the information about any life insurance plan from this site. They have all the company information

Omakr Rana, Delhi
- Reviewed On 23-01-2018
"Max Life Online Term Plan"

I purchased Max online Term Plan from policyX.com. The plan is really good and serves the purpose

Yunis Khan, Other
- Reviewed On 03-12-2017
"Good"

Life insurance is must for everyone today. I got a good deal from policyx.com

123456

Aggregate Rating for Term Insurance   [ 66  ]

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