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.
Compare Online Term Insurance plans from India's Best Insurance brands
"Roti, kapda, makaan ... aur ek Term Plan"
What are Term Insurance Plans
- Term Insurance plans cover pure risk of death
- Premium stays constant for the entire policy period
- Nothing returned if you survive the policy period
- Very high cover at very low cost
- Married with dependant spouse
- Married with children who are not earning
- Anyone taking care of her/his parents or parents-in-law
- Any other earner who has a dependant, i.e. someone depending on the earner's income
- Other kinds of policies have low risk cover for the same premium
- Other kinds of policies are primarily meant as investments where returns are important, not the life cover
- No other financial product can replace a term insurance plan
- It is the foundation of one's financial plan - planning for investments come after term insurance plans
- Immediately after marriage since your spouse will need support of your income for life
- When you get your first child, second child since they will incur regular expenses and large expenses such as higher education, marriage, etc.
- When your parents come home to start living with you
- If you have a family history of illnesses such as cancer, diabetes, etc.
- Get online and customize your search of term insurance plans
- Fill up the application form yourself so that you are sure that everything is declared
- Submit documents and get medical tests done if asked for
- Your policy gets issued based on your overall profile and response. That's it!
- Buy in Online through a website
- You need to be in India at the time of buying the term plan
Eligibility for Term Insurance Plans
Calculating Premium for your Term Insurance plan
Term Insurance Plans - Ensure Cover Till 60
Term Insurance Plans - Comparison of Insurance Companies
Performance of India's leading Life Insurance Companies : 2015-2016
Total Value of
|Aegon Life||Rs. 336 crores||Rs. 40 crores||Rs. 7.90 lakhs||95% Details||Rs. 1,785 crores|
|Aviva Life||Rs. 883 crores||Rs. 101 crores||Rs. 8.10 lakhs||82% Details||Rs. 8,752 crores|
|Bajaj Allianz Life||Rs. 4,166 crores||Rs. 352 crores||Rs. 2.10 lakhs||91% Details||Rs. 43,885 crores|
|Bharti Axa Life||Rs. 1,043 crores||Rs. 50 crores||Rs. 5.00 lakhs||80% Details||Rs. 3,077 crores|
|Birla Sunlife||Rs. 2,344 crores||Rs. 216 crores||Rs. 3.40 lakhs||89% Details||Rs. 30,743 crores|
|Canara HSBC Life||Rs. 734 crores||Rs. 30 crores||Rs. 5.70 lakhs||93% Details||Rs. 9,786 crores|
|DHFL Pramerica||Rs. 858 crores||Rs. 14 crores||Rs. 3.00 lakhs||84% Details||Rs. 2,021 crores|
|Edelweiss Tokio Life||Rs. 251 crores||Rs. 14 crores||Rs. 11.80 lakhs||85% Details||Rs. 1,398 crores|
|Exide Life||Rs. 1,835 crores||Rs. 52 crores||Rs. 1.80 lakhs||89% Details||Rs. 9,446 crores|
|Future Generali Life||Rs. 510 crores||Rs. 30 crores||Rs. 1.90 lakhs||90% Details||Rs. 2,662 crores|
|HDFC Life||Rs. 7,705 crores||Rs. 300 crores||Rs. 2.50 lakhs||95% Details||Rs. 74,249 crores|
|ICICI Prudential Life||Rs. 4,782 crores||Rs. 406 crores||Rs. 3.80 lakhs||96% Details||Rs. 1,01,790 crores|
|IDBI Federal Life||Rs. 950 crores||Rs. 43 crores||Rs. 4.70 lakhs||85% Details||Rs. 4,738 crores|
|IndiaFirst Life||Rs. 1,425 crores||Rs. 41 crores||Rs. 3.00 lakhs||72% Details||Rs. 8,897 crores|
|Kotak Life||Rs. 2,674 crores||Rs. 94 crores||Rs. 3.80 lakhs||89% Details||Rs. 16,777 crores|
|LIC||Rs. 2,64,975 crores||Rs. 9,690 crores||Rs. 1.30 lakhs||98% Details||Rs. 20,09,119 crores|
|Max Life||Rs. 6,970 crores||Rs. 261 crores||Rs. 2.90 lakhs||97% Details||Rs. 35,805 crores|
|PNB Metlife||Rs. 1,905 crores||Rs. 125 crores||Rs. 4.70 lakhs||85% Details||Rs. 13,475 crores|
|Reliance Life||Rs. 3,070 crores||Rs. 220 crores||Rs. 1.60 lakhs||94% Details||Rs. 15,936 crores|
|Sahara Life||Rs. 146 crores||Rs. 7 crores||Rs. 1.00 lakhs||90% Details||Rs. 1,142 crores|
|SBI Life||Rs. 8,930 crores||Rs. 390 crores||Rs. 2.60 lakhs||93% Details||Rs. 79,456 crores|
|Shriram Life||Rs. 964 crores||Rs. 42 crores||Rs. 2.80 lakhs||60% Details||Rs. 2,539 crores|
|Star Union Dai-ichi Life||Rs. 887 crores||Rs. 33 crores||Rs. 2.90 lakhs||81% Details||Rs. 5,596 crores|
|Tata AIA Life||Rs. 1,731 crores||Rs. 87 crores||Rs. 2.70 lakhs||97% Details||Rs. 18,988 crores|
Term Insurance Plans - The Best and Only Life Insurance plan you will need
- Very high life insurance cover at very low cost. For a 25-year old non-smoker male, a term insurance plan for a cover of Rs. 1 crore for 25 years will cost only about Rs. 5,600 (or thereabouts, newer and more inexpensive plans keep getting launched all the time)
- Easy to buy - you can compare term insurance plans online at mintwise.com, select the plan that fits your needs and a brand that you are comfortable with and click to buy the policy. Simple.
- Level Premiums, i.e. premiums guaranteed to stay the same over the entire period of the policy. So you know that you can always afford it and keep your insurance cover in force.
- A choice of riders (add-ons) to help you customize your policy and make your cover comprehensive. eg. Accidental Death, Critical Illness, Disability and Dismemberment, Terminal Illness, etc.
- Because there are no returns from term insurance plans, they are easy to exit from. Just stop paying the premium and your cover stops automatically after cover period for the last premium paid is completed. Of course, ensure that you do it only when you genuinely don't need the insurance cover any more.
- The term of the policy is fixed, you can't change that mid-way. So be sure that you choose a period that is right. A minimum period till your Retirement age is recommended if you are buying term insurance for covering income. If you intend to cover a loan, ensure you take the cover up to the end of the loan tenor.
Term Insurance Plans - Frequently Asked Questions
Mon - Sat: 10 AM TO 7 PM
Mon - Sat: 10 AM TO 7 PM
WhatsApp 24 x 7