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Key Takeaways
Compare term insurance plans based on your age, income, liabilities, dependants, policy duration and long-term financial responsibilities rather than premium alone.
You must also compare riders such as Accidental Death Benefit, Total Permanent Disability and Waiver of Premium based on your specific protection needs.
Evaluate death-benefit payout choices, return-of-premium options and coverage duration to select a term plan that aligns with your family's financial security.
A term insurance plan is hailed as one of the most accessible life cover options in India. While that may be largely true and for good reason, one has to consider that the range of choices available within this category can be overwhelming.
So, where does someone start with buying a new life insurance policy? How to compare plans to understand which would suit them best and why?
A simple way to start your policy purchase journey is understanding your coverage requirements. For instance, getting a ₹1 crore term insurance coverage may be much more cost-effective than considering the same coverage for other plans. But do you need more? Or less? Figuring this out is best done after assessing your needs, lifestyle, resources, liabilities, and other relevant factors.
Once you have a better understanding of what sum assured value may suit you, you can better compare plans based on their unique features and benefits. Let’s look at how to compare term life insurance plans, their coverage, and how they can prove to be helpful.
Why Compare Term Insurance Plans?
Choosing the right term insurance plan requires a thorough comparison of various policies. A proper term insurance comparison enables you to:
Identify the Right Coverage Amount
Decide on a sum assured that would support your family’s lifestyle and future financial obligations.
Analyse Premium Costs
Compare premium rates to get maximum coverage within your budget.
Understand Policy Benefits
Different term insurance policies come with various benefits, such as add-ons, flexibility in premium payments, and return of premium options.
Key Factors for Term Insurance Comparison
Here’s a detailed breakdown of factors to consider when comparing term insurance plans.
1. Sum Assured
Choose adequate coverage, typically 10–15 times your annual income plus liabilities. Higher coverage may be subject to insurer underwriting. For supplementary cover, match the sum assured to your liabilities.
2. Policy Term
Choose a tenure that covers the period your dependants need financial support. Most insurers offer terms of 10–40 years.
3. Premium Costs
Compare premiums based on age, health, policy term and sum assured. Affordability matters, but premium should not be the only deciding factor.
4. Riders and Add-Ons
Riders enhance the base coverage of your term insurance plan, providing additional protection against specific risks. Consider Accidental Death, Critical Illness and Waiver of Premium riders based on your needs.
5. Claim Settlement Ratio (CSR)
A higher CSR can indicate a strong claim-settlement track record. Consider it alongside other policy factors.
6. Policy Flexibility
Look for flexible premium payment options and the ability to increase coverage at key life stages.
IndiaFirstLife Term Insurance Plan Comparison
IndiaFirst Life offers term insurance plans suited to different financial needs, life stages and protection requirements. Compare plans based on coverage, tenure, premium options and additional benefits before choosing a suitable policy.
Plan | Key Features | Ideal For | Explore |
IndiaFirst Life Elite Term Plan | • Cover up to 99 years | Young professionals seeking long-term cover | Explore the plan’s coverage and payout options. |
IndiaFirst Life Super Protection Plan | • Return of Premium option | Individuals seeking comprehensive family protection | Discover its flexible protection benefits. |
IndiaFirst Life Plan | • Cover up to ₹50 crore | Individuals requiring substantial cover | Learn how the plan can provide substantial coverage. |
IndiaFirst Life Protect Shield Plus Plan | • Instant coverage of up to ₹10 lakh • No medicals or underwriting required, subject to applicable conditions • Annual premium payments for cover of up to 10 years | Individuals seeking straightforward and affordable protection without medical examinations | Explore its affordable protection features. |
IndiaFirst Life Guardian of Life Dreams (GOLD) Term Plan | • Option of whole life cover or limited period cover of age up to 85 years • Life Cover and Return of Premium options • Level premium discount of 16% for women | Individuals seeking flexible, comprehensive protection | Explore its flexible coverage choices and benefits. |
Steps to Choose the Best Term Insurance Plan
Follow these steps to make an informed decision.
Assess Your Financial Needs: Calculate your family’s future expenses, outstanding debts, and income requirements.
Compare Multiple Plans: Use online tools, such as term insurance calculators, to conduct comparisons based on premium, coverage, riders, and claim settlement ratio.
Read the Fine Print: Carefully review exclusions, waiting periods, and policy renewal terms.
Consult a Financial Advisor: Seek professional advice if you have specific financial goals or require customized coverage.
Choosing the right term insurance policy is a key decision for ensuring your family's financial security. While it may seem overwhelming at first, selecting the right plan can be an easy, hassle-free process if you have assessed your requirements, aligned your expectations, and noted the parameters on the basis of which to compare term insurance plans. Since life insurance is usually a long-term decision with probable financial repercussions, you may want to consult an expert to ensure you are making the right choice.
Before You Go
Your family won't remember which plan was cheaper. They'll remember whether the protection was enough when they needed it most.
[Calculate Your Ideal Life Cover]
Frequently Asked Questions
Why should you compare term insurance plans before buying one?
A comparison helps you assess the sum assured, policy term, premium, payout options and additional benefits. This allows you to select cover based on your family's financial needs rather than premium alone.
What factors should you consider when comparing term plans?
Consider your age, income, dependants, liabilities, coverage requirement, premium-paying term, policy duration, payout options and available riders. You should also review exclusions and policy conditions carefully.
Which term insurance plan is suitable for long-term protection?
The right plan depends on your protection requirements. For instance, IndiaFirst Life Elite Term Plan offers coverage up to age 99, while the IndiaFirst Life Guardian of Life Dreams (GOLD) Term Plan provides whole-life or limited-term protection, subject to the selected option and terms.
Which term plan may be suitable for high coverage requirements?
The IndiaFirst Life Plan allows flexibility in selecting the assured amount and policy duration, making it relevant for individuals with substantial financial responsibilities.
Is there a term plan designed for straightforward, affordable protection?
Yes. The IndiaFirst Life Saral Jeevan Bima Plan provides cover up to ₹50 lakh, flexible premium payment options and protection for up to 40 years.
Can you get term insurance without undergoing medical examinations?
Some plans may offer this convenience subject to eligibility and policy conditions. For example, the IndiaFirst Life Protect Shield Plus Plan offers instant issuance and no medicals, subject to applicable terms.
Can I choose a term plan with return of premium?
Yes. Some plans offer a Return of Premium option. The IndiaFirst Life Super Protection Plan and GOLD Term Plan provide such an option, subject to applicable conditions.
Can you customise the death benefit payout?
Yes, depending on the plan you can customise death benefits into lumpsum or monthly payout. For instance, IndiaFirst Life Elite and Super Protection plans provide options to receive the sum assured as a lump sum or through monthly instalments.
How do you choose the most suitable term insurance plan?
Start by calculating your required cover and matching the policy duration with your family's financial responsibilities. Then compare premiums, payment options, payout structures and additional benefits across products to identify the plan that fits your requirements.
Disclaimer: IndiaFirst Life Insurance Company Limited, IRDAI Regn No.143, CIN: U66010MH2008PLC183679, Address: 12th & 13th floor, North [C] Wing, Tower 4, Nesco IT Park, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll free No – 18002098700, www.indiafirstlife.com SMS to 5667735 SMS Charges apply. IndiaFirst Life Insurance Company Limited is only the name of the Life Insurance Company and IndiaFirst Life Super Protection Plan (UIN 143N075V01), IndiaFirst Life Elite Term Plan (UIN 143N070V01), IndiaFirst Life Term plan (UIN 143N007V03), IndiaFirst Life Protect Shield Plus Plan (UIN 143N078V01), IndiaFirst Life Saral Jeevan Bima Plan (UIN 143N061V01), and IndiaFirst Life Guardian of Life Dreams Term Plan (UIN 143N081V01) are only the names of the Life Insurance Product and does not in any way indicate the quality of the contract, its future prospects, or returns. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Trade logo displayed above belongs to our promoters M/s Bank of Baroda is used by IndiaFirst Life Insurance Co. Ltd under License
