Things To Know Before Buying Term Life Insurance Plan In India


2 min read

Updated on Aug 08, 2023

Life insurance is important and you need to compare insurance plans to find the best option. The life insurance industry in India is steadily growing. As a result, there are many excellent term life insurance plans available. Since term insurance is an affordable form of life insurance, it is very popular in the country. If you too are looking to buy a term insurance plan, take a look at this article so that you understand exactly how term insurance works and how you can find your ideal cover.

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Term Insurance is Available in Different Forms

Term insurance is available in various forms. You need to evaluate your needs and see which type of cover suits you the best. This will help you to carry out an effective online term insurance policy comparison as well. The types of term insurance are:

  • Increasing Term Insurance: As the name suggests, the sum assured keeps increasing as the policy progresses. You can compare insurance plans to see which is a good plan for you.
  • Decreasing Term Insurance: Here, the coverage amount keeps decreasing with time.
  • Level Term Insurance: The coverage amount remains fixed throughout the tenure of the term insurance plan.
  • TROP: There is the option to get back the money you paid in form of the premium over the tenure of the policy period if you outlive the tenure.

Compare insurance plans to find the best option.

Riders are Available With Term Plans

Riders are add-on covers that you can buy along with your term insurance policy. When you compare term insurance plans and buy online, make sure you also compare the riders. This will allow you to make the plan more flexible and better suited for your needs. The common term insurance riders include the critical illness rider and the waiver of premium rider, among others. Riders are available at an added cost, so the premium will increase when you have term insurance riders.

Buying Online is Economical

When you compare term insurance plans and buy your term cover online, you make a profitable move. This is because the online term plans are lower in price than the offline term plans. The process is simple and quick too and so you need to consider getting your term life policy online. Every insurance company sells their plans online so finding a good cover won’t be difficult.

Also read: How to Get Benefits From a Term Life Insurance Policy?

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.

Jul 14, 2021
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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.

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