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What is Term Insurance?
Term insurance plans are a type of life insurance plan that aims to offer compensation to the beneficiary in case of an unfortunate death of the life assured, during the tenure of the policy. In such cases of unforeseen death of the life assured, a sum is assured to the nominee/family which is called the death benefit. Term insurance plans, also known as pure protection plans, are budget-friendly and provide greater coverage at very affordable premiums.
Best Term Insurance Plans In India For COVID-19 & Its Variants
As 2022 started a new COVID-19 variant known as ‘Omicron’ spread all across the world becoming a matter of concern. In the first week of the new year we witnessed an increase in cases due to the Omicron variant of COVID-19. The impact of the first two waves of COVID-19 in India still sends shivers down our spines, hence it is very important to be prepared for such circumstances beforehand. One good way to ensure the financial security of your loved ones during such difficult times is by purchasing a term insurance policy for yourself.
Term insurance is a crucial step that one can take to ensure the financial protection of their loved ones in times of crisis. During the second wave of COVID-19 many people lost their loved ones to this life-threatening disease. The Omicron variant has been declared a matter of health concern by the World Health Organisation (WHO), which has made people realise the importance of term insurance as COVID-19 claimed many lives back in 2021. A term insurance plan provides comprehensive coverage and a death benefit in case of an untimely demise of the life assured during the policy term. Term insurance can act as a personal financial risk management tool for a person amid the Omicron breakout.
As Omicron is a variant of COVID-19, it shall be covered under term insurance policies available in India. If you are planning to purchase a term insurance policy, now is the correct time. Get covered with the best term insurance policy available in India which can help you ensure the financial security of your loved ones during such difficult times.
How Does A Term Plan Work?
A term insurance plan is a type of life insurance plan that provides compensation to the beneficiary for the unfortunate loss of the life assured during the policy tenure. A sum assured known as death benefit is provided to the nominee/family of the life assured in case of an unforeseen demise of the life assured during the policy tenure. Term insurance is the simplest form of life insurance which helps an individual to financially secure your loved ones in their absence. Term insurance plans are affordable, an individual can get a high coverage amount at the most affordable premiums.
Term insurance plans are widely known as pure protection plans that provide a death benefit in case of an unforeseen demise of the life assured during the policy tenure. Some term insurance policies provide maturity benefit upon the life assured’s survival till the completion of the entire policy term.
IUnder term insurance policies one can avail tax benefits under Section 80C and 10(10D) of the income tax act, 1961. A term insurance policy helps an individual to create a financial cushion for their loved ones and help them fulfil their dreams or fulfil their financial requirements in the absence of the life assured.
Reasons To Invest In Term Insurance
Term insurance plans are the basic type of life insurance policy which are very cost effective and help a person in securing a financially protected future for their loved ones. Below mentioned are some reasons why you should invest in a term insurance policy:
Affordable Premiums: According to the nature of the coverage provided under a term insurance policy the premiums of a term insurance policy are quite affordable. An individual can avail high coverage at nominal premiums rates. It is also advised to purchase a term insurance policy at a young age because older people are more prone to diseases and require more coverage which increases the premium.
Helps in Tax Savings: A major advantage of purchasing a term insurance plan is that it can help you save taxes. Premium paid for a term insurance policy qualify for tax benefits under Section 80C of the Income Tax Act for up to Rs. 1.5 Lakh. Death/Maturity under a term insurance policy are also tax free according to the Section 10(10D) of the Income Tax Act.
Option to Add Riders: Under a term insurance policy you can add additional coverages known as riders which help in increasing the scope of coverage under a term insurance policy. The riders can be added to the term insurance policy in exchange of additional premium. Some commonly opted life insurance riders are Accidental Death Benefit, Accidental Total and Permanent Disability, Critical Illness Rider, Waiver of Premium Rider etc.
Provides Financial Security: A term insurance policy is known as pure protection plans which help in providing financial security to the family of the life assured in case of an unforeseen demise of the life assured during the coverage period. The death benefit shall be provided to the nominee in case of untimely demise of the life assured which can help the family members of the life assured to fulfil their financial requirements in case the life assured is not around.
Why Buy Term Insurance Online?
The insurance sector has evolved over the years in India. There are several insurance companies who provide different term plans to cater to diverse needs of people. Most insurance providers now offer term insurance plans online utilising the benefits of online platforms to reach different potential buyers: Before you proceed to purchase a term insurance plans you should know why purchasing a term insurance policy online is worth it:
Hassle Free Comparisons: One major reason you should consider purchasing a term insurance plan online hassle-free comparisons of several term insurance plans using the premium calculator tool online. The main objective here is to purchase a good term insurance plan after comparing several term plans and while purchasing a term plan online you can easily compare several term plans at once.
Lower Premiums Rates: While purchasing a term insurance policy online you eliminate the need to deal to agents or advisors who can influence your purchasing decisions. Some insurance providers offer attractive premium rates when you choose to purchase a term insurance plan online.
Easy and Safe Purchase: When you choose to purchase a term insurance policy online you can easily purchase from the comfort of your home anytime you want to. You need not run from one insurance provider’s office to another in search of a good term plan. Purchasing term insurance online is quite safe; the payment gateways are encrypted and saves a lot of time.
Eligibility Criteria To Buy Term Insurance Plan
Term insurance policy is an ideal investment option because it offers life coverage in exchange for regular premium payment. Term insurance policy is a type of pure risk protection plan but before you purchase a term insurance plan, it is essential for you to check the eligibility criteria to know if you meet the eligibility criteria to purchase a term insurance or not. Below mentioned is the eligibility criteria to purchase a term life insurance policy:
Features |
Eligibility Criteria |
Minimum Entry Age |
18 years |
Maximum Entry Age |
65 years |
Minimum Policy Tenure |
5 years (may vary from one insurance provide to another) |
Maximum Policy Tenure |
No limit (may vary from one insurance provide to another) |
Who can Purchase It? |
Salaried people, young people, newly married people, new parents, parents or senior citizens |
Available for NRIs |
Yes, term insurance plan is available for NRIs |
Death Benefit Payout Options |
|
Term Insurance Riders |
|
Documents Required to Purchase It? |
|
Medical Tests |
While purchasing a term insurance policy it is important to undergo a medical test as it helps the insurance provider to assess the risk and determine premium. |
Term Insurance Renewal Process
Term insurance policy provides life cover to an individual in exchange of regular premium payments for a fixed period of time. Term insurance policies come with a fixed policy tenure that varies from one insurer to another. When your term insurance policy is about to complete its duration, make sure to get it renewed within the renewal period.
You can now easily renew your term insurance policy online from the comfort of your own home, within a few minutes. The renewal process does vary from one insurer to another. Here are some basic steps that you can follow to renew you term insurance policy:
Step 1: Review your term insurance policy - The first and foremost step before renewing your term insurance policy is to review your existing term insurance policy to assess the current coverage and determine what all changes or additions you require while renewing your policy. This way you will be able to make necessary changes to your term insurance policy. While renewing you can choose to enhance the coverage of your term insurance policy.
Step 2: Provide your existing policy details - Visit the insurance providers official website to renew your existing term insurance policy. You can log in with your credential or policy details such as policy number, date of birth as mentioned on the policy. Once you have logged on to the website you will be able to preview your policy and make any changes or additions as required at the time of renewal.
Step 3: Make the renewal payment - The last step of the renewal process is to make the renewal payment. In case you choose to enhance your current cover by adding riders to your term insurance policy, the premium will increase. Now you can easily make renewal payments online with your preferable payment method such as credit/debit card, UPI, net banking, NEFT, e-wallets etc.
Best Term Insurance Plan In India
There are currently 24 life insurance companies that offer term insurance policies in India. There are several term insurance policies to choose from that cater to different. Below mentioned are some best terms plan in India:
Plan Name |
Min. & Max. Entry Age (in years) |
Max. Maturity Age (in years) |
Policy Term (in years) |
Min. Sum Assured (in Rs.) |
PPM* |
PPT** |
Max Life Smart Secure Plus Plan |
18 - 65 |
85 |
10 - 67 |
20 Lakh |
Annual, Semi-Annual, Quarterly and Monthly |
Single, Regular, LImited or Pay till 60 |
Bharti AXA Life Flexi Term Plan |
18 - 65 |
85 |
5, 10, 15 or 20 |
10 Lakh |
Annual, Semi-Annual, Quarterly and Monthly |
Regular Pay (same as policy term) |
LIC Tech Term Plan |
18 - 65 |
80 |
10 - 40 |
50 Lakh |
Annual, Semi-Annual, Quarterly and Monthly |
Regular or Limited Pay |
Pramerica Life Tru-Shield Plan |
18 - 55 |
65 |
7,10,12,15 or 20 |
5 Lakh |
Single, Annual and Monthly |
Single and Regular Pay |
Exide Life Smart Term Edge |
18 - 60 |
75 |
12 - 30 |
5 Lakh |
Annual, Semi-Annual and Monthly |
Regular Pay (same as policy term) |
Kotak Term Plan |
18 - 65 |
70 |
5 - 30 |
3 Lakh |
Single, Annual, Semi-Annual, Quarterly and Monthly |
Single and Regular Pay |
ICICI Pru iProtect Smart Term Plan |
18 - 65 |
99 |
5 - Whole Life |
. |
Annual, Semi-Annual, Quarterly and Monthly |
Single, Regular and Limited Pay |
Bajaj Allianz Life Smart Protect Goal Term Plan |
18 - 65 |
99 |
5 - Whole Life |
50 Lakh |
Annual, Semi-Annual and Monthly |
Single, Regular and Limited Pay |
SBI Life Smart Shield |
18 - 60 |
80 |
5 - 80 |
25 Lakh |
Annual, Semi-Annual, Quarterly and Monthly |
Single and Regular Pay |
HDFC Life Click 2 Protect Life |
18 - 45 |
99 |
10 - Whole Life |
20 Lakh |
Semi Annually, Quarterly and Monthly. |
Single, Regular and Limited Pay |
(*Premium Payment Mode, **Premium Payment Term)
Types of Term Insurance Plans
Explore Term Insurance Types
Key Features Of Term Insurance Policy
Term life insurance policy offers financial security to family of the life assured. This policy provides life cover to the life assured and helps the life assured financial protection to the family of the life assured. Here are some key features of term insurance policy that one must know about:
Death Benefit: The sum assured known as death benefit is provided to the family of the life assured in case of an unforeseen demise of the life assured during the policy tenure.
Maturity Benefit: Not all types of term insurance policy provide maturity benefit but under term insurance with return of premium policy a maturity benefit is provided to the life assured in case he/she survives the entire policy tenure.
Tax Benefit: Tax benefits are available under all types of term insurance policies.
Riders: Several riders such as Accidental Death Benefit, Critical Illness Rider, Accidental Total and Permanent Disability eyc. can be added to all types of term insurance policies.
Premium Payment Options: Under term insurance policies three different premium options are provided which are Regular, Limited and Single Pay.
Premium Payment Frequency: One can choose to pay premium on a yearly, half-yearly, quarterly or monthly basis.
Death Benefit Payout Options: Under term insurance policy, flexibility to choose the death benefit option is provided. Some death benefit options available under term insurance policy are lump sum, lump sum plus regular payouts, regular payouts and lump sum plus increasing monthly payout.
Sum Assured: Minimum sum assured starts from Rs. 50,000 and maximum sum assured - no limit.
Benefits of Term Insurance
Term insurance is a kind of life insurance policy that provides life cover to the life assured at an affordable premium rate. This is the most basic type of life cover that one can get. You can ensure financial security for your loved ones in case anything unforeseen happens to you during the policy tenure as this policy provides a death benefit in case of an untimely demise of the life assured during the policy tenure. Some term plans also provide maturity benefits in case the life assured survives the entire policy tenure, helping the life assured to fulfil their long-term financial goals. Term insurance can also help you save taxes and provide you a sense of peace of mind.
Death Benefit
Term insurance provides a death sum assured (death benefit) to the nominee in the event of an unforeseen demise of the life assured during the policy term. This benefit helps your family remain financially sound in the time of emotional grief and meet financial liabilities, if any.
Peace of Mind
Term Insurance plans help you maintain your peace of mind by securing the future of your loved ones financially in your absence. They give you enough assurance that the standard of living of your family and their dreams will not be compromised when you're not around them.
Financial Stability
A term insurance plan helps you maintain financial stability of your family in case of your untimely demise. Also, if you opt for term insurance with return of premiums (TROP), you are eligible to receive a sum assured on plan maturity if you survive the entire policy term.
Tax Benefits
Life insurance premiums qualify for a tax deduction under Section 80C of the Income Tax Act. Also, as per Section 10(10D), the sum assured (SA) received on death or plan maturity is eligible for tax exemption if the premium is up to 10% of the SA or SA is at least 10X of premium amount.
Pocket Friendly
Term insurance plans are known for providing high insurance coverage at affordable premiums. They help you secure the future of your family with amounts as high as Rs. 10 Crore or more against nominal premium amounts. Term plans’ affordability, make them a preferred choice.
Whole Life Cover Benefit
Some of the life insurance providers offer a whole life cover with their standard term plans. This helps you to enjoy the benefits of a life cover till 99 years of age. This benefit enhances your peace of mind and helps you live your life to the fullest without worries.
How To Buy Term Insurance With InsuranceDekho?
- Fill Your Details
Enter your personal details such as name, mobile number, gender and date of birth. Click on the ‘View Instant Quotes’ button to see available quotes.
- Compare Different Term Insurance Quotes
Based on the details provided by you, different term insurance quotes will get displayed to you. Compare the available term plans and select the plan that suits your requirements.
- Make The Payment
After selecting the best term plan for yourself, adjust the sum assured and the policy term. Once all plan details are finalised make the payment for the premium. You can make the payment via netbanking or debit/credit card.
Documents Required
- Submit a photo id proof (voter’s id, aadhaar card, pan card and passport).
- Address proof (electricity bill, telephone bill, ration card or any other utility bill)
- An age proof such as birth certificate
- A passport size photograph along relevant medical records and your recent salary slips to get your policy document.
Partner Term Insurance Companies
Top Term Insurance Companies in India
Rank | Life Insurance Company | Claim Settlement Ratio 2020-21 |
1 | Max Life Insurance | 99.35% |
2 | Aegon Life Insurance | 99.25% |
3 | Bharti Axa Life Insurance | 99.05% |
4 | Life Insurance Corporation of India (LIC) | 98.62% |
5 | Dhfl Pramerica Life Insurance | 98.61% |
6 | Exide Life Insurance | 98.54% |
7 | Kotak Life Insurance | 98.50% |
8 | Reliance Life Insurance | 98.49% |
9 | Bajaj Allianz Life Insurance | 98.48% |
10 | PNB MetLife Insurance | 98.17% |
11 | Tata AIA Life Insurance | 98.02% |
12 | HDFC Life Insurance | 98.01% |
13 | Aviva India Life Insurance | 98.01% |
14 | ICICI Prudential Life Insurance | 97.90% |
15 | Aditya Birla Sun Life Insurance | 98.04% |
16 | Sahara India Life Insurance | 97.18% |
17 | Canara HSBC Life Insurance | 97.10% |
18 | Edelweiss Tokio Life Insurance | 97.01% |
19 | IndiaFirst Life Insurance | 96.81% |
20 | Daiichi Life Insurance | 95.96% |
21 | Shriram Life Insurance | 95.12% |
22 | Ageas Federal Life Insurance | 95.07% |
23 | Future Generali Life Insurance | 94.86% |
24 | SBI Life Insurance | 93.09% |
Who Is Most Likely To Buy Term Insurance?
The most often asked question while purchasing a term insurance policy is whether you have financial dependents or not. Below mentioned are some people who are most likely to purchase a term insurance policy:
People who start earning a living for themselves and their family which can help them saves taxes and help the life assured to ensure financial security of their family in case anything were to happen to the life assured
It is also advised that a term insurance policy should be purchased at a young age because elder people require more coverage as they are prone to diseases. Premiums rates are low for people who are physically fit.
Many parents consider purchasing a term insurance policy to financially secure their child’s future if anything unforeseen were to happen to them. A term insurance plan can help parents create a financial cushion for their child in case of an unforeseen demise of the parent during the policy tenure.
People who have financial dependents such as their spouses should consider purchasing a term insurance policy which can help them create financial security for their spouse. Many people are fully financially dependent on their spouses in case an untimely demise of the life assured the burden of fulfilling financial requirement may fall on to the living spouse under such circumstances a term insurance policy can be very beneficial.
As a primary breadwinner of the family one should consider purchasing a term insurance policy as they might have a number of financial dependents such as wife/husband, parents and children who depend on one’s income. In case of an unforeseen demise of the life assured financial burden may fall onto the family members of the life assured, under such circumstances a death benefit is provided to the family of the life assured to help them maintain their lifestyle and pursue their dreams in the absence of the life assured.
How Will A Term Insurance Plan Secure Your Family’s Financial Future?
Term insurance plans have become popular in India for a reason which is that these plans help in securing a financially protected future for their loved ones during difficult times such as untimely demise of the life assured during the policy tenure. Below mentioned are some reasons which can help you understand how a term insurance plan can secure your family’s financial future:
Provides Financial Security: One major reason why people often purchase a term insurance plan is to ensure financial security of their family members. Under a term insurance policy a death benefit is provided to the nominee/family of the life assured in case of an untimely demise of the life assured which can help the family of the life assured to fulfil their daily financial requirements and have a decent lifestyle in the absence of the life assured.
Affordable Premiums: Given the nature of the protection provided under a term insurance policy, the premium of the policy is affordable. One can avail high life cover at an affordable premium rate. As term insurance policies are known for this feature, the level of coverage remains the same during the policy tenure as well as the premiums.
Tax Benefits: Term is one financial tool that provides life cover and also helps an individual to avail tax exemption. Premiums paid for a term insurance policy are tax free according to the Section 80C of the Income Tax Act allowing an individual to avail tax benefits for up to Ra. 1.5 Lakh. Death benefit and maturity benefit that the nominee receives under a term insurance policy are also tax free under the Section 10D of the Income Tax Act.
Customisation: Term insurance policies allows the policyholder to customise their policy by giving the option add rider to the term insurance policy. These riders are coverage that can be to your term insurance policy at the time of application or renewal, they increase the premium a little bit but provide extensive coverage and help in customising the term plan according to your requirements and budget.
Flexibility: Under a term insurance policy flexibility to choose the premium payment term and frequency is provided to the policy. There are three premium payment options that one can choose from, these premium payment options are Regular, Limited and Single premium payments. One can also choose to pay premiums yearly, half-yearly, quarterly or monthly basis.
Features Of Term Insurance Policies
Type Of Term Insurance Policy |
Features |
Level Term Plans |
This is the basic term insurance policy under which the sum assured is fixed and shall be provided in case of an unforeseen demise of the life assured. |
Term Plans With Return Of Premium (TROP) |
Term plan with returns of premium also known as TROP provide a maturity benefit at the end of the policy term in case the life assured survives the entire policy tenure. |
Increasing Term Plan |
Increasing term plan allows the life assured to increase the sum assured of the term insurance policy on a yearly basis keeping the premium of the policy the same, but premiums of this type of term insurance policies are expensive. |
Decreasing Term Plan |
Decreasing term insurance plans allow the life insurance to decrease the sum assured amount on a yearly basis according to your changing insurance requirements. This type of term insurance policy is ideal for people who have to pay off debts. |
Convertible Term Plan |
Convertible term plan is a type of term insurance policy which can be converted into any other life insurance policy after a certain period of time. |
Term Insurance Riders
Term Plan Comparison
Plan Name |
Entry Age |
Maturity Age |
Sum Assured (in Rs.) |
Premium Payment Term |
Policy Term |
Max Life Smart Secure Plus Plan |
18 - 65 Years |
85 Years |
Min. - 50,000 Max. - No Limit |
Regular, Limited and Single Pay |
5 - 67 Years |
HDFC Life Click 2 Protect Life Plan |
18 - 65 Years |
Whole Life |
Min. - 50,000 Max. - No Limit |
Regular, Limited and Single Pay |
10 - Whole Life |
Tata AIA Sampoorna Raksha Supreme |
18 - 65 Years |
100 Years |
Min. - 1 Lakh Max. - No Limit |
Regular Pay |
5 - 47 Years |
Pramerica Life TruShield Plan |
18 - 55 Years |
65 Years |
Min. - 5 Lakh Max. - 5 Crore |
Regular or SIngle Pay |
7 - 20 Years |
Exide Life Elite Term Insurance Plan |
21 - 60 Years |
70 Years |
Min. - 50 Lakh Max. - No Limit |
Regular Pay |
10 - 40 Years |
Reliance Nippon Life Digi-Term Plan |
18 - 60 Years |
Whole Life |
Min. - 25 Lakh Max. - No Limite |
Limited Or Regular Pay |
15 Years - Whole Life |
Canara HSBC OBC iSelect Term Plan |
18 - 50 Years |
99 Years |
Min. - 25 Lakh Max. - No Limit |
Limited Or Regular Pay |
5 - 62 Years |
Bajaj Allianz iSecure Term Plan |
18 - 65 Years |
85 Years |
Min. - 25 Lakh Max. - 50 Lakh |
Limited Or Regular Pay |
10 Years - 85 less than entry age |
Aegon iTerm Plan |
18 - 65 Years |
100 Years |
Min. - 25 Lakh Max. - No Limit |
Regular, Limited and Single Pay |
5 - 20 Years |
ICICI iProtect Smart plan |
18 - 65 Years |
85 Years |
Min. - 50,000 Max. - No Limit |
Regular, Limited and Single Pay |
5 - 99 Years |
ABSLI DigiShield Plan |
18 - 65 Years |
100 Years |
Min. - 1 Lakh Max. - No Limit |
Regular, Limited and Single Pay |
5 Years - 100 less than entry age |
Aviva LifeShield Advantage Plan |
18 - 55 Years |
65 Years |
Min. - 35 Lakh Max. - No Limit |
Regular Or Single Pay |
10 - 30 Years |
Bharti AXA Life Flexi Term Plan |
18 - 65 Years |
85 Years |
Min. - 10 Lakh Max. - 25 Lakh |
Limited Pay |
5 - 20 Years |
PNB MetLife Mera Term Plan |
18 - 60 Years |
99 Years |
Min. - 25 Lakh Max. - No Limit |
Regular, Limited and Single Pay |
10 Years - 99 less than entry age |
SUD Life Abhay Plan |
18 - 65 Years |
80 Years |
Min. - 50 Lakh Max. - No Limit |
Regular, Limited and Single Pay |
15 - 40 Years |
LIC Tech Term Plan |
18 - 65 Years |
80 Years |
Min. - 50 Lakh Max. - No Limit |
Limited Or Regular Pay |
10 - 40 Years |
IndiaFirst Life Guaranteed Protection Plan |
18 - 65 Years |
70 Years |
Min. - 1 Lakh Max. - No Limit |
Single Or Limited Pay |
1 Month - 81 Years |
Ageas Federal MyLife Protection Plan |
21 - 65 Years |
85 Years |
Min. - 50 Lakh Max. - No Limit |
Regular, Limited and Single Pay |
10 Years - 85 less than entry age |
Kotak e-Term Plan |
18 - 65 Years |
75 Years |
Min. - 25 Lakh Max. - No Limit |
Regular, Limited and Single Pay |
5 Years - 75 less than entry age |
Future Generali Flexi Online Term Plan |
18 - 55 Years |
75 Years |
Min. - 25,000 Max. - No Limit |
Regular Pay |
10 - 75 Years |
SBI Life eShield Term Plan |
18 - 65 Years |
80 Years |
Min. - 35 Lakh Max. - No Limit |
Regular Pay |
5 Years - 80 less than entry age |
Shriram Life Smart Protection Plan |
18 - 65 Years |
75 Years |
Min. - 1 Lakh Max. - 14 Lakh |
Regular Pay |
10 - 30 Years |
Edelweiss Tokio Life Zindagi Plus |
18 - 65 Years |
80 Years |
Min. - 25 Lakh Max. - No Limit |
Regular, Limited and Single Pay |
10 Years - 85 less than entry age |
Popularly Opted Term Insurance Sum Assured
What Are The Payouts Options In Term Life Insurance?
Term life insurance policies are well-recognised as protection plans as a death benefit is provided under term insurance in case of an unforeseen demise of the life assured during the policy tenure. Term insurance type of life insurance policy which provides a sum assured known as death benefit in the event of an unforeseen demise of the life assured.
Once you purchase a term insurance policy, as a life assured/policyholder you will be asked to mention a nominee. A nominee is a person who is the legal receiver of the death benefit in case of an untimely demise of the life assured during the policy terenure. The nominee can be your child, spouse, parents, siblings or any other family member or dependent. Under term insurance policy you have the flexibility to choose the death benefit payout option as per your convenience.
Here are some death benefit payout options under term life insurance:
- Lump Sum Death Benefit Payout: Under lump sum death benefit payout option death benefit shall be provided as a lump sum i.e. in one go. The entire death benefit is provided to the nominee in a lump sum in case of an unforeseen demise of the life assured during the policy tenure.
- Monthly Income Death Benefit Payout: Under monthly income death benefit payout option, the death benefit option shall be provided as equal monthly installments in case of an unforeseen demise of the life assured. These monthly installments can be substituted as monthly income of the life assured in case of an unfortunate demise of the life assured during the policy tenure.
- Part Lump Sum and Part Monthly Income Death Benefit Payout: Under this death benefit payout option, the death benefit is provided in part lump sum and part monthly installments, to the nominee in case of an unfortunate demise of the life assured during the policy tenure. This particular death benefit payout option caters to different financial requirements of different families.
- Increasing Monthly Income Death Benefit Payout: Under increasing monthly income death benefit payout option, the death benefit is provided as increasing monthly income for a pre-fixed period of time. The monthly installment known as income will increase by 5-10% of simple interest per year until the full sum assured is paid to the nominee.
Explore Term Insurance
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617 ReviewsTerm Insurance Guide
Before purchasing a term insurance plan one should know certain things about term insurance policies. Here are some factors that will help you understand certain factors of term insurance policy:
Riders: While purchasing a term insurance policy one should always check the options of riders available under the term insurance policy. You must know about the features of the different rider options offered by the life insurance provider as riders are additional coverages that can be added to the base policy to increase the power of coverage of the base policy. You must choose a rider that is best suitable according to your requirements.
Claim Settlement Ratio: Incurred claim settlement ratio provides a clear picture of the number of claims settled by the insurance provider. The claim settlement ratio is calculated by the Insurance Regulatory and Development Authority (IRDA). A claim settlement ratio indicates the credibility of the insurance provider. You must consider an insurance provider with a good claim settlement ratio whom you can fully rely on.
Premium Payment: To keep the term insurance active the policyholder has to make premium payments on time. At the time of purchasing a term insurance policy always look for premium payment and premium payment frequency option. Before purchasing a term insurance policy you can select your premium payment option and frequency according to your convenience.
Eligibility: Anybody between the age of 18-65 years can purchase a term insurance plan but it is very important to check the maximum maturity age which depicts the maximum coverage period of the term insurance policy. Before purchasing a term insurance policy one must also consider the policy tenure of the term insurance policy.
Solvency Ratio: Solvency ratio of the insurance provider indicates whether the insurance provider of the term insurance policy can settle the claims and is financially stable.
Why Choose InsuranceDekho For Buying Term Insurance?
- Easy ComparisonsAt InsuranceDekho we strive to provide you a seamless experience. Our online premium calculator tool helps an individual to compare terms plans. You can use the term insurance premium calculator tool to easily compare several term insurance plans according to your requirements and budget. The calculator displays several term plans allowing comparison for you to find the perfect option that fits your requirements in one go.
- Prompt Policy IssuanceAt InsuranceDekho you can easily purchase a term insurance plan within a few minutes. You can easily purchase a policy by entering a few personal details such as age, gender, mobile number, date of birth and compare different term insurance quotes before purchasing a term insurance policy. The policy documents and details are sent to your registered email ID as a part of a green initiative taken up by InsuranceDekho.
- Robust Customer AssistanceAt InsuranceDekho we have knowledgeable teams of customer care specialists who will resolve your queries effectively and efficiently. Our steam strives to provide you a smooth and hassle free experience. Our customer care assistants are available all 7 days to provide information and clear your doubts related to term insurance.
How To Find The Right Term Insurance Plan Online?
The best main advantage of purchasing a term insurance plan online is that an individual gets the freedom to choose the most suitable term insurance policy for themselves. Before purchasing a term insurance plan one should match his/her requirements. Here are some tips which will help you find the right term insurance plan online:
Select the Right Sum Assured: The first and most important step that one should keep in mind before purchasing a term insurance policy is to determine the coverage amount known as sum assured according to the requirements of their families future financial needs. To determine the sum assured one must consider certain factors such as current liabilities, expenses, way of living, income and number of financial dependents. It is advised that one should always consider 10-15 times of their annual income as the death benefit amount can help the family of the life assured to maintain a healthy lifestyle in the absence of the life assured.
Compare Term Insurance Plans: There are several term insurance plans offered by different insurance providers. However, in order to select the right term insurance plan you should always compare several term plans that are best suitable according to your requirements. Before purchasing a term insurance plan, you must compare term insurance plans on certain factors such as policy tenure, benefits offered, terms and conditions, maximum coverage tenure etc. Also consider the insurance provider’s incurred claim settlement ratio as the claim settlement ratio depicts the total number of claims settled against the number of claims received.
Avoid Cheap Premiums: While purchasing a term insurance policy online you may come across some term insurance plan that provide coverage in very low premium rates. Before purchasing a term plan with a very low premium, read the policy documents carefully to acknowledge what is covered and what is not covered under the term policy. Sometimes term insurance plans with cheap premium rates can be misleading, it is advised to avoid such term plans with cheap premium rates.
When Is The Right Time To Buy A Term Life Insurance Policy?
When should I purchase a term insurance policy? This is one of the most commonly asked questions before purchasing a term insurance policy. Many people don’t know the advantages of purchasing a term insurance policy at an early age and financial advisors always suggest purchasing a term plan at an early age.
Early 20s of a person is the most suitable age when he/she should purchase a term insurance plan. At this many people start earning a living for themselves and their family. Purchasing a term insurance policy at a young age not only encourages a disciplined savings habit but also helps an individual start saving taxes early. Premiums of a term insurance policy increase as the age of the applicant increases because elderly people require more attention and coverage.
As soon as you start earning a living for yourself, become a parent, get married etc. you should start considering purchasing a term insurance policy. The earlier you choose to invest in a term insurance policy, the lower premium.
How Much Term Insurance Cover Do You Need?
The benefits provided under a term insurance policy make it an essential financial tool for anyone who wishes to ensure a financially secured future for their loved ones. Before purchasing a term insurance plan one may have doubts about how much term insurance coverage they require. It is said that the term insurance coverage amount should be enough to help your family members fulfill their financial requirements and pursue their dreams in case of your unfortunate demise.
It is advised that the coverage amount for a term insurance policy should be 10 - 5 times the annual income of the life assured. For example if your annual income is Rs 10 Lakh then you should choose your cover amount for a minimum of Rs 1.5 Crore.
Before choosing a coverage amount for your term insurance policy you should consider certain factors such as your age, working period, current household expenses, number of dependents, expenses of your dependents, liabilities, assets, policy tenure and future expenses. This way you can easily decide a sum assured for your term insurance policy.
How To Choose The Best Term Insurance Plan?
- Assess your Requirements: Before you purchase a term insurance policy you must assess your requirements of insurance coverage. You should determine the coverage amount that will be sufficient to help your loved ones fulfil their daily financial requirements, maintain a healthy lifestyle and fulfil their goals in your absence. There are several types of term insurance plans which have different features, understand your coverage requirements and choose a term plan that fulfills your requirements.
- Choose a High Coverage Amount: Term insurance plans are widely known for providing high coverage at affordable premiums as compared to other life insurance plans. Term insurance plans provide basic risk coverage that is a death benefit in case of an untimely demise of the life assured during the policy tenure. Thus, as per the common thumb rule followed by most people , it is advised to choose a coverage amount of 15 - 20 times of your annual income (keeping inflation in mind). Under a term insurance policy you can avail a Rs. 1 Crore of life cover for a minimum premium rate of Rs. 500 per month. Thus, keeping your current lifestyle, expenses and inflation in mind you should choose a term insurance policy with a high coverage amount.
- Compare Several Options: There are several term plans offered by different insurance providers in India. Every term insurance plan provides different benefits. It is very essential to compare several before purchasing a term insurance plan. You should compare features and benefits of several term plans from different insurance companies to analyse which plan best suits your requirements. You can use a premium calculator tool to compare term insurance plans according to your requirements and budget. It is always advised to compare different plans before choosing one.
- Check Claim Settlement Ratio: Before purchasing a term plan you should always do a background check on the insurance provider. Claim settlement ratio is an important factor that you can consider before purchasing a term insurance policy. Claim settlement ratio represents the number of claims approved and settled against the total number of claims received. An insurance provider with a high claim settlement ratio is always reliable because you can trust the insurance provider to settle the claim on time without any hassles. It is always advised to choose an insurance provider with a high claim settlement ratio.
- Know the Riders Available: The best term insurance is the one that provides extensive coverage. One way to ensure extensive coverage under a term insurance plan is ‘Riders.’ Riders are additional coverages which can be purchased along the term insurance plan in exchange of extra premium but help in providing enhanced coverage. Before zeroing on a term plan make sure to check the availability of riders under your preferred term plan. Some common term insurance riders are critical illness, accidental death benefit, accelerated terminal illness, waiver of premium, accidental total and permanent disability rider etc.
- Avoid Very Cheap Premiums: One crucial factor to always keep in mind while purchasing a term insurance policy is to avoid very cheap premium term plans. A term insurance plan with a very cheap premium can be misleading at times, before you purchase a term plan at a very cheap premium rate make sure to go through the terms and conditions of the term insurance policy to know the inclusions/exclusions of the term plans. Sometimes term plans with very cheap premiums may not cover certain things that is why such plans should be avoided.
Term Insurance Premium Payment Options
When you purchase a term insurance you need to make regular premium payments to keep the policy active. At the time of policy issuance you can select the premium payment option according to your budget. Under term insurance policy one choose from different premium payment option which are as mentioned below:
Regular Pay: Under the regular pay option of a term insurance policy the life assured needs to pay regular premiums throughout the policy tenure. The life assured can choose to pay premiums on a yearly, half-yearly, quarterly or a monthly basis.
Limited Pay: Under the limited premium payment option of the term insurance policy, the life assured pay the premium for a pre-fixed period of time. Under this premium payment option the premium payment term is usually less than the policy tenure.
Single Pay: Under this premium payment option the life assured pay the complete premium amount in one go at the time of purchasing the term insurance plan.
What Is Term Insurance Premium Calculator?
Term insurance premium calculator is an online tool which is specially designed to help an individual estimate the amount of premium that he/she will be paying for their term insurance policy. Term insurance premium calculator is quite easy to use. The premium calculator helps an individual to estimate the amount of premium according to the information entered in the calculator such as age, gender, coverage amount/sum assured, policy tenure etc. The term insurance premium calculator helps an individual to compare several term insuranc policies at once according to their budget and requirements. The term insurance premium calculator lets an individual change the sum assured according to their requirements. Below mentioned are some benefits of using an online term insurance premium calculator:
Makes Comparing Plans Easy: The term insurance premium calculator makes comparing several term plans an easy task that fit the requirements and the budget. You can easily compare several term insurance plans that fit your defined budget and requirements in one go.
Time Saving: Term insurance premium calculator saves a lot of time i.e one does not have to submit any documents to obtain term insurance quotes. Using the term insurance premium calculator one can easily figure out a term insurance plan that fits your requirements and budget.
Help You Make An Informed Decision: When you use a term insurance premium calculator you can make an informed decision while choosing a term insurance plan as you can compare benefits and features of different term insurance plans.
How Long Should Be The Term Insurance Policy Period?
Term insurance policy provides life cover for a certain ‘term’ i.e. time period. How long your term insurance coverage should be? Is the most commonly asked question. Coverage period, Term, Policy Period means the duration of your term insurance policy. Deciding the duration of a term insurance policy solely depends on the life assured. You can decide your policy tenure according to your insurance requirements and budget. It is generally advised that one should purchase a term insurance plan for a maximum coverage period.
A term insurance policy period is ‘term length’ which is also the duration of the policy. Once the term insurance policy matures you can no longer avail the life coverage and your nominee shall not be provided a death benefit but some term plans do provide maturity benefit if you survive the entire policy tenure. Most term insurance plans provide 10, 20, 30 and in some cases 40 years of life coverage. It is advised to consider a policy period sufficient enough to cover all of your financial obligations and outstanding debts. For example, if you have a 10-year mortgage then you should consider the 10 year policy tenure of your term insurance policy so that your mortgage payments are protected. In case of your untimely demise during the policy tenure your nominee will receive a death benefit.
The optimal policy duration of your term insurance plan depends on your requirement of the term insurance policy.
How To Choose The Right Tenure for Your Term Plan?
Most people prefer to opt for term insurance policy as it provides life covers at affordable premiums for a duration that an individual wants. However, when it comes to deciding the tenure of the term insurance policy one does get confused about how to choose the right tenure. The duration of the term insurance policy differs from individual to individual and their financial situation at the time. One should consider some factors before choosing the right policy tenure for their term plan. Here are some factors to consider while choosing a right policy tenure for yourself:
- Liabilities: Liabilities of an individual can be of several kinds such as loan taken or mortgages that are to be paid on time to avoid any penalty. While purchasing a term insurance policy it is advised to have a policy tenure equal to the time period required to pay off the liabilities. For instance, if you have a home loan that is to be repaid within 20 years then your term insurance policy term should be 20 years.
- Dependents: Number of financial dependents should also be considered while choosing a policy tenure for your term insurance plan. In case you have dependents such as your child, you should consider a policy tenure that will go on till your child can support themselves. You should also consider their major milestones in life such as marriage or kick starting your child’s career before choosing a policy tenure. This way you will be able to ensure financial security of your child in case of your untimely demise during the policy tenure.
- Affordability: Term plans for a longer policy term cost more than a term plan with short policy tenure. Long-term coverage is provided under a term insurance plan with a long policy tenure. Before choosing a policy tenure for your term plan you should consider, if you will be able to pay premiums for a term plan with long policy tenure. Term plans with short policy tenure are less expensive and provide coverage for a shorter period of time.
What Are The Factors That Can Affect Term Insurance Premiums?
There are certain factors which can increase or decrease the amount of premium of a term insurance policy. Below mentioned are some factors which can affect premium for a term insurance policy.
Age: Age plays a very important role while calculating the premium of the term insurance policy. It is advised to purchase a term insurance at a young age because at that age you are physically fit, elderly people require more coverage as they are prone to life threatening diseases which increase the premium rates. It is safe to say that you should consider purchasing a term in your 20s to avail high life cover at nominal premium rate.
Health Condition: A medical examination is required to purchase a term insurance plan to evaluate the risk cover that one may require. If you are physically well your term insurance premium will not exceed, in case you have pre-existing medical conditions premium for your term insurance policy will increase due to the nature of protection required.
Gender: Many insurance providers offer attractive premium rates for women. Statistically it has been said that women have a higher life expectancy rate as compared to men.
Smoking Habits: Insurance providers offer attractive premium rates for non-smokers as there is not high risk involved. A person who smokes is considered with high risk involved as smoking can cause some serious health issues and is quite injurious to health.
Occupation: Your profession can affect the calculation of premium for the term insurance policy. The environment you work in can affect the premium calculation. In case you work on a construction site, the premium for your life insurance will increase as compared to a teacher because of the risk involved in working in such an environment.
Chosen Sum Assured: SUm assured is the coverage amount of the term insurance policy. Your chosen sum assured plays a vital role in determining the premium for a term insurance policy. With the help of sum assured an estimate of the amount of premium to be payable according to the premium payment frequency and term can be determined.
Importance Of Term Insurance In The Times Of Covid-19
The outbreak of COVID-19 pandemic has affected the entire world in just a couple of months. People have been more cautious since the impact of the COVID-19 second wave in India which resulted in a specific increase in the insurance sector. People are considering purchasing term insurance policies and get risk protection and ensure financial safety of their loved ones if something were to happen to them.
We all have witnessed the impact of the second wave in India, many people lost their loved ones to this deadly disease. Considering the circumstances some insurance providers have started providing coverage for death caused due to COVID-19. Under such circumstances, one should purchase a term insurance plan as term insurance plans are pure risk protection plans, a death benefit shall be provided to the family of the life assured in case of an unforeseen demise of the life assured due to COVID-19.
Apart from ensuring financial security of your loved there are other factors why one should consider purchasing a term insurance policy during COVID-19:
Lack of Liquid Assets: Outbreak of COVID-19 has led to unemployment across the nation. During this time people had to dig into their savings to fulfil their daily financial requirements. If anything were to happen to the sole breadwinner of the family the burden of fulfilling daily financial requirements would fall onto family members who are completely dependent on the income of the life assured. A term insurance policy can help you ensure that your family has adequate financial support to fulfil daily requirements in your absence.
Term Insurance Claim Process
Claim for a term insurance policy can be filed online as well as offline. The nominee/life assured can choose to file a claim for the term insurance policy according to their convenience.
Below mentioned are the steps for an online term insurance claim:
Step 1: Claim Intimation
Visit the chosen insurance provider’s official website and open the claim section on the website. You can log onto the website using your registered mobile number/email address/policy number. Check your policy details and proceed to file a claim for your term insurance policy.
Step 2: Upload Supporting Documents
After you have notified the insurance provider about the claim for your term insurance policy, upload supporting documents such as duly filled and signed claim form, medical records etc. The documents will be assessed and upon the assessment of the documents provided the claim settlement decision will be taken.
Step 3: Claim Settlement
After the required documents are assessed the insurance provider will settle the claim for your term insurance policy within 30 days in case any investigation is required the claim settlement will take time.
Offline Term Insurance Claim Process
One can easily file a claim for the term insurance policy by visiting the insurance company’s branch office. The required documents can be provided at the office, the claims teams.
Documents Required To Purchase Term Insurance Policy
Following is the list of documents required at the time of application of life insurance policy:
Income Proof
- Salary slips of last 6 months
- Bank statements of last 6 months with entries of 3 months of salary credited continuously
- Income Tax Returns (ITR) of last 2 years
- Certificate issued by CA in case the individual is self employed
- Form 16 (Latest)
Identity Proof
- Aadhaar Card
- Passport
- PAN Card
- Voter ID Card
Age Proof
- Birth Certificate
- Aadhaar Card
- Voter ID Card
- PAN Card
- Passport
- Driving Licence
- Marriage Certificate
- Ration Card
Address Proof
- Passport
- Aadhaar Card
- Voter ID Card
- Ration Card
- Driving License
- Passbook with 6 months of latest entries
- Bank statement of savings account
- Latest 3 months of utility bills
Other Documents
Apart from KYC documents there are few other documents required at the time of application of life insurance policy. Following is the list of other documents required at the time of policy application:
- Application/Proposal Form
- Final Declaration which states that the information provided is true and in case anything is found to be incorrect, the insurance provider can reject the application
Exclusions Of A Term Insurance Policy
Term insurance plans are commonly known as risk cover plans but there are certain things which are not covered under a term insurance policy. Below mentioned are some aspects which are not covered under a term insurance policy:
Suicide/Self Inflicted Injuries: Under a term insurance policy death due to suicide or self inflicted injuires is not covered, i.e. a death benefit will not be provided in case of an unfortunate demise of the life assured due suicide or self inflicted injuries. In case the life assured passes due to attempting suicide within first year of the policy 80% of the premiums paid till the date of demise of the life assured shall be provided to nominee after deducting applicable charges such as taxes, expenses of medical exams incurred by the insuranc provider etc.
Participation in Unlawful Activities: Under term insurance policy, a death benefit shall not be provided in case the life assured passes away while he/she was participating in unlawful activities. Unlawful activities include participation in theft/robbery, war, rebellions, civil war, riots etc.
Participation in Hazardous Activities: Participation in hazardous activities such as sky diving, mountain climbing, diving etc. shall not be covered under a term insurance policy. Hazardous activities refers to activities that involve high risk i.e. there are chances that the life assured may pass away while participating in such activities. In case the life assured passes away while participating in such activities, the death benefit shall not be provided.
Pre-existing Medical Condition: Any pre-existing medical condition of the life assured shall not be covered under a term insurance policy. In case the life assured passes away due to a pre-existing medical condition, the death benefit shall not be provided to the nominee. It is advised not to conceal the pre-existing medical existence at the time of application to avoid claim rejection or even worse policy termination.
Death Due to Intoxication: In case the life assured passes away due to intoxication, the death benefit shall not be provided. Death due to intoxication refers to death of the life assured due to over consumption of alcohol, drugs or other intoxicants.
Term Life Insurance Plans Offered By The Government Of India
The list of term insurance plans provided by the Indian Government includes:
- Pradhan Mantri Jeevan Jyoti Bima Yojana: The Pradhan Mantri Jeevan Jyoti Bima Yojana is available for people between the ages of 18 to 50 years, who already have a bank account. KYC documents are necessary while applying for this Yojana. A life cover of Rs. 2 Crore is provided for one year (1st June - 31st March) and it can be renewed. In case of an unforeseen demise of the life assured during the policy tenure a death benefits of Rs. 2 Lakh shall be provided. The premium for this policy is Rs 330 per annum which is auto-debited from the life assured’s bank in one installment. Pradhan Mantri Jeevan Jyoti Bima Yojana is offered by LIC and other life insurance companies who are offering this product with the same terms and conditions.
- Pradhan Mantri Suraksha Bima Yojana: Pradhan Mantri Suraksha Bima Yojana Is available for people between the age 18 - 70 years, who have a valid bank account. Aadhar card is necessary while applying for this scheme. The risk coverage amount under this scheme is Rs. 2 Lakh for accidental death and Rs. 1 Lakh for partial disability. The premium of Rs. 12 per annum under this scheme is auto debited from the life assured’s account in installments. This scheme is offered by public and private insurance companies which are willing to provide these products under similar terms and conditions.
- Pradhan Mantri Jan Dhan Yojana: Under Pradhan Mantri Jan DhanYojana (PMJDY) a basic Bank account is set for every family who till now had no bank accounts. The bank account comes along RuPay Debit Card which has an inbuilt accidental cover of Rs. 1 Lakh. The prime minister stated that a life cover of Rs. 30,000 shall be provided to those who subscribe to a bank account using their debit cards. The main objective of this scheme is to provide security to the economically weaker families who are not able to purchase insurance. The premium under this scheme is provided by the government itself.
Whole Life vs Term Insurance
Whole Life and Term Life Insurance plans are both types of life insurance plans. These are two types of life insurance plans that are most preferred by people. Whole life insurance plans provide life cover to the life assured until the demise of the life assured and on the other hand, term life insurance plans provide life cover to the life assured for a specific duration. Below mentioned is a detailed comparison between whole life and term life insurance plans to help you understand the difference between the two types of life insurance policies;
Parameters |
Whole Life Insurance Plans |
Term Life Insurance Plans |
Meaning |
Whole life insurance plans are also known as permanent life insurance plans because such a type of life insurance plan provides life cover until the death of the life assured. |
Term insurance plans are commonly known as pure protection plans and provide life cover to the life assured for a specific time period. |
Coverage Period |
Whole life insurance policies provide coverage to the life assured for their entire life. |
Term insurance policies provide coverage to the life assured for a specific time duration such as 25 years or so on. Some term plans also provide life cover upto the age of 99 years. |
Affordability |
Whole life insurance plans are expensive, given the tenure of the policy is longer. |
Term insurance plans on the other hand are affordable as compared to whole life insurance plans. |
Benefits |
Under whole life insurance policies survival benefits and maturity benefits are provided along with death benefits. |
Under term insurance policy death benefit is provided in case of an untimely demise of the life assured during the policy tenure. Some life insurance plans also provide maturity benefits. |
Investment Options |
Whole life insurance policies also offer investment opportunities to help the life assured to build their wealth. |
Term insurance policies do not offer such opportunities. |
Term Plan Vs Endowment Policy Vs ULIP
There are several types of life insurance products available in the market. Some plans offer protection and some plans offer dual benefits which are protection and investment options. Term plans, endowment plans and ULIPs are quite trending nowadays. Here is a detailed comparison between term plan, endowment and ULIPs:
Parameters |
Term Plans |
Endowment Plans |
Unit Linked Insurance Plans |
Meaning |
Term insurance policies are protection plans that provide life cover to an individual and provide a death benefit to family of the life assured in case of an untimely demise of the life assured during policy tenure. |
Endowment plans are savings cum insurance plans. These plans provide life cover to an individual and death benefit to the family of the life assured during the policy tenure. Endowment plans are participatory in nature i.e. annual bonuses are declared upon the policy based on the performance of the insurance provider in the market. |
Unit linked insurance plans are investment cum insurance plans. Under ULIPs part of the premiums paid are invested in market linked investment options and the remaining is used for the life coverage provided to the life assured. This plan helps an individual to grow his/her wealth. |
Maturity Benefits |
Not all term plans offer maturity benefits, some term insurance plans offer maturity benefits. |
Under endowment plans a maturity benefit is provided to the life assured along with accumulated bonuses (if any) in case he/she survives the entire policy tenure. |
Under ULIPs plans a maturity benefit is provided to the life assured in case he/she survives the entire policy tenure. |
Coverage |
Under term insurance life cover is provided to the life assured. |
Endowment plan provides a blend of investment and life cover. |
Under ulips investment opportunity along with life coverage is offered. |
Flexibility |
You can add riders to your term insurance policy to enhance the coverage. |
You can also add riders to your endowment policy to increase the coverage under the police. |
Under ULIPs, you have the flexibility to switch funds and change strategy of investment. |
Affordability |
Term insurance plans are very affordable. |
Endowment plans are expensive from term plans. |
ULIPs are expensive compared to term and endowment policy. |
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