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Choosing the right term insurance policy is essential for ensuring your family's financial security in case something unexpected happens to you. With so many options available, finding the one that best fits your needs can be confusing. The right policy should offer enough coverage to protect your family and be affordable and flexible enough to adjust to your changing life circumstances. Let us understand how to choose the perfect term insurance policy by simplifying the key factors, so you can confidently make a smart decision.
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Before choosing the best term insurance plan, you should evaluate your financial goals and your family's needs.
Current liabilities: You should assess outstanding debts and loans like home loans or car loans.
Future expenses: Consider future goals like education, marriage, and other future expenses for your children.
Income replacement: Keep family's needs in mind, as it would replace your income in your absence, especially if you are the breadwinner.
Lifestyle needs: You can adjust the sum assured according to your family’s lifestyle expectations.
Term Plans
The coverage, or sum assured, is the amount your family will receive in the event of your unfortunate death. To calculate the right coverage, you should use the human life value calculator, as it can provide you with the most accurate cover amount that you should opt for with your term insurance plan. You should ensure the total coverage amount is enough to cover all these aspects for your family’s long-term financial security.
The policy term is the number of years your term insurance will last. Ensure that the term length covers the entire period of your financial obligations. Choose the term based on your financial responsibilities and goals:
Until your children are independent
Until your loans and debts are paid off
Until you plan to retire
While term insurance premiums are affordable, premiums can vary depending on factors such as age, health, and coverage amount. You should always compare premiums on the basis of:
Compare term insurance premiums from different insurers
Ensure that the premiums are affordable throughout the policy term
Avoid compromising necessary coverage for a lower premium
Compare different insurers based on their CSR and solvency ratio
Term insurance riders are add-ons that enhance your term insurance coverage. Choose riders based on your specific needs for added protection. Some useful riders include:
Critical Illness Rider: The critical illness rider pays the additional rider sum assured on the diagnosis of covered critical illnesses.
Accidental Death Rider: The accidental death rider pays the additional amount on the policyholder’s death due to an accident.
Waiver of Premium Rider: The premium rider waiver waives all future premiums in case of job loss due to critical illness or accidental total permanent disability.
Terminal Illness Benefit: Terminal illness benefit pays either the entire sum assured or a part of the sum assured as an accelerated benefit payout.
Accidental Disability Rider: Accidental Total and Permanent Disability rider provides an additional benefit in case of an accidental total and permanent disability.
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The claim settlement ratio (CSR) reflects the percentage of claims an insurer settles. A higher CSR indicates a reliable insurer and ensures that your family will not face any hassles when making a claim. When comparing insurers:
Check and go for an insurer with CSR of over 95%
Opt for a Solvency Ratio of 1.5 or 150% or above
Look at customer reviews for customer satisfaction
Term insurance plans provide you flexibility in the form of customisation of the policy. You should ensure the life insurance policy you choose has features that align with your needs:
Life Stage Benefits: The life stage benefits allow customers to enhance their base sum assured at different life stages like marriage, childbirth, or home loans.
Return of Premium Option: This type of term insurance returns the premiums paid throughout the policy term at the end of the policy tenure.
Smart Exit Benefits: With the smart exit benefits, you can exit the plan early and receive up to double the total premiums paid until the termination of the policy.
Premium Pay Options: Choose to pay the premiums in a convenient premium pay term and mode like regular, limited, or single pay, in monthly, quarterly, annual, or bi-annual.
Many life insurance companies offer exclusive discounts and lower premiums for online term insurance plans. Benefits of buying online include:
Lower premiums
Faster application process
Easy comparison of plans
| Factors to Consider | Key Points |
| Coverage Amount | Should cover liabilities, future expenses, and lifestyle needs |
| Policy Term | Should last until financial responsibilities are over |
| Premium | Compare rates; ensure affordability |
| Riders | Add-ons like critical illness and accidental death benefits |
| Claim Settlement Ratio (CSR) | Look for a CSR above 95% |
| Features | Options like increasing coverage, return of premium |
| Online Plans | Often more affordable with exclusive offers |
Here is why you should consider buying term insurance plans online from Policybazaar:
Get up to 15% online discounts
100% recorded calls to ensure no mis-selling
Free Dedicated Claim Support for family
Available insurance advisors in your city
Get refunds at the click of a button
Choosing term insurance is essential to securing your family's financial future. The main steps of selecting term insurance are to assess your financial needs, choose the right coverage, and add riders for enhanced protection. You should compare different term insurance policies and ensure the insurer has a good claim settlement record. With these steps, you can confidently select a term insurance policy that offers the best protection for your loved ones.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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