5 Features Of Term Insurance Plan You Should Check Before Buying Term Insurance in India in 2022-23


4 min read

The term insurance plans available in India these days are very good and comprehensive in nature. They are also very affordable and so many people invest in these plans. If you are looking to get a term plan too, make sure you compare term policy online and then make a selection. However, before you carry out the online term plan compare process, make sure you understand the basics of term insurance. This will help you to choose the best cover in no time. Take a look at this article to know more about term insurance and its features.

Visual Stories by PayBima

1. High Cover at Low Cost

The coverage available under a term life plan is very high and comprehensive. You can get covers that go up in crores. Getting a large cover is helpful as then the financial wellness of your family remains secured in the best possible way. Also, term plans are very inexpensive so it becomes easy for you to find a good cover at a good rate. To ensure you find the best quotes, you should compare insurance policy before making a purchase.

2. Flexible Duration

Another interesting feature you would notice when you follow the online term plan compare process is that you get to choose from flexible policy tenure options. Everyone has different requirements from term insurance and this is precisely why you get to select the duration for which you get the term cover. Depending on what your needs are, you can choose to stay covered for as short a period of 5 years or as long a period as 30 years. Assess your needs and then choose the policy period carefully.

3. No Return Component

A very important term insurance feature is that there is no return component available. Term insurance offers a pure life cover. If you die within the policy period, your family gets the death benefit. But if you outlive the policy period, there is nothing to expect in return. Keep this in mind when you compare term policy online and purchase the same.

Popular Term insurance Companies

4. Multiple Payout Options

There are multiple payout options for the death benefit. Choose the correct option carefully, based on the needs of your family. You can choose a lump sum payout option where the entire coverage amount is paid in one go. Else, you can opt for the staggered payout option where the sum assured is broken up into instalments.

5. Different Types of Cover

Term insurance is available in different forms such as the increasing cover, the decreasing cover, the level cover and the TROP. go over the clauses and choose the type of term insurance that would be of best use to you and your family.

Now that you know more about term insurance, go ahead and compare insurance policy and then make a suitable purchase. It is very easy to compare term policy online so do not skip this step. Also, when you start the online term plan compare process, ensure you remember the features mentioned above as doing so will help you to find and locate the policy that would be of the greatest use to you.

Also read:

Found this post informational?

Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.

Also, check out the PayBima’s Guide and Glossary section –



View this post on Instagram


A post shared by paybima (@paybima)

FAQs on Features & Characteristics Of Term Insurance Plans You Should Consider Before Buying A Term Insurance Plan

What are the features of a term insurance plan that I should check before buying?

Before buying a term insurance plan, it is important to check the following features:

Coverage amount: Make sure the coverage amount is sufficient to cover your family's financial needs in case of your untimely demise.
Premium: Compare the premium rates of different insurance companies to get the best deal.
Policy term: Choose a policy term that meets your financial goals and needs.
Riders: Check the availability of riders like accidental death benefit, critical illness rider, waiver of premium rider, etc.
Claim settlement ratio: Check the insurance company's claim settlement ratio to ensure that they have a good track record of settling claims.
Surrender value: Check if the policy has a surrender value, which is the amount you can get back if you surrender the policy before the end of the term.

What is the minimum and maximum age to buy a term insurance policy?

The minimum age to buy a term insurance policy is usually 18 years, while the maximum age can vary from one insurance company to another. It can be up to 65 or 70 years.

What is the minimum and maximum policy term for a term insurance plan?

The minimum policy term for a term insurance plan is usually 5 years, while the maximum policy term can go up to 40 or 50 years.

What is the difference between a regular premium and a single premium term insurance plan?

In a regular premium term insurance plan, the premium is paid periodically (monthly, quarterly, or annually) throughout the policy term. In a single premium term insurance plan, the premium is paid upfront in a lump sum.

Can I increase or decrease the coverage amount of my term insurance plan?

Yes, some term insurance plans allow you to increase or decrease the coverage amount during the policy term, subject to certain conditions. It is best to check with the insurance company before buying the policy.

Other Term Insurance Products

Jul 14, 2021
Author Bio
Author Image

PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Find your suitable insurance plan

Speak to our advisor

Latest Posts

Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back