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Term Insurance

Term insurance policies come in a number of different forms. Many policies have fixed premiums for a set period of time, such as 10, 20, or 30 years. These policies are known as "level term" policies. A premium is a specified amount, which is often monthly, that insurance companies charge policyholders to offer the benefits that come with the insurance policy.

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Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
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    Tax Benefit
    Up to 1,50,000**
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    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
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*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

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Best Term Insurance Plans

1 Crore
1.5 Crore
2 Crore
2.5 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.51%
Starting From 707/Month
24hr Claim Settlement
Key Features:
  • Zero Cost Benefit
  • Terminal Illness
  • Nominee's Choice payout
  • Voluntary Top Up
  • Tax Benefits
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 97.84%
Starting From 812/Month
24hr Claim Settlement
Key Features:
  • Waiver of Premium on Disability
  • Terminal Illness
  • Life Stage Benefit
  • Tax Benefits
  • Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.4%
Starting From 771/Month
24hr Claim Settlement
Key Features:
  • Tax Benefits
  • Terminal illness
See More Plans

Term Insurance Premium Calculator

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Types Of Term Insurance

Term insurance is a type of insurance that is bought for a specific period of time or for a particular term (number of years). The primary unique feature of term insurance is that, unlike other types of life insurance policies, it is less expensive because it has no cash value.

Term insurance policies are available from almost all major insurance companies and come in a variety of terms, such as 10 years, 20 years, and 30 years. The most important aspect of term insurance plans is that most of them have an automatic converting option that allows them to be converted to permanent life insurance policies irrespective of the health of the term insurance policyholder.

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Different Types Of Term Insurance Policies In India

You can choose from a variety of term insurance plans, including:

1. Level Term Insurance

In India, this is the most common type of term insurance bought. The life cover and premiums that you choose depending on your needs and liabilities when you buy this plan remain constant for the life of the policy. All life insurance companies must provide this form of protection.

2. Decreasing Term Insurance

This is a type of term insurance in which the cover decreases at a predetermined rate over the term of the policy while the premium remains the same. The basic premise behind decreasing term insurance is that as a person gets older, his or her need for high levels of insurance decreases as his or her responsibilities (such as a house or car loan) decrease or expire.

3. Increasing Term Insurance

As the name implies, this plan works in the opposite direction of the "decreasing term insurance"
discussed above. The quantity of cover rises as a person gets older, yet the price stays the same.

4. Return of Premium Term Insurance

Despite the fact that this type of term insurance is new to the market, it has a lot of supporters. If you obtain this type of term policy, the insurance company will refund the premiums you paid during the duration of the policy if you live to the end of the term.

5. Convertible Term Plans

This is a plan offered by some insurance companies that allows you to purchase a term insurance policy with the option to convert it to another plan of your choice at a future date. For example, if you have a 25-year term plan, you can change it to a whole life insurance plan, an endowment plan, or any other plan of your choice after 5 years.

6. Term Plans with Riders

This is a one-of-a-kind plan that allows you to add riders like critical illness insurance, accidental death insurance, or disability insurance for a small additional price. If you buy a rider and choose the premium waiver benefit, you will not be liable for any future premiums in the event of any of the situations for which you bought the rider.

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Types of Term Insurance Plans

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Term Insurance Companies User Reviews

What users are saying
  • InsuranceDekho is the best online insurance company. I have suggested their website to everyone. I thank the c...

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    PNB MetLife
    By Priyanka Thakur
    On: December 05, 2023
  • I bought the TATA AIA Term Insurance plan from Insurancedekho company. I would like to thank you for the great...

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    Tata AIA
    By Abhishek Tiwari
    On: December 05, 2023
  • The InsuranceDekho Team was very helpful while I was buying the Max life term insurance. The InsuranceDekho co...

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    Max
    By Sahil Kumar
    On: December 04, 2023
  • I claimed my HDFC Term Life insurance from InsuranceDekho. The Insurancedekho team helped while claiming the H...

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    HDFC
    By Nitish Raghav
    On: December 04, 2023
  • I purchased the Bharti AXA Life Term Insurance Policy from the InsuranceDekho website. The policy was issued w...

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    Bharti AXA
    By Amul Verma
    On: November 24, 2023

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