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What is Term Insurance

Term Insurance is the biggest financial security for your family in your absence!

It is the simplest and cheapest insurance policy available in the insurance market that provides financial benefits to the family of the insured in case of untimely death of the policy holder. The benefits are transferred to a family person nominated (nominee) by the insured. While buying a Term Insurance, the buyer can choose the term (period) of the policy, as per the options made available by a particular insurance provider - based on his/her age and other important parameters. Today, there are a huge number of insurance plans floating in the market fulfilling different needs of insurance buyers. Term Plan is definitely the most basic yet the most important insurance for every individual with a family.

compare online term insurance plans guide infographic

Features and Benefits of Term Insurance

A lot of us desire for a simple and uncluttered life. A life where things are straight forward with minimal intrusion. Thus, there are no reasons as to why the same should change when it comes to life insurance. We seek out for insurance to secure a future without any financial stress on our loved ones. A term insurance fits into this description perfectly.

It is a simple life insurance plan that provides you with life cover only that means the family gets the assured sum only in the case of death of the policyholder and not otherwise within the term of the policy. You should also know that term insurance is economical while providing much higher coverage than traditional life insurance plans. Here are some key features and benefits of Term life insurance.

Free Look period

Insurance companies provide their customers with a free look period to go through the insurance policy. In the event of the policy not impressing them, they can opt to terminate without having to pay any sorts of surrender charges. The period is set at 15 days for policies purchased manually. People who purchase policies online have a larger window of 30 days to go through the policy documents and make up their minds.

Entry Age

For term insurance plans, the entry age is set at a minimum of 18 years and a maximum of 65 years. If you are within 18 to 65 years, you can opt for more than one term plan to cover a wider range of age.

Grace Period

Just like any other insurance product, customers enjoy the benefits of grace periods. The duration varies depending on the mode of payment that you have selected. For monthly payments, the grace period is usually 15 days. Whereas the same is 30 days for annual payment mode.

Revival

Being an insurance product at heart, you do get some advantages. If you have not paid your insurance premiums for a duration of two years, you can still revive your policy.

Premium Amount

This factor of the plan depends on the age of the applicant as well as the sum assured they are looking for. The plan is usually very affordable when taken at a younger age.

Type of Plan

Term plans provide you the flexibility of choosing a single plan for yourself or a joint plan. As the name suggests, the joint plan allows coverage for more than one life. One can also choose between a term plan that gives lump sum payout in the case of an eventuality or gives lump sum plus deferred incomes to the nominees

Death

In the unfortunate event of death of the insured within the term of the policy, the nominee(s) stands to receive the sum assured. The benefits are exclusive only for the nominees mentioned in the policy document. Some life insurance companies also allow for putting multiple nominees

Maturity

A normal term insurance plan would not provide any benefits on maturity of the policy. However, off late several insurance companies have tweaked the term plans to provide some maturity benefits. These plans on maturity would pay you back the entire premium amounts paid till the end of policy, provided the insured sees the term through. However, they come at additional costs. These are called TROP i.e. Term Return of Premium pl

Tax

Just like any other insurance product, the applicant stands to benefit from taxation. The premium amounts paid are exempt from any form of income tax under Section 80(C) and 10 (10D) as per the Income Tax Act of 1961.

There are no second thoughts about the fact that a term insurance is probably one of the best purchases you can do with your money. Apart from providing with crucial life coverage and that too substantially larger ones, you get several other benefits and features as well. It is always a good idea to compare and research extensively before deciding on which insurance you want to buy.

Term Insurance Additional Benefits (Riders)

Riders -Helping you ride on your financial independence with ease! Before you make a final decision on buying a term insurance, you must know the additional benefits with online Term Insurance Policy.

Various kinds of additional benefits with term insurance, offered by insurance providers, are called TERM INSURANCE RIDERS! These riders make your insurance policy much stronger by adding just a little more to your annual premium amount.

Here is a quick run through all kinds of riders available with term insurance policy:

In case of a physical disability caused to the policyholder due to an accident or critical illness, they may not be able to work and pay future premiums. With this rider attached to the policy, all future premiums are waived off, yet, the policy remains active and the sum assured remains intact.
If policyholder dies in an accident, this rider brings an additional sum along with the basic sum assured under the policy. For example, if the purchased policy is for a sum assured of Rs. 90 lacs and there is an accidental death benefit rider attached of Rs. 10 lacs, the family will be paid 90 lacs in case of natural death, and 1 Cr. in case of accidental death.
If policyholder is diagnosed of a critical illness (all major illnesses specified in the policy document), a lump-sum amount is given for the treatment. After that the policy might continue or terminate as per the policy document. Also, if the death occurs due to this critical illness, the family is paid the additional benefit mentioned under the rider.
Your term insurance policy becomes a great investment with this rider. If the policy expires and the policyholder is still alive, then this rider entitles them to get all the paid premiums back, which usually does not happen with a basic term plan.
If the policyholder is partially or permanently disabled due to accident, this rider helps to avail a percentage of the sum assured for next 5 to10 years. This rider is important to generate an income source for self in case of mishaps.
This is majorly for the income generation for the family after the death of policyholder. Family gets a supplementary income every year for next 5 to 10 years, which is over and above the sum assured under the policy.

Term insurance riders should be a part of your financial planning. They make life easy for you and your family.

Types of Term Insurance

Term Insurance comes in various forms to cater to various needs of the customers.

  • Pure Term Plan

    It is the basic type of plan which one can buy as an insurance policy. Policyholder needs to pay the premium for the entire term of the plan and in case the policyholder dies before the term is completed, family gets the sum assured.

  • Return of Premium Plan

    It is the term insurance for people who look for some returns on the money they invested in buying the insurance. If the policyholder is still alive at end of the term, he gets back all the premiums that he paid during the term, which is a substantial amount to take care of a lot of expenses.

  • Decreasing Term Insurance

    This term plan comes with low premium as the sum assured keeps decreasing with every passing year. This kind of plan is bought keeping in view any debts on head. As the years pass and the policyholder remains alive, the debts get paid off from his income, hence the need for sum assured keeps decreasing too. If the policyholder dies during the term, the insurance money can be used to pay off the debts.

  • Increasing Term Insurance

    It is the opposite of decreasing term. Here, the sum assured keeps increasing every year. This type of insurance is bought, keeping in view larger future expenses like marriages and higher studies. Premiums may or may not change during the term but you can definitely compare various plans on Easypolicy to buy a good Increasing Term with lower premiums.

  • Convertible Plan

    This term plans offer you the option of converting your basic term plan into a whole life insurance plan or investing in an endowment policy, after spending a stipulated amount of time in the pure term plan. This makes a good investment for good returns.

Invest in the best suited term insurance plan as per your individual needs! Check out all the plans at Easypolicy!

The Factors That Affect Premium

Easypolicy is your number one search engine where you can look for the best suited insurance policy for you.
However, the factors that affect the premium that you need to pay are here:

Age

The younger you’re, the lower will be the premium. Young people are less likely to die, therefore considered to be less risky by the insurance providers. For example; a person at the age of 25 buying insurance policy will have to pay lower premium than the person buying at the age of 50

Gender

Women are charged lower premiums as compared to men. A lot of scientific study and research conclude that women, on an average, live 5 years more than men. Which means that the insurance company gets premiums for a longer period, hence, the lower amount.

The Policy

The kind of policy one is investing in affects the premium. For example; if one is buying a life insurance cover for a long term and will be paying the premiums for longer duration, hence, they will pay lower amount of premium. However, if one buys a short-term plan, it will result in an increase in the premium amount.

Medical History

Even if one does not suffer from any ailment, but carries a family history of genetic disorders, then also they need to pay higher premiums on their insurance. For example; a person whose father, mother or anybody in immediate blood relation died of a disease that can be passed on, they will be charged higher premium.

Smoking

Given their lifestyle and unhealthy habits, the smokers are considered to be extremely risky customers and sometimes have to pay twice the premium as compared to a non-smoker.

Drinking

Consumption of alcohol as a habit is considered to be a risky behaviour by insurance companies. If one is a heavy drinker, it can lead to a substantial increase in premium

Health Record

Any diseases in past, surgeries in past, potential ailment developing in present, and the overall health record will all be taken in account while calculating the premium. For example; policy buyer suffering from ailments like diabetes or hypertension will be charged higher premium.

Profession

Risky professions like mining, working in oil and gas industry, fisheries and other such dangerous professions, lead to higher premiums.

Lifestyle Choices

Lifestyle determines the premium amount too. For example if one is involved in adventure sports, driving fast cars, partaking in risky activities, they will have to pay higher premiums. For example, a car racer, or a bungee-jumper will pay higher premiums.

Obesity

Obesity (fat body) leads to chronic health disorders like diabetes, blood pressure, heart ailments, joint complications, and many more. This puts the policy buyer in a high-risk customer category and results in higher premiums.

Get more details

Eligibility Criteria for Term Insurance

One truth of life that we all hate to accept is death, but this we all have to face. The untimely death of someone close is the worst thing to happen. Apart from the emotional turmoil, the death of the bread-winner of the family brings everyone’s life to a standstill. There is nothing that will fill the void that death creates, but you must ensure to secure the future of your family financially. This will help them to continue living a comfortable life when you are not around.

A life insurance plan can lend the needed financial support to the family in an unfortunate event of death. By taking a policy carefully, as per your needs, you can ensure your loved ones will face no financial hurdles in life.

There are different kinds of life insurance policies available today, and term insurance is the simplest and the most popular of them all. This is a basic form of insurance and is also the most affordable and cheapest. These have no profit component and that’s what makes it a low-cost product. When you decide to buy a term insurance policy, you must know the eligibility criteria and various aspects related to it. This will help you buy the right policy.

More Details: Eligibility Criteria for Term Insurance

Entry Age

You can buy a term insurance plan after the age of 18 and till the age of 65. Most people when they are young, do not feel the importance of buying term insurance. This is a big mistake that they make, merely for the reason, the younger you are the lesser the premium you need to pay. When you buy a policy early in life, you can get a good coverage by paying less. The premium goes higher and thus, sometimes due to affordability issues, you end up compromising on the coverage.

Policy Term

The minimum time for a policy allowed by most insurance companies is 5 years and the maximum of up to 65 years depending on the insurer. You should take a policy with a longer policy term so that you enjoy coverage for a long time. There is no maturity benefit in a term plan, thus, you should take a policy at least till the time you retire so that the income does not stop for the family if something were to happen to you.

Maturity Age

Usually, the term plans offered by insurance companies have a maturity age of 75 years to whole life. You must compare the policies offered by various companies and see the one which suits you the most in terms of the maturity age. Take a look at your financial situation while assessing the right term. Usually holding a policy till you retire is ideal, but you can increase or decrease the tenure depending on your needs.

Annual Premium

Term insurance can be bought for as minimal as Rs.2000 annually. The premiums go higher depending on the sum assured you opt for. There are options to pay monthly, quarterly and half yearly also if spending a lump sum is difficult. Your age and amount of coverage will have major impact on premium rate.

Financial Underwriting

The underwriting team in the insurance company will check your eligibility to take a policy by checking your Annual Income proof, which can be the Form 16 for the last financial year or last 3 months’ salary slips for salaried individuals and Saral or ITR4 Form for Tax Filing for businessmen.

By checking the annual income the Financial Underwriters secede upon the Sum Assured that can be offered and they also check your ability to be able to pay regular premiums.

For example, Arun earns Rs. 8,000 a month and wishes to buy a term insurance policy with a sum assured of Rs. 2 CR. Chances are high that the insurance company will reject the application. This is because it is way more than the standard multiplier of 10-12 times the annual income unless he also shows some other income sources, family wealth, etc.

Medical Underwriting

When you apply for a term insurance policy, the underwriting team will look at your medical history. You must submit all information carefully and should not try to hide any important information. For a person who has diabetes or any other lifestyle disease, it becomes a high risk policy for the company and they might reconsider the policy or give a counter offer.

Moral Hazard

The insurance company should not sense any moral hazard when they receive an application for term insurance. The underwriting team will check insurability and insurable interest. If they sense anything out of the ordinary, then they reject the application. This usually happens when the proposer of the policy is different from the insured.

For example, a husband with a term cover of Rs. 30 lakhs opts for coverage of Rs.1 crore for his housewife. This is not acceptable to the insurance company and they may not grant the cover on grounds of possible Moral Hazard.

Conclusion

You should carefully buy a term insurance plan, as the financial future of your family is dependent on it. It is essential to understand the eligibility criteria and how each of these can affect your decision and the policy. Do your research about the company and the product before buying it. A term insurance is one of the best products you can take to secure the future of your family.

Tips To Buy Term Insurance

Easypolicy: the best comparison engine for insurance policies, gives you ample choices on Term Insurance. You can get all the details, compare all the online term plans available and make a sound decision.

We are giving you effective tips to buy online term insurance from Easypolicy, which will save your money as well as get you the best plan.

1

Life Cover - Your insurance should give your family enough sum assured to take care of major expenses like marriages and higher studies of kids, in your absence. Go for the one which covers all.

2

Premium - Choose the plan that offers you maximum sum assured at the lowest premiums to make it easy on your pocket. Also, the premium chosen at the time of buying the policy must remain unchanged throughout the term of the plan. Choose wisely.

3

Add-ons (Riders) - Choose a plan with important riders like accident cover, critical illness cover etc., which come at an economical cost so that you get well-rounded life coverage and financial security.

4

Flexibility - Buy a plan which offers you the flexibility of increasing or decreasing sum assured as per the need. For example; increasing sum assured in case of marriage, parenting and higher education of kids. Decreasing sum assured in case of debts being paid off.

5

Ease of Dealing - Choose a plan where insurance provider is a reputable company to deal with. After you buy the plan, all your further interactions are going to be with the customer service department of the insurance company, so make sure that they are professional enough to cater to all your requirements. Easypolicy also offers the added advantage of helping you in various service related matters since they have a dedicated help desk.

Easypolicy is here to help you make the best decision. Start your comparison on Term Insurance now!

Documents required for Term Insurance

One of the least discussed topics in your younger days is death. Well, quite rightly that’s a topic that most of us should avoid any ways. But it comes along with an uncertainty which one should not ignore under any circumstance. In our younger days, when we have fewer responsibilities, we don’t think much about our liabilities. Or what would happen to our loved ones, should the unexpected happen. In order to counter these uncertainties, one should buy a term insurance.

A term plan is the most basic form of insurance that provides you pure protection. Protection being the only priority, makes it a product worth investing time and money in. If you have decided to purchase a term insurance, you would need some documents to complete the process. The following guide would help you out with all those documents.

The first and foremost document that you need to submit for your term insurance application is your PAN card. Apart from it, you need to produce one of the following documents as a valid proof of identity:

  1. Copy of passport.
  2. Copy of Voter's ID issued by Election Commission.
  3. Copy of Driving License.
  4. NREGA issued job card signed by an official in the State Government.
  5. Copy of Aadhaar Card.
  6. Any identity card containing photograph of the applicant issued by any Department of the State or Central government, Regulatory Authority, Public Sector Undertaking, or Public Financial Institutions.
  1. Utility bills provided by any service provider, which is not older than two months. (Electricity bill, telephone bill, post-paid mobile phone bill, water bill, piped gas bill)
  2. Tax receipt for a property or one provided by Municipal Corporation.
  3. Account statement for a bank account or savings account of Post Office.
  4. Any pension or family pension orders issued by Central or State government departments. (provided they contain the address of the applicant)
  5. Document containing address issued by Government departments of jurisdiction of other countries and also any letter issued by Foreign Embassy of India.
  6. Accommodation allotment letter provided by an employer which is in turn issued by State or Central Government departments, any Regulatory bodies, Public Sector companies, Commercial banks with scheduled status and any financial institutions.
  1. Amount of coverage will be assessed depending on your income level. Below are the documents that most of the insurers accept as income proof.
  2. Latest Salary Slip
  3. Income Tax Return for previous 2-3 years.
  4. Latest Bank statement showing salary credit
  5. CA's certificate showing income for last 3 years
  6. Latest Form 16

Apart from the aforesaid documents, an application might also need to submit KYC related information on submission of application form or at the time of payment for the policy.

There are different modes of document submission that an applicant can benefit from. With more and more insurance companies moving to online portals, documentation submission is pretty smooth now. Following are the modes:

  1. Whatsapp your documents to Easypolicy operations team and they will upload your documents on Insurer portal.
  2. You can also directly login to the portal of insurance company and upload documents directly from your application status.
  3. Scan and email all the required documents to the email id provided by insurance companies.
  4. You can also submit hard copies of the documents at the nearest branch office or courier them to the address provided by insurance companies.

These are some of the most common documents that one would need to provide during their application submission. Depending on the scenario the insurance companies might request you to submit additional documents to support your application. For an example, if you underwent any medical procedures or any sorts of X-rays in the last couple of years, the insurance company might ask you for relevant documents including the reports, diagnosis documents and discharge letters.

In case of additional documents, applicants can upload them using any of the methods mentioned above. Should there be a need for medical examination, there is nothing that you need to worry about. The insurance company would fix an appointment as per your convenience and the test results would be directly sent to them.

It is very important to be as precise with the documentations as possible. Make it a point to put out even the minutest details on record, when it comes to your health. 2% of claim applications do not get through every year due to such issues. In case of any doubts, the safest option is to reach out to the insurance company and have them clarified.

How Easy Policy Can Help!

You do not have to look any further if you have reached Easypolicy!
This is what makes Easypolicy the best and your number one partner to buy term insurance plan:

We are the best directory of all insurance products available in the market.

We provide 24 x 7 resourceful support through email, chat or mobile calls.

We offer easy step by step procedure of insurance comparison enabling you to buy the final Product.

We have efficient, smooth and secure payment gateways to make easy and safe payments on just a few clicks.

We are always there to give absolute support while filing the documentation for the insurance policy.

We are the best online tool to understand your exact insurance requirements and derive the best insurance plan for you.

We offer complete support as and when needed, even after the policy is bought. We have dedicated Help desk that will continue to hand hold you for all service matters.

We have easy to understand product descriptions with all the details incorporated, for each insurance product you are looking for.

Our easy to use customize, sort and filter options provide best support and are simple to use. This helps you reach the most suited insurance product with utmost ease and clarity.

Apart from all the above, we can provide you assistance on all your individual queries you may have related to term insurance plan you want to buy.

How to Compare Term Insurance Plans

Easypolicy; the best comparison engine for insurance policies, gives you ample choices on Term Insurance. You can get all
the details, compare all the term plans available and make a sound decision.

We are giving you effective tips to buy insurance from Easypolicy, which will save your money as well as get you the best plan.

Compare The Offerings

Login to Easypolicy, key in the required details like age, gender, smoker/non-smoker, ailments etc. in the easy to fill forms and read through the details of various plans made available to you as per your parameters. Compare online term insurance and shortlist the ones that fit the criteria.

Look Into The Premium

Once you have shortlisted the plan, find out the premium amount and compare it with other plans of similar nature. Since term plans are the best selling ones, almost all insurance companies are offering them with just a little bit of variations in features and premium amounts.

Check Terms & Conditions

After finding the plan with lowest premium and/or maximum features and benefits for you, check the terms and conditions associated with the plans. Instead of only considering the premium amount you have to pay, go through the terms in detail, to understand how useful the plan will be when you would actually need it.

Determine Company Background

After reading the terms and getting satisfied, check the company’s credentials. Find out how old is the company, how good are their financials, how stable it is in terms of doing business etc.

Check The Customer Service Records

Find out about how the company's customer service functions. Call their toll free number to understand how supportive they are. How fast is their process of providing you solutions to your queries.

Dig Into The Claim Management System

Knowing about how the company manages the claim and what is its claim settlement ratio, you can take an informed decision.

The best term policy will be provided by the best company, all you have to do is know how to compare! Start comparing now!

Term Insurance Renewal Process

You do not have to look any further if you have reached Easypolicy!
This is what makes Easypolicy the best and your number one partner to buy term insurance plan:

1. Buy A New Policy

It is the best option as you get to choose from a range of fresh policies and riders as per your needs. Buying the new policy online after comparing at Easypolicy will be your best bet as you will get the plans at fairly lower prices. To buy a new policy, you have to be fit, healthy and young enough to get insured. As you age or become unhealthy, you may not be eligible for a new plan.

2. Buy An Extension On Your Coverage

As your policy expires, you will stop paying monthly premium. But if you want to, you can extend the same policy by paying annual premium on it. The premium rates may increase in this case. Go for this option only if you are ageing and want to extend your policy only for a few years. You may want to reduce the death benefit amount for reduced premiums.

Get Your Term Plan Converted

Most term insurance policies come with an option of conversion where you can convert your term life insurance plan to a permanent one or an endowment plan (to get a lump sum amount on maturity of plan) . If you are not medically fit and not eligible for a new policy, then conversion is the best option to go for. Be informed that some policies permit conversion any time before expiry date, while others might allow during a specific period or age.

The decision of term insurance renewal or buying a new policy remains with you. It is advisable not to make your decision looking at the premium amount only. You must also look into the background of the insurance provider and your needs that should be met through the revived or new policy.

Term Insurance Claim Process

At Easypolicy, we are with you at every step. We help you to file your insurance claim with ease. We are your No. 1 trusted partner
when it comes to any procedure related to insurance.

Term Insurance Claim Process

1

Intimate your insurance provider or Easypolicy about the death of policyholder through the contact details on the website or in the policy documents.

2

Fill the claim form provided by the insurance provider.

3

Submit to the insurance office with original policy documents and death certificate.

You will receive the insured amount in 3 to 4 month of time after you file your claim.

Points to remember

1

The claim form is sent to you by the insurance provider with the policy documents or sent to you when you inform them of the death or a few weeks before the maturity of the plan.

2

The document formalities may vary from company to company. Follow the instructions provided by your insurance provider.

3

The lump sum amount received as insurance claim or death benefit is tax free.

4

The insurance company will run an investigation to find out the details before they settle the claim.

5

You will receive a cheque against the insurance amount or the insurance company may transfer electronically.

Make sure you check the insurance providers’ background and claim settlement ratios thoroughly before you buy a term plan.