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Term Insurance Plans

A term insurance plan is a type of life insurance policy that provides life insurance cover against the fixed premium paid for a term policy. Term life insurance plans offer higher insurance coverage at lower premium rates. If an individual can purchase a 1 Crore term insurance plan at the lowest premium per month. The term insurance plan provides financial coverage to the customer even if he/she dies in the policy period.

Term insurance plans are the main life insurance policy people are interested to buy in recent years due to the coverages and premiums included under term insurance. Among all the life insurance products, term life insurance offers the highest life coverage for the minimum premiums during the term of the policy.

Different Types Of Term Insurance Plans

There are several types of life insurance term plans in India that explain the critical illness covers, waiver of premiums, increasing and decreasing plans, and accidental disability plans, etc.

Return of Premium Term Insurance Plan

Return of premium term life insurance plan covers death benefit and term insurance with survival benefit. The remaining amount for the investment to repay the premium amount at the end of the policy period. In the policy period, the demise of the policyholder happens the sum assured amount is given to the nominee.

Increasing Term Insurance Plan

The increasing term insurance is that sum assured increases with the completion of each year. The sum assured of the second year is greater than the first year; the premium of the policy is constant throughout the policy period. The higher the percentage, the higher would be the premium.

Level Term Insurance Plan:

This policies sum assured remains constant throughout the policy period and the death of the policyholder happens the premium amount paid to the nominee. Level term insurance doesn’t have the choice of increasing the sum assured as and when required, it is requested to people opt for less than 10 years. For term plans with more than 10 years policy term, the level term insurance plan has higher premiums and the sum assured under the plan would remain constant.

Decreasing Term Insurance Plan:

This plan works as the sum assured under the policy would be decreasing with each passing year. The percentage under this policy decreased every year until the policy pay out or the end of the coverage period. This policy premium remains constant throughout the policy term.

Critical Illness Term Plan:

If any disease or illness reduces the chances of living and the treatment for this is lengthy. Most of the term life insurance policies cover a certain number of illnesses under the Critical illness add-on on payment of extra premium.

Waiver of Premium Plan: In case of accidental disability or diagnosis with critical illness the future premium payable under the best term life insurance policy would be waived off by the insurance company under the Waiver of Premium rider.

Accidental Disability Plan:

It covers the claim in case of death or disability of the policyholder. In case of death of the policyholder due to an accident the base sum assured of Rs. 1 crore life insurance and the Rider sum assured of Rs.50 Lacs would be paid to the nominee of the policyholder.

Compare Term Insurance Plans Online

Online Term insurance comparison is easy, hassle-free, and efficient at PolicyBachat. You can compare term life insurance quotes with leading insurers in India.

Best Term Insurance Plans In India

Term life insurance plans can be sorted from our online portal where the basic process is to fill in the details of the applicant for Term life insurance quotes online such as gender, occupation type, monthly income, date of birth, name of the applicant, Email address, bank account details, etc. Term insurance plans don’t include any extra coverage in the form of add-ons such as Waiver of premium, Accidental disability, etc.

The best term life insurance plans in India can be found on the portal after entering the basic details of the policyholder. The best term insurance plan is the one that offers the maximum coverage at affordable premiums and with all the possible add-ons. To get the best term insurance plan please talk to our life insurance advisors who are experts to guide you in selecting the best term life insurance in India.

Best term life insurance can be found online on Our Portal by comparing different life insurance plans offered by insurance companies. We are working with top 20+ carriers who can provide the best term insurance quotes at lowest prices.

Key Features Of Term Insurance Plans

Term insurance plans are specifically designed to secure your family's basic financial needs in case of death or uncertainty. According to the plan, family/dependents of the life insured is/are eligible for a lump sum amount in case of death or critical illness (if applied for) of the life insured during the tenure of the policy.

  • Best Term Insurance Plan: The death benefit is offered in a lump sum amount at low premium rates
  • Term Insurance with Growing Income: The death benefit is offered along with the growing monthly income for a family.
  • Term Insurance with Return of Premium: Upon the maturity, return of all paid premiums, along with death benefit during the policy term.
  • Term Plan with Monthly Income: Term Insurance offers fixed and stable along with the growing monthly income for the family.
  • Group Term Insurance: This plan provides life coverage for a group of individuals under a single policy.

Term Insurance Premium Calculator Online In India

A life insurance term plan calculator is created for customizing the monthly or annual premiums that policyholder needs to pay regarding the policy. The term insurance premium calculator is a simple and helpful tool to calculate the sum assured premium offered by different insurers that an individual needs for securing the financial future of his/her family. With the use of this term life insurance calculator, you can compare several term insurance policies that meet your budget needs. A term insurance calculator can be used from the online portal to calculate your term insurance premium.

Step 1:

Enter the details such as Gender, Annual income from the beginning, and tobacco consumption, Salaries or Self-employed, and Date of Birth. After this, you need to enter your contact details to walk through a call from our agent.

Step 2:

Now the premium from different insurance companies will be displayed on the screen. Add-ons are applicable and you can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.

Step 3:

The next step is to select the best life insurance plan and pay the premium to the best term insurance company in India, before proceeding to fill the proposal form details.

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