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Term Insurance

Q: Is term insurance worth buying it if I have no dependents?

Term insurance can be a good purchase even when you do not have any dependents. It may help cover your unpaid debts and also if you buy a term plan early, you can lock in lower premiums.

Q: Are term insurance premiums fixed or do they increase every year?

In India, most standard term insurance policies usually have fixed premiums during the policy term. The premiums do not increase. However, some insurers also provide increasing term insurance plans, where the sum assured increases over time, which may slightly affect the premium structure.

Q: What is the payout option in term insurance?

Insurers make the payout in lump sum or as a monthly income or a combination of the two. There are also plans where the payouts can be staggered within a given period of time. The choice of the option can be decided at the buying time depending on the financial needs of your family and future spending plans.

Q: Is term insurance valid if I change my job or move abroad?

Yes, your term insurance remains active if you change your job. In case you relocate overseas, you must notify the insurer. It is important that you update your contact details and residency status always to eliminate the possibilities of claim rejection and to maintain a continuous coverage of the policy term.

Q: How does inflation impact term insurance coverage?

The real value of your sum assured is devalued by inflation. For example, ₹1 crore today might not have the same purchasing value after 10 or 20 years. This implies that you may not cover all the expenses of your family in the future. Due to inflation risk, higher cover or increasing term plan can be opted to cope with inflation risk.

Q: Does term insurance cover death during international travel?

Yes, term insurance plans cover death during international travel including accidental and natural deaths. There can however be some exclusions on high-risk activities, war zones or restricted countries. One should be cautious to read the terms of the policy before travelling to foreign countries. Informing the insurer about your long-term foreign stay will make the claim settlement easy for the nominee.

Q: Can I switch insurers after buying term insurance?

Term insurance plans cannot be switched between insurers. If you wish to change the insurer, you must purchase a new policy and undergo fresh underwriting.

Q: Can I add two nominees in my term insurance plan?

Yes, you are allowed to have several nominees in your term insurance. The percentage share that each nominee will get can also be specified. This will ensure transparent allocation of the claim amount and avoid conflicts. The information about the nominees can be typically updated by sending a formal request to the insurer with the necessary documents.

Q: Which term insurance plan is best for me?

The best term insurance plan in India is determined by a number of factors such as your income level, dependents, loan repayments and the duration of your desired cover.

Q: How much term insurance cover do I need?

The basic thumb rule is to have a cover that is approximately 10 to 15 times your annual income. Let's say your yearly income is ₹8 lakh, then your ideal cover should be between ₹80 lakh and ₹1.2 crore.

Term Insurance is an affordable, pure protection life insurance plan that provides financial protection for a fixed period to your family when they need.. Read More

it the most. In case of death of the life assured, the beneficiary receives a fixed sum assured, as defined under the plan, that can help them manage their expenses even in your ansence. When choosing the best term insurance plan , your insurer’s Claim Settlement Ratio is as important as the premium. Bajaj Life Insurance has achieved a 99.33% Claim Settlement Ratio for FY 2025-2026

as on 31^st March 2025^~, showcasing strong reliability in settling death benefit claims to the nominees.

On this page, you can:

Compare different term insurance plans and the coverage benefits
Use the term calculator to estimate the premium payable
Know how to buy term insurance online as well as offline
Explore add-on riders to enhance your base coverage

Understand applicable tax benefits [(under Section 123 & 11 (read with Schedule II)] in case of old tax regime and eligibility criteria as you read on.

Please note that, effective April 1, 2026, Section 10(10D) would be referenced as Section 11 (read with Schedule II) and Section 80C of the Income Tax Act, 1961, will be referenced as Section 123 of the Income Tax Act, 2025. Read Less

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3.47 Cr Life Covered

₹ 1 Cr @ ₹ 14/Day

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Written By

Palak Bagadia

Date Published : 16th January 2025

Reviewed By

Avdhesh Gupta

Date Modified : 20th May 2026

What is Term Insurance?

Term insurance is a life insurance plan that pays a death benefit to the nominee(s) in the event of the death of the life assured during the policy term. The death benefit is disbursed to the nominee either as a lump sum or in periodic intervals, subject to the policy terms and conditions and the option chosen. The plan does not include any savings, investment or maturity value.

Why Term Insurance Is Important?

Let’s take a simple example.

Akash is 30 years old and is the sole earning member in the family. He is married, has two little kids, and has taken a home loan. Unfortunately, Akash meets with an unexpected death. Now, how will his wife manage all the day-to-day expenses and the loan if she has no regular source of income?

That’s where the term insurance plan death benefit comes in. It can help manage expenses like:

Pay school and college fees

Cover daily expenses

Repay loans (home loan, car loan etc.), if any

Manage medical as well as emergency costs

Support basic family needs

Maintain the family’s standard of living

With term insurance, Akash’s family can live their life without major financial setbacks even in his absence.

How Does Term Insurance Work in India?

Step-by-Step Guide :

The table below explains the step-by-step process of how a term insurance plan works in India:

Step	What Happens	Example
1. Choose Coverage Amount	You select the sum assured amount	Ramesh, age 30, selects a ₹1 crore life cover to protect his family
2. Select Policy Term	You choose how long the policy lasts	Ramesh selects a 30-year term (till age 60)
3. Pay Premium	You pay a fixed amount regularly	Ramesh pays a fixed premium on a regular basis
4. Policy Active	Coverage continues if premiums are paid on time	Ramesh keeps paying premiums → policy stays active
5. Claim (If Death Occurs)	Nominee receives payout if life assured policyholder dies during term	If Ramesh dies at 45, his nominee gets ₹1 crore
6. Survival (Maturity)	No payout if you survive (standard plans)	Ramesh survives till 60 → no maturity benefit

What Does Term Insurance Cover in India?

A term insurance plan in India provides a death benefit to your nominee if you pass away during the policy term. While most term plans cover many death scenarios, there are certain exclusions that are worth knowing.

Understanding what is covered and what is not covered can prevent your nominee from claim-related surprises later and ensure they receive the maximum benefits possible.

Types of Death Covered in Term Insurance	Types of Death Not Covered in Term Insurance [⁴]
Natural death	Suicide within first 12 months
Death due to illness	Death during criminal activity
Accidental death	Murder of the policyholder (if nominee is involved in the murder)
Death due to medical conditions	Death due to risky hobbies (skydiving, racing, etc.)
Deaths due to natural disasters	Death under the influence of smoking, alcohol, or drugs if it is detected by the insurer during claim assessment.
	Death occurring directly due to pregnancy or childbirth complications.[⁴]
	Death due to HIV/AIDS is generally not covered, though some insurers may offer coverage based on medical underwriting and policy terms.
	Non-disclosure of medical history of the life assured

What are the Benefits of Buying a Term Insurance Plan?

Below are some of the key benefits of buying a term insurance plan in India: [²⁷]

Financial Support During Uncertain Times

The primary objective of a term insurance plan is to offer financial support to the family if the insured passes during the policy term. The lump sum amount received by the nominee can be helpful in managing day-to-day expenses, settling the outstanding loans, and even taking care of children’s education.

Flexibility in Coverage and Tenure

With term insurance plans, the policyholder has the freedom of choosing how much coverage they need and how long the policy tenure should be. The duration of the policy can be selected to match your financial responsibilities and liabilities.

High Coverage, Low Cost

The biggest advantage of a term plan is its value for money. You can secure a very high coverage amount (such as ₹1 crore or more) for a relatively small premium. The younger you are when you buy, the lower your premium will be throughout the policy.

Tax Efficiency

Taking care of your family also comes with tax perks. Under the old tax regime, you can claim deductions up to ₹1.5 lakh under Section 123[21]. Please note that, effective April 1, 2026, Section 80C of the Income Tax Act, 1961, will be referenced as Section 123 of the Income Tax Act, 2025. Better yet, the money your family receives (the death benefit) is generally tax-free under Section 11 (read with Schedule II).

What are the Key Features of Term Insurance Plans?

Simple Insurance Product

At its core, term insurance is straightforward. It is designed solely to provide a financial safety net for a specific period. Because it doesn’t include complex investment or savings components, it remains one of the most affordable ways to secure a high level of protection.

Death Benefit for Your Nominee

If the unexpected happens during the policy term, your chosen nominee receives the ‘sum assured’. Depending on your family’s needs, this can be paid out as a single lump sum to clear debts or as a steady monthly income to help cover day-to-day living expenses on a combination of both.

No Maturity Benefit

Term insurance pays out only if you pass away during the policy term. If you survive it, no payout is made. However, if you prefer to get your money back, you can opt for a Return of Premium plan[21] which refunds your total premiums at the end of the term.

Flexible Payment Schedules

To ensure your insurance fits your budget, you can choose to pay your premiums monthly, quarterly, half-yearly or annually.

Riders for Wider Coverage

A base term plan covers death. But life doesn't always follow that script — serious illness, accidents, or disability can disrupt your finances just as severely. Riders let you add that extra layer of protection. Common options include critical illness cover, accidental death benefit, waiver of premium on disability, and permanent disability cover. Each rider addresses a specific risk at a fraction of what a separate policy would cost.

Early Exit Value Option

Bajaj Life iSecure II (Life variant) and Bajaj Life eTouch II (Life Shield and Life Shield Plus variants) offer an early exit value option. Under this feature, you can get back the higher of all premiums paid plus any extra premium charged, or the Termination Value, as per the policy terms and conditions. You can use this option after you turn 60 and complete 25 policy years. However, it cannot be exercised during the last 5 policy years. Once the insurer pays the amount, the policy ends.

Clear Nomination

When you buy a term plan, you name nominees— the person who will receive the sum assured in the event of a claim. This single step makes a significant difference. It removes ambiguity and ensures the money reaches the right person at a time when your family has enough to deal with already.

Why Choose Bajaj Life Term Insurance Plans?

Bajaj Life Insurance Limited, is one of the leading private insurance providers in India. Here are the top three reasons to choose Bajaj Life Term Insurance Plans:

High Ratio of Claim Settlement

Bajaj Life Term Insurance Plans are considered reliable and trustworthy as they settle high percentage of valid claims. Bajaj Life Insurance has achieved 99.33%^~ Claim Settlement Ratio for FY 2025-26, as on 31^st March 2026^~.

Easy Digital Interface

You can buy Bajaj Life Term Insurance Plans online with complete ease. We also have an online term insurance calculator to calculate premiums, sum assured and buy the term plan without any complications.

Multiple & Flexible Term Plan Solutions

Choose from multiple term plans and add riders like accidental death benefit rider, critical illness benefit, or waiver of premium rider to enhance your overall coverage and financial protection.

99.33%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1.34 Lakh cr

Assets Under Management (AUM)^***

3.47 cr

Number of Lives Covered^##

266%

Solvency Ratio of 266%^{^^^}

Disclaimer:^~Individual death claim settlement ratio FY-2025-26, as on 31st March, 2026 | ^%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 Life Insurance offices. 96% of non - investigative claims notified were processed within one day in FY’25 | ^$$For details refer to press release published by CARE | ^***Asset under management (AUM) ₹1.34 lakh crore as on 31st March, 2026 | ^{^^^}Solvency ratio 266% as at 31st March, 2026 IRDAI mandated 150%. | ^##Individual and group, as on 31st March, 2026.

You can easily find Bajaj Life Insurance offices across India, with branches located in non-metro as well as metro cities such as Mumbai, Pune, Delhi, and Bangalore where you can contact our representatives personally to get individual support.

Compare term plans in your city today and get expert guidance to ensure your family’s financial security.

Bajaj Life Insurance Claim Settlement Ratio: 6-year track record (2020–2026)

Bajaj Life Insurance has consistently maintained a strong claim settlement ratio over the past five years (2020–2026). This reflects the insurer’s reliability and commitment to settling claims efficiently.

A high claim settlement ratio indicates that a majority of claims raised by policyholders are successfully honoured, giving customers confidence that their families will receive financial support when it matters most.

Financial Year	Claim Settlement Ratio
FY 2020–21	98.48%
FY 2021–22	99.02%
FY 2022–23	99.04%
FY 2023–24	99.23%
FY 2024-25	99.29%
FY 2025-26	99.33%

Types of Term Insurance Plans in India 2026

A term insurance plan isn’t just one-size-fits-all. Depending on where you are in life and what your financial goals are, there are different types of term insurance plans to suit your financial needs:

Type of Term Insurance	What it Means	Why It’s Good
Level Term Plan	The sum assured stays the same for the entire policy term.	Easy to understand, affordable.
Increasing Term Plan	The sum assured grows over the course of the policy term.	Helps keep up with rising needs.
Decreasing Term Plan	The sum assured decreases over the course of the policy term.	Affordable premiums, beneficial if you have home loans
Return of Premium (ROP)	You get all premiums paid back if you survive the policy term.	Financial Protection + you get your premiums back if the insured outlives the policy term
Convertible Term Plan	Can be changed into a whole life plan later	Flexible, no extra medical tests
Group Term Insurance	Offered by employer or organization to cover its employees	Affordable, simple, sometimes no medical tests

What is Term Insurance with Return of Premium (TROP)?

Term Insurance with Return of Premium (TROP) provides life cover and returns the premiums you paid if you survive the policy term.[²⁵]

In a regular term plan, no maturity benefit is paid if you outlive the policy. However, in TROP, the insurer refunds the base premiums (excluding taxes and extra charges), which may appeal to those looking for a savings element along with protection.

How TROP Works (Explained with an Example)

Let’s understand how TROP works with an example. A 30-year-old individual, Arvind, buys a TROP plan with a ₹1 Crore sum assured for a 30-year term.

Scenario	What Happens	Example (Arvind)
What happens if the term insurance life assured dies?	If the life assured passes away during the policy term, the nominee receives the full sum assured as a death benefit.	If Arvind dies at 45, his nominee receives ₹1 Crore
What happens if the life assured survives a TROP plan?	In a TROP plan, all premiums paid are returned if the life assured survives the term plan	At age 60, Arvind receives a refund of all premiums paid over the 30-year term

Who Should Buy A Term Insurance Plan?

Term Insurance for Parents

In India, parents have responsibilities for their children, from education fees to daily expenses, until they become financially independent. The early demise of a parent leaves the child emotionally and financially shattered. A well-thought term insurance plan ensures your child’s future is financially safe and covered.

Term Plan for Married Couples

Marriage comes with sharing dreams as well as responsibilities. The unfortunate loss of a partner/spouse can affect the financial circumstances of the family. A term plan can be considered as part of financial planning to help manage financial matters and other future goals in the absence of a partner.

Term Plan for Working Women

Today a lot of women prefer working and financially supporting their parents and/or other family members. The sum assured ensures that your dependents have enough corpus to meet their financial needs in the event of an unexpected death.

Term Plan for Young Professionals

Young people in the early years of their career often feel that a term plan is something to be purchased later in life. But that’s a common misconception. In fact, when you buy a term plan early it is more affordable with less premium amount and gives longer financial protection.

Term Plan for Taxpayers

The Indian Govt. offers tax benefits[¹⁶] under the old tax regime. You can claim a deduction of up to ₹1.5 lakh annually (on premium paid) under Section 123 in case of the old tax regime. Please note that, effective April 1, 2026, Section 80C of the Income Tax Act, 1961, will be referenced as Section 123 of the Income Tax Act, 2025. Additionally, the death benefit received by the nominee is also tax-free under Section 11 (read with Schedule II).[²]

Term Plan for Homeowners

A home loan is typically a long-term financial commitment and in case of the unfortunate demise of the life assured during the loan repayment period the burden of repaying the loan amount can fall on the family. To ease this burden and secure the home, a term plan can be a reliable option. The death benefit from the term plan can help repay the home loan.

Term Insurance for NRIs

NRIs (Non-Resident Indians) staying away from their families have the responsibility of financially securing their loved ones. If something unexpected happens, a term plan ensures your family continues to receive financial support, in your absence.

Expert Insight:

For instance - If an NRI earns ₹50 lakh annually, experts recommend buying a ₹5 crore term insurance plan[³]. However, considering the expenses of international education and if the partner is not earning, the ideal cover may rise up to ₹7-10 crore[³].

Term Insurance for Diabetics

People with diabetes can use a term plan to plan for their family’s financial future in their absence. Depending on medical condition and history, insurers may offer term insurance options that help build a robust safety net for your loved ones.

Term Plan for Senior Citizens

Even after 60 years, some senior citizens still have certain financial responsibilities to fulfill like outstanding debts, medical expenses etc. A term insurance plan can help provide financial support to your loved ones so that they aren’t burdened by these responsibilities in your absence.

Which is the Best Age to Purchase Term Insurance Plan?

Buying a term insurance plan early, in your 20s, is helpful as the insurers view younger applicants as lower risk and may provide lower premium rates. Starting early may also mean no or minimal medical tests, depending on the insurer’s requirements.

Buying Term Insurance Across Life Stages

In Your 20s

Cheaper & Best Time to Buy

Low Premiums
No/Minimal Medical Tests
Long-Term Coverage

Start early and lock in low premiums!

In Your 30s

Financially Protect Your Family

Moderate Premiums
Medical Tests(may be required)
Increasing term plans can help cover home loans, education, and other long-term expenses

An increasing term plan can help match coverage with rising income.

After 40s

Still Important, But Premiums May be Higher

Higher Premiums
Medical Tests Required
Limited Coverage with Health Issues
Protect Dependents & Loans

Even later in life, coverage matters.

Difference Between Term Life Insurance and Whole Life Insurance

Below we have listed a few key differences between term life insurance and whole life insurance:[²²]

Basis of Comparison	Term Life Insurance	Whole Life Insurance
Purpose	Designed to provide pure financial protection for your family for a fixed tenure.	Designed to provide lifelong protection along with savings. or wealth accumulation.
Coverage Duration	Fixed tenure (e.g., 10, 20, 30 years) chosen at policy purchase.	Covers you for your entire life (or up to 99 or 100 years, as per policy).
Policy Expiry	Policy expires once the selected term ends.	Policy continues until the life assured turns 99 or 100.
Premium Structure	Generally offers coverage for a limited duration with lower premiums.	Provides lifelong coverage with comparatively higher premiums.
Cash Value	Does not include a cash value component.	Builds cash value over time.
Maturity Benefit	Usually no payout if you outlive the policy (except return-of-premium plans).	Provides long-term returns through cash value accumulation
Tax Benefits	Available	Available
Best Suited For	Those seeking high coverage at low cost	Those looking for lifelong coverage with savings

Term Insurance vs ULIP

Here are a few differences between term insurance and ULIP based on their features, benefits, and overall structure:

Feature	Term Insurance	ULIPs
Plan Type	Pure insurance	Insurance + market linked investment plan
Primary Objective	Financial protection	Financial protection, along with long-term wealth creation
Death Benefit	Fixed sum assured paid to the nominee	Total Sum Assured or the prevailing Fund Value, whichever is higher
Rider facility	Available	Available
Tax Benefits	Available	Available
Risk	No risk involved	Depends on market performance
Charges	Minimal charges	Includes allocation, admin, fund management, mortality and other charges
Lock-in Period	Not applicable	5-year lock-in period
Liquidity	No partial withdrawal	Partial withdrawals allowed after lock-in

Term Insurance vs Endowment Plan

Feature	Term Insurance	Endowment Plan
Plan Type	Pure protection term insurance plan	Insurance + savings plan (traditional life insurance plan)
Primary Objective	Financial protection for the family in case of death of life assured	Life cover, along with long-term savings
Coverage (Sum Assured)	High coverage at affordable premiums	Lower coverage for the same premium due to savings component
Premium Amount	Lower premiums	Higher premiums as part goes towards savings
Maturity Benefit	No maturity benefit (except in TROP plans)	Paid on survival (sum assured + bonus, if declared, applicable for participating plans)
Savings Component	Not included	Included
Payout Options	Lump sum/regular income/combination	Mostly lump sum; income or staggered options available in many plans
Tax Benefits	Available	Available

How to Choose the Best Term Insurance in India?

Here are the most important things to check when choosing the best term insurance plan in India:[28]

Coverage Amount

The “Life Cover" should be large enough to clear all existing debts and provide a regular income for your family. A standard thumb rule is 10x to 15x your annual income[9], plus any major liabilities like home loans or education costs for children.

Policy Duration

If your children are dependent on you, the policy should typically last until they’re financially independent. Likewise, if you have any debts, the policy should cover you until those loans are fully repaid, so your family is not stressed about repaying them after your untimely demise.

Riders

Term insurance riders enhance your base plan for specific risks. Some of the common riders in India are the Accidental Death Benefit Rider, Waiver of Premium Rider, Critical Illness Rider, Permanent and Partial Disability Rider, available at an additional nominal premium.

Premium Payment

Once you’ve picked your plan, think about how you want to pay your premiums—for example, 5 years, 10 years, until retirement, or for the entire policy. Shorter payment terms might feel cheaper, but one should not overlook the time value of money. Before you make up your mind on what is best suited to you, it is always a good idea to compare the total cost in today’s times.

Claim Settlement Ratio (CSR)

It is important to check the insurance company's claim settlement ratio before buying a term insurance plan. This ratio shows the proportion of death claims the insurer has successfully settled compared to the total claims received in a financial year. At Bajaj Life Insurance, we have achieved a 99.33%^~ Claim Settlement Ratio for FY 2025-26.

Solvency Ratio

The solvency ratio tells you how financially stable an insurance company is. Basically, it tells how much money the insurer has compared to what it owes. IRDAI needs a minimum solvency ratio of 1.5 (150%)²³, which means ₹1.50 in assets for every ₹1 of liabilities. At Bajaj Life Insurance, the solvency ratio was 266%^{^^^} as on 31st March 2026 and Assets Under Management were ₹1.34 Lakh Cr*** as on 31st March 2026.

How to Choose the Right Term Insurance Plan Based on Your Profile?

The table below helps you quickly identify a suitable term insurance option based on your profile or persona:

If you are…	Commonly Considered Plan Type	Why
Salaried (₹10–20L income or more)	Level Cover, Increasing Cover, TROP	Choose based on whether you need stable protection, growing cover to match inflation, or premium refund on survival
Young (25–35 years)	Level Cover, Increasing Cover, TROP	Younger individuals often look at lower premiums throughout the policy term, increasing cover as responsibilities grow or premium returned on survival
Loan Borrower	Level Cover, Decreasing Cover	Fixed coverage that takes care of loan repayment and family protection or coverage that reduces as the loan amount decreases
Married Couple	Joint Term Insurance, Individual Term Plans	Couples may consider one single policy with lower premium or independent protection for each spouse
Parent with young children	Level Cover + Riders, Increasing Cover, TROP	Secures the child’s future expenses
Frequent Traveler	Level Cover + Riders, Increasing Cover, TROP	Additional coverage for travel risks or cover that scales with growing exposure
Business Owner	Level Cover + Riders, Increasing Cover	Covers financial risk liabilities or growing coverage for increasing needs
Working in High-Risk Jobs	Level Cover + Riders, Increasing Cover	Extra cover for risky jobs or cover that grows with increasing risk
Single Earning Members	Income Replacement Plan, Level Cover	Pays a steady and regular income to dependents or choose a lump sum for large financial goals

How to Choose the Right Term Insurance Plan Based on Your Goals?

The table below provides a quick guide to selecting the right term plan based on your goals.

Goal	Commonly Considered Plan Type	Why
Family Protection	Level Cover Plan, Increasing Cover, Income Replacement Plan	Ensures stable financial support for dependents, growing cover to match inflation, or monthly income to replace lost salary
Wealth Protection	Increasing Cover Plan, Level Cover, TROP	Coverage grows to maintain lifestyle and beat inflation or fixed high coverage that preserves wealth
Tax Saving	Any term plan	Helps reduce taxable income as per tax regime selected
Retirement Planning	Return of Premium Plan, Level Cover, Increasing Cover	Provides maturity benefit along with protection or want pure protection
Spouse Protection	Joint Life Term Plan, Two Separate Level Cover	Covers both spouses under a single policy or independent coverage for each spouse
Single Premium Investment	Single Premium Term Plan	You have a lump sum amount to pay at once; no stress of recurring premiums or policy lapse
Child's Future Security	Child Term Plan, Level Cover + Riders	Safeguards the child's education and future goals or riders like Waiver of Premium that keeps policy active if you are critically ill and unable to pay premiums

Checklist to Consider Before Buying a Term Insurance Plan

Here is a quick checklist to help you choose the best term insurance plan in India:

Checklist Item	What to Do
Calculate the Right Cover Amount	Use HLV, Income Replacement, or DIME method. Opt for 10 to 15 times your annual income.
Choose the Right Policy Term	Cover yourself until age 60 to 65 — when most financial responsibilities end.
Check the Claim Settlement Ratio	Choose an insurer with a claim settlement ratio of 95% or above.
Compare Premiums	Compare at least 3 to 4 plans. Balance cost with features and reliability.
Read the Exclusions	Know what your policy does not cover. Common exclusions include suicide within the first year, undisclosed pre-existing conditions, and death under the influence of alcohol or drugs.
Disclose Everything Honestly	Never hide medical history, lifestyle habits, or existing policies. Non-disclosure leads to claim rejection.
Choose Your Payout Option	Decide between lump sum, monthly income, or a combination of both.
Add the Right Riders	Consider critical illness, accidental death benefit, or waiver of premium — only what you need.
Name Your Nominee	Choose someone you trust. Update nominee details after major life events.
Review Your Policy Periodically	Review your policy at regular intervals or after major life events to ensure your cover is still adequate.

How Much Term Insurance Cover Do I Need?

Finding the right amount of term insurance is not just about picking a large, impressive number. It is about ensuring your family’s standard of living remains uninterrupted if you aren't there to provide.

A common starting point is 10 to 15 times your annual income. However, this is just a baseline. Your actual cover depends on your age, dependents, liabilities, and long-term financial goals.

Here are the key factors to consider:

Your Income

Your cover should be enough to replace the income your family depends on. The higher your earnings, the higher the cover you need.

Your Age

The younger you are, the longer your family depends on your income. Buying term insurance early means higher cover at significantly lower premiums.

Your Dependents

A spouse, children, or ageing parents who rely on you financially will increase the amount of coverage you need. If you are the sole earning member, your cover needs to be substantially higher.

Your Liabilities

Add up all your outstanding loans — home loan, car loan, and personal loan. Your cover should be enough to clear these, so your family is not left with debt.

Your Lifestyle and Goals

Think about your children's education, future milestones, and maintaining your family's current standard of living. These future expenses need to be factored in.

Your Existing Savings and Investments

If you already have savings, or other policies, adjust your cover accordingly. Deduct liquid investments — not property or vehicles — from the total cover required.

Your Existing Cover

If your employer provides group life insurance, consider it, but do not rely on it entirely since it ends when you change jobs.

How Can I Determine the Right Term Plan Insurance Cover Amount for Myself?

Here are five different methods to calculate the required term insurance coverage:^[26]

Human Life Value (HLV)

Your insurance should match the financial value you bring to your family. This is called your Human Life Value (HLV). This looks at your future income, expenses, loans, and savings.

Formula: Required Coverage = (Annual Expenses × Years of Support) + Liabilities + Future Goals - Existing Assets³⁵

Step 1: If your family spends ₹6 lakh per year and needs support for 20 years: ₹6 lakh × 20 = ₹1.2 crore

Step 2: Home loan: ₹40 lakh, Car loan: ₹10 lakh = Total = ₹50 lakh

Step 3: Child’s education: ₹25 lakh

Step 4: Required retirement corpus: ₹60 lakh

Step 5: Savings & investments: ₹30 lakh

Required Coverage: ₹1.2 crore + ₹50 lakh + ₹25 lakh + ₹60 lakh - ₹30 lakh = ₹2.25 crore

Income Replacement Value

Term insurance is meant to replace the income your family would lose if something happens to you. A simple way to calculate it is:

Coverage = your current annual income × years left until retirement.

For example, if your current annual income is ₹18L and you still plan to work for 28 years, then

Cover 18 × 28 = ₹5.04 Cr

This gives a clear idea of how much your family would need to maintain their lifestyle.

Expense Replacement Method

This method looks at the total money your family needs today. This includes daily expenses and important goals, like loans, children’s education, marriage, or supporting dependent parents.

Next, subtract any money you already have invested and any insurance you already own. Don’t include assets like your home or car, since your family will likely continue using them.

The final amount you get is the insurance coverage your family really needs to stay financially secure.

Required Coverage = (Expenses + Goals) − Existing savings − Existing insurance

Let’s consider you have ₹60L expenses, ₹15L education, ₹30L home loan, ₹10L savings and ₹20L policy

Required Coverage = (₹60 lakh + ₹15 lakh + ₹30 lakh) − ₹10 lakh − ₹20 lakh

Required Coverage = ₹1.05 crore − ₹30 lakh

Required Coverage = ₹75 lakh

Underwriter's Thumb Rule

A quick way to decide the minimum term insurance coverage is 10 to 15 times your annual income. For example, if you earn ₹10 lakh a year, your term insurance cover should be at least ₹1 crore (₹10 lakh × 10)

DIME Formula²⁰

The DIME formula helps you figure out how much term insurance you really need. DIME stands for:

Debt – Any loans or liabilities you have
Income – Money your family would need if you’re not there
Mortgage – Home loan or other property-related obligations
Education – Future education expenses for your children

Add all these four factors and calculate your coverage. You can also subtract any current savings and insurance you already carry.

For example:

₹10 lakh (personal loan + car loan) + ₹80 lakh (8 years of family income support) + ₹30 lakh (home loan) + ₹20 lakh (child’s education)

= ₹1.40 crore

Now subtract existing savings and insurance:

= ₹1.40 crore − ₹15 lakh savings − ₹25 lakh existing policy

= ₹1 crore

So, based on the DIME formula, you should have a term insurance cover of at least ₹1 crore.

What is Term Insurance Premium Calculator?

Term insurance premium is the amount you pay monthly, quarterly, half yearly or yearly to keep your term plan active. It depends on your age, health condition, lifestyle habits, sum assured and term plan.

Calculating term insurance premium is simple and easy with a term insurance calculator. A term insurance calculator helps you:

Calculate how much premium you need to pay
Determine the right coverage based on your age and income
Choose suitable add-on riders for extra protection
Select the ideal policy tenure based on your financial goals
Use our online Term Insurance Calculator to check your premium instantly and choose the right term plan for your family today.

Calculate Your Term Insurance Premium Now!

Full Name

Mobile Number

Email Id

Date of Birth

Age: --

Do you consume Tobacco/Nicotine?

Education

Occupation

Gender

Annual Income

Life cover Amount should in between 50 lakhs and 10cr

Life cover till age*

Premium Payment Term*

Pincode

Premium Payment Frequency*

I agree and consent to the T&C and Privacy Policy

Please accept Terms & Conditions

Check Your Term Insurance Premium Here

Fill all details and click on “Check
Premium Amount” to view your result

Bajaj Life

eTouch II

Bajaj Life

iSecure II

Bajaj Life

Diabetic Term Plan II

Bajaj Life

Superwoman Term Plan

Calculate Your Premium Amount

Life cover Amount should in between 50 lakhs and 10cr

Life cover till age*

Premium Payment Term*

Premium Payment Frequency*

You Pay Premium of

2,684 /Month

You Get Life Cover of

₹2,00,00,000

Total Premium Amount

₹10,32,000

Life Cover Amount

₹2,00,00,000

Bajaj Life

eTouch II

Bajaj Life

iSecure II

Bajaj Life

Diabetic Term Plan II

Bajaj Life

Superwoman Term Plan

What Factors Affect Term Insurance Premiums?

Here are the factors affecting your term insurance premium –

Age of the Policyholder

Term insurance for young individuals in their 20s generally pays less premium than people in their 30s or 40s. This is because younger people are at a lower risk of developing serious illness. As you grow older, the risk increases and so does the premium.

Gender

Women typically live longer than men⁶, hence the insurer usually charges lesser premium for women than men for the same term plan with the same coverage.

Sum Assured

This is basically the coverage amount you choose like ₹1 crore,₹2 crore, etc. A higher sum assured means your nominee receives greater financial support but the premiums are also higher.

Policy Term

This is the duration for which the term plan remains active. Buying a policy at younger age typically allows you to choose a longer term at relatively lower premiums.

Health and Lifestyle

If you have any existing illnesses, smoking or drinking habits or your family has a certain medical history, then you may have to pay slightly higher premiums than other healthy individuals of the same age.

Add-on Riders

Bajaj Life Insurance offers a number of add-on riders like Accidental Death Benefit Rider, Waiver of Premium Rider, Critical Illness Benefit Rider and Permanent and Partial Disability Rider, etc. These term insurance riders enhance your coverage and offer financial protection at an additional nominal premium.

Occupation

If you work in a high-risk profession like construction, mining, firefighting or aviation, your term insurance premiums are slightly higher. This is because insurers categorize these jobs as hazardous and prone to accidents or health risks.

How Does The Term Insurance Premium Increase With Age?

The table below shows how term plan premiums increase with age for the same ₹2 Crore term insurance cover and policy term:

Age	Life Cover	Policy Term	Yearly Premium For 1^st Year	Yearly Premium 2^nd Year Onwards	Total Premium Outgo
25 years	₹2 Crore	30 years	₹7,862 ^#	₹8,522^#	₹2,55,000 ^#
30 years	₹2 Crore	30 years	₹10,755 ^##	₹11,658^##	₹3,48,837 ^##
35 years	₹2 Crore	30 years	₹18,082 ^$	₹19,601^$	₹5,86,511^$
40 years	₹2 Crore	30 years	₹26,794 ^$$	₹29,044^$$	₹8,69,070 ^$$
45 years	₹2 Crore	30 years	₹44,820 ^%	₹48,585^%	₹14,53,785 ^%
50 years	₹2 Crore	30 years	₹65,841 ^%%	₹71,370^%%	₹21,35,571 ^%%

Thus, for a 2 crore sum assured, a 25 year old pays just ₹2,55,000^# over 30 years, whereas a 50 year old would have to pay ₹21,35,571^%% for the same cover over the same term.

How Smoking Affect Term Insurance Premiums?

Let's see a quick comparison of how smoking increases the premium for a 30-year-old individual for the same coverage amount:

Name	Ravi*	Ajay**
Age	30 years	30 years
Smoking Status	Smoker	Non-smoker
Education	Graduate	Graduate
Employment Type	Salaried (Non-Government)	Salaried (Non-Government)
Bajaj Term Insurance Plan	Bajaj Life eTouch II	Bajaj Life eTouch II
Life Cover	₹1.5 crore	₹1.5 crore
Premium Payment Term	15 years	15 years
Monthly Premium	₹1249	₹636

A smoker pays almost double the premium as compared to a non-smoker for the exact same insurance. This is because smoking increases the risk of major health issues.

What Are the Payout Options Available With Term Insurance?

A payout is the amount disbursed by the insurer once the claim is approved, as per the policy guidelines. Insurance companies usually offer these payout options:[25]

Lump Sum

Under this option, the complete sum assured is paid to the nominee at once if the life assured dies during the term plan.

Monthly Income Payout Option

In this case, the sum assured is paid in equal monthly instalments over a specified period.

Lump Sum + Monthly Income Payout Option

As the name suggests, this is a combination of both lump sum and monthly income payout options. As per this option, a nominee would receive a portion, say 10%, of the sum assured as a lump sum. The remaining amount is then paid in equal monthly instalments.

What Are the Premium Payment Options in Term Insurance?

Most people focus on the cover amount and premium cost — but how and when you pay your premiums matters just as much. Term insurance gives you the flexibility to choose a payment option that fits your income and life stage.

Regular Pay

You pay premiums throughout the entire policy term. If your policy is for 30 years, you pay for 30 years. This keeps annual premiums lower and spreads the cost evenly over time.

Limited Pay

You pay premiums for a shorter period — like 5, 10, or 15 years — but your coverage continues for the full policy term. This is ideal if you want to finish paying early and stay covered through retirement.

Single Pay

You pay the entire premium in one lump sum upfront. Your coverage runs for the full policy term with no further payments required.

Which Premium Payment Option Should You Choose?

Payment Option	Best For
Regular Pay	Steady income earners who prefer lower annual premiums
Limited Pay	Those in peak earning years who want to finish paying early
Single Pay	Those with a lump sum available and no preference for ongoing payments

What Is Premium Payment Frequency in Term Insurance?

Premium payment frequency refers to how often you pay your premium within a year. This is separate from your payment option and can usually be chosen based on your convenience. Most insurers offer the following frequencies:

Monthly – Pay in 12 instalments per year

Quarterly – Pay in 4 instalments per year

Half-Yearly – Pay in 2 instalments per year

Annually – Pay once a year

Can I Change My Premium Payment Frequency?

Yes, most insurers let you change how often you pay your premium—monthly, quarterly, half-yearly, or yearly.

You can change the premium payment frequency by informing the insurer and filling out a premium frequency change request form. The change is typically permitted only on the policy anniversary date(the annual renewal date), subject to the policy terms and conditions. The new payment mode usually starts from the next premium due date.

For instance, Rahul used to pay ₹24,000 once a year for his term insurance policy. When he took a home loan, he found it difficult to arrange a large amount at one time.

So, he asked his insurer to change the premium mode from annual to monthly. After submitting the request form, he started paying around ₹2,000 every month from the next due date.

If you choose monthly payments, keep enough balance or set up auto-debit. Monthly premiums are easier to miss and may lead to late fees or policy lapse.

What Are Term Insurance Riders?

Think of term insurance riders as an extra financial protection you add to your basic/main term plan. Adding a rider is easy. You just have to pay a little extra premium along with your regular term insurance premium.

Adding riders to the base plan makes your coverage more comprehensive and you can be better prepared for unforeseen situations. Besides helping your family’s financial future, term insurance riders also help in managing financial crunches during difficult times.

Different Types of Term Insurance Riders in India

Here are a few common term insurance riders that are generally available:

Accidental Death Benefit Rider

Accidental Death Benefit Rider gives additional payout in case the life assured passes away due to an accident, as defined by the insurer.

Example:

For instance, Rahul purchases a ₹1 crore Term Insurance Plan. He also chooses to include an optional Accidental Death Benefit Rider of ₹30 lakh. Now, here are two scenarios:

Scenario 1 accident-death-extra

Rahul dies because of a heart attack.

His nominee is assured a death benefit of ₹1 crore.

Scenario 2 Natural Death: ₹1 Crore

Rahul dies in a road accident.

His nominee gets ₹1 crore (basic sum assured) + 30 lakh (Accidental Death Benefit Rider Payout) = 1.30 crore total.

Critical Illness Benefit Rider

Under Critical Illness Benefit Rider, the insurer pays a rider payout if the life assured is diagnosed with a critical illness listed under the rider.

Example:

Rohan purchases a term insurance policy of ₹1 crore and a ₹ 20 lakh Critical Illness Rider. Rohan is later diagnosed with cancer (covered under the rider) after a few years. The insurer pays ₹20 lakh to Rohan to cover his treatment, medicines and other hospital expenses. The base coverage that is the ₹1 crore sum assured continues according to the policy. In case Rohan dies later during the plan tenure, his nominee will receive the sum assured of ₹1 crore as per the terms and conditions of the term plan.

Permanent and Partial Disability Rider

This term insurance rider provides a lump sum benefit if an accident causes permanent or partial disability such as loss of eyesight, loss of one a limb or both, etc.

Example:

After a nearly deadly accident, Ravi loses both legs and cannot continue working. The insurer pays the Permanent and Partial Disability Rider Payout as per rider terms to replace his lost income and sustain the family members dependent on him.

Waiver of Premium Rider

If the policyholder suffers a critical illness or injury or disability that prevents them from working or earning-as defined by the insurer-the Waiver of Premium Rider waives all future premiums. There is no payout, and the base term plan continues unchanged.

Example:

Let’s say Ankit buys a ₹1 crore child based insurance plan with a Waiver of Premium Rider for 20 years and pays a yearly premium of ₹15,000.
After 5 years, Ankit is diagnosed with cancer, a specified critical illness covered under the Waiver of Premium Rider.
In such situation, he may need a major portion of his income for the treatment and may struggle to pay the premiums.
Under such circumstances, the insurer waives all future premiums, while continuing the plan.
If Ankit passes away during the term plan, his family will receive full benefit of ₹1 crore.

Did You Know?

According to recent reports in the industry, it has been revealed that most Indian families are increasingly buying insurance policies with add-ons¹⁹. While men are more inclined towards Accidental Death Benefit Rider, women are increasingly choosing the Critical Illness Riders.¹⁹

Why Are Term Insurance Riders Important?

Riders are like extra shields you can attach to your term insurance, giving you added protection exactly where you need it. The following are the six benefits of term insurance riders:

Extra Coverage

When you add riders to your basic term insurance policy, you get additional financial protection. For instance, a critical illness rider can help cover expenses if you’re diagnosed with a serious illness during the policy term.

Can be Aligned with your Needs

Every individual has different financial duties and commitments. Riders allow you to align your policy to your requirements and give comprehensive coverage to your family.

Affordable

Adding riders is often more cost-effective than buying separate insurance policies for every extra benefit. You get multiple protections combined into one plan without straining your budget.

Full Protection

Riders help you build a safety net that goes beyond just the death benefit. They can cover critical illnesses, accidents, disabilities, and even help replace lost income for your loved ones.

Flexible

The majority of policies give you a chance to add/remove riders during the policy term, depending on your situation. It implies that you will be able to change your coverage as your life circumstances change.

Peace of Mind

Knowing you have secured extra protection for your family makes you feel less worried and be ready against unexpected risks and uncertainty.

Term Insurance with Riders: Real-Life Scenarios Explained

Let’s take the same example of Ramesh, age 30, who has purchased a ₹1 Crore term insurance plan for 30 years and has included the following term insurance riders:

₹25 lakh Accidental Death Benefit Rider

₹20 lakh Critical Illness Rider

Now, here’s how the plan works in different situations:

Scenario	What Happens	Example Outcome
Untimely Demise	The nominee receives the base sum assured if the life assured passes away during the policy term	If Ramesh dies at 45, his nominee receives ₹1 Crore
Accidental Death	Rider payout is given over and above the base cover in case of accidental death covered under the policy	If Ramesh dies in an accident, his family receives ₹1.25 Crore (₹1 Cr + ₹25L)
Diagnosed with Critical Illness	A lump sum is paid on diagnosis of a covered critical illness to help manage treatment expenses	If Ramesh is diagnosed with cancer at 50, he receives ₹20 lakh for treatment The ₹1 Crore term plan continues If Ramesh dies at 55, his nominee receives the ₹1 Crore sum assured

Scenario

What Happens

Example Outcome

Untimely Demise

The nominee receives the base sum assured if the life assured passes away during the policy term

If Ramesh dies at 45, his nominee receives ₹1 Crore

Accidental Death

Rider payout is given over and above the base cover in case of accidental death covered under the policy

If Ramesh dies in an accident, his family receives ₹1.25 Crore (₹1 Cr + ₹25L)

Diagnosed with Critical Illness

A lump sum is paid on diagnosis of a covered critical illness to help manage treatment expenses

If Ramesh is diagnosed with cancer at 50, he receives ₹20 lakh for treatment

The ₹1 Crore term plan continues

If Ramesh dies at 55, his nominee receives the ₹1 Crore sum assured

What Are Health Management Services in Term Insurance?

Health Management Services are wellness benefits offered alongside select Bajaj Life Insurance term plans. These services are designed to help the life assured access the right medical guidance during the policy term, going beyond the financial protection that a term plan provides.

As long as you continue paying your premiums on time, you can avail of the following Health Management Services through service providers registered with Bajaj Life Insurance:

Medical Second Opinion

Get an independent medical opinion on a diagnosis or treatment plan, helping you make more informed healthcare decisions

Medical Case Management

Receive structured support in managing a medical condition, from diagnosis through to treatment and recovery

Medical Consultation

Access professional medical consultation through empanelled service providers

These services can help the life assured get a correct diagnosis of a medical condition and procure appropriate illness care.

Note: Health Management Services are available with the Bajaj Life Superwoman Term and Bajaj Life Diabetic Term Plan II Sub 8 HbA1c.

Term Insurance Eligibility in India

Before buying a term insurance plan in India, it is important that you know the eligibility criteria mentioned by the insurer. These criteria define the basic conditions that need to be met for processing and approving the application.

However, the eligibility requirements may vary from insurer to insurer, so individuals should check the policy terms and conditions carefully before purchasing.

Let’s cover them in the table below:

Factor	Eligibility Requirement / Details
Minimum Age	18 years[⁷]
Maximum Age at Entry	Generally up to 65 years, though some insurers may allow entry up to 70 years [⁷]
Policy Term	5 to 40 years[⁷]
Nationality	Indian citizens, NRIs, PIOs[⁵] subject to IRDAI rules and insurer’s underwriting
Income	No specified income range, but coverage is often 10-15 times the annual income.[⁹]

Hear from the expert on Term Life Insurance

Bajaj Life eTouch II 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

Medical Test for Term Insurance – Is It Compulsory?

If you are planning to buy term insurance online, one common question is: Is medical test compulsory for term insurance?
The answer depends on various factors mainly your age, health profile and the coverage amount you choose.
Some insurers don't ask for medical tests if you are in your 20s and have no medical history.
However, if you are older and opting for a higher sum assured, say ₹1 Crore, then a medical test is mandatory before you can buy a term insurance plan online or offline.

Common Medical Tests Needed for Term Insurance^[10]

Standard Tests:

Complete Blood Count (CBC)
Blood Sugar (Fasting & Random + HbA1c)
Lipid Profile
Liver Function Test (LFT)
Kidney Function Test (KFT)
Urine Analysis
Electrocardiogram (ECG)
Chest X-ray
BMI
Blood Pressure
HIV/Hepatitis

Additional Tests (for older applicants or high coverage term insurance plans) :

Stress Tests (TMT)
Lung function Tests (spirometry)
Ultrasounds
Eye Examinations
Pulmonary Function Test as Additional Tests

Age-Specific Evaluations (for senior citizens) :

Cognitive Assessments
Bone Density Tests

What Documents Are Required to Buy Term Insurance?

Below is a simple list of documents [¹¹] required to buy term insurance in India.

Identity Proof (KYC Documents)

Aadhaar Card
PAN Card
Passport
Voter ID
Driving Licence

Address Proof

Aadhaar Card
Passport
Utility bills (electricity, telephone, water, gas – usually not older than 2 months)
Bank statement
Property or Municipal Tax receipts

Medical Reports (If Needed)

Most insurance companies don’t always require any medical test report before buying a policy, but some may ask for one for verification. Since, if any condition is missed or considered undisclosed, the insurer may reject your claim.
To avoid this, medical test reports are needed. If your policy is approved, the insurance company usually pays for your medical tests.
The policyholder will have a free look period of 30 days [32] from the date of receiving the policy to review its terms. If the policyholder is not satisfied with the terms and conditions of the policy, he or she can cancel the policy within this free look period. The policyholder will get a refund of the premium paid, after deducting the cost of insurance for the time covered, medical check-up (if any), and stamp duty charges.[32]
This all depends on the insurer’s product and underwriting policy.

Can We Buy Term Insurance Online?

Yes, you can buy term insurance online in India without any difficulties. Bajaj Life Insurance offers 100% digital buying process making it convenient to secure a safety net for your family from the comfort of your home or office.

Buying term insurance online not only saves time but is also affordable. This is because there is no middlemen or agent commission involved and hence the premiums are low.

Benefits of Buying Term Insurance Online

Lower Premiums

No Agent Commission, More Affordable

Easy Comparison

Compare Different Plan Features & Rider Benefits

Paperless Process

Upload Documents Online

Faster Policy Issuance

Quick Digital Approval

Secure Payment Options

UPI, Net Banking, Cards

How to Buy Term Insurance Online?

Below are a few simple steps to buy a term insurance plan online instantly:

Go to the official website of the insurer.
Enter your details, such as age, income, and required sum assured, in the premium calculator.
Check the premium and choose the policy term
Add riders (if required).
Fill in personal, nominee and medical details.
Upload KYC and income proof.
Complete medical test (if required).
Submit your application for underwriting.
Once approved, you can pay the premium amount and the policy document will be sent to you.

Note -

Bajaj Life Insurance facilitates Bima-ASBA, a secure UPI-based payment method. When you submit the application form, you can opt for BIMA-ASBA which allows you to block funds in your bank account for premium payments. Instead of debiting the premium amount immediately, it is held in your account through a UPI One-Time Mandate, as per IRDAI regulations¹⁷, for a maximum period of 14 days or until the underwriting decision is made, whichever is earlier.

Can We Buy Multiple Term Insurance Plans in India?

Yes [¹³], you can purchase multiple term insurance policies in India with various insurers to enhance t financial safety. However, you should also be truthful and disclose all the existing term insurance policies to the insurer at the time of application. The absence of disclosure may result in refusal of claims in the future..

Buying multiple term insurance policies is useful when:

You want higher sum assured
Your income has increased and you need more coverage
You want separate policies for home loan, family expenses, or child education
You want to diversify across insurers

Will Claim Be Paid From Multiple Term Insurance Policies?

Yes, in case of the life assured’s death, the nominee will receive death benefit as per the term plan from each insurer. However, the nominee must file separate claims with each insurer.
Buying multiple term insurance plans does not reduce claim eligibility if all the information and the documentations are correct.

What Happens If My Term Insurance Policy Lapses?

If you do not pay your term insurance premium, your policy does not lapse immediately. You get a grace period of 15 days for monthly payments and 30 days for quarterly, half-yearly, or annual payments.[¹³] If the premium is not paid within this period, then the policy lapses and your life cover stops.

A grace period is a short window of time given by the insurer to pay your premium after the due date. During this grace period:

Your policy remains active
Your term cover continues
You can pay the premium without losing the policy benefits

What Happens After the Term Insurance Grace Period Ends?

Situation	Outcome/Result
Premium still unpaid	Policy lapses, coverage stops
Death of life assured after lapse	No claim is paid to your nominee
Add-on Riders	Riders become inactive

What are the Types of Claims in Term Insurance?

There are mainly three types of term insurance claims

Death Claim

When the nominee receives the amount after the life assured’s death during the policy term

Maturity Claim

Only in certain plans, like TROP, where premiums are returned if you outlive the policy

Rider Claim

If you’ve added benefits like critical illness or accident cover, these can be claimed based on specific situations

How Do You File a Term Insurance Claim Successfully?

Filing a term insurance claim allows the insurance company to review the policy and determine if the claim is eligible under the policy terms.

Settlement of claims can be completed with ease and success using the following steps:

Inform the Insurer Immediately

The death of the life assured should be reported to the insurance company as soon as possible. Most of the insurers offer 24/7 claim helplines and/or online portals where the claim can be quickly registered.

Gather Required Documents

Prepare all necessary documents¹⁸ to prevent delays

Filled Claim Form
Death Certificate of the policyholder
Policy Document
Assignment/re-assignment deeds (if any)
Legal proof of title (if no nominee/assignment)
Signed discharge form

Note: The list of documents vary insurer to insurer and policy to policy, review the terms and conditions before buying the policy

Fill in the Claim Form Correctly

Complete the claim form using the right information as specified in the policy. Wrong, or unavailable information may slow the claim settlement process.

Send Documents to the Insurer

Send the claim form and supporting documents through the online portal of the insurer, email or through the branch office. Make and keep copies of all documents with you as well.

Monitor the Status Regularly

Monitor the status of the claim. Respond to requests of any document or clarification as soon as possible.

Claim Settlement

After the insurer has ensured all the documents are in order, the nominee will receive the amount assured. Insurers must settle death claims within 15 days from the date of receiving the last necessary document. If further investigation is required, the claim must be settled within 45days.

Note - The claim process, documents required, and timelines may vary policy to policy and insurer to insurer. Check the policy document or insurer’s website for specific details before buying.

How to Avoid Claim Rejection?

To ensure a smooth and stress-free claim settlement process and avoid claim rejection, consider these tips:^[29]

Don’t Rely Entirely on Your Agent

Agents may guide you through the claim form, but it’s best to fill the form yourself as much as possible for better clarity and accuracy. Even if you cannot fill out the form for some reason, check all the details filled by the agent before submitting.

Don't Hide Your Medical Condition

Never hide any details regarding your health, including lifestyle habits such as smoking or tobacco use, from your insurer. Even if your immediate family member or close relative has any kind of medical history, disclose it honestly.

Don't Skip Medical Tests

Always complete required medical tests, as they help the insurer assess your health and prevent claim rejection due to non-disclosure of pre-existing conditions.

Don't Overlook Policy Details

Check the policy document thoroughly, and if you find any errors or discrepancies, inform the insurer. If there are minor changes, the insurer will correct them by sending you a confirmation letter. But if there are major changes, you may have to undergo additional medical tests to maintain coverage.

Don’t Submit Fake Documents

Provide all necessary documents like PAN card, ID proof, birth certificate, etc. If there are any discrepancies in these documents, like a wrong address, misspelt name, or incorrect birth date, it can cause delays in claim processing or even rejection.

Don’t Let Your Policy Lapse

Always pay your term insurance premiums on time to prevent your policy from lapsing. If, for some reason, you miss a payment, you have a grace period of 15–30 [¹³] days to pay it.

What Are the Tax Benefits of Term Insurance in India 2026?

The premiums that you pay when you purchase a term insurance in India are tax-deductible under the provisions of the Income Tax Act, 2025, Section 123, 126, in case of the old tax regime.[¹⁶] Please note that, effective April 1, 2026, Section 80C and Section 80D of the Income Tax Act, 1961, will be referenced as Section 123 and Section 126 of the Income Tax Act, 2025, respectively. These tax deductions further make term insurance a wise financial choice, particularly among young millennials, to save on taxes and ensure the financial security of their loved ones.

You can claim these tax benefits under three different sections:

Term Insurance Tax Benefit under Section 123 of Income Tax Act 2025 (Formerly Section 80C)

Tax deduction under Section 123 of Income Tax Act 2025 (Formerly Section 80C), covers various investments including life insurance premiums, home loan repayments and children’s education fees, in case of the old tax regime.

Please note that, effective April 1, 2026, Section 80C of the Income Tax Act, 1961, will be referenced as Section 123 of the Income Tax Act, 2025.

Total deduction is capped at ₹1.5 lakh per year on premiums paid.
Annual premium must be ≤ 10% of the Sum Assured.
No tax benefits if the policy is surrendered or terminated within 2 years of purchase.
No deduction is available under the new tax regime.[³³]

Term Insurance Tax Benefit under Section 126 (Formerly Section 80D)

If you have added any health-related rider like Critical Illness Rider to your base term plan, then can you claim tax deductions under Section 80D[¹⁶] of the Income Tax Act, 1961, in case of old tax regime.

Please note that, effective April 1, 2026, Section 80D of the Income Tax Act, 1961, will be referenced as Section 126 of the Income Tax Act, 2025.

Up to ₹25,000 for self, spouse, and dependent children.
Additional ₹25,000 for parents (below 60 years)
Up to ₹50,000 for senior citizen parents (60+ years)
No deduction is available under the new tax regime.[³⁴]

Term Insurance Tax Benefit under Section 11 (read with Schedule II)

Section 11 (read with Schedule II) also offers tax exemptions. The entire amount received from a from a term insurance policy —as death benefit —is fully tax free. The tax-free death benefit is available under both the old and new tax regimes.

Term Insurance Plans and GST: What You Need to Know?

Before 22 September 2025, GST was applicable on the premium amount paid for term insurance. This raised the overall price of the individual term insurance plans, which became costlier to the life assured.

Since 22 September 2025, the amount of GST levied on personal term insurance plans is 0% [¹]. This implies that the policyholder will not pay an additional amount, but only the actual base premium. However, group term insurance plans are still subject to GST of 18%.

The revised GST structure is explained below:

Type of Term Insurance Plan	GST before Sept 2025	GST after Sept 2025	Total Payable on ₹10,000 Premium
Individual Term Insurance	18% GST	0% GST	₹10000+₹0 = ₹10000
Group Term Insurance	18% GST	18% GST	₹10000+₹1800 = ₹11,800

Factors Affecting Term Insurance Premiums

Term Insurance Plans from Bajaj Life Insurance

Product of the Year

Bajaj Life eTouch II

A Non-Linked, Non-Participating, Individual Life Insurance Term Plan

Up to 16% discount on 1st Year Premium¹

Free Health Benefits² upto ₹31k p.a.

₹2 Cr. Life Cover @ ₹18 per day⁴

Lifelong income for Parents⁶

Tax Benefits up to ₹46,800⁵

Exclusively for Women

Bajaj Life Superwoman Term

India's First Comprehensive Woman Term Plan

Free Women Health Management Services upto ₹36,500^{^^^} p.a.

60 Critical Illnesses^~~~ Covered Including cancer

Monthly Child Income Benefit Option^{^^*}

Life Cover With Tax Benefits*

Term Plan

Bajaj Life iSecure II

A Non-Linked, Non-Participating, Individual Life Insurance Term Plan

₹50 Lacs Life Cover @ ₹16⁷ per day

No Documentation⁸ & Quick Issuance

2% Online Discount⁹

Tax Benefits²⁷

Term Plans

Bajaj Life Saral Jeevan Bima

A Non-Linked, Non-Participating, Individual Pure Risk Premium Life Insurance Plan

Life Cover

High Sum Assured Rebate²¹

Female Life Rebate²²

Term Plans

Bajaj Life Smart Protection Goal

A Non Linked, Non Participating, Individual Life Insurance Term Plan

Buy online and Get up to 16% Discount on first year premium³

₹ 1 Crore Cover @ ₹ 14 per day²

55 critical illnesses covered¹

Return of premium option¹

Term Plans

Bajaj Life Diabetic Term Plan II Sub 8 HbA1c

A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan

Term Plan exclusively designed for Type 2 diabetics (with HbA1c level <= 8) and pre-diabetics.

Provides comprehensive financial security to your family.

Flexibility to choose from multiple premiums payment frequencies

Tax benefits^~ available

Comparison Guide for Term Insurance Plans from Bajaj Life Insurance

Feature	Bajaj Life eTouch II	Bajaj Life iSecure II	Bajaj Life Superwoman Term	Bajaj Life Diabetic Term Plan II Sub 8 HbA1c
Type	Non-linked, non-participating, individual life insurance term plan	Non-linked, non-participating, individual life insurance term plan	Women-centric term plan (based on eTouch variant)	A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan for Type 2 diabetics
Target Audience	Anyone looking to secure their family financially	Value-conscious + high cover seekers (eg.:self-employed)	Women (salaried, homemakers, entrepreneurs)	Type 2 diabetics / pre-diabetics
Death Benefit	✔	✔	✔	✔
Maturity Benefit	✘ (except Life Shield ROP variant)	✘ (except ROP variant)	✘	✘
Return of Premium (ROP)	✔ (Only available with Life Shield ROP variant)	✔ (Only available with ROP variant)	✘	✘
Riders Available	✔	✔	✔	✔
Premium Holiday	✔	✘	✘	✘
Early Exit Value	✔ (Available in Life Shield Life Shield Plus variant)	✔ (Available in Life variant)	✘	✘
Tax Benefits	✔	✔	✔	✔
GST on Premium	0%	0%	0%	0%
Variants	Life Shield, Life Shield Plus, Life Shield ROP	Life, ROP, Easy	No Variants	No Variants
Health Management Services	✔	✔	✔	✔
Key Differentiator	Feature-rich + flexibility + early exit	Simplified structure + affordability	Women-first design + Critical Illness Cover + life-stage benefit	Niche underwriting for diabetics

Experience of Term Insurance Buyers

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

Devang Awasthi IT Professional

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.

Keyur Agarwal Business

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.

Rohit Singh Engineer

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.

Neha Gandhi Marketing

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.

Rohini Shah Chartered Account

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.

Anoop Raina Engineer

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.

What Are the Common Mistakes People Make While Buying Term Insurance Plans?

The arrival of their first child filled Arvind and Sneha with joy. But their financial responsibilities were also multiplied. Wanting to secure his family from any financial crisis in his absence, he quickly decides to buy a term plan online.
In his rush, he skips crucial steps like comparing different options and checking the coverage details.
But soon Arvind realizes that his term insurance plan would not provide maximum coverage and lacked rider benefits.
Don’t make such mistakes.
To help you secure the best term insurance plan in India, here are the common mistakes to avoid and ensure a comprehensive term insurance plan for your family.

Choosing the Wrong Coverage Amount

Don’t under-insure your family. Select the sum assured that will cater to your income, debts and future expenses using the Bajaj online term insurance calculator.

Skipping Term Insurance Riders

Term insurance riders such as Accidental Death Benefit Rider, Permanent and Partial Disability Rider, Critical Illness Benefit Rider, Waiver of Premium Rider help improve your term insurance plan by offering additional financial protection.

Focusing Only on Premiums

Low term insurance premiums may be appealing, but lack of insurance coverage or insufficient coverage may put your family at risk. Select a plan that will be suitable in terms of price and financial protection.

Not Comparing Plans Online

Compare multiple term insurance plans online to find the best coverage at the right price. Do not purchase a term plan without evaluating its benefits and features.

Ignoring Policy Terms and Conditions

Before you buy a term insurance plan, read the fine print carefully. Understand the rules on exclusions, waiting and claim periods to avoid any discrepancies later.

Delaying Your Purchase

The sooner you purchase the cheaper your term insurance premium is. Act now – secure your term insurance policy today at an affordable rate.

Take action now: Compare and buy the best term insurance plan in India to ensure your family is financially protected without delay.

Terms Related to Term Insurance Plans

Insurer

This is the company offering insurance policies like Bajaj Life Insurance.

Policyholder

This is the person who owns the policy.

Life Assured

The person whose life is covered under the policy. The policyholder and the life assured can be the same person or different.

Nominee

This is the person selected by the policyholder to receive the death benefit while buying the policy. In case the life assured passes away during the policy term, this person is entitled to receive the policy benefits.

Policy Term / Tenure

This is the duration for which your insurance policy remains active and provides coverage.

Term Insurance Premium

This is the amount you pay regularly to the insurer in exchange for the life cover.

Sum Assured

This is the fixed amount payable to the nominee in the event of the insured’s death.

Claim

This is a formal request made to the insurance company for the policy benefits. In term insurance, a claim is raised when the insured person passes away during the term.

Death Benefit

This is the total amount payable to the nominee if the insured dies, which may also include bonuses, rider benefits, etc.

Maturity Benefit

This refers to the amount paid by the insurer to the policyholder, provided the life assured outlives the entire policy tenure.

Surrender Value

This is the amount you receive if you decide to cancel/terminate before its maturity date.

Policy Lapse

When you don't pay the premiums within the due date and the grace period, your policy lapses or ceases.

Some Common Queries on Term Insurance Answered

How does gender affect premium rates?

Women typically pay lower premiums than men because, statistically, they tend to live longer. Insurers consider women to be a lower risk and thus provide lower premium rates.[6] That said, other factors, such as age, health history, and lifestyle, also influence what you ultimately pay.

Why is sum assured an important factor when it comes to term insurance?

The sum assured is the amount your nominee receives in case of your death during the policy tenure. This amount helps your family manage daily expenses, repay loans, and fulfil future goals.

What is the ideal duration of term life insurance?

The ideal duration of term life insurance depends on your planned retirement age or until you settle your financial liabilities, such as loan repayments.

How to reduce my term insurance premiums?

One of the ways in which you can reduce your term insurance premiums is by buying a policy at an early age. Maintaining good health with no smoking/tobacco/alcohol consumption and choosing a longer tenure are also useful in obtaining lower premiums.

Key Takeaways for Term Insurance

You can start coverage from as early as 18 years of age.

Start young to lock in lower premiums throughout the policy.

Premiums can be paid monthly, quarterly, half-yearly, or yearly.

Online term insurance calculator to estimate your coverage and premium.

Multiple add-on riders to enhance your financial protection.

Zero GST on individual term insurance premiums, effective from 22 September 2025.

Premiums are usually lower for women due to longer life expectancy.⁶

Term insurance plans are available for NRIs with flexible options.

15 days grace period for monthly premiums and 30 days for yearly, half-yearly and quarterly modes^[13] to pay premiums after the due date to avoid policy lapse.

Term Insurance Plan FAQs

Is term insurance worth buying it if I have no dependents?

Term insurance can be a good purchase even when you do not have any dependents. It may help cover your unpaid debts and also if you buy a term plan early, you can lock in lower premiums.

Are term insurance premiums fixed or do they increase every year?

In India, most standard term insurance policies usually have fixed premiums during the policy term. The premiums do not increase. However, some insurers also provide increasing term insurance plans, where the sum assured increases over time, which may slightly affect the premium structure.

What is the payout option in term insurance?

Insurers make the payout in lump sum or as a monthly income or a combination of the two. There are also plans where the payouts can be staggered within a given period of time. The choice of the option can be decided at the buying time depending on the financial needs of your family and future spending plans.

Is term insurance valid if I change my job or move abroad?

Yes, your term insurance remains active if you change your job. In case you relocate overseas, you must notify the insurer. It is important that you update your contact details and residency status always to eliminate the possibilities of claim rejection and to maintain a continuous coverage of the policy term.

How does inflation impact term insurance coverage?

The real value of your sum assured is devalued by inflation. For example, ₹1 crore today might not have the same purchasing value after 10 or 20 years. This implies that you may not cover all the expenses of your family in the future. Due to inflation risk, higher cover or increasing term plan can be opted to cope with inflation risk.

Does term insurance cover death during international travel?

Yes, term insurance plans cover death during international travel including accidental and natural deaths. There can however be some exclusions on high-risk activities, war zones or restricted countries. One should be cautious to read the terms of the policy before travelling to foreign countries. Informing the insurer about your long-term foreign stay will make the claim settlement easy for the nominee.

Can I switch insurers after buying term insurance?

Term insurance plans cannot be switched between insurers. If you wish to change the insurer, you must purchase a new policy and undergo fresh underwriting.

Can I add two nominees in my term insurance plan?

Yes, you are allowed to have several nominees in your term insurance. The percentage share that each nominee will get can also be specified. This will ensure transparent allocation of the claim amount and avoid conflicts. The information about the nominees can be typically updated by sending a formal request to the insurer with the necessary documents.

Which term insurance plan is best for me?

The best term insurance plan in India is determined by a number of factors such as your income level, dependents, loan repayments and the duration of your desired cover.

How much term insurance cover do I need?

The basic thumb rule is to have a cover that is approximately 10 to 15 times your annual income. Let's say your yearly income is ₹8 lakh, then your ideal cover should be between ₹80 lakh and ₹1.2 crore.

Which term plan is best for a 30-year-old?

At 30, premiums are generally low, and you are in good health. So, choose a term plan with comprehensive coverage, affordable premiums, and flexibility to add riders for unfortunate events.

What is term insurance with a monthly income?

Term insurance with a monthly income option provides your family with regular monthly payments after your death. This gives them a regular flow of income to manage their daily expenses without any stress.

How often should I review my term insurance policy?

It is best to review your term insurance plan at regular intervals. This is because your circumstances, salary, assets and liabilities would have changed during this time.

How long should the term insurance policy period be?

A simple rule of thumb — your policy should last as long as you're working. So if you're 30 today and plan to retire at 60, go for a 30-year term. [³¹] That way, your family has a financial safety net for exactly as long as you're the one bringing home the income.

Can NRIs buy term insurance in India?

Absolutely. Being abroad doesn't stop you from securing your family back home. As per FEMA guidelines, [⁸] NRIs have the flexibility to buy a term plan in India, regardless of which country they're living in.

How long does it take to approve a term insurance claim?

IRDAI rules require insurers to settle claims within 15 days [³²] of receiving all the necessary documents. If the claim needs a deeper investigation, the insurer still has to wrap both the investigation and final settlement within 45 days [³²] of the claim intimation.

What is a premium holiday and auto cover continuance in a term insurance plan?

A premium holiday lets you pause your premium payments for a certain period (for up to 1, 2, or 3 years) without losing your coverage. Auto cover continuance works similarly; if you miss a payment, your life cover continues automatically for a defined period (often 12 months). Once you resume payments, your coverage remains intact.

Read All

Term Insurance Guide

Videos
Articles
Calculators

Life Insurance Made Easy | Accidental Death & Disability Rider

Understanding Riders: How It Impacts Your Coverage

Life Insurance Made Easy | Annualized Premium

Cracking the Code: Understanding Annualized Premium in Insurance

Life Insurance Made Easy | Claim settlement ratio

The claim settlement ratio is the percentage of life insurance claims a company has paid out compared to the total claims received.

Life Insurance Made Easy | Return of Premium

Understanding #lifeinsurance terms may be challenging. As part of Bajaj Life Insurance’s #LifeInsuranceMadeEasy series we are simplifying industry terminology

Life Insurance Made Easy | Auto pay

Watch this video from the #LifeInsuranceMadeEasy series, a customer education initiative by Bajaj Life Insurance to know how Autopay simplifies the premium

Life Insurance Made Easy | Compound Revisionary Bonus

#Lifeinsurance terms got you mixed-up? As part of #LifeInsuranceMadeEasy series, Bajaj Life Insurance’s is helping to simplify industry terminologies

Know About Term Policy FAQs

The top priority of every family man is the well-being of his family. Over the years, he strives hard to meet every life goal of his family.

Benefits of Term Insurance

A term insurance policy is a life insurance plan which is intended to cover the risk of premature death or demise of the life assured, during the policy tenure. The term plan

Types Of Term Insurance Plans In India

Life may be great for the most part, but at some point, uncertainties and unexpected events may happen. They may be sudden job losses, pay cuts,

Term Insurance Eligibility Criteria - Explained

At times of financial distress and uncertainty, it is great relief to have a safety net to help you cover for unexpected expenses. One of the most

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.

Body Mass Index (BMI) Calculator

Body Mass Index (BMI) is a measure to understand whether your body weight is healthy as per your height.

View All

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 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 Life Insurance Company.

Shrikant A Karande

Happy with the returns

I was introduced by my advisor to invest in Bajaj 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 Life Insurance and very happy about the services.

Dhruv Soni

Excellent Support

The Bajaj Life Insurance 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

Sources:

Reviewed by Life Insurance Experts

Bajaj Life Insurance is a trusted insurance partner

At Bajaj Life Insurance, 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

Lowest Premium Guaranteed*

₹2 Cr Life Cover @ ₹18/Day**

0% GST^{^} + 16% Discount on first year premium^#

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BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

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 Insurance House, Airport Road, Yerawada, Pune - 411006, Maharashtra

Email: customercare@bajajlife.com | Customer Care No.: 020 6712 1212

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.

The Logo of Bajaj Life Insurance Limited is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo.

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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 Life Insurance 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.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

Disclaimer

Claim Settlement Ratio of 99.29%^~

Term Insurance

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

What is Term Insurance?

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Types of Term Insurance Plans in India 2026

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How TROP Works (Explained with an Example)

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Term Insurance vs ULIP

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How to Choose the Right Term Insurance Plan Based on Your Goals?

Checklist to Consider Before Buying a Term Insurance Plan

What is Term Insurance Premium Calculator?

How Does The Term Insurance Premium Increase With Age?

How Smoking Affect Term Insurance Premiums?

Which Premium Payment Option Should You Choose?

What Is Premium Payment Frequency in Term Insurance?

Can I Change My Premium Payment Frequency?

What Are Term Insurance Riders?

Term Insurance with Riders: Real-Life Scenarios Explained

Term Insurance Eligibility in India

Can We Buy Term Insurance Online?

Can We Buy Multiple Term Insurance Plans in India?

Will Claim Be Paid From Multiple Term Insurance Policies?

What Happens If My Term Insurance Policy Lapses?

What Happens After the Term Insurance Grace Period Ends?

Term Insurance Plans and GST: What You Need to Know?

Comparison Guide for Term Insurance Plans from Bajaj Life Insurance

Experience of Term Insurance Buyers

Key Takeaways for Term Insurance

Term Insurance Plan FAQs

Term Insurance Guide

Customer Speaks

18% 0% GST on Term Plan^

Lowest Premium Guaranteed*

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

18% 0% GST on Term Plan^{^}