What is Term Insurance?

Term insurance is a pure protection life insurance policy that provides a high death benefit at affordable premiums for a set period. It pays a lump sum to beneficiaries if the policyholder dies during this policy term, but offers no cash value or maturity benefits if the life assured survives. With premiums starting as low as ₹409/month for ₹1 crore coverage, it offers high financial security at a minimal cost.

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Varun Agarwal
Written By: Varun Agarwal
Varun Agarwal
Varun Agarwal Term Insurance Head
Varun Agarwal, as the Head of the Term Insurance business, is transforming the way people understand and adopt term insurance. His work centres on demystifying insurance and positioning it as a smart, essential step in financial planning that brings real peace of mind.
Watch his recent webinar for simple, practical insights to help you make informed decisions for your family’s future.
Vivek Jain
Reviewed By: Vivek Jain
Vivek Jain
Vivek Jain Chief Business Officer
Mr. Vivek Jain, Chief Business Officer – Life Insurance at Policybazaar, is reshaping the way Indians understand term insurance. With a focus on innovation and impact, he’s driving initiatives that make protection plans more transparent, relatable, and aligned with today’s financial realities. His leadership is helping term insurance evolve from a passive product to an active pillar in every family’s financial roadmap.

Term Insurance: Meaning and Definition

So, what is term insurance in simple terms? Term insurance is a type of life insurance policy that offers financial protection for a fixed ‘term’. A death benefit is paid to the nominee/beneficiary in case the life assured person passes away during the policy term. In case the life assured survives the policy term, there is no maturity payout and the plan expires. Term insurance offers high coverage at affordable premiums. 

The term insurance meaning lies solely in its purpose to provide temporary life insurance cover for a set period. This is quite different from the other forms of life insurance, such as endowment or whole life insurance plans, as it doesn’t accumulate cash value or offer maturity benefits. 

As we have discussed term insurance definition, let’s learn more about its working and benefits.

What is Term Insurance? What is Term Insurance?

Term Insurance At A Glance in 2026

Feature Quick Details
Coverage Life cover for a fixed policy term
Premium Lower than most life insurance plans
Payout Lump sum paid to nominee
Investment Component Not included
Policy Purpose Financial protection for family
Policy Term 10, 20, 30 years or up to a chosen age
Maturity Benefit Usually, none unless return of premium option is selected
Riders Optional add-ons like critical illness or accidental cover

Why Buying Term Insurance is Important in 2026?

Learning about what is term insurance helps you understand how it ensures your family’s future expenses are covered with a low premium. It is the best way to get peace of mind. 

  • Affordability: Term insurance offers high life cover at an affordable premium, making it ideal for individuals who want strong financial protection without putting pressure on their monthly finances.

  • Pure protection: To understand what is term insurance, it is a pure life cover plan focused only on providing a death benefit, ensuring your family gets financial support in your absence.

  • Flexibility: You can choose the policy tenure based on your life stage, such as till retirement, till your home loan ends, or until your children become financially independent.

  • High coverage amounts: Term plans allow you to secure a large sum assured, helping your family manage daily expenses, future goals, and large liabilities with ease.

  • Supplementary coverage: It works well alongside your savings, investments, and health insurance to build a more complete financial safety net.

  • Lifestyle-related risks: In 2026, rising lifestyle diseases make riders like critical illness cover increasingly important, helping protect your finances against major health conditions during your lifetime.

  • Protect your assets: A term plan helps your family repay outstanding loans on your home, car, or business, reducing the risk of losing hard-earned assets during difficult times.

How Does a Term Insurance Plan Work?

Now that we have understood the term insurance meaning, let us take a look at how term insurance works in India: 

Step 1: Choose the Policy Term

The policyholder chooses a policy term such as 10, 20, or 30 years, or up to a certain age.

Step 2: Pay Regular Premiums

The policyholder pays premiums at regular intervals, such as monthly or yearly, to keep the policy active.

Step 3: Death benefit for Nominees 

In case the life assured suffers an untimely death during the policy term, the insurer will pay the sum assured to the nominee of the policy as per the policyholder’s chosen frequency, such as single, monthly, quarterly, or annually.

Step 4: No Payout After Term Ends 

If the policyholder survives the term, the policy ends without a payout unless the plan includes a term return of premium (TROP) option.

Also read: How to choose the right term insurance plan

How term plan works How term plan works

Explain Working with Term Insurance Example

Let us understand how term insurance works with the help of an example: 

Nikhil bought a term insurance to financially protect his loved ones in the event of his unfortunate demise during the policy term. Here are the details of his profile and term insurance purchase:

Parameters Details
Age 30 years
Cover Amount 1 Crore
Policy Term 30 years
Monthly Premium ₹635

  • Nikhil has to regularly pay the premiums to keep the policy and cover active. 

  • In case of his unfortunate death during the 30 year policy term, his loved ones would receive the cover amount to help take care of their financial needs.

Benefits of Term Insurance

After understanding the term life insurance meaning, let us take a look at the term insurance benefits you can avail in India 2026:

  • High Coverage at Affordable Premiums
    Term insurance allows you to get a large life cover amount at a relatively low premium. This makes it easier to secure your family’s financial future without putting too much strain on your budget.

  • Financial Protection for Your Family
    In case of the policyholder’s unfortunate demise during the policy term, the nominee receives the sum assured. This amount can help the family manage daily expenses, repay loans, or support long term financial goals.

  • Protection Against Uncertainties
    Life can be unpredictable, and term insurance acts as a financial safety net. It ensures that your dependents are supported even if something unexpected happens to you.

  • Critical Illness Coverage Option
    Many term plans offer the option to add a critical illness rider. This provides a payout if the policyholder is diagnosed with a listed serious illness, helping cover treatment costs and recovery expenses.

  • Accidental Death and Disability Benefits
    With additional riders, policyholders can enhance their coverage to include protection against accidental death or permanent disability.

  • Flexible Policy Terms
    Term insurance plans usually offer multiple policy term options, allowing you to choose coverage that aligns with your age, responsibilities, and future plans.

  • Multiple Payout Options for Nominees
    Some plans allow the nominee to receive the claim amount in different ways, such as a lump sum, regular monthly income, or a combination of both.

  • Tax Benefits
    The premiums paid for a term insurance policy and the benefits received may qualify for tax benefits under sections 80C and 10(10D) of the Income Tax Act, subject to prevailing tax rules.

Term Insurance vs Other Life Insurance Plans

Let us now take a look at what is the difference between term insurance and life insurance:

Feature Term Insurance Traditional Life Insurance
Premium Lower premiums for higher coverage Higher premiums due to savings component
Investment No investment component Includes savings or investment element
Purpose Pure financial protection Protection along with savings or wealth creation
Payout Death benefit paid if the insured passes away during the term Death benefit or maturity benefit depending on the plan
Policy Term Fixed coverage period such as 10, 20, or 30 years Often long term or whole life coverage
Maturity Benefit Usually not available Available in many traditional plans
Flexibility Focused on life cover with optional riders May include bonuses, savings, or guaranteed returns

Understanding what is term life insurance and how it is different from other types of life insurance is important to make an informed decision about the right insurance for you.

Why Is Sum Assured Important in Term Insurance?

The sum assured is the amount your nominee receives if the policyholder passes away during the policy term. It is the core financial protection offered by a term insurance plan. Choosing the right sum assured is important because it helps ensure that your family can manage essential expenses such as daily living costs, loan repayments, children’s education, and other long term financial needs even in your absence. A well chosen sum assured can help maintain your family’s financial stability and support their future goals

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Why term insurance is important?

Term insurance is important as it provides a large life cover at affordable premiums, which provides financial security for the family in case of the policyholder’s unexpected death. It helps the family maintain their current standard of living, pay off debts like loan, and other monthly expenses.

Key Reasons Why Term Insurance is Important:

  • High Financial Protection at Low Cost: It provides large life cover which can be around 10-20 times the annual income, for a relatively low premium compared to other insurance products
  • Income Replacement: It helps replace the policyholder’s income in his/her absence for the family.
  • Debt Repayment: The payout can help the family pay off outstanding debts, such as home, business, or car loans, preventing the loss of assets.
  • Tax Benefits: Premiums paid can be used to claim tax deductions under Section 80C, and the death benefits received by the nominee are tax-free under Section 10(10D) as per the prevailing tax laws.
  • Peace of Mind: Knowing that your loved ones will be financially secure in your absence provides you with the peace of mind and allows you to live a stress-free life.
  • Customizable Riders: You can enhance our base policy with riders for accidental death, critical illness, or disability, providing comprehensive coverage.
Term Life Insurance Meaning

Term life insurance is a straightforward type of life insurance that offers financial protection for a fixed term or specific tenure, like 10, 20, 30 years. It pays the death benefit to the nominee if the policyholder suffers an untimely death during the policy term, but if they outlive it, no benefit is paid.

Key Features of Term Life Insurance

  • Pure Protection: The policyholder gets pure risk protection cover against death due to any reason during the policy term.
  • Affordable Premiums: Since the premiums do not accumulate any cash value benefit, the premiums are much more affordable.
  • Fixed Cover Period: The policy will provide for a fixed period, set at the time of buying the policy. 
  • Death Benefit: In case of the policyholder’s death during the policy term, the death benefit will be paid to the nominee.

Benefits of Term Insurance

  • Income Replacement: The policy offers financial security to dependents, helping them cover their daily living expenses, debt, and future goals like education.
  • Flexibility: The term insurance plans can be tailored to match the duration of financial obligations, such as a 20-year mortgage.
  • Tax Benefits: Premiums paid and death benefits received may be eligible for tax deductions or exemptions depending on local regulations.
Term insurance is good or bad

Term insurance is generally considered very good as it offers large coverage at low premiums, to help protect the family from facing financial debts and loss of income. This pure protection plan, does not have any savings component and thus is designed to provide financial protection to your family and not any return of premiums in case the insured survives the policy term

Why Term Insurance is Good:

  • High Coverage, Low Cost: The policyholders can get a large sum assured for a very low premium, making it affordable compared to other insurance types.
  • Financial Protection: These plans make sure that the dependents can manage daily expenses, pay off debts (home/car loans), and maintain their lifestyle if the policyholder passes away
  • Flexibility and Riders: The term plan coverage can be enhanced via riders for accidental death, critical illness, and disability, providing extra security.
  • Tax Benefits: The premiums are tax-deductible under Section 80C, and death benefits are tax-free under Section 10(10D), as per the prevailing tax laws.

Why it can be considered ‘Bad’ or Suboptimal:

  • No Cash Value/Maturity Benefit: In most term life insurance plans, there is no survival benefit; if you outlive the policy term, you receive nothing back (no return on investment).
  • Temporary Coverage: The cover is offered only for a set period, after which the policy expires.
  • Increasing Premiums: In case of renewable yearly policy, premiums can become very expensive as you grow older.
AI Overview-Summing up

Term insurance is a crucial tool for financial stability if you have dependents or liabilities. It is generally advised to keep term insurance and investments like SIPs separate for better financial management. For those looking for survival benefits, "Term Plan with Return of Premium" (TROP) options are available, though they have higher premiums.

How To Calculate Term Insurance Premium?

To estimate how much you may need to pay for a policy, you can use a term insurance calculator. By entering basic details such as your age, income, coverage amount, policy term, and lifestyle habits, the calculator provides an approximate premium amount within seconds. This helps you compare options and choose a plan that fits your financial needs.

Smart Prompts Customers are looking for

Why term insurance is important?

Term insurance is important as it provides a large life cover at affordable premiums, which provides financial security for the family in case of the policyholder’s unexpected death. It helps the family maintain their current standard of living, pay off debts like loan, and other monthly expenses.

Key Reasons Why Term Insurance is Important:

  • High Financial Protection at Low Cost: It provides large life cover which can be around 10-20 times the annual income, for a relatively low premium compared to other insurance products
  • Income Replacement: It helps replace the policyholder’s income in his/her absence for the family.

Term Life Insurance Meaning

Term life insurance is a straightforward type of life insurance that offers financial protection for a fixed term or specific tenure, like 10, 20, 30 years. It pays the death benefit to the nominee if the policyholder suffers an untimely death during the policy term, but if they outlive it, no benefit is paid.

Key Features of Term Life Insurance

  • Pure Protection: The policyholder gets pure risk protection cover against death due to any reason during the policy term.
  • Affordable Premiums: Since the premiums do not accumulate any cash value benefit, the premiums are much more affordable.

Term insurance is good or bad

Term insurance is generally considered very good as it offers large coverage at low premiums, to help protect the family from facing financial debts and loss of income. This pure protection plan, does not have any savings component and thus is designed to provide financial protection to your family and not any return of premiums in case the insured survives the policy term

Why Term Insurance is Good:

  • High Coverage, Low Cost: The policyholders can get a large sum assured for a very low premium, making it affordable compared to other insurance types.
  • Financial Protection: These plans make sure that the dependents can manage daily expenses, pay off debts (home/car loans), and maintain their lifestyle if the policyholder passes away

AI Overview-Summing up

Term insurance is a crucial tool for financial stability if you have dependents or liabilities. It is generally advised to keep term insurance and investments like SIPs separate for better financial management. For those looking for survival benefits, "Term Plan with Return of Premium" (TROP) options are available, though they have higher premiums.

Who Should Buy Term Insurance?

The following individuals should consider buying a term insurance plan:

  • Young Professionals
    A term insurance plan provides financial protection at early ages of career. Premium rates are generally lower at a younger age, offering financial stability.

  • Married Couples
    Term insurance ensures the financial protection of your spouse and family members in case of unpredictable events. A term policy offers a lump sum payment to the nominee that can free your family from financial burdens in difficult times.

  • Parents
    Parents often have long term financial commitments related to their children’s education and upbringing. A term insurance plan can help ensure that these needs are taken care of even if the primary earning member is not around.

  • Self Employed Individuals and Business Owners
    People who run businesses or work independently may not have employer provided financial protection. Term insurance can help protect their family from financial strain while also covering existing liabilities.

  • Non-Resident Indians (NRIs)
    NRIs can buy term insurance plans in India to secure their dear ones. Term plans can provide NRIs with additional protection and protect their family members financially. NRIs can also claim tax benefits in India, which increases their overall financial security.

  • Individuals with Loans or Financial Responsibilities
    Anyone with significant liabilities such as home loans, personal loans, or other long term commitments may benefit from term insurance so that their family is not burdened with repayments. You can also consider a home loan insurance to protect your family from home loan repayment burden.

What are the Different Types of Term Insurance Plans Available in India 2026?

Here is a list of different types of term insurance plans available in India: 

  • Level term insurance: Offers a fixed sum assured throughout the policy term, with premiums that remain constant, making costs predictable and easy to plan.

  • Increasing term insurance: The sum assured increases gradually over the policy term to help beat inflation and rising living costs, though premiums can be slightly higher.

  • Decreasing term insurance: Designed for liabilities like loans, where the sum assured reduces over time in line with the outstanding obligation, while premiums generally stay fixed.

  • Term insurance with return of premium (TROP): If the policyholder survives the term, the total premiums paid are returned, combining life cover with a savings element, though at a higher premium.

  • Convertible term insurance: Allows the policyholder to convert the term plan into an endowment or whole life policy later, offering flexibility as financial needs change over time.

How Much Term Insurance Coverage Do I Need?

You can easily determine how much life cover you need by calculating your Human Life Value (HLV). HLV is a simple numerical method that helps estimate the ideal amount of life insurance coverage based on your income and age. A commonly used thumb rule is as follows:

Age (in years) Multiple of Income 
18 -35 years  25 times of your annual income
36-45 years  20 times of your annual income
46-50 years  15 times of your annual income
50-60 years  10 times of your annual income

For instance, if a 32-year-old individual earns ₹5 lakh annually, the recommended life cover would be 25 times the income, i.e., ₹5 lakh × 25 = ₹1.25 crore

Why Buy Term Insurance in 2026?

In today’s uncertain economic environment, term insurance has become an essential financial protection tool for families. Rising healthcare costs, increasing lifestyle related health risks, and growing financial responsibilities such as loans and education expenses make long term protection more important than ever.

Consumer priorities are also changing. According to the Insurance Pulse Questionnaire (IPQ) 7.0, three out of four urban Indians now prioritise adequate coverage over simply choosing the lowest premium when buying term insurance. This reflects a growing awareness that having sufficient financial protection matters more than finding the least expensive plan.

Term insurance remains one of the most practical and cost effective ways to protect your family’s financial stability against unexpected events.

How to Buy Term Insurance Online on Policybazaar?

Here is how you can buy term insurance online on Policybazaar: 

Step 1: Visit the term insurance page of Policybazaar

Step 2: Fill in your name, gender, and contact information

Step 3: Select the right annual income, occupation type, educational qualifications, and smoking habits

Step 4: Choose the best term insurance for your needs and proceed to pay the premiums

You should always first understand what is term life insurance, and then buy the best term insurance for your needs.

Summary

  • Term insurance is a life insurance plan that provides financial protection for a fixed period.

  • If the policyholder passes away during the policy term, the nominee receives the sum assured.

  • The payout can help the family manage expenses such as daily living costs, loans, and future financial needs.

  • Term insurance usually offers high coverage at relatively affordable premium amounts.

  • Policyholders can enhance their coverage with optional riders such as critical illness or accidental death cover.

Updated on: Apr 21, 2026

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What is Term Life Insurance

FAQs

  • What is term insurance meaning?

    Ans: To understand what is term insurance meaning, we need to understand what is term plan. Term insurance is a financial product that ensures your family’s financial security in your absence. In case of your untimely death, the insurer pays the life cover to the nominee, which helps them meet their financial obligations.

  • What is an example of a term insurance?

    Ans. Let us understand the term insurance meaning with the help of an example: Suppose Karan’s friend told him about what is term insurance and encouraged him to buy a plan suitable for him. Karan bought a 1 crore term plan at a premium of just Rs. 400 per month. If Karan suffers an unforeseen death during the policy term, then the insurer will pay the sum assured to the nominee of the policy. This payout can help Karan’s family take care of their monthly expenses and live a financially stable life.

  • What are the Advantages and Disadvantages of Term Life Insurance?

    Ans. The advantages and disadvantages of term insurance are as follows:
    Advantages of Term Life Insurance Disadvantages of Term Insurance
    Affordability: The premiums are much lower than those of other types of life insurance. No Cash Value: Term insurance plans generally do not offer any cash value benefits.
    High Coverage: You can get large life cover that ensures your family’s financial security. Limited Cover Tenure: The policy pays benefits only on death during the cover term.
    Tax Benefits: You can claim term insurance tax benefits as per the prevailing tax laws u/s 80C and 10(10D) of the IT Act, 1961. Premiums Increase with Age: The premiums will increase based on your health and age on renewal. 
    Available Riders: You can enhance cover with riders like critical illness, accidental death, or a premium waiver. No Maturity Benefit*: No maturity benefit is payable with standard term insurance plans.
    Customisable: Term plans allow you to choose a policy term and coverage amount that fits your financial needs. Exclusions: Most term insurance plans do not cover deaths due to suicide within the first year of policy purchase/revival.

  • Which is better term or life insurance?

    Ans. Between term or life insurance, the better option depends on a person’s individual needs. To make the right decision, you first need to understand what is the difference between term insurance and life insurance. Now, if you need a large life cover at low premiums, you can opt for a term insurance plan, but if you need a savings plan that offers wealth creation benefits, you can look at the different types of life insurance plans available in India.

  • Is it good to take term insurance?

    Ans. Yes, it is always considered a good idea to have a term insurance plan. This is because a term insurance plan provides a large life cover at affordable premiums to your family in your absence. Not only that, but you can also enhance the base cover using add-on riders to make it more comprehensive at nominal premiums.

  • What is the difference between term insurance and life insurance?

    Ans. The answer to what is the difference between term insurance and life insurance is that a term insurance plan provides a death benefit in case of a policyholder’s death within the policy term, whereas a life insurance plan offers both a death benefit and maturity benefit to the life assured. You should always try to understand what is term insurance and life insurance before making a suitable choice.

  • Why should you buy term insurance in India?

    Ans. Term insurance in India is available at affordable rates than the leading insurance companies in foreign countries. Indian term insurance for NRI is around 50% more affordable than abroad. So, if you are planning to relocate to a foreign country or have settled in a foreign country and are planning to purchase a term insurance plan, you should think about purchasing it from India.

  • What are the minimum and maximum age limits to buy a term insurance plan?

    Ans. Generally, term insurance eligibility can vary for each insurance company and plan. All insurers offer plans with unique T&Cs. However, as per the usual term insurance terms and conditions, the minimum entry age to buy a term plan is 18 years and the maximum age differs as different insurers have different criteria.

  • What are the factors that affect the term insurance premium rates?

    Ans. Anyone who knows what is term insurance, also knows that there are a number of factors that affect the term insurance premium rates. The premium of a term plan varies depending on several factors like age, yearly income, term and amount of insurance coverage, health conditions, and lifestyle habits (smoker/non-smoker).

  • What is Term Insurance Rider?

    Ans. To answer what is term insurance riders, you need to understand term insurance meaning. Term riders are add-on benefits that are attached to your regular term plan. They can be purchased at low rates. They also allow the policyholder to personalize the plan according to their requirements. Different insurers offer these riders- Critical illness, waiver of premium, accidental death, and permanent or partial disability.

  • How much Term insurance do I need?

    Ans. As per the insurance experts, the life cover in term insurance should be at least 10X of your yearly income, while 15-20X is always a good option to go for. You can get a clear answer to this question by computing HLV (Human Life Value) using Human life value calculator. HLV is an easy numeric process of calculating the term cover amount that you may require.

  • What documents are needed to buy term insurance plan?

    Ans. To buy a term plan, you will require the below-listed documents:
    • Identification Proof: PAN Card, Voter ID, or Aadhar card
    • Address Proof: Driving License, Voter’s ID card, Aadhaar ID, passport, and other identification documents
    • Income Proof: Income Tax Returns, Salary Slips, bank statements
    • Age Proof: Aadhaar card, passport voter ID card, driving license.

  • What are the Tax Benefits of Term Insurance?

    Ans. Let us take a look at what is term insurance tax benefits. With a term plan, you can avail of exemptions on tax to reduce your tax liabilities. You can receive a tax deduction on your premium up to Rs. 1.5 Lakh u/s 80C of the ITA, 1961. Also, you can understand what is critical illness in term insurance and claim tax savings benefit up to Rs. 25,000 u/s 80D.

  • Can I buy a Term insurance plan for a spouse?

    Ans. Yes, you can buy a term plan for your partner. But before you buy these plans, you need to understand what is term life insurance and how does it work for joint customers. These Joint term insurance plans cover you and your partner under a single plan. Purchasing a joint-term insurance plan for yourself and your spouse can be hassle-free, simple, and effective to buy term insurance.

  • Is it possible to add a term rider to a current term plan?

    Ans. Yes, you are allowed to add a rider at the time of renewing your current term plan. However, different insurers may have different term insurance terms and conditions. Thus, you should always check with the insurer and understand what is term insurance rider benefits and features are.

  • What are the Exclusions Under a Term Insurance Plan?

    Ans. Here is a list of all the exclusions of a term insurance plan:
    • Suicidal death is not covered under the policy for the 1st year.
    • The policy does not provide any death coverage in case of self-inflicted injuries.
    • Death due to HIV/AIDS is not covered under this plan.
    • Death due to an overdose of drugs or intoxication is also not covered under the plan.

  • What is terminal illness in term insurance?

    Ans. To answer what is term insurance terminal illness, it is an add-on rider that provides a financial benefit to the policyholder in case they have a terminal illness and their life expectancy is expected to be less than a year (12 months).

  • Does the term plan offer terminal illness benefits?

    Ans. Yes, most term plans offer an option to opt for term riders like critical illness riders that provide extra cover against terminal illnesses. However, it is suggested that you confirm with the insurer about what is terminal illness in term insurance and its terms and conditions before adding the rider to your base plan.

Different types of Plans

Term Insurance
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Life Insurance
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List of Term Insurance Companies
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TROP
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Term Insurance For Senior Citizen
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Term Insurance For Spouse
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Term Insurance For Family
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Term Insurance For NRI
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List of Term Insurance Plan
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Life Insurance Corporation of India
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Term Insurance Calculator
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1 Crore Term Insurance
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2 Crore Term Insurance
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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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Life Insurers

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Term Insurers

Aditya Birla Sun Life Term Insurance Plans
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Axis Max Life Term Insurance Plan
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Bajaj Life Term Insurance Plans
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ICICI Prudential Term Insurance Plans
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IndiaFirst Life Term Insurance Plans
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PNB MetLife Term Insurance Plans
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Sahara Life Term Insurance Plans
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SBI Term Insurance Plan
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Shriram Life Term Insurance Plans
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Star Union Da-ichi Term Insurance Plans
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View List of Term Insurance Companies

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Plans starting from @ ₹473/Month*
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What Is Term Insurance Reviews & Ratings
5 / 5 (Based on 5 Reviews)
(Showing Newest 5 reviews)
Babita
Gurgaon, May 06, 2024
★★★★★
Thanks Policybazaar
I had been hearing about term insurance plans for a while, but didn’t quite know what it was. Thanks to Policybazaar, i now understand what is term insurance and was able to buy a plan in minutes.
Sunil
Mumbai, May 06, 2024
★★★★★
Great content and explaination
All thanks to Policybazaar, I was able to understand what is term insurance and how it protects me and my family. 
Prem
Patna, May 06, 2024
★★★★★
Easy buying process
Thank you Policybazaar for helping me understand the importance of what is term insurance and making the entire buying process so easy.
Mohan
Bangalore, May 06, 2024
★★★★★
Thanks I found best term insurance plan
Policybazaar helped me understand what is term insurance and allowed me to buy the best plan for myself at such affordable premiums.
Anuja
Kerela, May 06, 2024
★★★★★
I bought suitable policy thanks policybazaar
I didn’t realize Term insurance was so easy and simple to understand. Thanks to Policybazaar, I was not only able to understand what is term insurance, but also buy a suitable policy.
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Current Version
Apr 21, 2026
Written By
Varun Agarwal
Reviewed By
Vivek Jain
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