• Term Insurance

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    Life Insurance
    • Claim up to Rs. 1,50,000 deduction under section 80C*
    • Insurers provide online renewal of policy
    • Choose between annual and monthly premium payment options

    *For more information on tax benefits, please contact your Tax Advisor.

    What is Term Insurance?

    Term insurance can be defined as a type of insurance that is availed for a certain period of time or a fixed term (number of years). The basic differentiating feature of term insurance is that unlike other types of life insurance policies, a term insurance policy is less expensive since it does not have any cash value. The policy comes useful only if the policyholder dies within the timeframe during which the term insurance policy is in force.

    Term insurance policies are offered by almost all major insurance providers and these come for various terms like 10 years, 20 years, 30 years etc. The most significant point about term insurance policies is that most of these policies have a built-in feature to get converted to permanent life insurance policies irrespective of the state of health of the term insurance policyholder.

    Term insurance
    Term Insurance

    Best Online Term Plans in India:

    Online term insurance plans are offered by insurance companies for the convenience of their customers. Some of the significant advantages of buying term insurance online are:

    • When you buy term insurance through an online portal, you may benefit from lower policy cost when compared to buying it the conventional way. From the insurer’s perspective, for online sales the involvement of life insurance agents and field officers are limited, making it a more economical way of selling insurance. Hence, the insurance company passes on this benefit to the customer.
    • The entire process of online application happens in a hassle-free manner.
    • The customer is not influenced by an insurance advisor or agent while purchasing the plan.
    • The customer is serviced in the same manner, irrespective of the way in which he/she buys the plan, i.e., online or offline.
    • Although the premiums for these plans are low, you need not be apprehensive about buying these policies. Online plans have low premiums due to two main reasons:

      i) There is no intermediary in the deal.

      ii) The online buyer is considered to be a low-risk customer for the insurance company. He/she would be educated, earning well, and is likely to have health insurance. In the event of an emergency, he/she would be in a position to reach a hospital on time and get access to quality medical facilities. These factors contribute towards the low risk and reduction in premium.

    • Popular Pick On Term Insurance

      Term Insurance Vs. Endowment Policy

      Life insurance has become a must-have in today’s times which can help provide much-needed protection to our dependents in case of an uncertainty. For those looking to purchase a life insurance policy, there is no dearth of choices. To address diverse needs, there are different types of life insurance policies that are available, such as, endowment policies, term insurance policies, unit linked insurance policies, and more. For those who may be considering between an endowment policy and a term insurance policy, we bring a very helpful comparison between the two in this article. Read about the basic differences between these two policies on various parameters such as who they are ideal for, benefits associated with each policy, sum assured, etc., so you can decide which one is best for you.


    Some important points to keep in mind while buying online term insurance are as follows:

    • Premium may vary in the future - The online price quote you receive is provided on the basis of an assumption that you carry normal risk in terms of health, occupation, and your family’s medical history. After you submit all relevant documentation, the insurer may request you to undergo medical tests to arrive at the actual policy cost. In case the medical reports indicate that you are exposed to certain risks, the premium for your insurance may rise.
    • Do not let the policy move into lapsed status - The act of buying an online insurance plan is certainly a smart move. However, you should not let the policy lapse by missing premium payments. Since there would be no insurance agent reminding you of the premium payment due date, it is easy to miss renewing the insurance. It is advisable to send an ECS mandate to your bank so that the premium amount is automatically deducted on the due date. Setting up an alert on your mobile phone or computer is also a great way to remind yourself of the payment date.
    • Do not hide relevant facts while applying - If you are a smoker or use tobacco in any other form, your insurance premium will be 25%-30% higher than that of an individual who does not use tobacco. However, you should never hide this information in your application for insurance. At the time of a claim, if the insurer finds that the customer had concealed information, the claim will be rejected. The insurer may also cancel the policy, as applicable.

    Your insurance policy is the backbone of your family’s financial security. So, you should not get into a situation where the insurer annuls the plan.

    Term Plans Entry Age (Min / Max) Maturity Age Policy Term Premium Payment Option Minimum Sum Assured Payout Type Claim settlement ratio (FY 16- 17) as per IRDA
    LIC's e-Term 18 / 60 Years 75 10-35years Annual Rs. 25,00,000 for Aggregate category  Rs. 50,00,000 for Non-smoker category LumpSum Only 98.31%
    Max Life Online Term Plan 18 / 60 Years 70 10 - 35 years Annual Rs 25,00,000 Lumpsum & INcome Options 97.81%
    BSLI Protect@Ease 18 / 55 Years 80 5-30 years Monthly (ECS), Annual & Single Rs. 50,00,000 LumpSum Only 94.69%
    Tata AIA iRaksha Supreme 18 / 70 Years 80 10-40 years Annual, Semi-Annual, Single Rs 50,00,000 LumpSum Only 96.01%
    ICICI prudential - iProtect Smart Plan 18 / 65 Years 75 5-40 years Monthly, Halfyearly, Annual & Single Subject to minimum premium paid Lumpsum & Income Options 96.68%
    PNB Metlife - Mera Term Plan 18 / 65 Years 75 10-40 years Monthly & Annual Rs. 10,00,000 Lumpsum & Income Options 87.14%
    Bajaj Allianz iSecure 18 / 60 Years 70 10 | 15 | 20 | 25 | 30 years Monthly, Quarterly, Semi-Annual, Annual Rs.250,000 for general category Rs.20,00,000 for the categories split by Preferred Non-Smoker1 , Non-Smoker1 & Smoker LumpSum Only 91.67%
    Kotak Preferred e Term Plan 18 / 65 Years 75 10-40years Monthly, Yearly, Single Rs 25,00,000 LumpSum Only 91.24%
    HDFC Life Click 2 Protect Plus 18 / 65 Years 75 10 – 40 years Monthly, Quarterly, Semi-Annual, Annual Rs 25,00,000 Lumpsum & Income Options 97.62%
    AEGON Life iTerm Plan 18 / 65 Years 75 5 - 40 years; or upto 75years Annual Rs10,00,000 LumpSum Only 97.11%
    Canara HSBC Life - eSmart Term Plan 18 / 70 Years 75 10 | 15 | 20 | 25 | 30 | 35 | 40 years Annual Rs. 25,00,000 LumpSum Only 94.95%
    SBI Life - eShield  18 / Max:  1.For Level Cover & Level Cover with Accidental Death Benefit: 65 years  3.For Increasing Cover & Increasing Cover with Accidental Death Benefit: 60 years 70 Min:  For Level Cover & Level Cover with Accidental Death Benefit: 5 years  For Increasing Cover & Increasing Cover with Accidental Death Benefit: 10 years MAX- 30 years Annual Rs. 20,00,000/ LumpSum Only 96.69%
    Reliance Online Term 18 / 55 Years 75 10 | 15 | 20 | 25 | 30 | 35 years Annual Rs 25,00,000 LumpSum Only 94.53%
    Future Generali - Flexi Term Plan 18 / 55 Years   Min: 10 years , Max: Smoker: 65 years minus Entry Age, Non-smoker: 75 years minus Entry Age Annual Rs. 50,00,000 Lumpsum & Income Options 89.53%
    Aviva I Life 18 / 55 Years 70 10 - 35 years Half-Yearly, Yearly Rs 25,00,000 LumpSum Only 90.60%
    Bharti Axa Life – eProtect 18 / 65 Years 75 Fixed Policy Term - Minimum - 10 years, Maximum - 30 years Customised Policy Term - Up to 60 years, Up to 65 years, Up to 70 years, Up to 75 years Annual Rs. 25,00,000 LumpSum Only 92.37%
    IDBI Federal - iSurance 18 / 50 Years 75 10-25 years Annual Rs 50,00,000 LumpSum Only 90.33%
    IndiaFirst Life - Anytime Plan 18 / 60 Years 70 5-40 years Monthly (ECS), Half-Yearly, Annual, Single Rs. 10,00,000 LumpSum Only 82.65%
    Edelweiss Tokio - MyLife+ 18 / 60 Years 80 10 | 15 | 20 | 25 | 30 | 35 | 40 years; & 80years minus Age at Entry Annual Rs. 25,00,000 Lumpsum & Income Options 93.29%

    Best Offline Term Plans in India:

    Offline term insurance plans are more expensive than online plans. Irrespective of that, they provide a good amount of life insurance coverage for relatively low premiums. Offline term insurance policies are far more cost-effective than endowment or money-back insurance policies. Some of the advantages of taking an offline plan include:

    • Policyholders get the assistance of insurance agents while applying for the plan.
    • Customers can get reminders from insurance agents on premium payment due dates, leading to timely payments.
    Term Plans Minimum Entry Age Maximum Entry Age Policy Term Sum Assured Payout Type Riders Available
    Bajaj Allianz iSecure More 18 60 10, 15, 20 & 25 years Rs. 2,50,000 Income Yes
    HDFC Life CSC Suraksha Plan 18 55 5 years to 15 years Min-Rs. 30,000
    Max- Rs. 2,00,000
    Lumpsum No
    SBI Life - Smart Shield 18 60 Min: 5 years Min: Rs 25,00,000 (in multiples of Rs.1,00,000) Income Yes
    SBI Life - Grameen Bima 18 50 5 years Min: Rs. 10,000
    Max: Rs. 50,000*(*Aggregate Sum Assured under this plan will be capped at Rs. 50,000 for each life. )
    NA NA
    What is Term Insurance?

    Why Do You Need to Buy Term Insurance?

    Term insurance is generally overlooked in comparison to other insurance products. The main reason for this is the belief that term insurance plans do not offer significant returns or any additional benefits besides the Sum Assured on the policyholder’s demise.

    However, there are several advantages of buying a term insurance policy. These include:

    • Financial security - Term insurance plans are an excellent way to build a financial safety net. This is especially true in today’s world, as such a plan makes provision for the financial security of the policyholder’s dependents in the event of his/her demise.
    • Basic insurance product - Instead of opting for a plan with a host of other add-ons and ending up paying a high premium, opt for a term insurance plan with a fixed, affordable premium for almost the same features.
    • Greater returns - Term plans also fit everyone’s needs. A term insurance plan is one where the benefit received is much more than the sum invested, resulting in higher returns without the hassle of having to manage investment funds. Regular plans as well as TROP plans offer as much as 105% return on premiums paid as a benefit upon maturity.
    • Sufficient coverage - You can choose the sum assured under term insurance policies so that it offers you sufficient coverage. Financial advisors are of the opinion that sufficient cover is equal to 10 times your annual income. It should be noted that inadequate coverage defeats the purpose of being insured. Along the same lines, it is important that you review your insurance cover and identify areas where you can cut down, so that you are not over-insured.
    • Survival benefits - While a regular term insurance plan does not have any survival benefits, a number of insurers have designed plans, i.e., Term Return of Premium Plans (TROPs), that offer survival benefits in the form of premium refunds at maturity.
    • Policy term - Term insurance plans offer you coverage for a fixed term. This indicates that you can take term insurance for a fixed duration wherein your family is financially protected. Following this, you can retire comfortably.
    • Low claim rejection - Claim rejections are observed to be lower if a life insurance policy has been active for more than 10 years. Hence, it is ideal to buy term insurance to ensure that your claims are honoured.
    • Flexibility - Most term plans offer you the flexibility of buying the policy online or offline. In addition to this, many insurers do not insist on health check-ups if the sum assured under the plan is Rs.50 lakh or less.
    • Riders - Term plans can be enhanced through the use of riders that offer extra protection. These riders can be bought from the insurance company at nominal costs. Some of the riders available under term plans are accidental death benefit, critical illness, partial or permanent disability, waiver of premium, etc.
    • Low brokerage - In case you opt for an offline term insurance policy, you will be paying the lowest amount as broker commission. Brokerage is usually calculated as a percentage of the premium paid. Since the premium for term insurance policies are usually low, the overhead of broker charges is also reduced. If you choose an online plan, there will be no broker fees as well.
    • Flexible payment options - Term insurance policies offer flexible premium payment options, allowing policyholders to choose a payment plan based on their convenience. Premiums can be either limited pay, single pay or regular pay. Policyholders who choose limited or regular pay plans can pay their premiums either monthly, quarterly, half-yearly, or annually.
    • Choice of plan - A number of insurers offer policyholders a choice when it comes to the type of plan they wish to opt for. Policyholders can choose between single or joint life plans, depending on their need. They can thus choose to extend coverage for dependent spouses or choose a plan exclusively for the breadwinner of the family.
    • Tax benefits - Last, but not the least, premiums paid towards a term plan is eligible for tax benefits under Section 80C of the Income Tax Act. The death benefit received by the nominee under the plan is eligible for tax deductions under Section 10(10D) as well.

    How does Term Insurance Works?

    A term insurance policy can be considered one of the most traditional forms of insurance. Most of the term insurance plans have a premium that increases in small amounts over a period of time. This is to account for reduction in the value of money as years pass by. It also covers the increase in mortality risk and the extra levies imposed for a longer coverage term.

    To understand how it works, you can look at it in these three situations:

    • Buying the policy: To be able to buy a term insurance policy you don’t need to put aside tens of thousands of rupees every year. Many of the insurance policies can offer you a sum assured of up to Rs. 1 crore for a premium that could be as little as about Rs. 10,000 per annum (These are indicative figures. The actual premiums may differ depending on the sum assured and the insurance providers).
    • Keeping the policy: Just like any other insurance policy, you pay the premium towards these policies at a frequency chosen by you. These premiums can be paid every month, every quarter, every 6 months or once a year. They can also be paid as a lump sum instead of being paid at regular intervals.
    • Redeeming the benefits: Term insurance plans don’t usually come with any maturity benefits.Term insurance plans don’t typically come with any maturity benefits, except for term insurance with. Their main objective is to provide life insurance cover and that is exactly what they do. In case the policy holder passes away, the person who is named as the beneficiary of the policy will receive the sum assured.

    The way it works is also one reason why you will notice that a lot of the time insurers refer to these plans as pure protection plans. There are no frills attached to the plan. You pay the premium and you get a fixed sum if case something happens to you.

    Types of Term Insurance Plans:

    Insurance companies offer a wide range of term insurance plans with exciting features and benefits to stand out amongst competitors in the insurance space. Term insurance can be classified into the following types:

    Regular Term Insurance Plans:

    A regular term insurance plan is a no-frills insurance plan that provides coverage against a specific set of risks on payment of a pre-decided premium amount. These plans offer no benefits upon maturity. Premium payments can be made periodically or they can be paid at once (single pay). The options for insurance cover can go as high as the insurer is willing to underwrite and the policy tenures can be as high as 20 years. When the policy matures, the insurance cover ceases, as does the need to pay premiums for such a cover.

    This is the most basic form of life insurance protection. Regular term insurance also comes with low premiums and high sum assured. This ensures that the policyholder can receive maximum benefits from the plan in a cost-effective manner.

    Group Term Insurance Plans:

    These are policies offered to a group of individuals by an employing organization, association, or trusts and societies. It provides coverage to each and every member insured under the plan. It is also less expensive compared to an individual term insurance plan. Group term plans offer more or less the same benefits as individual plans, however, the only disadvantage is that the coverage expires once the employment or membership ends.

    As is made obvious by the name, a group term insurance plan is meant to be an insurance instrument that can be used by a group to secure its members against untoward occurrences. These plans can be taken by any group of people or companies for their employees but can come with one essential clause or mandate set by the insurer where the policy will require a minimum number of people participating in it. For example, if a policy says that it will cover groups of at least 20 people then a small company that has less than 20 employees won’t be able to purchase the policy.

    Other features of group term insurance plans include:

    • Limited coverage - The benefits of group insurance schemes are similar to individual policies but the list of illnesses and other factors are not as exhaustive as individual plans. The coverage is limited on the basis of a variety of factors i.e., time in membership, number of dependents, annual salary, etc.
    • Easy to participate in - Most group term insurance plans are easy to secure. If an individual wishes to participate in a group term insurance plan through employment, he/she can do so by filling up a simple form and submitting it to the employer.
    • Medical underwriting not required - The members of a group policy are usually not required to undergo medical check-ups to avail coverage because the insurance provider offering the policy pools the risk of all members and adequately prices the risk.
    • Policy ownership - As the owner of the policy the employer/other entity keeps the original insurance policy, also referred to as the master contract. All the individuals covered under the plan are referred to as members and will receive a certificate of insurance. This is not an actual insurance policy but proof of insurance. Group insurance plans also allow you to select a beneficiary like individual plans.
    • Riders - The coverage of group term insurance plans can be amplified through the use of riders offered by the insurance company. Some of these riders are accidental death benefit rider, partial and permanent disability rider, and critical illness rider.

    Convertible Term Insurance Plans:

    A convertible term plan allows the policyholder to convert his/her policy into a permanent one during the policy tenure. Some insurers provide this as an additional benefit rider while others offer the same as a standalone plan. As far as the terms and conditions have been met, converting a term life policy into a permanent policy should not be a difficult process.

    The key features of convertible term insurance are described below:

    • Even before a policyholder converts the term insurance into whole-life insurance, the policy will be more expensive. The coverage offered by a standard term insurance policy and that by a convertible policy may be the same. However, the convertible insurance plan will have higher premiums, owing to the built-in cost attributed to the conversion facility.
    • Another advantage of a convertible term insurance plan is that the life assured is not usually required to appear for a medical examination while switching the plan from term to permanent. This is particularly useful because if the life assured’s health has waned after buying the convertible plan, he/she will still be able to avail whole life coverage that would not have been possible otherwise.
    • If the policyholder pays all premiums on time he/she can keep the policy in-force with the option of conversion later on in life.
    • You should buy a convertible policy now if you are unable to afford whole life insurance. In the future even if you are able to buy whole life insurance, your health may disqualify you from doing so. In effect, you choose the affordable insurance now while also creating a path to the lifetime option in case your insurance needs and health condition changes over time.
    • When buying convertible insurance make sure that you are aware of the timeframe within which you should convert the plan. You should keep a close eye on this aspect and also on the investment part of the plan.
    • When you have a convertible term insurance policy, every year that you wait to convert will make the conversion rate go up by 10%-15%. This is because you will be moving up into higher rate bands as you grow older. If you are sure that you will be going for a conversion, it is better that you do it while you are young and in a low rate band.

    Difference between convertible and renewable life insurance:

    While shopping for term insurance plans, you may have come across schemes that are “renewable”. There is a misconception that the two are synonymous. The fact is that renewable and convertible policies are two different products.

    If a policy is referred to as being renewable it means that the plan can be extended even after the end of the term. The premiums for renewal of the policy may however be much higher than the original premium. On the other hand a convertible policy provides you the ability to switch from term insurance for a specific duration to whole life insurance. Renewable plans usually do not offer this option.

    Term Return of Premium (TROP) Plans :

    TROP plansare standard term life insurance plans with a slight variation in the method of providing survival benefits. On survival, policyholders are returned the total amount of premiums paid by them during the policy tenure, excluding tax. Such a method ensures that the money spent on the policy is returned to you after a specific interval.

    Key features of Term Return of Premium plans are:

    • Just like a regular insurance plan, a TROP offers a refund of the premium upon the policy’s maturity, provided that the policyholder survives till that date.
    • A TROP plan generally allows policyholders to add riders or benefits to their existing plans to increase the coverage.
    • TROP plans have a slightly higher premium amount compared to regular term insurance due to the premium repayment facility.
    • Term Return of Premium plans offer you tax benefits on the premiums paid, under Section 80C of the Income Tax Act. These plans also enable you to enjoy tax benefits on the payouts from the policy under Section 10(10D).
    • Some insurers offer returnable TROP plans. This means that if the policyholder opts to discontinue the premium payment and return the plan, the premiums that have been paid till date will be reversed. However, there will be deductions pertaining to medical examination costs and stamp duty charges. You should discuss this facility with your insurance advisor before investing in a TROP plan.
    • The policyholder has the option to stop paying premiums towards a ROP plan after a predefined duration, usually 3 years. The policy will then move into paid-up status. The death and maturity benefits in this case will be reduced by a ratio of total premiums paid to the total premiums payable under the plan.

    You should keep the following points in mind before investing in a ROP policy:

    • Read all policy-related documents carefully. This is very important as it helps in understanding the inclusions and exclusions under the plan.
    • In the event of an unforeseen incident, the sum assured under the plan should be sufficient to help your family survive the difficult phase. So, choose the plan coverage judiciously.
    • Opt for an insurance company of repute. Since there are many players, private and public, in the market today you should not fall for marketing messages or advertisements. Instead use your best discretion when selecting an insurance provider.
    • When looking to buy a plan, you should check the claim settlement ratio of the insurance company. Ensure that the insurer has a good customer service/grievance cell as well.
    • Before finalising on a plan, understand the premium payment frequencies and flexibilities the scheme offers. This way you will be well-equipped to make the purchase.

    Trops Versus Fixed Deposits:

    There have been debates on the returns offered by TROP plans. There is a general belief that TROP policies have inflated premiums with respect to the survival benefits offered. Many compare TROP schemes to fixed deposits as well.

    It is understood that fixed deposits (FDs) yield higher returns in comparison to TROP plans. While TROP policies pay back the full premium as survival benefit, there are no interests or other incentives offered. On the other hand, an FD account returns the principal amount and compounded interest at maturity, which is far higher than the survival benefit under a TROP plan.

    But the vital life insurance coverage that TROP policies provide the life assured should not be ignored.

    Decreasing And Increasing Term Plans:

    The insurance market is flooded with various types of policies that it often becomes difficult for the buyer to choose the best suited plan. Decreasing and increasing insurance policies are two of the commonly used terms in the insurance realm. Let’s take a look at the features and benefits of the aforementioned policies:

    Decreasing Term Insurance: In this type of policy, the sum assured on death as well as the premium decreases at a certain rate throughout the policy term. Such plans are generally offered by financial institutions to insure the property held as collateral against the loan offered. It is an additional safety component which ensures that the bank will get back the amount released as loan, in case of the worst scenario. The duration of the policy term can vary between 1 and 30 years.

    The essence of decreasing term insurance is that a person’s requirement for high insurance coverage decreases with age, as certain liabilities do not exist beyond a point. Decreasing term insurance plans are not suitable for individuals who have no other form of life coverage. If you buy only one life insurance package, it should be a pure term insurance policy, as it would offer you a level death benefit throughout the tenure.

    While the main advantage of choosing decreasing term insurance is that it can be used for personal asset protection, small businesses also use these plans to insure indebtedness for startup expenses or operational costs.

    Increasing Term Insurance: Under increasing term insurance plans, the insurance coverage increases at specified durations when the policy is in full force. It evaluates risks on par with the rising costs at any given time in the future and compensates accordingly. The cover usually keeps increasing till the time it attains a value which is 1.5 times higher than the original cover.

    • Increasing term life insurance policies are configured to offer respite from inflation. It also ensures that the death benefit is substantial when it is finally paid out to the nominee.
    • One of the main disadvantages of the increasing term insurance plan is that the premium increases according to the benefit. Hence, these policies get more expensive over time.
    • Increasing term insurance is less common than other forms of term insurance.
    • These plans are particularly suitable for couples who plan to have a child in the near future, and would like to save up for the same.

    Aegon Life Insurance offers an increasing term insurance plan that is a variant of the regular scheme. The sum assured under the policy increases by 5% every year till the value reaches twice the initial amount in 20 years. After this point, the sum assured remains constant. It should be noted that the sum assured cannot go beyond double the original sum assured. The rise in the value of sum assured cannot be stopped either.

    Joint Term Insurance Plans:

    As the name suggests, joint term insurance plans are those schemes which allow the person insured to cover his/her spouse under the same policy. It is a comprehensive financial protection solution with multiple benefits for couples. It basically ensures that the family equilibrium remains intact during hardships, or in the worst case, during the absence of one of the two or both. These policies are well suited for married couples with dependent children.

    Key features of joint term insurance plans include:

    • Some joint life plans pay out on the basis of the first claim. This implies that if one of the insured members die, the sum assured is paid out and the policy ends immediately.
    • Certain joint life insurance plans offer payment at the death of each insured member.
    • Some joint life policies offer payout to the surviving member at the first death. The surviving member also receives a regular payout in the form of an income for a fixed duration.
    • Joint-life term insurance plans offer tax benefits on premiums paid and payouts received, under Section 80C and 10(10D) respectively.
    • Some plans provide additional payments if the death was caused in an accident. In-built terminal illness coverage is also offered by some joint life plans.

    Joint Life Term Plans Versus Individual Term Plans:

    If you and your spouse are looking to buy term insurance and are confused about the product that you should buy, you can go through this checklist to identify the right plan for you:

    • A joint-life cover will provide insurance for both spouses under the same terms and conditions. On the other hand, if you choose to purchase separate individual term plans, the policy terms and conditions and cost can be selected by each spouse on the basis of his/her insurance needs.
    • Suppose you purchase a joint-life policy with a single death payout. In the unfortunate event of an accident in which you and your spouse face death, the policy will only pay a single death benefit to your nominee. However, if you both were insured under individual term insurance plans, then the nominee would receive two separate death benefits. There is a significant difference between both options on the financial front.
    • After the first death benefit payment, the coverage under some joint-life term plans terminate. This leaves the surviving spouse without insurance coverage. Also, purchase of insurance later in life may cost more due to the age of the surviving member or him/her having developed health issues. This problem will not crop up if individual term plans were taken.
    • In the case of a joint policy, if the couple choose to get divorced, complications would arise in the plan coverage and premium payments. This issue is avoided if term plans were taken.
    • The premium for joint-life term plans are usually lesser than that for individual policies. So, if you are on a tight budget, it is advisable to take joint life coverage. Moreover, the ease of policy management and simple documentation are some additional factors that make joint-life plans an attractive option.

    Online Term Insurance Plans:

    The digital advancements of the recent past has created significant changes in every sphere of activity, especially in the way business transactions take place these days. Most of the insurance companies have started offering term life insurances online, without involving mediators. All the information related to the policy will be hosted on the insurance company’s website which makes it easy for the buyers to compare and choose the best suited plan.

    Features and Benefits of Term Insurance:

    • Flexible Payment Options:

      Term insurance policies offer flexible premium payment options, allowing policyholders to choose a payment plan based on their convenience. Premiums can be either limited pay, single pay or regular pay plans. Policyholders who choose limited or regular pay plans can pay their premiums either monthly, quarterly, half-yearly or annually.

    • High Sum Assured for Low Premiums:

      Term insurance premiums are some of the lowest in the insurance sector, allowing for a prudent and relatively inexpensive way to safeguard the policyholder’s dependents in case of untimely demise. The Sum Assured associated with term insurance plans are also relatively high when compared to the premium amounts. Regular plans as well as TROP plans offer as much as 105% return on premiums paid as a benefit upon maturity.

    • Choice of Plan:

      A number of insurers offer policyholders a choice when it comes to the type of plan they wish to opt for. Policyholders can choose between single or joint life plans, depending on their need. They can thus choose to extend coverage for dependent spouses or choose a plan exclusively for the breadwinner of the family.

    • Death Benefit:

      On the death of the policyholder during the policy term, his/her dependents stand to receive the amount chosen at the time of choosing the policy. The amount would depend on the term plan, with the amount increasing, decreasing or remaining the same irrespective of at what juncture of the policy tenure the policyholder’s death occurs.

    • Tax Benefits:

      Policyholders can claim tax exemptions under various sections by virtue of opting for a term insurance policy. Tax exemptions can be got under section 80C of the Income Tax Act on premium amounts.

      Policyholders can also claim exemptions under Section 10 (10D) of the Income Tax Act for benefits received through insurance policies.

    • Survival Benefits:

      While a regular term insurance plan does not have any survival benefits, a number of insurers have designed plans that also offer survival benefits in the form of premium refunds on maturity.

      On maturity of the policy, surviving policyholders stand to receive benefits under a TROP policy only. In the case of a TROP policy, the policyholder will receive the premium amount paid over the policy tenure as one lump sum.

    • Add-on Benefits:

      A number of individuals have begun to opt for add-on features to their regular term insurance policies. These add-on plans will push up the price of the premium being paid but provide additional benefits in case of accidental death, critical illness, total and permanent disability benefit etc.

    How to Choose a Term Insurance Plan:

    The market is flooded with term insurance policy options, with varying policy terms, benefits and sum assured amounts. Navigating this maze of policies and making sure you choose the one that fits best and meets your requirements is a difficult task.

    The following points should be kept in mind when looking for a term insurance plan:

    • Reliability:
    • When picking an insurance policy, it is always advisable to look at the insurance company’s reputation. This is important as a term insurance policy is a long term investment and as a policyholder, you should not be left in the lurch in the event the company shuts down or meets with any difficulties. Checking the company’s FICO score would be a good way to gauge its stability and reliability.

    • Claim Settlement Ratio:
    • The insurance company’s claim settlement ratio is an indicator of the number of claims settled out of every 100 claims received by the company. Insurance companies with a healthy claim settlement ratio are seen as more reliable and a better choice, as a higher settlement ratio is considered favourable. The IRDA publishes the claims settlement ratio for all insurance companies for a particular year.

    • Riders / Add-on covers:
    • The riders provided by the insurance company in addition to the regular policies are also to be considered. A policy that provides the basic coverage and also offers additional benefits and riders is seen as a secure one, and insurers who provide a wide range of riders are considered a good option.

    • Cost:
    • The amount you would be paying in terms of premium for the protection offered is a key factor in selecting a term insurance policy. Given that these policies can have a tenure of up to 20 years, the amount being paid annually as premium is a significant amount. Thus companies that offer reasonable protection for low premiums are preferred by policyholders.

    • Inflation:
    • When selecting a term insurance policy, take into account factors like inflation. Term insurance policies are usually taken for 10-20 years, during which time inflation will erode the value of the rupee, resulting in lower returns at the time of maturity. To offset this, consider companies that offer plans where the cover increases by 5% - 10% annually to keep in line with inflation.

    • Policy comparison:
    • It is advisable to compare insurance plans online so that you have a clear idea of the options available to you. The facility of policy comparison is offered by neutral third-party financial websites, free of cost. So, it is wise to make use of this facility as much as possible.

    • Engage an insurance advisor:
    • In case you feel that you are unable to decide on a plan by yourself you can always seek the assistance of an insurance advisor for the same. This way you can be assured of expert insurance advice/suggestions that would enable you to pick the right policy.

    • Policy terms and conditions:
    • It is vital that you read the terms and conditions within the policy document thoroughly before signing the dotted line. This enables you to understand the minute details pertaining to the inclusions and exclusions under the plan, so that there are no confusions in the future.

    Documents Required for Term Insurance:

    All insurance companies mandate that you submit a set of relevant documents while applying for term insurance. Following is the list of documents you will need to provide when taking a term insurance plan. Document requirements may also differ from insurer to insurer.

    • PAN card
    • Proof of identity using documents like passport, Voter ID card, Aadhaar card, driving licence, letter from a public servant or authority verifying identity.
    • Proof of age with documents like passport, birth certificate, driving licence, PAN card, etc.
    • Proof of address with documents like utility bills (electricity, telephone), ration card, bank account statement, Voter ID card, or passport.
    • Proof of income with documents like Income tax returns, employer’s certificate, or Income Tax assessment order.
    • Some recently clicked passport sized photos.

    Exclusions for Term Insurance Plans:

    Term insurance plans cover a list of specific events and circumstances. Depending on the type of plan selected, this could be an exhaustive list. However, there are some exclusions that term insurance policies do not provide coverage for. Given below is a list of exclusions:

    • Suicide: Suicide is an exclusion in all term insurance policies. Insurers will not pay dependents in the event of the policyholder committing suicide within a year of purchasing the policy. In the case of group insurance, suicide will not be liable for compensation as well.
    • Death due to war, terrorism drought: Death due to natural calamities and acts of war are not covered under a term insurance plan.
    • Death due to actions by the insured: Accidental death brought on by the actions of the policyholder (such as extreme sports etc.) are not covered as these are viewed as self-imposed risks by the policyholder.
    • Death due to intoxication or narcotics: If the policyholder’s death was brought about by or as a result of consumption of alcohol or narcotic substances, the insurance company is not liable to compensate dependents.

    Term Insurance Claim Process:

    In case the life assured policyholder passes away, their dependents will be required to file a claim in order to receive the amount which the insurer has assured to pay on such an event. The claim process is usually quite simple and easy to follow in most cases. Given below is a step-by-step guide to file your claim for a term insurance policy:

    Step 1 – Inform the Insurer About The Claim:

    The initial step to filing a claim involves intimating your insurance company regarding the claim. To do this, you must contact your insurance provider via any available channel i.e. via phone, email or by visiting the branch. Only when you have informed the insurer about the claim will the claim settlement process be initiated.

    Step 2 – Submit Required Documents:

    Once you have informed the insurer about the claim, you will be required to submit the necessary documents to support your claim. Documents usually required for supporting a claim include the original insurance policy document, proof towards the claim, deceased life assured’s death certificate and medical records, apart from some other documents. Some insurers may also ask you to submit additional documents to further verify the claim.

    Step 3 – Claim Settlement and Payout:

    The final step in the claim process is the decision regarding the claim and subsequent settlement. After the required documents have been provided to the insurer, the claims department will verify the documents and the claim before taking the decision on the settlement. The insurance company may honour the claim if everything is in order or may deny it if there is any discrepancy in the claim and proof provided for it.

    Term Insurance Premium Calculator:

    Insurance companies providing term insurance are often fielded with questions regarding the premium to be paid for a particular policy. As the premium amount is integral to selecting a policy, a number of companies have a premium calculator on their websites which allows policyholders to calculate the premium they would be paying for particular policies. The premium calculator facility is available to all individuals who wish to calculate an estimate of the premium to be paid.

    The premium calculator for most insurance companies requires you to input details such as your gender, date of birth and mention if you are a smoker or non-smoker. The coverage amount required (depending on your needs) is to be entered as well.

    On doing so, the premium amount to be paid will be displayed on screen. The premium amount would be calculated based on the maximum policy term offered by the insurer.

    Any additional benefits included as part of the policy would be displayed below the premium amount payable. Some insurers provide an estimate based on the insurance plan selected, and will provide the premium amount based on the type of plan and coverage it offers. The premium calculator is an excellent way for individuals to check their premium contribution if they wish to opt for a particular term insurance policy.

    Popular Term Insurance Plans in India:

    Some of the popular term insurance plans in India are mentioned below:

    LIC e-Term

    LIC e-Term Insurance plan offers policyholders coverage from a minimum of 10 to a maximum of 35 years. It covers individual policyholders only and cover is provided up to 75 years. The policy is available exclusively online, with the minimum Sum Assured being Rs.25 lakh. The policy makes provision for riders and add-ons as well, and has a 30 day free look period. The policy cover can be extended if the policyholder wishes to enhance coverage.

    ICICI Pru iProtect Smart Plan

    The ICICI Pru iProtect Smart Plan provides term insurance for individuals as well as dependents. The plan is offered exclusively online. The plan covers policyholders for a minimum period of 5 years and a maximum of 40 years, with cover provided up to a maximum of 75 years of age.

    There are three options - the Life Option, Life Plus Option and the Life & Health Option which offer varying coverage depending on the policyholder’s requirement.

    The options offer coverage ranging from death benefits, terminal illness cover, permanent disability cover as well as accidental death benefit cover.

    Bajaj Allianz iSecure More

    The Bajaj Allianz iSecure More plan is a term insurance plan offering a range of options to the policyholder. The plan is an individual coverage plan which can be extended to cover the policyholder’s spouse. The plan provides coverage for a minimum of 10 years and a maximum of 25 years.

    The plan also features an increasing cover every year, with a 5% increase in the Sum Assured, up to a maximum of 2 times the Sum Assured at the time the policy was purchased. The minimum Sum Assured is Rs.2,50,000. Policyholders can choose to receive the death benefit amount in instalments over a 5-10 year period.

    HDFC Life Click2Protect Plus Term Plan

    HDFC Life Click2Protect Plusplan offering from HDFC provides policyholders with a variety of cover options, namely the Life Cover option, Extra Life with accidental death benefit option, Income option and Income Plus option. There is provision for both individual as well as joint coverage plans. The plans provide coverage for a minimum of 10 and a maximum of 40 years, with the plan providing coverage up to a maximum of 75 years. The minimum Sum Assured for these plans is Rs.25 lakh, with dependents receiving up to 125% of the premium in case of the policyholder’s demise.

    Max Life Online Term Plan Plus

    Max Life insurance offers an affordable yet competent term plan known as the Online Term Plan Plus. This is a pure term plan which offers protection for your family at an affordable cost. There are various benefits which this plan offers such as 100% sum assured provided as lump sum on death, option to enhance plan cover with riders, waiver of premium option in case of dismemberment, or if policyholder is diagnosed with a critical illness, or in case of death, discounts on opting for a high sum assured amount, simple and hassle free online application process, premium discounts for non-smokers, etc.

    This plan comes with a term of 10 to 40 years and the minimum sum assured provided is fixed at Rs.25 lakh. The premium payment term will be equal to the policy term and premiums can be paid on a yearly, semi-yearly, quarterly or monthly basis. This plan only provides a Death Benefit and no Maturity Benefit.

    PNB MetLife Mera Term Plan

    PNB MetLife Mera Term Plan is a non-linked, non-participating term plan which offers the benefit of customization so you have the flexibility to choose from the available range of payout options as per your requirement. This plan comes with multiple benefits like coverage till the age of 75, affordable premiums, tax savings under Section 80C for premiums paid, hassle-free cover for your partner, increasing monthly income and the flexibility to increase your life cover to accommodate the needs at every stage of life.

    Birla Sun Life Insurance Protect@Ease Plan

    Another popular term plan available in the market is offered by Birla Sun Life insurance and is known as the Birla Sun Life InsuranceProtect@Ease Plan. This is another affordable term insurance plan which offers all-round financial protection to your family. The plan is available in 2 options – Level Term insurance and Increasing Term Insurance. Customers have the option to increase the plan coverage at significant milestones of their life and also have the option to cover their spouse under the same policy. Policyholders can choose from multiple options for receiving their death benefit. The plan comes with rider options to enhance coverage and offers special rewards in terms of premiums for those maintaining a healthy lifestyle.

    The entry age for this plan is 18 years to 65 years. The policy term ranges between 5 years to 40 years. The premium payment term for this plan is single pay, regular pay or limited pay for 5 or 7 years. Premiums can be paid on a monthly or annual basis. The minimum sum assured provided under this plan is fixed at Rs.30 lakh and there is no maximum limit on same.

    Edelweiss Tokio Life Total Secure+

    The Edelweiss Tokio Life Total Secure+ is an all-round online term insurance plan which not only provides life cover but also protects against 35 critical illnesses, including cancer and diabetes. The plan offers several options in customization for features like life cover, policy term, premium payment term, critical illness benefit, and benefit pay out. Under this plan, you can choose to pay premiums as single pay, regular pay till the policy expires or limited pay for 5, 10, 15, 20 and 25 years. With this plan, you also save tax as per the provisions of Section 80C and 80D of the Income Tax Act, 1961. To enhance the protection provided by the plan, you can also choose from a range of add-on riders available with this plan.

    Future Generali Flexi Online Term Plan

    The Flexi Online Term Plan by Future Generali is a non-participating, non-linked pure term insurance plan that is not only affordable but also flexible and convenient. This plan ensures that your family stays financially protected and stable in case you may not be around to provide for them in the future. Premiums for this plan start as low as Rs.4,223 per annum and customers have the option of receiving the Death Benefit as a lump sum or in monthly instalments. You can choose between two plan options which are Basic life cover and income protection. Other benefits offered under this plan include life cover till the age of 75 years, preferential premium rates for non-smokers, discounts on high sum assured and lower premium rates for women.

    The entry age for this plan is between 18 years to 55 years for the basic cover option and 25 to 55 years under the income protection option. The minimum policy term for both options is 10 years. The premium payment term will be equal to the policy term and premiums can be paid annually or monthly.

    Aviva iLife

    Among the scores of term insurance plans available, the Aviva iLife is among the best. This is a pure term insurance plan which is not only affordable but also provides convenience as it can be purchased online. This plan offers a death benefit in case the life assured policyholder passes away during the policy term. Tax benefits can also be availed as per the provisions of Section 80C of the Income Tax Act, 1961.

    The entry age for the iLife plan is 18 years to 55 years while the maturity age is set at a maximum of 70 years. The policy term ranges from 10 years to 35 years and is the same as the premium payment term. Premiums can be paid on a yearly and half yearly basis. The plan also offers discounts on high sum assured amounts and to female policyholders.

    How Much Term Insurance Do I Need?

    There is no set formula that can be applied to answer the question of how much insurance is enough insurance. What can be done, when trying to answer this question, is to take into consideration the factors that have the maximum impact on the sum assured. These factors will include things like how much you can afford to pay as a premium, what is the sum assured that you think will be adequate for your families future expenses and is the sum assured you want available.

    Eligibility Criteria of Term Insurance:

    Before anyone can take a life insurance policy, they will have to meet certain eligibility criteria which can be:

    • The minimum age of the policyholder will have to be 18 years old when taking the plan.
    • The maximum entry age will depend on the minimum tenure of the policy.
    • The maximum age at the time of maturity for these policies can be 75 years but this could change from one insurer to the next.
    • The minimum age for maturity will be determined based on the minimum age at entry and the minimum tenure offered.
    • The sum assured will also be a factor in calculating the eligibility as many policies have a fixed minimum sum assured.
    • This may not be mandatory but some insurers may ask you to undergo a medical check-up prior to taking the policy.

    Things to know about term insurance plans:

    As explained, buying a term insurance plan is the most economical way of securing yourself and your dependents. There are multiple features and benefits associated with term insurance policies which makes them stand out from the rest of the insurance options. Let’s take a look at some of the must know features of term insurance policies.

    An economical approach towards financial security:

    Most of the insurance companies offer term life plans at lower rates of premium, because these plans offer coverage only for a predefined duration. What makes these plans cheaper is that, most of the times the person insured survives the policy term, in which case the company will have to pay nothing in return. However, this is not the case with TROP plans where the premiums are returned on survival of the policyholder. A simple term plan can be compared with a vehicle insurance policy which compensates only at times of an accident.

    Even term plans can offer better returns on investment:

    Even though term plans are opted widely by people worldwide, a considerable few are still hesitant to go for it because of the zero returns on survival of the term. However, some insurance companies offer a Term Return of Premium (TROP) plans, under which the person insured will be paid all the premiums that he/she has paid during the policy tenure. Generally, TROP plans are priced a bit higher than normal term insurance plans.

    A monthly income for dependents of the policyholder:

    Buyers at the time of application can choose whether the death benefits should be paid as a lump sum to the nominee or in installments. However, if at the time of claims the nominees choose to take the entire amount as a lump sum, they can avail the same at a reduced value.

    Enhancement of insurance coverage:

    In term plans, you also have an option to increase the level of insurance coverage at different stages of your life. The percentage of increase depends purely on your insurer and on the type of plan selected.

    Choose your premium term and policy term:

    Your term insurance plan allows you to choose the tenure at the time of policy inception. It’s an excellent feature which helps you to choose the plan based on your financial situation. This particular feature of term plans makes it a better risk management planner for loans and debts.

    Term Plan Vs Endowment Policy Vs ULIP:

    There are a lot of life insurance products that are available to customers and they can range from a term plan to an endowment plan to a ULIP. So the question really is how term insurance stacks up against ULIPs and

    Term Insurance Endowment Plans ULIPs
    Premium (for Rs. 1 crore) Approx Rs. 9,000 Approximately Rs. 60,000 NA
    Max sum assured No limit No limit Depends on fund value
    Premium payment Offers single pay, monthly, quarterly, half-yearly, yearly and limited pay options Offers single pay, monthly, quarterly, half-yearly, yearly and limited pay options Offers single pay, monthly, quarterly, half-yearly, yearly and limited pay options
    Maturity benefits None unless it’s a TROP Does offer maturity benefits Maturity benefits linked to market investments
    Risks No risks No risks Has risks since the premium is invested in the equity and debt markets

    The interpretations that we can draw from the table are:

    · For a sum assured of Rs.1 crore, the premium for a term plan is about Rs.9,000 whereas for endowment plans, it is much more and ULIPS don’t always offer a fixed sum assured.

    · The premium payment options are the same for all the insurance plans.

    · While ULIPS come with an inherent risk due to investments made in equity and debt markets, term insurance plans are quite safe.

    · If you opt for a term insurance with a return of premium option then when the policy matures, you stand to get 100% of your premiums back.

    How To Buy Term Insurance Online:

    Purchasing a term insurance plan has now become easier than ever, thanks to the revolution led by the online shopping. Term insurance, like many other types of insurance can now be easily purchased online. Unlike earlier times, purchasing term insurance now is much easier and hassle free. While the process of purchasing term insurance online may differ from insurer to insurer, the general procedure is as given below:

    • Start off by logging on to the insurer’s website and click on the tab which reads term/life insurance. Do ensure beforehand that the insurer you have chosen does offer term insurance plans.
    • Once you click on the term insurance tab, you will be required to provide details like the sum assured you wish to take, the term for which you want the policy and the period for which you want to make premium payments.
    • After you have entered your preferences, the website will display the policy premium amount based on your inputs. You will see the premium amount based on your inputs
    • If you are comfortable with the premium which needs to be paid for the policy, you can proceed to select the bank to make the payment for the premium.
    • Once the payment has been made, you will receive an acknowledgement regarding the transaction.
    • The insurance company should respond back on your application within a period of 3 weeks letting you know whether or not your application has been accepted.
    • If the application is accepted, you will be sent the policy document online via mail, which will be followed by a hard copy which will be sent to your registered address.

    Factors Which Affect Term Insurance Premium:

    When it comes to term insurance, there are several factors which affect the premiums which the insurer quotes on your policy. These factors are:

    • Age – your age plays a major role in the premium you pay on your policy. The younger you are, the lower your premiums are likely to be and the older you are, the higher your premiums will be. It is always advised to purchase a life insurance policy when you are young.
    • Your family’s medical history – If your family has a medical history of any critical or life threatening illness/condition like cancer, diabetes, etc., then you will be considered a higher risk as compared to someone who does not have a family history of any major life threatening disease/condition. A high-risk applicant will be charged higher premiums automatically.
    • Your health– Insurers will also look at the state of your health at the time you apply for the policy and also in the past. If you have been suffering from any chronic illness in the past or your current medical condition indicates any future health issues like high blood pressure, your policy premium rates might be affected. Applicants who are generally healthy often have to pay lower premiums in comparison.
    • Weight – people who are obese or overweight on the weight to height ratio scale may be asked to shell out more in terms of policy premiums as they carry greater chances of medical issues in the future.
    • Smokers – it is commonly advertised by insurance providers that non-smokers are eligible for special discounted premium rates on policies as compared to smokers. This is because smokers may be at a higher risk of cancer or other smoking related health hazards as compared to a non-smoker.
    • Alcohol consumption – Like smoking, alcohol consumption can also lead to health problems. Which is why, insurers will enquire about your lifestyle habits during application as heavy alcohol consumption is linked to several health complications, increasing the applicant’s risk.
    • Lifestyle habits – Those who often indulge in high-risk activities for leisure such as skydiving, bungee jumping, paragliding, hang-gliding or any other form of adventure sporting activity are seen as high-risk applicants and may be required to pay higher premiums. However, there are several insurers who have designed policies specially covering these high-adrenaline activities.
    • Applicant’s gender – Insurance providers often advertise lower premium rates for women applicants as compared to men. This may be due to the fact that women usually have longer lifespans as compared to men.

    Importance of Term Insurance:

    Term life insurance plans, also known as protection plans, have become popular in the past few years owing to the benefits which they offer. Why is it important to be covered under a term plan? Here are some reasons:

    • Term plans offer risk cover – Term insurance plans are categorized under pure risk cover plans as they offer protection in case of death of the life assured policyholder. Protection here is provided in the form of death benefit and there is usually no maturity benefit associated with term plans. However, while many people may consider this an unnecessary expense, these plans offer much needed financial support if the sole breadwinner of the family may pass away.
    • Term insurance offers affordable protection – Term insurance offers one of the most important benefits, which is of providing risk cover at a very affordable price. Nowadays, you can get a 25 year term insurance cover for a nominal sum of Rs.2508 p.a. which will provide you with a risk cover of up to Rs.10 lakh. Purchasing term insurance online can be even more inexpensive.
    • A must-have for sole income earners – Term insurance plans can be of invaluable importance for those who are the only income earners in their family and have others depending on them financially. In case of the unfortunate demise of the life assured who is also the only earning member of the family, the term insurance plan will provide the life assured’s beneficiary/nominee with the death benefit sum assured. This way, families of such individuals will not become financially unstable after the unfortunate demise of the life assured. The benefit provided by the term insurance will serve as a financial cushion to take care of immediate expenses in case of a loss of income.
    • Dependents are protected from short-term liabilities – In case of death of the life assured, the surviving family members or dependents often feel the stressful burden of any debts or loans which are remaining to be paid. With the loss of an earning family member, finances can go for a toss. This is where a term plan can offer invaluable financial help to the struggling dependents. The benefit assured by a term insurance plan can help the dependents pay off any impending loans or debts like a home loan, children’s tuition fees, car loan, personal loan, etc.

    Term Insurance Renewal Process:

    When your term insurance policy is about to expire, make sure you get it renewed on time. Term insurance policies can now be easily renewed online with just a few clicks. Here are the basic steps involved in the renewal process. This process may be different for different insurers.

    • Step 1 - Review your policy

    The first step of the renewal process of to review the existing insurance policy that you have. This will give you a chance to review the cover and discounts that your policy provides and make any changes as are necessary. Since many of us may not use our insurance cover for a long time, it is wise to make changes to your cover with time as your priorities change.

    • Step 2 - Provide policy details

    urer’s website and click on the policy renewal tab. Once you click on the tab, you will be asked to provide your policy details such as the policy number, date of birth, name, etc. after this step, you will be asked to confirm the details you have just provided.

    • Step 3 – Make the payment

    The last step of the renewal process is to make the payment on the policy. Nowadays, one can make the payment for policy renewal online via a number of channels such as by cheque, by credit card/debit card, vi an ATM, via SMS, via online banking, via mobile wallets, bank auto-debit facility, bank collection centres, or at the branch office itself.

    Whole Life vs Term Insurance:

    When one talks of term insurance, the immediate other option which pops in one’s mind is whole life insurance. Term insurance is a specific type of life insurance where the life assured pays premiums towards the policy for a fixed pre-specified term. In case of death of the life assured before the term of the policy, their beneficiary will receive the death benefit. Term insurance policies are also categorized as pure life insurance policies as they only offer protection.

    Whole life policies, on the other hand, are full life insurance policies where the cover of the policy extends until the death of the life assured. The premiums for such policies are paid either for a limited period of the policy term or for the life insured's entire life time. Whole life policies also provide survival benefits and maturity benefits, in addition to the death benefit. These policies may sometimes also offer premium investment options.

    Whole Life Policies Tem Insurance Policies
    Premiums Premiums are higher as compared to term life policies. Premiums are significantly lower as compared to those of whole life policies.
    Coverage period Whole life policies provide cover for entire life Term life policies provide cover only for a specified period of time such as 30 years.
    Investment options Whole life policies also offer investment options within the policy for enhancement of savings. Term life policies do not offer investment elements.
    Benefits provided Whole life policies normally provide survival benefit and maturity benefit in addition to the death benefit. Term life policies normally only provide a death benefit.

    How To Choose The Right Term for Your Term Plan:

    One of the main reason why term plans are preferred over other types of insurance plans is because it provides cover at affordable prices for a duration that the customer needs. However, when it comes to term insurance, how does one decide the term for which the plan should be taken? The right duration for a term plan will differ from individual to individual, depending on their unique financial situation. When deciding the term of a term insurance plan, you must consider the financial liabilities which your family may have to face if you pass away and how long it would take for those liabilities to be paid off. Some of the factors you must consider when choosing the term of your term plan are:

    • Liabilities

    Liabilities can come in many forms, such as loans or mortgages and must be paid in or before time to avoid penalty. When you choose the term for your term insurance, it is advisable to consider the time it would be required to pay off such liabilities. For instance, if you have a home loan which will be fully repaid in a period of 20 years, then your policy term must be a minimum of 20 years.

    • Commitments or Dependents

    If you have dependents like young children who are financially dependent on you, the term of your plan must ideally be the duration (no. of years) till your can children support themselves. You must also take into account milestone life events like weddings, or starting a career when deciding the term of your policy. Ideally these events must fall within the term of the policy so that in case you may not be around to financially provide for your family, their needs are still taken care of.

    • Affordability

    Long term plans are significantly more expensive than short term insurance plans. When choosing the term for your plan, you must first consider whether you are financially comfortable paying the premiums over a longer period of time or not. Long term plans provide cover for a longer duration but are more expensive. Short term plans are relatively more affordable and also provide cover for a sizeable number of years.

    Term Insurance FAQ’s

    1. Q. Will every insurance company offer the riders?

      A.No. The riders are offered at the desecration of the insurance providers so they can differ from one provider to the next.

    2. Q.Can I take more than 1 term insurance plans?

      A.Yes, you can take more than 1 term insurance plans.

    3. Q. What if I want a sum assured that is in excess of Rs. 10 crore?

      A.In case the sum assured is really high, the decision to provide the policy will rest with the insurer and the policy issued only if the insurer is willing to insure for such high amounts.

    4. Q. Are there any situations under which the claims won’t be honoured?

      A.Yes. If your claim falls under any of the exclusions mentioned in the policy, the claim won’t be honoured.

    5. Q. What are some of the exclusions?

      A.The exclusions can include indulgence in activities that are illegal. They also include participating in activities that are known to be dangerous, example extreme sports. In the case of the policyholder committing suicide within the first year, only the premium paid may be returned.

    6. Q. What do insurers mean by healthy lifestyles?

      A.A healthy lifestyle can mean that the policyholder is not indulging in any activity that could harm their health. An example of this would be smoking.

    7. Q. What is the benefit that I get for health lifestyles?

      A.The main benefit that insurers offer for healthy lifestyles is a discount on the premiums payable.

    8. Q. Can I take a term insurance plan if I am an NRI?

      A.Yes. If you are an NRI then you can still take term insurance cover.

    9. Q. Does term insurance have a free-look period?

      A.Yes. Term insurance has a free-look period of 15 days, from the day you receive the policy document, within which you can surrender the policy in case you are not satisfied with it and get the premium refunded. There may be some deductions involved.

    10. Q. Do I have to pay penalties if my payment is late but within the grace period?

      A.Late payment policies may differ from one company to the other but generally if payments are made within the grace period then no interest is charged on the payment.

    11. Q. What is accidental death benefit?

      A. Accidental death benefit is a rider or add-on to term insurance policies by which the dependent will receive a pre-determined amount of money in the event of the policyholder’s death due to an accident.

    12. Q. What is the age limit for a term insurance policy?

      A.Different insurers and plans have different age limits for term insurance policies, with the limit ranging from 55 years to 70 years.

    13. Q. What is term insurance with monthly income?

      A.In such cases, the Sum Assured is decided on the policyholder’s monthly income after taxes. The death benefit paid out is 12 times the monthly income, inflated at 5% annually throughout the term of the policy.

    14. Q. Can I alter the duration of the coverage after the policy has been issued?

      A.No, it is not possible to change the duration of the coverage after the policy has been issued. However, some policies allow for extensions in the coverage period.

    15. Q. What is the maximum tenure for a term insurance plan?

      A.The maximum tenure for a term insurance plan depends on the insurance company and the type of plan opted for. The maximum tenure available is 40 years.

    16. Q. I smoke occasionally. Will I have to declare myself a smoker at the time of applying for the policy?

      A.If you have smoked in the last 12 months, you are required to declare yourself a smoker at the time of applying for a term insurance policy. If you do not and the insurer is made aware of this, you could risk losing your policy benefits.

    17. Q. How do I cancel my insurance policy?

      A.Cancelling your insurance policy can be done by notifying the insurer within 15 days of the policy being issued.

    18. Q. What are the eligibility criteria when applying for term insurance?

      A.The eligibility criteria for term insurance are as follows:

      • Should be a citizen of India.
      • Should be above the minimum entry age (18 years).
      • Should be below the maximum entry age (depends on insurer and plan).
      • Should be able to pay the plan premium.
    19. Q. Can I switch my term insurance plan to another insurance provider during the policy term?

      A.No, you cannot switch your term insurance policy to another provider during the policy term.

    20. Q. Can the dependent/nominee re-apply for a claim if it was rejected once?

      A.Yes, the nominee/dependent can re-apply for a claim if it was rejected before, and can approach the insurer’s grievance redressal cell if necessary.

    21. Q. What is a term insurance policy?

      A. Term insurances are the most inexpensive way of availing insurance coverage for a specific period of time. It is merely a risk cover and does not provide any benefits on survival.

    22. Q. What are the main reasons for buying a term insurance plan?

      A. Term insurance policies come with a multitude of benefits to suit the requirements of buyers. A common few are listed below:

      • It offers financial protection to your family
      • Takes care of your liabilities
      • Term plans come at easily affordable prices
      • Offers tax benefits under Section 80C and 10(10D) of Income Tax Act
      • You can avail additional benefits such as accidental death or disability rider, critical illness rider, etc.
    23. Q. Should I opt for a term insurance plan even if my employer provides an insurance coverage?

      A. Yes, it is advisable that you choose a term insurance plan even when your employer provides you an insurance coverage. This is because the insurance cover offered by your employer expires once you change the job.

    24. Q. What are the documents required for buying term insurance plans?

      A. The following documents are needed for buying term insurance plans:

      • Proof of age
      • Proof of residence
      • Photo identity proof
      • Salary proof
      • Photographs
    25. Q. What are the maturity benefits offered under term insurance plans?

      A. Except for TROP plans, term insurance plans do not offer maturity benefits. The sum assured is offered to the beneficiary only in case of death of the person insured.

    26. Q. Can I get loan on term insurance plans?

      A. No, policyholders are not eligible for loans as the policy doesn’t come with maturity benefits nor does it attain surrender value.

    27. Q. What happens when I change my country of residence a few years after choosing the plan?

      A. The term insurance plan will continue to be active even when you relocate from India. However, make sure that you keep your insurer informed about such a change.

    28. Q. Is there any advantage in buying a term insurance plan at a young age?

      A. Generally term insurance plans are available at lower prices for people who in an early stage of their life. Therefore, buying a term plan at a young age is definitely beneficial.

    29. Q. What factors must be considered when choosing the term of a term insurance plan?

      A. The tenure for which a term plan must be taken will differ for different people. There are certain important factors which influence the duration for which a term plan must be taken. The first thing to remember is that everyone’s financial situation is different, depending on which their liabilities will also be different. Therefore a plan must be taken for a duration that you will take to pay off your liabilities.The second influencing factor is the number of dependents, or commitments that you have. Calculate the time by when your dependents are likely to be independent (young children), and choose your duration accordingly. The third most important thing to choose is your affordability. Can you afford the tenure hat you want to go for? Choose based on your affordability.

    30. Q. How do I renew my term insurance plan?

      A. If your term plan is nearing its expiry, ensure to renew it on time, so you are not left uncovered. The process of renewal is very simple and in most cases, can be carried out online on the insurer’s website. The first step of the process is to review your policy and find out if the existing coverage is adequate going forward. Make changes in coverage accordingly. Second step is to provide your policy details. This can be done on the insurer’s website where you will need to provide your policy number, date of birth, name, etc. The final step is to make the payment for the policy, which can also be done online.


    Term Insurance With Return of Premium Plan (TROP)

    When we talk of term insurance, most people remain under the impression that term plans do not offer any survival benefit, maturity benefit, or return of premiums. Term plans are considered to be the purest form of life insurance which only offer death benefit in case the policyholder passes away before the end of the policy term. However, not many people are aware that there are also term plans available in the market which provide a return of premiums paid.

    These type of term plans are known as Return of Premium Plans which offer you not only affordable protection against uncertainties but also return your premiums after the term of the plan is over. In this article, we discuss more about Term plans which offer return of premiums, the survival benefits offered under such plans, benefits which one an get from opting for such a plan, and a short guide on how to choose the best return of premium term plan. You will also get to read about some of the top return of premium term plans that are available in the market currently.

    Read More….

    20 year Term Life Insurance Policies in India

    Unpredictability is a part of life. However, life insurance is a wise way to prepare and protect your loved ones against the adverse of an unpredictable event. Among life insurance plans, term plans have been the most popular for a long time, owing to their affordability and benefits.

    Term plans are available for varied durations and here, we will discuss about 20-year term insurance plans. Read on to know more about the various benefits offered by such term plans, who they are ideal for, how they work, and some of the top 20-year term plans that are available in India.

    Read More…

    10 year Term Life Insurance Policy

    Life insurance is now a very important part of everyone’s life. As life becomes more and more unpredictable, life insurance has become a smart way to ensure that our dependents are financially protected from any uncertainty that life might bring. Under life insurance, term plans continue to be one of the most popular option because of the variety of benefits they offer.

    Term plans are available in a variety of tenures which is fixed for a certain number of years. In this article, we are going to throw some light on 10-year term insurance plans. You can find out about why such term plans are beneficial, who they are better suited for, how they work and also read about the top 10-year term plans that are currently available in India.


    5 Year Term Life Insurance Policy in India

    With the unpredictability that surrounds us, life insurance has become an absolute must-have. Without an insurance policy, the loss of income can have an adverse impact on your dependents’ lives. Term insurance, as we all know, is one of the most preferred and affordable types of life insurance which one can get to protect their dependents.

    There are various durations for which a term plan can be taken, but here, we talk specifically about 5-year term plans that are available in India. You can read about the various benefits offered by such term plans, who they are ideal for, how they work, and some of the top 5-year term plans that are available in India.


    News & Latest Articles On Term Insurance

    • What you need to know about a Term Life Insurance Plan

      Most people invest in insurance products with their eyes on the maturity value of the policy, looking it as an investment for retirement and so on. While this is true for most Life Insurance Products, a term insurance plan does not come with a maturity benefit, but only a death benefit. For those who do not know, a term insurance policy focuses on the financial security of family of the policyholder following his/her untimely death. Apart from this, let’s take you through various other factors of a term life insurance:

      As already mentioned, a term insurance only offers a death benefit and not a maturity benefit unlike most other policies.

      The death benefit is paid to the nominee or beneficiary provided only in cases of natural death or accident cases where the policyholder cannot be held responsible.

      If the policyholder moves abroad, he/she has to intimate the insurance company and the death benefit will be fulfilled in such cases as well, provided the country one is living is a safe zone.

      If the insured has picked up bad habits such as drinking, smoking or has developed a disability, he/she needs to intimate the insurance company. This will result in the premiums being revised.

      The death benefit will be paid if the insured dies under normal circumstances - not as a result of a terrorist act, riot, natural calamity, and so on.

      16 March 2018

    • Euthanasia cases not to affect Insurance Payouts

      With the Supreme Court all set to legalise euthanasia in cases where there is no hope for the patient and is beyond recovery from medical help, policyholders are now worried whether their insurance payout will be affected by such a case. According to some policyholders, opting for euthanasia could be considered suicide in a controlled environment and with regard to insurance policies, suicide cases have a huge impact on insurance payouts. As with most life insurance products, if a policyholder commits suicide within 12 months of initiating the policy, no payout will be granted to the nominee or beneficiary. In fact, for some policies, if the policyholder commits suicide after 12 months and for some after 36 months, the sum assured at that point will be paid to the nominee of the policyholder. To clear the confusion, in cases of critical illnesses with no hope, insurance executives have said that considering the case, it will not be treated or categorised as a suicide and the payout to the nominee or the beneficiary will be met.

      15 March 2018

    • Most women prefer Insurance products according to a study

      With the roles of women in the country changing by the day and with women being more and more financially independent, ASSOCHAM (The Associated Chambers of Commerce of India) and IndiaFirst Life Insurance Company Limited conducted the first ever “women oriented” study to determine the financial responsibility of women in the country, their choice of investments to secure themselves financially and their financial status in general. According to the survey, amongst the 1,500 women that were studied, out of which 2/3rds were breadwinners of their families, 72% chose to invest their savings or monthly salaries in Life Insurance products, 61% chose to invest in mutual funds and 69% chose to invest in safe-investments such as fixed and recurring deposits. According to the study led by ASSOCHAM (The Associated Chambers of Commerce of India) and IndiaFirst Life Insurance Company Limited, women in the country are now looking to be more financially independent, secure themselves financially and their family as well. The survey, which was conducted on Women’s day revealed that 69% of the women made investments after consulting family members, 28% of them made their financial decisions on their own, 23% took the help of financial experts and 14% consulted their friends with regard to making the right financial decision.

      14 March 2018

    • Types of Insurance Policies in India

      If you are looking to purchase life insurance on your own, it would help if you familiarize yourself with the basic types of life insurance plans that are available.

      Term Insurance Plans :Term insurance plans are the simplest form of life insurance and provide pure risk protection in case of death. A term plan provides life cover for a fixed time period, typically ranging from 5 years to 30 years. The sum assured offered under a term plan is usually high as there is no survival benefit component attached to these plans. In case the insured passes away before the end of the policy term, the nominee gets the death benefit sum assured.

      Traditional Life Insurance Plans: Traditional life insurance plans, also known as participating plans or 'non-linked' plans, come under the low-risk category of life insurance. Under a traditional insurance plan, the insured gets to choose the premium payment mode - single lump sum or regular basis. These plans offer a death benefit, and a maturity benefit i.e. if the insured survives the policy term, the survival or maturity benefit is paid out. Traditional insurance policies also participate in the profits of the company and as a result, will provide the policyholders with a bonus amount that is accrued and paid along with the benefit. Examples of traditional life insurance would be endowment plans, whole life plans, and child insurance plans.

      Unit Linked Insurance Plans (ULIPs): ULIPs or unit-linked insurance plans combine the benefit of life cover with wealth maximization. A ULIP not only provide life insurance coverage but also give you a chance to invest in a number of funds of your choice.

      13 March 2018

    • Difference between term insurance and personal accident cover

      Some important differences between term insurance, and personal accident cover.

      Policy benefits – In case of a term plan, if the policyholder passes away before the end of the plan tenure, their nominees will be entitled to the sum assured. Benefits, in this case, will be provided regardless of whether the death has been caused due to an accident, or is natural. However, in case of a term plan, the rider sum assured will only be provided if the death or injury has been caused due to an accident.

      Premium – If you have taken a term insurance plan, your plan premiums will be decided based on your age. The younger you are, the lower your premiums are going to be. The older you are, the higher your premiums are going to be. On the other hand, for a personal accident cover, the premium will be decided based on the insured’s profession, and their age. For instance, if you are a miner, your profession will put you in the high-risk category of the insurer, thereby driving up your premiums.

      12 March 2018

    • Causes of Death Not Covered Under Term Insurance

      If you are looking for effective and pure risk protection, then a term plan is the best form of life cover. In case of the insured’s death, the plan will provide a sum assured death benefit which is typically paid in lump sum. However, one must note that term plans will make a claim payout only if death has been caused due to a listed cause. The causes of death which are not covered under a term plan include driving under the influence of intoxicants, participation in competitive racing events like car/bike racing, participation in adventure activities like hiking, water sports, trekking, etc., during pregnancy or childbirth, due to pre-existing health condition, participation in illegal activities.

      In some cases the insurer will bump up your premium if you have a lifestyle habit like smoking. Besides this, if you consume any other substance amount to causing self-harm, the insurer may reject your application altogether. Another exclusion that is uniform across all term insurance plans is suicide. If the insured has committed suicide before the end of the policy term, no payout is made. Claims will also be rejected if the death has been caused due to a self-inflicted injury, directly due to or any condition related to HIV/AIDS, Intoxication – If the death takes place due to the consumption of alcohol or drugs, the insurance company can reject the claim.

      9 March 2018

    • HDFC Life Joins Hands With AWS To Create An Agile Data Platform

      HDFC Standard Life Insurance Company Limited recently announced its partnership with Amazon Web Services (AWS) Cloud to build a new data platform to increase customer interaction and satisfaction. The new platform called Atom, has been created to help streamline and simplify the process of purchasing insurance, starting from understanding it, to purchasing it.

      When it comes to integrating technology with insurance HDFC Life has been one of the industry’s pioneers. Technology has helped the insurer enhance the convenience which they provide to their customers, along with developing an agile distribution platform and improve overall efficiency. Atom is a data platform which has been created on AWS Cloud which will help in the development of a swift and responsive process in terms of onboarding new customers.

      8 March 2018

    • Importance of reading the fine print for insurance

      Insurance is essentially a contract between an insurer and the insured wherein the latter is provided life over by the former in exchange for a price called premiums. It is the policy document which lays down the terms and conditions for the coverage that the policy is going to provide. It is based on these term and conditions that the policy will provide coverage and take up a claim. When buying insurance, one is always suggested to go through the policy’s terms and conditions with a fine toothed comb in order to be aware of the exact circumstances, situations, and risks that the policy provides cover against. Without knowing all of that, a policyholder can raise a claim, but that may not necessarily be honoured by the insurer, if it lies outside the scope of the policy’s coverage.

      That is the very reason why it is absolutely necessary for every policyholder to ensure that they go through the terms and conditions of the policy in detail, in order to not miss out on anything. Without full knowledge of the policy’s coverage i.e. inclusions, exclusions, term, premium, term, etc. the policy holder could very well be at a loss as they wont know what exactly the policy is providing them, and how it protects them.

      7 March 2018

    • Things to keep in mind when buying term insurance

      Term insurance is one of the most advised and popular type of insurance which one can buy in today’s times. If you are planning on buying one, there are a few things which you must remember to consider beforehand. Doing so will surely help you not only choose the right insurer, but also the right coverage amount that suits your needs.

      Get coverage worth at least 20x your annual income Under insuring and over insuring are two very real problems when it comes to choosing term insurance coverage. As a thumb rule, experts advise that one must take a cover amount which is a minimum of 20x their annual income. When taking cover for your family, you must take some important factors into consideration such as your current income, the increment you expect to get in your salary later in the future, your family’s routine expenses, family’s future requirements like children’s education, marriage, your retirement, etc.

      Purchase term insurance while you’re still young Enough stress has been laid on the fact that one must always buy insurance while they are still young. This applies to not just term insurance, but also other types of life insurance. The more you delay your purchase, the higher your premiums are going to get. This is because young age is typically associated with lesser health risks, hence the lower premiums. As you grow older, your health is bound to worsen, therefore increasing the risk of a sudden illness or even death, which drives up premiums. You can save a significant amounts of money by purchasing insurance at a young age.

      Don’t buy without comparing This principle applies to all kinds of insurance, be it term, endowment, health, motor, or anything else. Thinking that it is fairly simple and uncomplicated, people often end up purchasing the first term insurance policy which they find as suitable. However, term insurance plans have varying benefits which can only be found out after comparison on comparing. When choosing a term plan, don’t be fooled by one which is available at low premiums but offers a shorter coverage duration.

      5 March 2018

    • IndusInd planning to set-up insurance and mutual fund subsidiaries

      According to reports, one of India’s leading bank, IndusInd Bank, has its sights set acquiring or setting up an insurance and a mutual fund subsidiary, for the purpose of business diversification. Currently, IndusInd is on the lookout for suitable firms in the mutual fund and insurance space for acquisition, but has not announced any deadline for the same. Speaking on the topic at a recent interview, Mr. Romesh Sobti, Managing Director and CEO at IndusInd Bank said that the objective behind this decision is to help make IndusInd be seen as not just a banking organisation, but a major corporation.

      IndusInd, similar to various other banks in India, is involved in not just banking, but also the distribution of mutual fund and insurance products created by other companies. Speaking of the size of the acquisition, Mr. Sobti said that while the bank has no particular size (in terms of the acquisition) in mind, but would be aiming for companies which are comfortably-sized enough to not upset banking operations. He also opined that a life insurance acquisition segment will require maximum capital, while a non-life acquisition would be relatively less capital intensive. The least intensive out of these would be a mutual fund acquisition.

      In the quarter ended Dec 31, 2017, IndusInd Bank registered net profit worth Rs.936.25 crore, along with a total income of Rs.5,473.54 crore. The bank’s gross non-performing asset ratio stood at 1.16%, while its net non-performing asset ratio stood at 0.46%, which was one of the lowest in the segment. In FY2017, IndusInd recorded a net profit of Rs.2,867.89 crore, along with total income worth Rs.18,577.16 crore.

      2 March 2018

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Term Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Life Life Insurance
      0.5 4.0/5 "Great!"
      I have a Life Insurance service from Hdfc Life Insurance service. I have one policy with Hdfc Life Insurance service. The life time is for 65 years. I use to pay my premium through credit card. It is a good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 17, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with LIC from last 28 years and it is a long term policy. The tenure of this life insurance policy is 25 years. I pay my premium once in a year by cheque and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 16, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken totally 3 policies with Life Insurance Corporation of India. All are long term policies and it was taken before long time. I make the premium sometimes through net banking or cheque. The policy coverage and the benefits are good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a life insurance policy with LIC from last 11 years and it is a long term policy. The tenure of this life insurance policy is 20 years and i pay my premium once in a year by net banking and i am convenient with the payment options. I am also happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 16, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with LIC from last 15 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in a year and i am convenient with the payment options which they are giving. I am satisfied with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 16, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have got the LIC life insurance policy around 20 years ago. The customer support service is good with the LIC and they give better response to the customers. This policy has the tenure of 20years and it will get matured very soon. The plan benefits and the coverage is good with this policy .
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 16, 2018
    • LIC Life Insurance
      "Good polciy to use"
      0.5 4.0/5 "Great!"
      Got the Life insurance policy from the LIC around a year ago. This policy has the tenure of 3 years. I pay the premium of Rs,20,000 every six months once to this policy . This policy has the better plan benefits and the policy coverage. I would say it is a good policy to use.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 16, 2018
    • HDFC Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with HDFC LIFE from last 2 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 6 months by credit card and sometimes through net banking. I am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      0.5 5.0/5 "Blown Away!"
      I have my life insurance with LIC and this was taken 15 years back. The tenure period was 20 years and its a long term policy. It provides tax benefit and the premium is paid on half yearly basis. I am paying directly at the office. Here I am satisfied with the policy coverage and the plan benefits. My overall experience which LIC provides is excellent.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      0.5 3.0/5 "Satisfactory"
      I have my life Insurance with LIC which was taken 8 years back. The tenure period was 13 years and its a long term policy. Its a tax benefits and premium paid on monthly basis. Am paying through on line which is very convenient . The policy coverage and the benefits are good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken 4 policies from Life Insurance Corporation of India. All are long term policies. The customer service was good. It was taken through offline. The policy coverage and the benefits are good. I pay the premium through net banking.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Jeevan Jothi policy from LIC. The tenure period is 20 years and am paying the premium yearly. It was done through net banking. I have completed 5 years. The plan benefits and policy coverage are good. It was taken through an agent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance policy with LIC from last 10-12 years and it is a money back policy. The tenure of this life insurance policy is 15-18 years and i get a money back after every 3 years. I pay my premium by credit card and i am convenient with the payment options. Customer service is not up to the mark and they are more dependent on the home branch. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken 2 life insurance policies from LIC and am using the service since 2006. Both are Jeevan Anand policies and the tenure period is 15 & 16 years. I used to pay the premium through net banking. I am paying yearly 25K for both the policies.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I am having a LIC policy from last 1 year and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 6 months by cash and i am convenient with the payment options which they are giving. I am also happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      "Average policy to use"
      0.5 4.0/5 "Great!"
      Got the Child plan life insurance policy on 2006, This policy is higher in the premium . This policy has the tenure 10years. I pay the premium amount of Rs,6500 in every 3 months once. The customer support service is average with the LIC company.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      "Average policy to use"
      0.5 4.0/5 "Great!"
      Got the JEEVAN VARSHA life insurance policy around 16 years ago. The customer support service is good with the LIC company,. This policy has the tenure of 18years. I pay the premium of Rs,9700 every year and it would be great if the LIC agents explaining the term policy to the customers.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 15, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      I got the LIC life insurance policy around 18 years. This policy has the tenure of 23 years. I pay the premium of R,5300 every year and I pay the premium by visiting the LIC office on time. The customer support service is good with the LIC policy .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 15, 2018
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