Give your family complete
FINANCIAL SECURITY
in the case of your unfortunate death
What is Term Insurance?
Term Insurance is the purest and most economical form of Life Insurance. You can get covered for a large sum of money by making a small payment regularly.
How does Term Insurance work?
A person gets covered for an amount called Sum Assured. He has to pay a small amount called the Premium to the Insurance company on a regular basis. In case of death of the person, the family is paid the Sum Assured by the Insurance Company.
How can MintWise help?
MintWise provides instant premium quotes. We also provide guidance regarding the different Term Insurance products and their features. MintWise also enables Online Purchase of your chosen product through its website.
Term Insurance Plans - Compare and Buy Online
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Thumb rule to calculate life cover required

MintWise Rating
Age 25-35 years : 15-18 times current annual income + outstanding loans
Age 35-45 years : 10-15 times current annual income + outstanding loans
Age 45-55 years : 5-10 times current annual income + outstanding loans
IRDAI
LICENSED BY IRDAI
IRDA/ DB 501/ 11
LICENSED BY IRDAI
IRDAI
IRDA/ DB 501/ 11
21+ INSURANCE PARTNERS
HDFC Life Max Life ICICI Prudential Life TATA AIA Life Bajaj Allianz Life LIC Kotak Life Aegon Life Bajaj Allianz General HDFC Ergo icici Lombard Iffco Tokio General Reliance General Royal Sundaram Life Tata AIG New India Assurance Birla Sun Life Star Health Insurance Kotak General Shriram General Go Digit SBI General

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www.mintwise.com is owned by PlatinumOne Insurance Broking Private Limited.

PlatinumOne Insurance Broking Private Limited is authorized and licensed by the Insurance Regulatory & Development Authority of India (IRDAI) to be a Direct (Life & General) Insurance Broker in India with the Registration No. 443, dated 26-10-2018.

The Principal Officer of the company is Mr. Manoj Saxena who has more than 20 years of experience in the Insurance industry.

PlatinumOne Insurance Broking Private Limited actively partners with multiple Insurance companies whose logos are shown on this home page. The information displayed on this website is of the insurers with whom PlatinumOne Insurance Broking Private Limited has an agreement.

www.mintwise.com is a website that provides Instant Insurance Quotes, has an Insurance Knowledge Centre to provide accurate information to customers seeking clarity on insurance matters and enables Online Purchase of Insurance Policies.

By using this website, it is deemed that you agree with the Terms of Use and the Privacy Policy. It is strongly recommended that you read the Disclaimers before using the website or taking a decision based on its recommendations.

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Claim Settlement Ratios of Life Insurance Companies

Performance of India's leading Life Insurance Companies : 2019-2020

Life Insurance
Company
Tatal Claim Received
Benefit Amount
Claim Paid
Benefit Amount
Average Value
of Claim*
Claim
Settlement
Ratio **
Details
LIC Rs. 13,694.34 crores Rs. 12,797.85 crores Rs. 1.74 lakhs 96.69% View
Max Life Rs. 595.43 crores Rs. 562.54 crores Rs. 3.66 lakhs 99.22% View
Tata AIA Life Rs. 231.96 crores Rs. 222.47 crores Rs. 7.53 lakhs 99.06% View
ICICI Prudential Life Rs. 1117.01 crores Rs. 1023.64 crores Rs. 9.12 lakhs 97.84% View
Aegon Life Rs. 69 crores Rs. 64.60 crores Rs. 18.77 lakhs 98.01% View
HDFC Life Rs. 702.45 crores Rs. 650.33 crores Rs. 5.19 lakhs 99.07% View
Reliance Life Rs. 167.03 crores Rs. 157.03 crores Rs. 1.99 lakhs 98.12% View
SBI Life Rs. 903.38 crores Rs. 810.71 crores Rs. 3.75 lakhs 94.52% View
Canara HSBC Life Rs. 115.27 crores Rs. 106.53 crores Rs. 8.50 lakhs 98.12% View
Bajaj Allianz Life Rs. 332.15 crores Rs. 310.71 crores Rs. 2.61 lakhs 98.02% View
Sahara Life Rs. 6.21 crores Rs. 5.44 crores Rs. 0.92 lakhs 89.45% View
Future Generali Life Rs. 49.83 crores Rs. 44.90 crores Rs. 4.12 lakhs 95.28% View
Exide Life Rs. 101.16 crores Rs. 88.95 crores Rs. 2.61 lakhs 98.15% View
Kotak Life Rs. 192.87 crores Rs. 170.14 crores Rs. 5.27 lakhs 96.38% View
Aditya Birla Sunlife Rs. 371.05 crores Rs. 342.89 crores Rs. 6.81 lakhs 97.54% View
PNB Metlife Rs. 269.56 crores Rs. 235.11 crores Rs. 5.54 lakhs 97.18% View
Edelweiss Tokio Life Rs. 32.86 crores Rs. 21.80 crores Rs. 8.01 lakhs 83.44% View
IDBI Federal Life Rs. 70.88 crores Rs. 63.27 crores Rs. 4.63 lakhs 96.47% View
DHFL Pramerica Rs. 23.43 crores Rs. 22.44 crores Rs. 4.0 lakhs 98.42% View
Aviva Life Rs. 83.33 crores Rs. 80.78 crores Rs. 10.22 lakhs 97.53% View
Star Union Dai-ichi Life Rs. 53.29 crores Rs. 50.47 crores Rs. 4.19 lakhs 96.96% View
Bharti Axa Life Rs. 64.29 crores Rs. 61.56 crores Rs. 4.79 lakhs 97.35% View
IndiaFirst Life Rs. 78.95 crores Rs. 70.17 crores Rs. 3.23 lakhs 96.65% View
Shriram Life Rs. 93.98 crores Rs. 77.88 crores Rs. 2.73 lakhs 91.61% View
All figures rounded to the nearest decimal.
* includes death claims for all products such as Savings Products, Money-back policies, Single Premium, Term Insurance etc.
** Ratio of no. of death claims settled to no. of death claims made

Term Insurance Plans - Frequently Asked Questions

Everything you want to know when you buy a term policy
Term Insurance plans are absolutely priceless. And that is not an overstatement. Here's why.

In a perfect situation, you, the breadwinner of the family, are earning for the family and everyone lives out of that income that you generate. You would also save some part of your income so that you can achieve future long term financial goals such as children's education, their marriage and a good retirement for you and your spouse. But this is still in a perfect situation.

But when something goes wrong, i.e if you were to suddenly die, all these plans will topple. Your family is left with no income and perhaps a little savings. But not enough to take care of their daily, monthly, annual and long-term goals. Have you ever wondered about a situation like that? Perhaps not - it is not a pleasant thought anyway and we hope that your family will never have to go through such trying circumstances.

Term Insurance plans help to be prepared for a situation like that. They cost very little and they give your family very high benefit in case you were to die. Every earning person who has dependants, needs a term insurance plan. Check if you are one and get one at the earliest. Procrastination could cost your family a lot.
There are various types of products available in the market today. Especially online term insurance products. Allow us to tell you how you should go about picking up the right plan and making sure that it work for you when needed.

Don't right away start thinking about the products you have heard about, or about the brands in the market. Don't think about what your friend or colleague at office had mentioned to you, her/his needs are most likely to be very different from yours.

What you need to start with is finding out what exactly are the reasons you need a term plan for. Is it to protect only your future income? Is it to cover a home loan? Is it both? Here's more on it.

Another thought you need to give to is whether your spouse (or nominee) is capable of handling large claim amounts safely and maturely. It is important. We've known some cases of 'close friends' and 'caring relatives' syphoning away the large claim amounts from gullible nominees. If that is indeed a possibility, your family may be better off getting the claim amount in parts, rather than as a meaty lump-sum. Do give that aspect a thought.

Go through the MintWise comparison to find the solutions to these scenarios. We believe we have answered them all and in case there is still something you are not able to decide upon, give us a call.

You are already half done if you get everything so far right. The remaining half is ensuring that you compare and choose the right term insurance plan. MintWise can help you on that front as well.
There can be one of 3 reasons you should think about splitting your online term insurance plan.

1. Based on Time, i.e. depending on your age.
2. Based on your Needs, i.e. whether you are buying term insurance to cover income or loans.
3. Based on Product Benefits offered by different companies.

There is a detailed resource available at this link. We strongly recommend you go through it
A lump-sum plan works best when you are buying online term insurance to cover a home loan. Here's why.

Home loans are generally of huge value. e.g. if Amit (aged 33) has taken a 20-year home loan of 50 lakhs five years back, of which 47 lakhs is still outstanding as loan at the time of buying an online term insurance plan, he should take a separate stand-alone single lump-sum payout benefit term plan with Sum Assured of 47 lakhs for a term of (20 - 5 =) 15 years. In case Amit were to die within the term, his family will get the money and pay the outstanding amount to take possession of their home. In case nothing happens, after 15 years, the loan ends and so does the online term insurance plan. Another thing - in case Amit pays off the outstanding amount early and closes the loan, he can just stop paying the premium of the term insurance plan and end the policy. Else he could continue it for additional income protection during his earning years.

Comparing online term insurance plans with MintWise is a piece of cake - thanks to our user-focussed research, our experience with hundreds of live examples (especially claims) and our online presentation of the insurance plans. With MintWise, all you need to do is choose the kind of online term insurance plan you want, choose the level of claim amount and the period you want the cover for. See the whole range of best term insurance plans and in multiple level of customizable detail.

All you now need to do is PICK. We'll help you with the rest.
Is your mobile phone the cheapest one available in the market?
Or your television set the most inexpensive one your money can buy today?
Will you travel in a boat to Mauritius across the Indian Ocean if you are offered a ticket for just Rs. 100?

Certainly not. Because what's cheapest need not really be the most optimal for you. What you should do is take a measured decision between your exact needs, the product benefits and the price at which it is offered - with priority in exactly the same order. You will arrive at the best decision on your term plan.

We are of course there to help you do this better, in case you need us to.
This is a common dilemma and also an important one to resolve.

You will get the answer when you think about what really is the purpose of buying an online term insurance plan. Ideally it is to protect your income or to settle a huge liability (like a home loan) in case you were to die, right?

Your income and your liabilities generally do not go beyond your retirement age, i.e. 58, 60, whatever. Certainly not beyond 65 years. So you do not need a term plan to cover you beyond age 65.

Also, at times, if an online term insurance plan is bought to cover you for a very high age such as 75 or 80 years, it may be too expensive and just not worth it. Check this article to know how.

The final call is yours. Choose the term period of your online term insurance plan, as you feel is right for you. You may even reach out to us to know our views on your case.
Ideally, 3 plans - the first one typically in your late 20s, the next in your mid-30s and another one in the mid 40s. The type and size depends on your life-stage and some other factors like loans pending, the rate of growth in your income, your family's lifestyle, etc. Check the table in the first section of this resource to get an answer to this. Depending on your current status, you might discover a gap in your current protection cover. Do ensure you act upon it in haste.

"Roti, kapda, makaan ... aur ek Term Plan"

Why a Term Plan is so essential to stay prepared for life's unpleasant surprises.
If you are the family breadwinner and in your late 20s, 30s or early 40s, the thought of your own death is not likely to cross your mind too often. That is not surprising. Statistically, it is only a small set in your group that will not live to officially retire from the work they do. The only problem is that we do not know who all belong to that set. And having a family that we love so much is reason enough to buy the comfort of being financially secure, with a term insurance plan.
Key benefits of a Term Insurance Plan : Funds to take care of your family's expenses when you are gone, clearing debts like a home loan, personal loan or vehicle loan, fulfilling the family's long term goals such as higher education, marriage, spouse's retirement and health costs. Most importantly, your peace of mind.
Additional benefits of a Term Insurance Plan : To make the term plan more comprehensive, use riders (add-ons) such as cover for Terminal Illness, Accidental Death, Accidental Disability or Dismemberment, Critical Illnesses and Waiver of Premium. And all this comes for just a few thousand rupees, lower, perhaps, than your daily conveyance costs.

Calculating Premium for your Term Insurance plan

What determines the Premium you pay for your Term Policy?
AGE & PERIOD
Higher your Age and the Period of cover, more will be your Term Insurance premium.
It is advisable to buy your term insurance plan early in life, ideally between the ages 24-28. That's when one generally needs life cover because of marriage and the responsibility of a family. That's also when buying term insurance is cheapest. With every year's delay, it gets more expensive.
GENDER
Term Insurance premium for Females is slightly lesser than that for Males.
Most companies offer lower rates for females. That's not a marketing gimmick - women actually have a lower mortality (death) rate than men in every age group.
ANNUAL INCOME
The maximum total life cover you can have is generally 20 times your Income.
The thumb rule is 20 times, but it depends on age as well. The final decision is taken by the insurance company. Note that the Life Insurance limit includes the sum assured for all Life Insurance policies that you already have or are applying for in parallel.
SMOKING HABIT
Premium for Smokers would be higher than for non-smokers by 0% - 70%.
We all know that smoking is greatly injurious to health and mortality (death) rate data reinforces that statement. Hence smokers and tobacco users need to pay more than others. For higher age groups, the incremental Term Insurance premium for smokers can be really very high.

Eligibility for Term Insurance Plans

The upper and lower limits of eligibility for buying a term insurance plan in India
Term Insurance means life insurance which covers you only for death. In the case of death of the policyholder during the policy period, the insurance company pays a death claim equal to the Sum Assured or Death Benefit. In case you survive the policy period, there will be no maturity benefit i.e. nothing is returned to you. Death claim may be paid as a lump-sum amount, or in instalments, or as a combination of both.
AGE ELIGIBILITY
Adults Only! You need to be at least 18 years old to be able to buy a term insurance plan. At the most, you can be 70 years old. If you are not in this range, you will, in all likelihood, not even need a term policy.
SUM INSURED
When buying online, you need to apply for a minimum sum assured of 10 lakhs. Generally, companies offer you cover that can be up to 20 times your annual income. There is virtually no limit as long as you can establish your income and justify the need for a high life insurance cover.
HEALTH STATUS
Insurance companies cover healthy (standard) as well as marginally unhealthy (sub-standard) lives. So if you have diabetes, or blood pressure, or have had a surgery in the past, most companies would offer you a term plan with higher premiums (20% ~ 150% higher) as long as the health problems are within pre-determined levels.
CITY / TOWN
Geographical coverage for term insurance varies from company to company because of the need to carry out medical tests. But if you are from the top 250 cities/towns in India, you are most likely eligible to buy from most insurance companies.
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