Buy Best Term Insurance Plan Online in India 2025

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Discover the most Suitable Term Insurance Plan for you!

Tailored Term Plans Solutions for your long-term Goals.

5 Crore Term Insurance @ ₹ 44/day

2 Crore Term Insurance @ ₹ 21/day

1 Crore Term Insurance @ ₹ 15/day

75 Lakh Term Insurance @ ₹ 19/day

50 Lakh Term Insurance @ ₹ 12/ day

Written ByPalak Bagadia

AboutPalak Bagadia

Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry, with a strong understanding of the insurance sector.

Reviewed ByRituraj Singh

AboutRituraj Singh

Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.

What is a Term Insurance?
Why Do You Need a Term Insurance Policy?
Who Should Buy a Term Insurance Plan?
Term Insurance Plans from Bajaj Allianz Life
How Does a Term Plan Work?
Why Does Term Insurance Premium Increase with Age?
When Should I Buy a Term Insurance Plan?
What is a Term Insurance Calculator?
Types of Term Insurance Plans
Features of Term Insurance
Benefits of Buying Term Insurance
What is the Difference Between Term Life Insurance and Whole Life Insurance?
How Much Term Insurance Cover Do You Need?
What Are Term Insurance Riders?
What Are the Key Factors That Impact Term Insurance Premiums?
How To Choose a Term Insurance plan?
How Do You Choose the Right Duration for Your Term Insurance?
Importance of Sum Assured In Term Insurance
What Are the Payout Options in Term Life Insurance?
What Is Not Covered in a Term Insurance?
Documents Required to Buy Term Insurance
Term Insurance Claim Settlement Process
Documents Required to Process a Term Insurance Claim
How Long Does It Take for Claim Approval?
How to Avoid Claim Rejection?
Common Term Insurance Terminologies
Key Takeaways
Why Bajaj Allianz Life Insurance ?
FAQs

What is a Term Insurance?

Term insurance is a simple and affordable life insurance term plan that provides financial protection for a fixed period. In case of the life insured’s untimely death during the policy term, the nominee receives a lump sum amount. This payout can help the family manage essential expenses such as household needs, children’s education, healthcare, and loan repayments. However, if the life insured survives the term, no benefit is paid under a standard term life insurance policy.

For those who wish to get back the premiums paid at the end of the policy term, there is an option known as Term Insurance with Return of Premium (TROP). This type of plan offers the same life cover during the policy term, but if the assured person survives the term, the total premiums paid (excluding taxes and other charges) are returned.

For example, a healthy 30-year-old non-smoker opts for a ₹50 lakh TROP cover for 30 years. If the individual survives the policy term, the total term life insurance premiums paid over 30 years will be returned, providing a financial cushion at the end of the policy.

Why Do You Need a Term Insurance Policy?

A term life insurance policy helps provide financial support to the family of the life assured in case of their untimely death. It plays a role in protecting the dependents from facing financial hardship in the absence of the bread winner of the family.

Let’s consider a situation: A 35-year-old individual has a spouse and two young children and household depends on his income. The individual also has an ongoing home loan with a substantial outstanding amount. In the unfortunate event of his passing at age 40, the sudden loss of income may leave the family struggling with ongoing expenses, loan repayments, and future financial needs such as education for the children.

Depending on his life stage and liabilities, options like ₹1 crore term insurance, ₹2 crore term insurance, ₹5 crore term insurance, etc are available. The death benefit provided by the plan can support the family in maintaining their current lifestyle, settling part of outstanding debts, and setting aside funds for essential future goals.

Including Term Insurance Plans as part of one’s financial planning can help build a financial safety net for loved ones.

There are several term insurance benefits that cater to your specific financial protection needs. Here are a few of its benefits:

To Protect Your Family

A term insurance plan can help ensure that your family is financially supported in your absence. In case of your untimely death during the policy term, your nominee receives the amount. This amount can help meet essential living costs, manage other financial responsibilities , and maintain a stable lifestyle. It offers a financial backup that can help your loved ones remain secure during a difficult time.

To Protect Your Assets

If you have taken loans for your home, vehicle, or other assets, term insurance plan can help protect them. In case of your sudden demise, the sum assured can help your family repay some amount of outstanding loans. This way, term insurance helps prevent financial burden, ensuring that your family continues to benefit from what you’ve built over the years.

Low Premium and High Cover

Term insurance offers high coverage amounts at relatively low premiums, making it an affordable way to protect your family’s future. For a nominal premium, you can secure a high sum assured that can help cover major financial needs in your absence. This makes term insurance a practical option, especially for young individuals starting their financial journey, as it combines wide protection with cost efficiency.

peace of mind that your loved ones will have support even when life takes an unexpected turn.

Who Should Buy a Term Insurance Plan?

Term insurance is suitable for anyone who has financial dependents or future responsibilities. It helps ensure that your family has financial support in case of your untimely death. Whether you’re just starting your career or already supporting loved ones, a term plan can be a key part of your financial planning.

Term Insurance for Parents

Parents often have long-term financial responsibilities such as children’s education, healthcare, and daily expenses. Sum assured from a term plan can assist in taking care of these needs in case of the parent’s untimely demise. It acts as a financial safety net for the family, helping them maintain their lifestyle and meet essential commitments without disruption..

Term Insurance for Young Professionals

Young professionals can benefit from lower premium costs when buying term insurance early. Starting young may help you secure high coverage at an affordable rate. It also allows you to plan ahead for financial responsibilities like family support or loan repayments. Investing in a term plan early can help build a strong foundation for long-term financial security.

Term Insurance for Newly Married Individuals

Newly married individuals often begin sharing financial goals and responsibilities. A term insurance plan helps protect your spouse financially in case of your untimely demise. It ensures that ongoing household expenses and future plans such as children’s education are not affected. Buying a policy early allows for cost-effective premiums and peace of mind while starting a new chapter in life.

Term Insurance for Women

Women today play a vital role in family finances, whether as primary earners or contributors. A term insurance plan helps secure their family's financial future in their absence. The sum assured can assist in covering existing financial liabilities or ongoing expenses like child care or elderly care. Women may also benefit from lower premiums . Term insurance helps ensure that their financial contribution continues to support the family if the unexpected occurs.

Term Insurance for Senior Citizens

While premiums are generally higher for older individuals, some term insurance plans are available for senior citizens. These plans help provide financial support for dependents and the sum assured can help them manage existing loansor expenses.

Term Insurance for Housewife

Even if a housewife is not earning, her role in the household is financially significant. The sum assured can assist in covering the cost of essential services like childcare, household management, and caregiving in the event of the unfortunate death of the life assured (house wife) during the policy term ..

Term Insurance for Self Employed

A term insurance for self-employed individuals help plan financial security for their family. The sum assured from the term plan can help the nominee manage expenses and other financial obligations . It is especially useful for protecting the financial well-being of dependents if the unexpected death occurs.

Term Insurance for NRI

Non-Resident Indians (NRIs) with family or business in India can benefit from term insurance. It helps secure their dependents against income loss due to their untimely demise. The policy can be purchased in India and premiums can be paid from NRE, NRO or FCNR accounts. It is an effective way for NRIs to ensure financial support for parents, spouse, or children.

Term Insurance for Home Buyers

In case of death of life assured, the sum assured can help the family repay the outstanding home loan

Term Insurance for Diabetics

People with diabetes can also apply for term insurance, although premium rates may vary. Term insurance for diabetics helps protect their family from financial strain if the condition leads to complications or premature death. . Medical tests and health disclosures are necessary, but coverage is still possible with proper evaluation and health documentation.

Term Insurance for Retirees

While buying term insurance after retirement may come with higher premiums, it can still be useful for certain goals. It helps leave behind a financial cushion for dependents, cover medical and caregiving expenses etc.

Who Should Buy a Term Insurance

Term Insurance Plans from Bajaj Allianz Life

How Does a Term Plan Work?

A term plan is a life insurance plan that offers life coverage for a fixed policy term. Here’s how it works:

You choose a coverage amount and term duration.
You fill in personal and nominee details in the proposal form.
You pay premiums regularly as per your chosen mode and premium payment frequency.
In case of your untimely death during the policy term, your nominee receives the sum assured (post documentation and verification of claim).
If you survive the term, no maturity benefit is paid unless it’s a return of premium plan.

Agreement

The term insurance plan begins with an agreement between the insurer and the policyholder. The insurer promises to pay a death benefit to the nominee if the insured passes away during the policy term (subject to policy terms and conditions).

Filling out the Proposal Form

This is the first formal step in buying a term plan. It includes details such as your age, income, health history, occupation, and nominee information, which help assess eligibility , premium etc.

Understanding Yours and Your Family’s Needs

Evaluate your family’s current and future financial needs such as daily expenses, education, healthcare , other financial obligations etc. This helps you choose an adequate cover to financially protect your loved ones in your absence.

Calculating Term Insurance Premium

Premium is calculated based on age, health, lifestyle habits, sum assured, and policy term. You can use online premium calculators to estimate your premium amount before selecting the best plan.

Making Premium Payment

You can pay premiums monthly, quarterly, half-yearly, or annually, depending on your convenience. Timely payments help keep the policy active and ensure your family remains protected throughout the term.

Assigning A Nominee

The nominee is the person who will receive the sum assured in case of your demise. It’s important to assign a nominee and keep the details updated for smooth claim settlement

Why Does Term Insurance Premium Increase with Age?

Term insurance premiums are closely linked to the risk of mortality. As age increases, so does the risk of health issues and life-threatening conditions. Insurers factor in this increased risk when determining your premium. Therefore, premiums are generally lower when you are younger and healthier. Additionally, starting a policy early gives you longer coverage at a more affordable rate. Delaying purchase can result in higher costs, and limited coverage options. Buying early is both cost-effective and beneficial.

When Should I Buy a Term Insurance Plan?

Buying a term insurance plan early in life can be financially beneficial. Term insurance premiums are calculated based on factors such as age, health etc. The younger and healthier you are, the lower can be your premium. Delaying purchase not only increases the cost but may also limit your coverage options due to changing health conditions. For non-smokers and those with no pre-existing health conditions, locking in a lower premium at an early stage offers long-term cost savings.

Additionally, early purchase helps secure your family’s financial future during critical life stages like marriage, parenthood etc. Add-ons such as Critical Illness Benefit rider , Waiver of Premium rider , Family Income Benefit rider , Accidental Death benefit rider etc further enhance your policy benefits. These riders are available at an additional nominal premium.

What is a Term Insurance Calculator?

While it’s important to have a sufficient coverage amount in your term insurance policy, it’s equally crucial to figure out if you can afford to pay the premiums for the entire policy term to enjoy the insurance benefits in full. So, to ensure that you choose a term insurance plan that offers coverage matching your needs, without being harsh on your pocket, you need to make the calculations right. Here, a term insurance calculator may be helpful. A term insurance calculatoris an online tool that helps in calculating the coverage amount needed, based on inputs of one’s income and savings. Some calculators also help in estimating the premium payable for a specified amount of coverage and the details of the policyholder. The term insurance calculator may be accessed from websites of insurance companies or financial platforms free of charge. Based on the calculated coverage and corresponding premium payable, it may be easier to gauge which of the available term insurance plans is the best-fit choice for you. Based on the calculations, some of the term insurance calculators also suggest which plan matches your requirements and affordability best.

Types of Term Insurance Plans

There are different types of term insurance plans catering to varying needs of individuals. Typically, the insurance companies offer policy terms ranging from 10 to 30 years, while a few offer 35- or 40-year policy terms. However, there’s more when it comes to types of term insurance plans in India. Here’s a glance:

Level Term Insurance

In this term policy plan variant, the sum assured remains fixed throughout the policy term.

Increasing Term Insurance

In these term insurance plans, the coverage, i.e., the sum assured, increases with time, but at a higher premium. Purchasing these plans may be beneficial at a young age, as both coverage and premiums increase with age and income and can cater to evolving life goals.

Decreasing Term Insurance

This variety of term insurance offers a death benefit that reduces over time. For those with less loan or mortgage, these policies may make a good choice as the liabilities of the insured decrease over time, lowering the need for life insurance coverage.

Term Insurance with Return of Premium

These policies not only offer a death benefit in the event of the unforeseen, but also return all the premiums paid at the end of the policy term if the insured survives.

Convertible Term Insurance

These term life insurances allow the policyholder to convert the policy to a whole life insurance upon maturity of the existing policy plan.

Convertible Term Insurance

These term life insurances allow the policyholder to convert the policy to a whole life insurance upon maturity of the existing policy plan. Group Term Life Insurance Plan.

Typically offered by employers, this plan provides life cover to a group of people under a single policy. It is cost-effective and offers basic protection for employees or members.

Features of Term Insurance

To understand term insurance better, clarity of knowledge regarding its features is needed. Here’s are the set of features that categorizes a term plan:

Financial Security

The term plan is designed to financially secure the policyholder’s family if he/she dies an untimely death. It pays the sum assured to the nominee as death benefit. This amount might save the family from an unwanted financial struggle while coping with a massive personal loss.

Long-term Coverage

Term insurances usually have a policy term ranging between 10 and 30 years. This may ensure long-term financial security for your loved ones if anything untoward happens.

Large Coverage

Since a term insurance policy pays only the death benefit against premiums for the long policy term, usually the coverage amount is large, which may help a bereaved family build a sufficient corpus to sustain in the event of the unforeseen.

Affordability

Since there’s no payout except the death benefit in term insurance, the policies come at a relatively cheaper premium compared to other insurances.

Wholesome Protection

Term insurances are designed to financially protect the life assured’s family in the event of his/her untimely death. But in addition to the sum assured in the form of death benefit, the life assured may get enhanced coverages extending to accidents, critical or terminal illnesses, or avail of a waiver of premium facility by opting for additional riders.

Low Entry Age

Term insurance plans can be purchased from as early as 18 years of age. Starting early helps you secure higher coverage at lower premiums. It also ensures long-term financial protection right from the beginning of your earning years, supporting your family through different life stages.

Maturity Age

Many term insurance plans offer coverage up to the age of 75 or even 85. This long-term protection ensures your family remains financially secure even during your later years, making it a reliable option for extended life coverage and retirement planning.

Premiums Returned on Survival

If you choose a return of premium term plan, your premiums (excluding applicable taxes) are refunded at the end of the policy term, provided you survive it.

Benefits of Buying Term Insurance

With a bunch of benefits, term insurance may be one of the worthy investment choices for those looking to financially secure their loved ones’ future. Here’s how:

Extensive Coverage at Low Premiums: Since there are no maturity benefits to be paid, insurance companies offer term insurances for much lower premiums. Hence, you may be able to get a large and extensive coverage, keeping it easy on your pockets too.

Tax Deductions for the Policyholder: Premium payment for term insurance entitles the policyholder to get tax benefits. Under Section 80C of the Income Tax Act, 1961, he/she can get a tax deduction of up to Rs 1.5 lakhs annually for the premiums paid. However, this can only be availed under the old tax regime.

Tax-free Benefit: The death benefit received by the nominee of the policyholder in the event of the unforeseen is completely tax-free under Section 10(10D) of the Income Tax Act, 1961.

Peace of Mind: Everyone looks forward to keeping the loved ones safe from any financial struggle, even when he/she is no more. Term insurance may put the worries to an end by offering a scope to secure the family’s financial future.

Additional Benefits Through Riders

Optional riders like critical illness, accidental death benefit, and waiver of premium can enhance your base plan . They offer broader protection against specific life risks, allowing added financial security, at an additional nominal premium.

Return of Premium Benefit

In return of premium plans, if the life assured survives the term, the total premiums paid (excluding taxes) are returned. This provides both financial protection and financial value at maturity.

What is the Difference Between Term Life Insurance and Whole Life Insurance?

Here’s a comparison table explaining the key differences between term and whole life insurance:

Feature	Term Life Insurance	Whole Life Insurance
Coverage Duration	Fixed period (e.g., 5, 10, 40 years, etc. depending upon the policy term)	Lifetime coverage
Premiums	Lower premiums	Higher premiums
Maturity Benefit	None (unless Return of Premium option selected)	Offers maturity or surrender value
Savings Component	Pure risk cover, no investment or savings element	May include cash value component
Ideal For	Individuals seeking affordable, high-value life protection	Individuals seeking lifelong cover, with or without a savings component depending on the plan type

How Much Term Insurance Cover Do You Need?

One of the key decisions while choosing a term insurance plan is determining the amount of coverage, i.e., the sum assured your nominee will receive as death benefit in unforeseen circumstances. According to experts, the amount that suffices to financially protect the life assured’s family should be based on his/her income, household expenditures, outstanding liabilities (if any), and the respective life goals. Thus, an ideal amount may be estimated as at least 10 times the annual income. Another way of arriving at the figure may be by adding 150 times the monthly household expenses, current outstanding liabilities, amount needed to fund specific life goals, amount planned as a retirement corpus, and deducting the total worth of liquid assets from it.

What Are Term Insurance Riders?

Term insurance riders act as an additional layer of protection that are available as options to enhance the coverage of a basic term plan. At an additional premium payment, these optional benefits are designed to extend the coverage to specific areas and take care of emergency situations better.

For example, a critical or terminal illness rider may ease the financial stress of such a disease; an accident cover can provide bigger financial help in an accidental death; or a waiver of premium rider can spare you from paying premiums in case of sudden disability due to an accident or a disease. Here, the amount of extra premium payable for the riders depends on the life assured’s age, sum assured, policy term, and payment schedules.

What is Term Insurance

What Are the Key Factors That Impact Term Insurance Premiums?

Term insurance premiums are influenced by several factors. Understanding these can help you make informed decisions and choose a plan that best suits your needs and budget.

Age

Age is one of the most important factors affecting premium. Younger individuals with no pre-existing medical condition may be charged lower premiums as they are considered lower risk. Premiums typically increase with age due to rising health risks.

Gender

Women typically have lower premiums than men due to their longer life expectancy Gender is alsoconsidered when calculating the term insurance premium.

Health and Medical History

Your current health condition and medical history impact your premium. Pre-existing conditions or a family history of illness can lead to higher premiums..

Lifestyle Habits

Habits such as regular exercise, a balanced diet, and adequate sleep reflect a healthier lifestyle and may contribute to lower premiums. High-risk habits can result in additional loading or restrictions.

Profession

High-risk occupations like mining, aviation, or construction may attract higher premiums due to the increased chances of injury or death. Office-based or low-risk jobs usually lead to standard premium rates.

Rider Benefits

Adding riders such as critical illness benefit rider, family income benefit rider , waiver of premium or accidental death rider increase your coverage but also increase the premium nominally. The type and number of riders selected directly affect your policy cost.

Life Cover or Sum Assured

A higher sum assured means a larger financial commitment for the insurer, which increases the premium. Choose a sum assured based on your family’s financial needs and affordability.

Policy Term

Longer policy terms offer extended coverage, but they usually result in higher total premiums because the insurer is covering you for a longer period, increasing their risk. However, the annual premium may be lower compared to shorter-term plans if spread over more years.Premium Paying Term

You can choose to pay premiums regularly, for a limited period, or in one go (lump sum). Shorter payment terms (like lump sum or limited-period payments) mean higher premiums per payment, but you finish paying sooner. Regular/longer payment terms spread the cost out, so each payment is lower, but you pay over a longer period.
Choosing the right term depends on your cash flow, long-term plans, and how long you want to commit to payments.

Hear from the expert on Term Life Insurance

Bajaj Allianz Life eTouch II (UIN- 116N198V04) is a comprehensive term insurance plan designed to safeguard you and your loved ones against life’s uncertainties—including death, terminal illness, and disability. With flexible premium payment options and the innovative Premium Holiday feature, it aligns seamlessly with your financial planning goals. Additionally, it offers valuable health management services, making it a smart and well-rounded solution for today’s protection needs.

Tarun Chadha SVP - Product Management

How To Choose a Term Insurance plan?

Buying the best term insurance plan fitted to your financial needs and affordability needs a careful estimation. For that, there are certain things that need to be kept in mind. Wondering how to choose a term insurance plan? Here’s a checklist that you may consider:

Coverage: To protect your loved ones financially if you are suddenly not around, well-calculated term life insurance coverage may be helpful.. Life cover should ideally be chosen based on one’s financial needs, current lifestyle, and liabilities.
Policy Term: Experts recommend choosing a policy term that lasts until you reach your retirement age.
Riders: Carefully check the plan for available rider options to enhance your coverage and ensure comprehensive financial protection. Coverage for critical illness, family income benefit, waiver of premium, accidental death benefits, etc may be a crucial pick.
Claim Settlement Ratio: It’s extremely important to check the insurance company’s claim settlement practice while choosing a term insurance plan . It would be wise to save your nominees from hassle in case of unfortunate circumstance. The company’s claim settlement ratio reflects the percentage of settled claims out of total claims registered in a year. Hence, high ratio ensures better credibility.

How Do You Choose the Right Duration for Your Term Insurance?

Choosing the right policy duration depends on when your financial responsibilities are likely to end. Consider your loans, retirement age, dependents’ needs, and family’s financial goals to determine the ideal coverage term.

Financial Independence of Your Children

Your term plan should cover you until your children become financially independent. This ensures their education and early career expenses are protected in case of your absence. Consider their current age and expected financial milestones while selecting the policy duration. A longer term can provide added reassurance until they can support themselves.

Tenure of Your Loans and Liabilities

If you have long-term liabilities such as a home loan or education loan, choose a term that covers the full repayment period. This ensures your family won’t be burdened with outstanding dues if you’re not around. Match the policy duration to your loan tenure for maximum protection and peace of mind.

Your Desired Retirement Age

Your term insurance plan should ideally last until your planned retirement age, when regular income may stop. This way, you protect your family during your working years—when they rely on your income the most. Choose a term length that aligns with your expected retirement or end of financial responsibilities.

Current Age

Your age plays a key role in determining the ideal policy duration. Younger individuals should opt for longer coverage since responsibilities may continue for decades. As you grow older, choosing a term that covers remaining working years and key goals—like children's education or loan repayments—helps protect your family.

Financial Support for Dependents

If you have dependents like spouse, children, parents, etc. a term policy can help secure their finances in your absence. The policy should provide coverage at least in your earning years, until your retirement income/pension begins, so that your loved ones can be financially secure if something unexpected happens to you during the policy term.

Importance of Sum Assured In Term Insurance

A sum assured in term insurance is the pre-decided amount that the nominee is receives if the life assured dies within the policy term. A term insurance, has no other payout than this sum assured, payable as a death benefit in the event of the demise of the life assured . Designed to financially protect the loved ones of the life assured in their absence, thus the sum assured in a term insurance plan is crucial, as it can be utilized by the family to sail through the crisis, repay debts, sustain the existing lifestyle, and fund life goals.

What Are the Payout Options in Term Life Insurance?

Term insurance plans offer flexible payout options to meet your family’s needs. You can select how the death benefit will be disbursed based on their lifestyle and financial habits.

Lump Sum Payout

The entire sum assured is paid to the nominee at once. This is useful for immediate financial needs such as household expenses etc.

Monthly Payout

In this option, the sum assured is disbursed as fixed monthly income over a chosen period. It helps your family manage regular expenses like rent, utilities, groceries, and education.

Lump Sum with Monthly Income

A part of the sum assured is paid upfront, and the rest is given as monthly income. This provides immediate support and steady financial assistance for the long term.

What Is Not Covered in a Term Insurance?

Term insurance plans have certain exclusions. Being aware of these helps avoid claim rejections and ensures that your family benefits from the protection as intended.

Suicide Exclusion

Most term insurance policies do not cover death by suicide within the first 12 of buying or reinstatement of a life insurance plan.

Misrepresentation of Information

If incorrect or false information is provided during the application—such as hiding medical history, smoking habits, or age—the insurer can reject the claim on grounds of misrepresentation.

Documents Required to Buy Term Insurance

To buy a term insurance plan in India, you need to submit a set of documents. The list may vary across insurance companies. Following is a broad checklist:

Photo identity proof

Age Proof

Address proof

Income Proof

Recent photograph

Aadhar card/Voter’s id/Passport/Driving License etc.

Voter’s id/Pan card etc.

Aadhar card/Voter’s id/Passport/Electricity bill/tax bill etc.

bank statement/computation of income/Salary statements/Income Tax document etc.

Term Insurance Claim Settlement Process

In case of a term insurance, the only claim to be settled is the death claim in the event of the life assured’s death within the policy term. Therefore, to get the sum assured as the death benefit, you would need to complete the following steps:

Claim Intimation:

In the event occurrence of the unforeseen, the nominee may intimate the insurance company about the life assured’s and file a claim by submitting a filled-in claim form. Details like the policy number, name of the claimant, date, place and cause of the death are to be intimated through the form
Document Submission:

The next step is submitting the necessary documents like the death certificate, original policy papers, claimant’s statement, his/her identity plus Nominee or claimant’s KYC, medical records of the deceased, an FIR copy and the post-mortem report (for accidental deaths) to get the claim processed.

Once the claim is raised and the relevant documents are submitted, it’s upon the insurance company to decide and settle the claim. As per the recent guidelines by Insurance Regulatory and Development Authority of India (IRDAI), the insurer has to settle the claims within 15 days if no investigation is required and within 45 days in case of deaths that needs an investigation.

Documents Required to Process a Term Insurance Claim

To process a term insurance claim, the nominee must submit valid documents as proof of death and identity. These documents help the insurer verify the claim and ensure a timely payout. Here is the documentation needed to process a Term Insurance claim:

Original policy documents

Attested copy of death certificate issued by local municipal authority
Death claim intimation form
NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
Nominee's photo identity & address proof such as copy of Passport, Voter identity card, Aadhar (UID) card, etc.
PAN Card/Form 60

Additional documents required on basis of cause of death (Download Form)

Medical/Natural death
Copy of Medical Records (Admission Notes, Discharge/ Death Summary, Test Reports etc.)
Attending Physician’s statement
Employer certificate (where applicable)
Accidental/Unnatural death
First Information Report (FIR) or Panchnama/Police complaint
Post Mortem Report
Final Police Investigation Report (if any)

How Long Does It Take for Claim Approval?

Verification and Investigation

The insurer verifies the submitted documents, including the death certificate and medical reports. In cases of accidental or early death, further investigation or medical clarification may be required to ensure authenticity.

Claim Processing

After verification, the claim request moves to the processing stage. The insurer checks policy validity, premium payment status, and the cause of death against the policy terms and conditions.

Approval and Payout

If everything is in order, the insurer approves the claim and disburses the payout to the nominee’s bank account. This typically takes a few working days after processing is completed.

How to Avoid Claim Rejection?

Here are few tips to help you avoid claim rejections:

Fill the proposal form with accurate information
- Accurately fill the proposal form yourself with personal and medical details
It avoids risk of incorrect or incomplete information.
Disclose All Relevant Information
Do not hide facts like:
- Age
- Occupation
- Smoking/alcohol habits
- Pre-existing diseases
- Other insurance policies taken etc
Non-disclosure can lead to claim rejection.
Pay Premiums on Time
- Only active policies are eligible for claims
- Choose payment options that are convenient for you such as auto-debit, one-time payment option etc.
Pay within the grace period to avoid policy lapse.
Update Nominee Details Regularly
- Ensure nominee details reflect current preferences
It helps direct financial support to the right person.
Undergo Medical Tests When Asked
- Do not skip medical check-ups
It helps insurers assess risk and process claims smoothly.
Review the Policy Document Carefully
- Read all terms, conditions, and exclusions
- Know your rights and obligations
Negotiate changes if needed before finalising.

Common Term Insurance Terminologies

It’s crucial to understand specific terminologies while you read through the policy papers before purchasing a term plan. The following list of common terms may help you:

Term Insurance

It’s a traditional form of life insurance where your nominee gets the sum assured if you die an untimely death within policy term. This death benefit is available against payment of a specified amount of money in a pre-defined schedule for a specific term.

Claim Settlement Ratio

Claim Settlement Ratio (CSR) refers to the percentage of insurance claims an insurer has settled (paid out) in a given financial year compared to the total number of claims received. A high ratio typically indicates that the insurer is more reliable and settles claims.

Add-on Benefits (Riders)

Riders are optional features that you can add to your base term plan for extra protection. Common riders include critical illness, accidental death, waiver of premium, etc.

Policyholder or Owner

The one who buys the policy.

Policy Term

The time frame for which the policy is active.

Premium

This the amount of money you may pay to continue the term insurance coverage. It is payable at your preferred schedule of payment: yearly, half-yearly, quarterly or monthly.

Nominee or Beneficiary

The person chosen by the policyholder to receive a promised lump sum amount from the insurance company in the event of the unforeseen.

Life cover or Sum assured

The pre-defined amount payable to the policyholder’s nominee after his/her demise within the policy term.

Death benefit

It’s the lump-sum payment by the insurer to the designated nominee of the policy, if the insured dies within the policy term.

Riders

The optional life-cover extensions or facilities for certain specific cases like accidental death, critical or terminal disease, and disability.

Underwriting

It is the process by which the insurance company assesses the risk involved in providing life cover to a potential buyer and his/her eligibility to get covered.

Surrender Value

It’s the amount of money you may get, if you surrender the policy before its expiry or death benefit pay-out.

Experience of Term Insurance

Let’s Hear about the journey of some folks who have bought a term insurance plan

After the birth of my child, I became more cautious with my financial planning. I started thinking beyond just saving and investing and wanted to secure my family’s future just in case I won’t be around. That’s when I came across the option of term insurance plans. I chose a term plan that would take care of my family’s long-term needs. It gave me the peace of mind I didn’t know I needed.

Devang Awasthi IT Professional

A health scare in the family opened my eyes. My uncle had no major health issues but suffered a sudden heart attack. He being the sole breadwinner, his family was devastated. It made me question my own financial preparedness. That’s when I seriously considered getting a term insurance policy. I didn’t want my family to be left with similar financial stress in case something unexpected happened. Buying a term insurance plan felt like the best move.

Keyur Agarwal Business

I was focused on investments until a financial planner asked me if I had any life cover. I hadn’t thought about term insurance at all. But the way he explained that term plans are the simplest and most cost-effective way to safeguard my family’s financial future, it made complete sense. I went ahead and bought a term insurance policy, and I’m glad I did. It filled an important gap in my financial planning.

Rohit Singh Engineer

Just after landing my first job, I decided to buy a term insurance plan. I had read that the earlier you buy, the cheaper the premium. It was true the cost was so low, it barely made a hole in my pocket. It felt so good to make a responsible decision early on. Now, I’ve got a term plan that offers assured coverage for decades. It’s one of the smartest things I’ve done financially.

Neha Gandhi Marketing

Buying my first home was a dream come true. But the loan made me anxious. What if something happened to me and my family had to deal with the burden? That’s when my friend asked me if I have a term plan. It was an eye opener and I immediately decided to buy a term insurance policy. The term plan I chose covers the home loan amount and more, so my family won’t have to worry. It was a small step that added huge peace of mind. I also opted for return of premium feature, which will refund all my premiums if I survive the policy term.

Rohini Shah Chartered Account

The COVID pandemic was a wake-up call. I saw how quickly life can change, and how many people were left without financial support. That’s when I started looking into term insurance plans. To my surprise, it was the most affordable way to ensure my family wouldn’t face financial strain if I weren’t around. Both, me and my wife bought a term plan during the second wave and honestly, it was long overdue.

Anoop Raina Engineer

Key Takeaways

Buy term insurance early to enjoy lower premiums.
Choose a cover amount based on income and financial liabilities.
Select a suitable policy term based on your life goals.
Disclose health, lifestyle, and occupation details honestly.
Compare claim settlement ratios before finalising the insurer.
Consider riders for broader coverage.
Keep nominee details updated.
Review the policy document carefully before purchase.

99.29%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,31,052 Cr

Assets Under Management (AUM)^***

3.58 Cr

Number of Lives Covered^##

359%

Solvency Ratio of 359%^{^^^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2024-2025 | ^%99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices. 96% of non - investigative claims notified were processed within one day in FY’25 | ^$$For details refer to press release published by CARE | ^***All figures as on 30 June, 2025 | ^{^^^}Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | ^##Individual and group, as on 30 June, 2025.

Frequently Asked Questions

1. Which is the best term insurance?

The best term plan is one that suits your budget, aligns with your financial needs , and comes from a trusted insurer with a good claim settlement ratio.

2. What happens after 20 year term life insurance?

A 20 year term life insurance policy is a type of life insurance that provides coverage for a specific period—20 years. If you pass away during that time, your beneficiaries receive the death benefit. However, if you outlive the 20 years, the policy ends with no payout unless it has a return of premium benefit. You can choose to renew or buy a new plan.

3. How many years is best for term insurance?

Ideally, choose a term that covers your major financial responsibilities like children’s education, marriage , other financial obligations etc.

4. Who cannot buy term insurance?

Individuals with serious health issues or high-risk profiles may face limitations based on the insurer’s underwriting norms.

5. What is the right age to buy term insurance?

It’s best to buy early in life, as premiums are typically lower and coverage options are broader.

6. What are the minimum and maximum age limits for buying a term insurance policy?

The minimum and maximum age limits for buying a term life insurance policy varies from company to company and across plans. However, generally a term insurance policy can be purchased within the age bracket of 18-65 years.

7. What determines your term insurance premium?

Apart from the coverage and the policy term, the amount of term insurance premium depends on a host of factors-

Age
Gender
Health condition
Family Medical History
Occupation and Lifestyle
Habits
Riders chosen

8. Who is responsible for paying the premiums of the term insurance plan?

A term insurance plan is basically a contract or an agreement between the policyholder and the insurance company. Here the policyholder pays the premiums for a pre-defined period, i.e. the premium payment term. The insurer on the other hand is responsible to pay the policyholder’s nominee a pre-specified sum assured in the event of his/her death within the policy term.

9. Are term insurance plans tax-efficient?

Yes, term insurance plans are tax efficient under the old tax regime in India. Under 80C of the Income Tax Act, annual premium payments of term insurance up to Rs 1.5 lakh are deducted from the taxable income of the policyholders. In addition, the death benefit, i.e. the sum assured paid to the nominee in the event of the policyholder’s death is tax-free under section 10(10D). Alongside, those who have opted for critical illness or any health rider in the term insurance plan can enjoy deductions up to Rs 25,000 per annum under section 80D.

10. Who can claim tax exemptions on term insurance premiums?

The policyholder (an individual or members of a Hindu Undivided Family or HUF) can claim tax exemptions under the provisions section 80C of the Income Tax Act, 1961, for annual premiums up to Rs 1.5 lakh. But this provision can be availed only through the old tax regime.

11. What are the advantages of purchasing term life insurance online?

Purchasing a term insurance plan online may be advantageous. These days, many insurers offer online purchase of policies from their websites. Sitting in the comfort of your home at your preferred time and location, online buying may help you get the different plan details and their comparisons at your fingertips; more transparent, simple and hassle-free documentation procedure; ease of online payments and sometimes cheaper prices too.

12. What is the cost of a term life plan?

The cost of a term life insurance is based on specific details of the policyholder as well as on the chosen plan details. While the cost depends on the coverage amount and the policy term, it also takes into account the age, gender, medical history, lifestyle and habits of the purchaser.

13. Is it worth purchasing term insurance with a return of premium (TROP)?

There are two types of buyers when it comes to purchasing term insurances— one, who just want to financially secure their loved ones through the death benefit when they are no more and the other, who also want to get back the money paid as premiums if they survive. Term insurance return of premium (TROP) policies offer not only the death benefit in the event of the unforeseen, but also the return of premiums paid upon maturity of the policy if the insured survives. Hence, it may be a worthy choice for those who seek a refund of the amount paid as premiums.

14. Is there an additional premium for a term insurance Return of Premium (TROP) plan?

Term insurance Return of Premium (TROP) not only pays the sum assured to the nominee upon the death of the policy holder but pays back all the premiums paid if he/she survives when the term insurance policy matures. Because of this maturity benefit, the TROP policies come at a relatively higher premium, compared to traditional term insurance plans.

15. Can I opt for the return of premium for an existing term plan?

While purchasing a term insurance plan, you get to choose the sum assured, policy tenure and certain other benefits through riders. Usually, these choices remain fixed throughout the policy tenure and hence there’s no scope to convert an existing term plan into a policy with return of premiums

16. What types of death are covered under the term plan?

Term life insurances may usually cover deaths due to natural causes, illnesses or accidents. In addition, optional riders in term plan include coverage for deaths due to terminal or critical illnesses. However, the inclusions and type of death coverage depends on the specifications of the chosen policy plan.

17. Which types of deaths aren’t covered under term insurance plans?

There are certain death cases which may not be covered under term insurance plans. Usually, the following reasons of death are excluded from coverage.

Engaging in risky activities
Suicide within the first or 2 years of the policy issuance
Self-inflicted injury
Any criminal activity

It’s always advisable to carefully check the policy details for death-related coverage exclusions.

18. Does term life insurance cover death due to pandemics?

Term life insurance considers death due to pandemic as a general death, provided the policyholder has stated medical facts correctly at the time of policy inception. The claim is processed accordingly, despite being diagnosed mid-term. This was clarified during the COVID-19 pandemic to help people cope with the panic.

19. Who should buy a term insurance plan of Rs 1 crore?

A term insurance is designed to act as a future financial shield for your family if you die an untimely death. So, ideally the sum assured should suffice to cover the financial need of the family at that time in sustaining the existing lifestyle, repaying the liabilities like unpaid loans and building a corpus for the fulfilment of future life goals. Hence, those who need at least Rs 1 crore to meet all these requirements may choose to buy a term insurance plan of Rs 1 crore.

20. What is the time limit within which an insurer has to settle a death claim for a term plan policy?

As per the recent guidelines by the Insurance Regulation and Development Authority of India (IRDAI), an insurer has to settle a death claim which requires no investigation within 15 days from the date of receipt of the necessary documents. For death claims that need a probe, settlement of claims within 45 days is mandatory.

21. Can I return my term insurance plan during its tenure?

Yes, according to the new norms set by Insurance Regulatory and Development Authority of India (IRDAI), you can return the term insurance plan within 30 days of its issuance, if you are dissatisfied with it after a detailed reading of clauses and features. This time-frame is called free-look period, which requires no cancellation charges. Here the insurance company returns the first premium after deducting the amount for the period covered. Beyond the free-look period, the policy will be lapsed if you stop paying the premiums.

22. What are the benefits of buying a Term Life Insurance with Rider?

Term insurance with add-on riders offer an extra layer of financial protection in terms of enhanced coverages extended to specific cases like accidents, critical or terminal illness or waiver of premium in certain cases at an additional premium.

23. Is it worth adding a critical illness benefit rider to your term insurance plan?

Some insurance plans come with an option to add a critical illness benefit rider. It enhances the coverage, adding an extra layer of protection for critical or terminal illnesses but comes with an additional premium. Adding it to your base insurance plan may be worthy as it takes away your worries of costly treatment and can be helpful for those who are more likely to get such a disease. Moreover, there are tax benefits too. However, remember to check the term insurance plan details carefully for diseases that are excluded from coverage.

24. What are the key benefits of term insurance?

The key benefits of a term insurance are as follows:

Simple and cheap: A term insurance policy is easy to understand and is available at relatively low premiums.

High coverage: Paying only the death benefit, term insurances offer a high sum assured as the coverage amount.

Rider benefits: A term insurance policy lets you enhance your coverage through optional riders available at an additional nominal rate such as critical or terminal illness coverage, accidental death coverage, and a premium waiver for permanent disability.

Tax benefits: Term insurance plans also offer tax benefits. The annual premium payment up to Rs 1.5 lakh is eligible for deduction under section 80C of the Income Tax Act 1961 (in case of old tax regime); deductions under Section 80D can be availed up to Rs 25,000 (in case of old tax regime) for health-related riders like the one for critical illness, and the death benefit is tax-free under section 10 (10D).

Flexible premium payment: A term insurance policy allows premiums to be paid according to affordability. You can choose to pay premiums in options of: single pay or one-time premium; limited pay, where the premium payment term is shorter than the policy term; or regular pay, where you can make annual, half-yearly, quarterly, or monthly payments for the entire policy term.

25. What death benefits does a term insurance policy offer?

A death benefit is an amount payable to the nominee of the term insurance if the life assured dies within the policy term. This is the sum assured or the coverage amount, specified in the policy. The specified death benefit amount can be enhanced by adding optional riders available at an additional nominal premium to the policy.

26. What happens when a term life insurance policy matures?

No payout is made if the term life insurance policy matures unless you have chosen return of premium (ROP) feature in your policy.

27. How is the premium for term insurance calculated?

The premium for term insurance is calculated based on the age, gender, income, health condition, family medical history, occupation, lifestyle, and habits of the life assured etc. The amount of premium also depends on the policy tenure chosen and the type and amount of coverage needed. You can seek the help of a term insurance premium calculator from the insurance websites for easy and quick calculations.

Read All

Term Insurance Guide

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Term Insurance Eligibility Criteria - Explained

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Term Insurance Calculator

An easy to use Term Insurance calculator to determine the right life cover amount as per your needs.

Income Tax Calculator

Know your income tax based on the taxable income and explore Life Insurance plans to save more tax.

Power of Compounding Calculator

Get an estimate of how much your investment will grow over a period of time.

Investment Calculator

Answer a few simple questions to know estimated corpus you will have to fulfil your Life Goals.

Underinsurance Calculator

With the Underinsurance Calculator, check if your Life Cover is atleast 10x of your Annual Income.

Fixed Deposit Calculator

Answer a few easy questions to calculate your Fixed Deposit Returns.

NPS Calculator

Calculate your NPS returns effortlessly with our simple to use NPS Calculator.

SIP Calculator

Plan your investments effortlessly and achieve your financial goals with our easy-to-use SIP Calculator.

Retirement Preparedness Score Calculator

Answer a few simple questions to know how prepared you are for your retirement.

Child Education Planning Tool

A simple to use and comprehensive tool to plan for your child's education.

Savings to Life Goals Convertor

Use this calculator to know how savings from regular expenses can help you achieve your Life Goals.

Financial Fitness Calculator

Get to know your Financial Fitness Score by answering few simple questions.

Immunity Score Calculator

Use our immunity calculator to find out your immunity score in just a few clicks!

ULIP Calculator

Know the amount to invest today to have the corpus to accomplish your Life Goals tomorrow.

Child Plan Calculator

A simple to use calculator that helps you plan for fulfilling your Child's Life Goals.

Retirement Calculator

Calculate the amount you need to invest today to accomplish your retirement life goals.

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Customer Speaks

Quick & Confident

The term insurance buying process was smooth and fast. I felt confident knowing my family would be financially secure, without having to go through complicated paperwork or jargon.

Sanjay Kumar

Smart Investment Choice

I opted for coverage early on to stay ahead. The premium is quite affordable, and I don’t need to pay it all at once. Honestly, I found it better than investing a huge amount all at once in a fixed deposit. Here I can pay smaller amounts at regular intervals and get high coverage.

Hardik Pathak

Easy Online Purchase

My experience of buying a term plan online was very smooth. Everything was clear, from features to benefits. The calculator helped me precisely calculate the premium I would have to pay for the required coverage. The support team too was helpful and cleared all my doubts aptly. Highly recommended.

Taurn Shinde

Life-Stage Coverage

I looked for a term plan that balanced cost and security. The coverage fits my life stage and gives me confidence for the future. Now my family can fulfil all their future goals even if I am not around to provide for them.

Ritika Malkani

Seamless Experience

The entire experience, from choosing the policy to receiving confirmation, was seamless. It's one of the most reassuring financial decisions I’ve made.

Siya Rai

Flexible & Comprehensive

After comparing various term insurance plans, I picked one with flexible options and rider benefits. It fits my needs perfectly.

Nishant Ahuja

Happy with the services

I have invested in various products of Bajaj Allianz Life Insurance - I am happy with the services, returns and diversified product portfolio.

Rashmi Bhavnani

Satisfied, Trust

I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.

Shrikant A Karande

Happy with the returns

I was introduced by my advisor to invest in Bajaj Allianz Life Insurance .I have invested in the same and am happy with the returns and services.

Kavita Goplani

Very Happy

I am a 7 year old customer of Bajaj Allianz Life Insurance and very happy about the services.

Dhruv Soni

Excellent Support

The Bajaj Allianz Life Term Insurance Plan has been extremely helpful and convenient. The online process was smooth, and the customer support is excellent. What impressed me the most is how economical it is while still offering strong coverage. It’s a smart and reliable choice for anyone looking to secure their family’s future. Highly recommended!

SEEMA BIPINKUMAR RESHAMWALA

Reviewed by Life Insurance Experts

Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

Health Management Services	Frequency	Cost (₹)
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
M - ₹ 5,000	₹ 500
L - ₹ 5,000	₹ 500
Total per year as per assumption	₹ 31,000

Health Management Services for Women	Frequency	Cost (₹)
Comprehensive Health Check-Up: - Cancer Screening - Diabetic, Thyroid, Lipid profile tests - Calcium Serum test - Complete Blood Count test	1 per year	₹ 3,500
*OPD^{^} in-clinic consultations* (Specialist doctors like Gynaecologist, Obstetrician, Dermatologist, Paediatrician, Orthopaedic & General Physician) ^{^}OPD – Outpatient Department	1 per year	₹ 1,000
*Pregnancy OPD^* wallet** (OPD^ benefit worth ₹ 2,000 unlocked in case of pregnancy)	Once during policy term	Not considered in yearly cost since this is available once during policy term
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10% Out-patient consultation (O) - 10% In-patient consultation (P) - 5%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
M - ₹ 5,000	₹ 500
L - ₹ 5,000	₹ 500
O - ₹ 5,000	₹ 500
P - ₹ 10,000	₹ 500
Total per year as per assumption	₹ 36,500

Price Revising Soon!*

₹1Cr Life Cover @₹18/ Day^{^}

12% Online Discount on first year premium^#

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IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

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Claim Settlement Ratio of 99.29%^~

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Term Insurance

Get Life Cover of ₹1 Crore Term Insurance Plan at ₹14*/Day

Enjoy a 16% Discount on 1st year Premium**

What is a Term Insurance?

Why Do You Need a Term Insurance Policy?

To Protect Your Family

To Protect Your Assets

Low Premium and High Cover

Who Should Buy a Term Insurance Plan?

Term Insurance for Parents

Term Insurance for Young Professionals

Term Insurance for Newly Married Individuals

Term Insurance for Women

Term Insurance for Senior Citizens

Term Insurance for Housewife

Term Insurance for Self Employed

Term Insurance for NRI

Term Insurance for Home Buyers

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Term Insurance Plans from Bajaj Allianz Life

How Does a Term Plan Work?

Agreement

Filling out the Proposal Form

Understanding Yours and Your Family’s Needs

Calculating Term Insurance Premium

Making Premium Payment

Assigning A Nominee

Why Does Term Insurance Premium Increase with Age?

When Should I Buy a Term Insurance Plan?

What is a Term Insurance Calculator?

Types of Term Insurance Plans

Level Term Insurance

Increasing Term Insurance

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Term Insurance with Return of Premium

Convertible Term Insurance

Convertible Term Insurance

Features of Term Insurance

Financial Security

Long-term Coverage

Large Coverage

Affordability

Wholesome Protection

Low Entry Age

Maturity Age

Premiums Returned on Survival

Benefits of Buying Term Insurance

Additional Benefits Through Riders

Return of Premium Benefit

What is the Difference Between Term Life Insurance and Whole Life Insurance?

How Much Term Insurance Cover Do You Need?

What Are Term Insurance Riders?

What Are the Key Factors That Impact Term Insurance Premiums?

Enjoy a 16% Discount on 1^st year Premium**

Claim Settlement Ratio^~

Get 1 Day Claim Approval^%

Stable Rating by CARE^$$

Assets Under Management (AUM)^***

Number of Lives Covered^##

Solvency Ratio of 359%^{^^^}