Term Life Insurance Comparison
  • Compare Term Plans
  • Factors for Policy Comparison
  • List of Best Term Plans
Term Life Insurance Comparison
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Compare Term Insurance

While buying term insurance, people always get confused and overlook the minute details of the plan that they are purchasing. Please note that you don't have to rush into anything. However, one of the significant factors you must consider is comparing the several plans from different insurers to land on a perfect policy.

Firstly, it's important that you understand which term plan best fits your family's financial needs. Since it aims to make sure your family's financial future is secure when you're not around choosing enough life cover with additional benefits is important to help your family maintain their living standards.

In case you're not aware of how to compare term insurance plans, we're here to provide a guide to help you select the best term insurance plan that is a better fit for you.

Why Is It Important to Compare Term Insurance

The Indian insurance market has grown extensively in the last few decades and is filled with numerous term plans. However, with the growing number of available options, it becomes daunting to select the perfect one for you.

Whenever we buy something, we all love to compare stuff. So, it's also important we perform term life insurance comparisons to get ourselves the best deal. In the end, the main objective of buying term insurance is to secure our families and their financial future.

How to Compare Term Insurance Plans

Do you want to take the first steps to buy term insurance? In that case, you must do a term insurance plan comparison. However, most people are unaware of the factors to consider while comparing therefore we've listed the important aspects that help you compare term plans and lock yourself in a great deal.

  1. Claim Settlement Ratio (CSR)

    Buying a term plan is a long-term commitment, so you must check the Claim Settlement Ratio (CSR) of the companies, which is essential to verify their reliability. In simple terms, CSR is the number of claims approved against the total number of claims received in a financial year. A good CSR should be more than 95%.

  2. Premiums of the Plan

    The second most crucial factor to consider while comparing term insurance is the premiums payable under term insurance. The perfect plan must be pocket-friendly and best fit your requirements. But a cheaper term plan is not always good.

    However, the premium payable during the policy term is based on the life cover chosen. In simple terms, the higher the life cover selected, the more expensive the premium will be. So make sure you compare the premiums of several plans from different insurers to get the best deal.

  3. Additional Benefits in Term Insurance

    Each plan comes with additional benefits and may help policy buyers with term policy comparisons. With a better understanding of benefits, you can make sure which plan features best fit your convenience. Some additional benefits include special exit value, return of premiums, waiver of premiums, in-built covers, premium holiday, joint life option, Etc.

  4. Riders Offered in Term Plan

    With an optional in-built cover option, you can enhance your life cover for specific situations by adding different riders to your basic term plan. It may slightly increase your premiums, but it's beneficial in the long term. So, ensure that you do a term plan premium comparison by adding riders.

  5. Flexibility in the Plan

    Last but not least, the idea of flexibility in term insurance sounds good. Here are some flexibility options provided by the insurance provider in the plan. Please note that it may vary from insurer to insurer.

    • The insurer allows policyholders to select their own choice of premium payment option.
    • With the premium break option, you can skip your premiums for 1, 2, or 3 years.
    • The insured person can select the choice of death benefits payout options as a Lump sum, Income, or a combination of both.
    • With Early Exit Value, you can surrender your policy and get back your paid premiums.

Other Term Insurance Companies

How does PolicyX help you Compare Term Plans?

PolicyX is among India's top 10 IRDAI-approved insurance aggregators, known for its round-the-clock customer service with future claim assistance. Indeed, comparing term insurance isn't as easy as it seems.

However, with a free comparison service at PolicyX, you can get instant help from a professional representative to compare term insurance and choose the best plan. Our team of insurance experts is always pleased to solve policy buyers' queries and simplify the policy-buying process for them.

Conclusion

The Indian Insurance market is filled with numerous term plans, so selecting the best one is quite challenging. Therefore, we've created a small guide for you to understand the factors important to consider while comparing term plans and getting yourself the best deal. You can even reach out to our customer care team for further assistance.

Compare Term Insurance: FAQ's

1. How can I shortlist which term insurance is best?

Some important aspects help you compare term plans and shortlist yourself the best plan.

  • Compare claim settlement ratio (CSR).
  • Analyze your family's future needs.
  • Add option in-built covers to the plan.
  • Consider an adequate life cover to get enough premiums.

2. Can a person buy two-term plans?

Yes, a person can purchase more than two term insurance based on their income and the prevailing laws in India.

3. Is it worth buying a term plan?

A term plan offers a high life cover at lower premiums and helps you secure the financial future of your family when you're not around.

4. What are the different types of term policies?

There are five different types of term plans-

  • Level Term Plans
  • Increasing Term Insurance
  • Decreasing Term Insurance
  • Term Insurance with Return of Premium
  • Convertible Term Plans
  • Zero Cost Term Plans

5. Which are the top 5 term insurance plans in India?

Here is a list of India's top 5 term insurance plans based on Claim Settlement Ratio (CSR) 2021-22.

  • Max Life Smart Secure Plus Plan
  • Aegon Life iTerm Prime
  • Bajaj Allianz Life eTouch Plan
  • Kotak e-Term Plan
  • HDFC Life Click 2 Protect Super

What Our Customers Have to Say

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Sanjeev

Hyderabad

May 20, 2024

SUD Life term plan truly stands out my expectations as I got SUD Life term plan along with additional riders at very affordable premiums.

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Sumit

Coimbatore

May 20, 2024

I am impresses with the hassle free and quick claim settlement process of SUD Life. Thanks to PolicyX who guided me to get my claim settled.

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Barkha

Delhi

May 20, 2024

Bought SUD Life Family Income Benefit Rider plan to secure the future of my plan financially even in my absence.

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Geetanjali

Kolkata

May 20, 2024

I was looking for a term plan to secure the future of my family. So I contacted PolicyX and one of their representatives Mr. Vaibhav helped me choose SUD Life term plan.

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Armaan khan

Agra

May 17, 2024

I recently purchased a Pramerica term insurance policy from Policyx.com. The customer service team was very helpful in answering all my queries and guiding me through the application process. I...

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Rahul Yadav

Indore

May 17, 2024

PolicyX’s dedicated support made renewing my Bandhan Life Insurance policy easy. I’m absolutely delighted with the service offered by PolicyX Insurance Advisor.

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Priyanshu Sharma

Delhi

May 17, 2024

I bought a Bandhan Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.

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Yash Tomar

Bhopal

May 17, 2024

After getting advice from the PolicyX experts, I chose a Bandhan Life Insurance term plan. Thank you, PolicyX, for helping me buy a term plan at such a low premium.

Sahil Singh Kathait

Written By: Sahil Singh Kathait

Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.