Term Insurance Plans
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Term Insurance - What is it?

Term insurance is a type of life insurance policy which offers financial coverage to your family in case of your death, disease or disability. It is one of the few investment options in the market that offer a high sum assured at very low premiums.

Why Is It Important To Invest In Term Insurance?

With the frequency of accidents and diseases increasing per day, your plan of living a long life may seem far fetched. That means, if you die, your family must have a financial backup to take care of their needs. That's why investment experts in the industry suggest investing in a term insurance plan and that too at a young age. Term insurance will help your family to live a stable life even after your demise. It will provide much needed financial support to meet their daily expenses and fulfil their long-term goals as well.

Life Insurance Required

Best Term Insurance Plans In India

Sr. No.Company NameTerm Insurance PlansPolicy Term (years)Coverage (years)Minimum Sum Assured (Rs.)Claim Settlement Ratio 2018-19*
1.ICICI PrudentialICICI Prudential iProtect Smart Term Plan18-6585, 9950 Lakhs98.58%
2.Max LifeMax Life Online Term Plan Plus18-608525 Lakhs99.22%
3.HDFC LifeHDFC Click 2 Protect 3D Plus Term Plan18,25-6575, 85, whole of life10 lakhs99.07%
4.LICLIC Tech Term18-658050 Lakhs97.79%

Table Data updated on 13-07-2020

*We have also prepared a list of the top 6 term insurance plans in India 2020.

Table Data updated on 13-07-2020

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What Are The Types Of Term Insurance Plans?

Level Term Plan

It is the simplest plan of the lot. Here you will see zero change in the sum assured (through the policy) and the nominee will reap the benefits once the insured is dead.

TROP (Term Return of Premium)

The best part of the TROP plan is it assures maturity benefits. This policy turns out to be beneficial if the insured survives after the term of the policy.

Increasing Term Insurance Plan

Here the sum assured will increase every year. This plan is launched keeping in mind the growing rate of inflation.

Decreasing Term Insurance Plan

Here the sum assured will decrease with time. This plan is usually issued by banks to recover the loan.

Convertible Term Insurance Plan

Convertible 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 a market-linked plan as well. This is a good way of covering life risks along with returns.

What Riders Are Available Under Term Insurance?

You will get a few rider options such as a premium waiver, accidental death cover etc which you can avail with your term insurance policy at the expense of an extra premium. A brief explanation of such riders is given below-

Critical illness Rider

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 Rider:

  • Covers more than 100 deadly diseases.
  • Entire Hospitalization expenses are covered.

Permanent Disability Rider

As per this rider, you are given the benefit of the sum assured if the policyholder becomes disabled for any reason. Not only does he get complete coverage of the sum assured but all the future premiums are also waived off.

Benefits of Permanent Disability Rider:

  • Waiving off all future premium.
  • 100% sum assured granted.

Accidental Death Rider

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

Benefits of Accidental Death Rider:

  • Waiving off all future premium.
  • Some insurance policies provide this as an inbuilt feature.

Cashless Treatment Rider

Here complete cashless treatment is provided at the time of any illness.

Benefits of Cashless Treatment Rider:

  • Access to the chain of cashless hospitals.
  • Great benefits with not much Investment.

Premium Waiver Rider

As per this rider, all the future premiums are waived off if the policyholder is disabled, critically ill or dead.

Benefits of Premium Waiver Rider:

  • No financial burden to pay the premium.
  • No effect on the sum assured.

What Are The Key Features & Benefits Of Term Insurance?

Lifetime Cover

The majority of the insurers will offer the coverage till 75 years (as it is the average age of a person). There are a few life insurance companies which provide coverage for 100 years as well. So, if you buy a term plan at an early age, you and your family can enjoy its benefits for a long time.

Free Lookup Period

At times, you may not be sure about the policy. It happens when you buy Term Insurance in a hurry. As a result, many people make the wrong decisions. All insurance companies allow a grace period of 15 to 30 days to change your decision. If you are unhappy with the policy, you can return the original policy documents (in that duration) to cancel the policy.

Ease of Payments

When it comes to payment, you can always choose the premium payment mode on your own according to your convenience. 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.

Tax saving

Yes, this is an additional benefit of investing in a term insurance plan. On buying a Term Insurance policy, you will be liable to get tax benefits as per Section 80C of the Income Tax Act, 1961.

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 assured can be in lakhs and crores (depending on the customization of policy options).

Buying Flexibility

There are two channels from where you can buy Term Insurance plans- offline and online. You can physically visit the branch office of your selected provider to purchase your policy or you can approach the most convenient online channel- PolicyX.com. We provide a customized portfolio as per your needs and requirements. We have a dedicated team to assist you with all your queries. From documentation to any other further assistance, they are always on their toes to serve you in the best possible way.

Why Should You Buy Term Insurance Online?

Fast Delivery: As soon as you enter the required details and make the payment, you will get the policy documents in your Inbox.

Online Availability: Yes, you don't have to beg your insurance provider and wait for days to get your hands on the duplicate copy of your policy documents. Thanks to digitalization, you can access your details and documents with a click on a button. For example, if you have bought a term plan from PolicyX.com, you can check your details by logging into your account.

Automated Results: You don't have to browse the internet like a crazy person to get the details of the policy. From comparing several insurance providers to premium calculation, everything is done on a single web page.

Less Premium: Since there are no middlemen involved in the entire process, the cost of online term plans is less. Many other overhead costs such as the cost of office, commission to the middlemen and distribution channels, etc are saved as well.

Reminders: Not everyone is blessed with a good memory. That's why we prefer to have a 'reminder system' onboard. If you are a customer of PolicyX.com, you will get regular reminders to renew your term insurance policy to avoid lapsation.

Term Life Insurance Plans By The Government Of India

The Central Government of India offers certain term insurance schemes, by way of which policyholders can safeguard their dependents financially. Let's have a look at them.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance policy that can be renewed on an annual basis by policyholders.

Key Features:

  • This policy offers a life cover of Rs. 2 lakh.
  • The premium charged for this plan is Rs. 330 per annum.
  • Policy buyers are not required to undergo a medical examination to purchase this policy.
  • Individuals between 18 years and 50 years can purchase this policy.
  • Tax benefits can be availed as per the prevailing tax laws.

Aam Aadmi Bima Yojana

The Aam Aadmi Bima Yojana was formed as a merger of two social security schemes, namely the Aam Aadmi Bima Yojana and the Janashree Bima Yojana, which previously existed.

Key Features:

  • To subscribe to this scheme, members need to be between 18 years and 59 years.
  • The initial premium that will be charged for this scheme is Rs. 200, out of which 50% of the premium amount will be subsidized from the Social Security Fund.
  • In case of the untimely death of the policyholder, the nominee will receive Rs. 30,000 as the death benefit.
  • This scheme also provides accidental death/disability benefits and a scholarship benefit.

What All Documents Are Required To Buy A Term Insurance Plan?

  1. Last 3 months salary slips or Income tax returns for the last 3 years.
  2. Form 16 in case of salaried professionals and Form 16 A for self-employed or freelancers.
  3. One passport size photo.
  4. Identity proof such as Aadhar card, Pan card, Driving license etc.

How Early Should You Buy A Term Insurance Plan?

The basic idea of term insurance is to offer financial coverage to the claimant in return for a premium amount which is directly linked with the age of the policyholder. That means, the older you opt for a term plan, the higher premium you have to pay. Let's understand this statement with the help of an example.

Mayank (30 years old) is planning to buy a term insurance plan with the coverage of Rs.1 crore (till 65 years of age).

AgeMaturity AgePolicy TermAnnual Premium (Rs.)*
30 years65 years35 years9,363
35 years70 years35 years13,139
40 years75 years35 years19,056

Table Data updated on 13-07-2020

*This premium is provided by ICICI Prudential.

Table Data updated on 13-07-2020

As per the above table, it is safe to say that Mayank should consider buying a term plan at 30 years of age as he would have to shell out less premium. If he buys term insurance at the age of 35/40 years, he will have to pay extra premium.

How Can You Buy Term Insurance From PolicyX.com?

PolicyX.com has designed a simple process to buy term insurance. Here are the steps-

  • Scroll-up to the top of the page and fill the form.
  • Enter the required details and click on 'Proceed'.
  • All the insurance details offered by different insurance providers will pop on your mobile/laptop/PC screen.
  • Select a suitable plan and click on the 'Buy' tab.
  • Make the payment and you will receive the soft copy of your policy on your registered email id.

What Is Not Covered In Term Insurance?

Just like every other thing in the market, term insurance comes with a (*) sign- exclusions. Let's view it.

Death due to the following reasons are not covered-

  1. Consumption of drugs/liquor
  2. Pre-existing diseases
  3. Complication due to pregnancy/childbirth
  4. Act of criminal nature
  5. Suicide (within 1 year of issuance of the policy)
  6. War or involved in a hazardous activity

How Much Term Insurance Cover Is Sufficient For You?

After you decide to purchase term insurance, the next question that comes in your mind is- how much coverage is sufficient for you? If we listen to the industry experts, a term cover must be 15-20 times of your annual income. For example, if your annual income is Rs.5 lakhs, your choice of minimum cover should be Rs.75 lakhs-1 crore.

How To Get A Successful Claim In Term Insurance?

In case of the demise of the policyholder, the nominee should inform the insurance company and share the required documents with them. Documents will vary in different scenarios. Based on the situation, various cases have been bifurcated below-

Case 1: Natural Death

  • 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

  • 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

  • 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

  • Proof of reason of death in case of natural calamity- the evidence of his name in the death list should be included.
  • Claim form issued by the insurance company.
  • Detailed application from the claimant.

Case 5: If Nominee 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 immediately inform the insurance company. It may be possible that 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 a nominee dies before the policyholder, it's the responsibility of the insured to nominate other beneficiaries. If you have taken any plan and your beneficiary passes away, then you must change the details at the earliest. This can be done either online or by informing the customer care.

Note: Once the insurance provider accepts the claim, it will release the pay-out to the nominee/claimant.

Term Insurance FAQ's

1. Does my existing term plan/life insurance cover COVID-19?

If you are already covered under a life insurance policy, then you/your nominee should be aware of the fact that death caused by health associated risks is usually covered under a life insurance plan and that includes term insurance as well. Normally, life insurance companies don't deny claims associated with death caused by an illness. However, it is advisable to pay attention to the guidelines of life insurance and add-on plans whose benefit will be paid if the claim is approved by the insurance company.

2. I occasionally smoke with my friends. Do I need to disclose this information while buying term insurance?

If you have smoked in the past 12 months, you have to disclose it to your insurance provider. If you don't disclose it right away and reveal later, you may be charged with a high premium or your provider may cancel your policy (denying any benefits).

3. Will my premium amount change during the policy tenure?

No, it will remain the same.

4. What is the minimum age and income to buy term insurance?

The age bracket is 18-65 years and your minimum income should be 2 lakhs.

5. Whom shall I contact if my claim is rejected?

Even after submitting all the documents and adhering to the policy document, if the claim is rejected, you need to get in touch with the Ombudsman. He/she will tell you the reason(s) for rejection.

6. I'm unable to find my policy document. How can I get its duplicate copy?

You have to submit an application along with indemnity bond and fees to get a duplicate copy of your policy.

7. Are your agents qualified enough to handle my queries?

Yes, PolicyX.com is IRDA certified (WBA 17/14) and our agents go through the best training at hand to serve you better. To know more, please speak to our customer care team on 1800-4200-269.

8. Can an NRI buy term insurance?

Yes, insurance companies offer term insurance plans which are specially designed to fulfil the needs of NRIs.

9. What is the difference between term insurance and life insurance?

Life insurance includes maturity benefits whereas term insurance offers no such benefits.

10. If I die due to a natural calamity/disaster, will my family/nominee receive the sum assured?

No. Deaths under 'Act Of God' are not covered by term insurance policies.

11. How much tax will I save by buying term insurance?

Under Section 80C of the Income Tax Act, 1961, you can avail deductions up to Rs. 1.5 lakhs in your total income.

12. If I die outside the Indian territory, will it be taken into consideration?

Yes. Once the policy is in effect, your death (irrespective of the place) will be taken into consideration.

13. I have diabetes. Can I get myself insured under term insurance?

If your diabetes is in control (with regular treatment and a healthy lifestyle), you will be eligible to buy term insurance. However, if you have additional risks like hypertension, heart illness etc, your application can be rejected.

14. Can I add a rider to my existing term insurance plan?

Yes, you can easily purchase rider(s) from your insurance providers at nominal costs.

15. Can I switch my term policy from one provider to another?

No, that's not possible.

16. Can I cancel my term insurance policy?

Yes, you will be given a period of 15 days (generally called a 'free-look period') to cancel your policy without penalties.

Find Out What PolicyX Customers Says

February 1, 2018


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

January 31, 2018

Situ Tiberwal

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

January 29, 2018

Lovely Sing

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

January 28, 2018

Bhawna Prasad

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

January 26, 2018

Nayan Sindhwal

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

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Page Last updated on 13-07-2020