Secure your family's future with the best term plans!
Nominee Assistance Program FREE
Claims assistance, legal, financial & psychological counselling.
Compare among top insurers
with more than 95% claims settlement ratios.

Buy Term Insurance

Namaste! Financial independence and prosperity are every person’s goals. However, many people fail to see that a family’s goals mirror their own.

Would you, or anyone, rest easy knowing their loved ones could suffer financially after your death? It’s true, and if you aren’t careful it could happen to your family too. Don’t waste time - Buy a Term Insurance plan today! Why risk your family’s future when you can compare and buy the best term plan on Coverfox.com?

But wait, What is term insurance you ask? Well, let us answer it very simple for you!

A term plan covers the risk of untimely death, disability, and disease. It’s the most economical, pocket-friendly, and purest form of life insurance. E.g., A 25-year-old healthy male can get Rs. One crore life cover for a monthly premium of just Rs. 500 p.m.

Let’s tell you why Term Plans are so important!

Life is too unpredictable, and uncertainties can rip you off emotionally, financially, and physically too. No one has any control over death; neither can anyone predict it.

  • Your Family Needs Support - Death of the breadwinner of the family can cause disastrous turbulence.
  • It helps you pay off Outstanding Debt – In the case of your untimely death, the burden of paying off your loans and other debts falls on your family’s shoulder. The money received from term plans will help families settle outstanding loans and other obligations in the absence of the policyholder.

  • Lifestyle Risks - Our modern-day lifestyle makes our body a perfect host to several ailments. An insurance plan also protects against critical illnesses such as cancer, heart attack, kidney failure, etc. On diagnosis, a part of or the applicable the sum assured gets paid.

Why Buy Term Insurance On Coverfox?

We love to shop online for goods and services because we get so many options from which to choose. That’s exactly what Coverfox.com offers you - a plethora of options!

Also, did you know you can buy a term plan on Coverfox in less than 5 minutes. Yes, you read that’s right, less than 5 minutes! Let’s have a look at the reasons to buy term plan online:

Pocket-friendly: Experts say online term plans are almost 40% cheaper than offline ones. You skip all the additional charges an insurer incurs on paper-cost, agent’s commission, processing fees, etc.

User-friendly: Buying insurance online is simple for a newbie too! Coverfox.com has a user-friendly gateway to take you through the process of buying insurance conveniently.

Expert-knowledge: Coverfox has insurance brokers licensed by the IRDAI. Get the best approach to settle all your insurance needs. Best-in-class service makes us unbeatable,

Back-up of your policy documents: View your purchased term insurance policy on your online account on Coverfox.com! Besides, you also receive a soft-copy on your email address that gets saved too.

Reminders for renewal: Coverfox.com sends you timely renewal reminders to help you avoid a policy lapse.

Still in doubt about buying Insurance on Coverfox? Get insurance online and relax with peace of mind.

Should you buy a Term Insurance plan?

Are you sure your family’s financial future is safe and secure even after your death? Or does your family depend on you for their livelihood too?

ANY person who has a family dependent upon them should buy a term life policy without a second thought. These insurance plans provide the triple benefit of protection, tax savings, and pocket-friendly premiums.

Also, there’s no RIGHT age for someone to buy a Term policy. Take it from us and act NOW!

Young Professional – As you are young, you will get a higher life cover at cheaper rates than other people. The premium for your plan will remain the same throughout the policy term. As you age, the premiums will rise, so why not buy one now rather than wait.

Newly-Married – Gift your something better than just roses, chocolates, or relaxing time at a spa. Your beloved needs a long-lasting gift that takes care of her in your absence. When you buy a plan, you will take care of her financial needs in your absence.

Parents – You have welcomed a bundle of joy in your life. Now, its time for you to ensure that their future needs like quality education, living expenses, among other things, are taken care of when you are not around. Losing parents deprive children of all the opportunities that life holds for children. A term plan protects your child’s future in your absence.

Working Women – As a working woman, you are a vital source of income for your family. A term plan will help ensure that your spouse/children/parents are financially protected even when you are not around. Term plans with critical illness cover also provide financial assistance in case you are down and out due to a critical illness like cervical or breast cancer.

Borrower/Debtor – When you take a loan to fulfill your dreams like buying a house, car, etc. you are creating a liability. This liability will fall on the shoulders of your loved ones when you are not around anymore. A policy helps your loved ones to pay off your debts.

How much Term Insurance is Enough?

  • Nobody said buying this kind of insurance was easy. But we at Coverfox want to help you in your purchase to the best possible extent!

  • As a rule of thumb, your term cover should be 20 times your annual income. If your yearly salary is Rs. 10 Lakhs, then your coverage amount should be Rs. 2 crores.

  • You can also use a Human Life Value Calculator. For arriving at your true worth, it takes into account your current and future earning capacity, assets accumulated to date, life cover you currently hold, and outstanding debts.

  • It’s a straightforward online tool for calculating your term policy needs

How much should be the policy period when you Buy Term Insurance?

Nobody said buying this kind of insurance was easy. But we at Coverfox want to help you in your purchase to the best possible extent! As a rule of thumb, your term cover should be 20 times your annual income. If your yearly salary is Rs. 10 Lakhs, then your coverage amount should be Rs. 2 crores.

You can also use a Human Life Value Calculator. For arriving at your true worth, it takes into account your current and future earning capacity, assets accumulated to date, life cover you currently hold, and outstanding debts.

It’s a straightforward online tool for calculating your term policy needs.

How much should be the policy period when you Buy Term Insurance?

Nobody can look into a crystal ball and predict the length of their life - it’s IMPOSSIBLE! To keep our answer short, the ideal policy period of the best term life insurance should be equivalent to your working years.

E.g., If you are 30-year-old and are planning to retire when you are 60, then an ideal policy term for your policy is 30 years. But you know what? We at Coverfox always give you plenty of options, just like term policy periods!

Term plans policy periods range 5 years to 40 years, so you can buy a term plan within this range of periods. There are also some term plans which provide life cover till you reach age 100.

Wow, life-long coverage! Imagine securing your family’s future for the rest of THEIR LIVES! It’s so simple on Coverfox! :)

Features & Benefits of Term Insurance

There are so many features and benefits of term plans, we have had a tough time listing them here! Check out some of the plan’s most important features we’ve listed below:

Features

  • Protects your family against the risk of your unexpected death
  • A pocket-friendly plan with the high cover amount
  • Offers a free look period
  • Additional optional riders to increase the base plan coverage
  • Offers lower rates for non-smokers and female lives
  • Flexibility in choosing policy period, premium paying modes, premium frequency, etc.

Term Insurance Benefits

  • Offers financial security to your family in your absence
  • A higher sum assured at the lowest premium
  • Facility to buy best term insurance in India online
  • Tax Benefits on the premiums u/s 80C and payouts received u/s 10(10D) of the Income Tax Act, 1961.

Let’s understand the types of Term Insurance

You’d be wrong to think that there'd be just a FEW policy types. Catch your breath….You’re going to need it when you run through our extensive information below! 1...2….3 Let’s GO!

Standard Term Insurance

  • The standard term policy is a simple and straightforward plan. The life assured decides the sum assured policy term, and pays the premium as per the chosen frequency and mode agreed at the time of policy purchase.
  • In case the life assured passes away during the policy period, the insurance company pays the sum assured to the nominee as per the payout opted by the policyholder.
  • There is only a death benefit under the standard term plan. There is no maturity benefit, or survival benefit offered if the life assured outlives the policy term.

Term Return of Premium (TROP)

  • In the Term Return of Premium (TROP), if the life assured survives till the end of the policy term, the insurance company pays back all the premiums paid.

Increasing Term Insurance Plan

  • Under this kind of plan, the life cover increases on every policy anniversary. This plan is similar to the standard plan in all other regards, like premium payment, and policy term, etc.
  • The increment could be 5% or 10% on the base coverage.
  • The coverage of this type of plan increases up to a maximum of 1.5 to 2 times the original cover.

Life Stage Event Term Insurance Plan

  • In this type of plan, on your significant life stage milestone, you can increase the coverage. If opted, your sum assured (coverage) and premium increases with each life's milestone, first marriage, first child, a second child, etc.
Event The increment in the Sum Assured as a % of Original Total Sum Assured
Marriage (First Marriage Only) 50%
Birth of 1st Child 25%
Birth of 2nd Child 25%
  • In case the life assured passes away during the policy period, the insurance company pays the effective sum assured to the nominee at the time of death.

Convertible Term Plan

  • A convertible term plan allows you to convert your policy into whole life insurance or an endowment plan.
  • On conversion, the sum assured comes down to match the premium you are currently paying.
  • Charges may apply at the time of conversion from a term plan to an endowment or a whole life plan.

Joint Life Term Plan

  • A joint life policy covers you and your better half in a single policy.
  • You pay a combined premium, and both the individuals get covered under the same term plan.
  • On first death, the surviving partner gets the life cover amount.
  • On the second death, the nominee receives the life cover amount.
  • The term period is fixed at the time of buying a policy.

Group Term Insurance

  • Group term plans are life coverage plans for employees of businesses, companies, or any other large group of people associated together.
  • Group plans are the same as individual term plans.
  • They are available and priced for a group as a whole
  • The premium changes every year.
  • Once an individual leaves the group, he/she will not be a part of a group term plan.

Why are Riders added to Term Insurance plans?

“If Term policies are enough to protect you, why add riders to them?”

This is the most basic question one is expected to ask. But, you know, term plans can’t get you that little bit EXTRA protection, we all crave to have.

Coverfox wants to make you wise so that you know which rider to choose with your policy. But first, let’s answer THAT question - Riders are the additional optional features that enhance the base policy coverage. They’re available as an in-built feature or as an add-on to the policy. On paying a small amount of additional premium, you can opt for such riders. These riders are highly beneficial as they come with their standalone coverage amount.

Types of Riders in Term Insurance

Ready to dive into our deep information on most widely used riders? Ready….Steady…..Go!

  • Accidental Death Benefit Rider - In case of your death due to an accident during the policy term, an additional amount is paid as rider benefit. If you have a term insurance of Rs. 1 crore and an accidental death benefit rider of Rs 50 lakh, your nominee would get a total of Rs. 1.5 crore on your accidental death during the policy term.
  • Accidental Total and Permanent Disability Rider - In case you meet with an accident / diagnosed with a disease and are either permanently or partially disabled; a predefined amount gets paid.
  • Critical Illness Rider - In case you get diagnosed with any critical illness like cancer, heart attack, stroke, kidney failure, etc. a lump sum amount gets paid to you under this benefit.
  • Waiver of Premium - In case you are physically disabled and not able to earn money, this rider will waive-off your future premiums. Thus, keeping your protection intact for the remaining tenure.
  • Accelerated Death Benefit Rider – On getting diagnosed with a condition which confirms your death within the next 6 months to 2 years or so, this rider enables you to receive a certain percentage of your plan sum assured in advance.
  • Hospital Cash Rider – On being hospitalized beyond a pre-defined number of days, you receive a daily allowance to meet your day to day hospitalization expenses.

Now, How do you Choose the Best Term Life Insurance Plan

Coverfox.com is helping their customer's family at the time of claims! We now offer NOMINEE ASSISTANCE PROGRAM to Term life policyholders.

You and your family can now be rest assured about the full end-to-end assistance throughout the claims process, and also get financial, legal, and psychological counseling. All this FREE of Cost.

We ensure that your loved ones are well-assisted with care in their hour of need.

To help the family of the life assured at the time of claim, they get:

  • Claim Assistance
  • Legal Counselling
  • Financial Counselling
  • Psychological Counselling

Remember, this service comes at No Extra Cost. You or any of your family members will not get charged for this service under the Nominee Assistance Program.

Best Term Insurance Policy in India

Some of the best term insurance plans are as follows:

Plan Name Age at Entry Sum Assured Policy Term
ICICI Pru iProtect Smart 18-65 years Rs. 10 lakhs min, no such limit on the max amount 5-40 years
Aegon iTerm Plan 18-65 years Rs. 25 lakhs min, no such limit on the max amount 5-40 years
HDFC Click 2 Protect 3D Plus 18-65 years Rs. 10,000 min, no such limit on the max amount 5-40 years or 85 less entry age or whole life
Max Life Term Insurance Plus 18-60 years Rs. 25 lakhs min Rs. 100 Cr max 10-40 years
LIC’s e-Term Plan 18-60 years Rs. 50 lakhs min, no such limit on the max amount 10-35 years

Term Plans by Number of Years

Here is a list of best term plans with a minimum policy term of 5 years.

  • ICICI Pru iProtect Smart
  • Aegon Life iTerm Plan
  • LIC’s Tech Term
  • SBI Life eShield
  • HDFC Life Click 2 Protect 3D Plus
  • Bajaj Allianz iSecure
  • Max Life Smart Online Term Plan

Why Buy Term Insurance Online from Coverfox

We at Coverfox follow one simple principle in Life: KISS (Keep It Simple, Silly). We want to help you buy term plans which are PERFECT for you. Don’t believe us? Ask over 30,0,0000 customers who’ve bought policies from our platform! To keep it short, let’s tell you why Coverfox assures you hassle-free insurance:

  • The best place to compare insurance policies against parameters like features, benefits, and premium through our algorithm-based search optimization program.
  • Easy access to experts who help pick the right plan for you.
  • No worry about receiving Spam calls, SMS, and emails.
  • Experienced team of executives who are ready to help you with your policy-related changes, Claim Support
  • Our one of a kind Nominee Assistance Program is there to help your family when you are not around anymore.

Nominee Assistance Program

Coverfox.com is helping their customer's family at the time of claims! We now offer NOMINEE ASSISTANCE PROGRAM to Term life policyholders.

You and your family can now be rest assured about the full end-to-end assistance throughout the claims process, and also get financial, legal, and psychological counseling. All this FREE of Cost.

We ensure that your loved ones are well-assisted with care in their hour of need.

To help the family of the life assured at the time of claim, they get:

  • Claim Assistance
  • Legal Counselling
  • Financial Counselling
  • Psychological Counselling

Remember, this service comes at No Extra Cost. You or any of your family members will not get charged for this service under the Nominee Assistance Program.

How to Buy Term Insurance Online from Coverfox

The process to buy term plans on Coverfox is so simple, that even Babies can do it with their eyes closed! Okay, okay….we may have been a little too overconfident. But check out the hassle-free process of buying insurance on Coverfox!

  • Go to the top of the page, provide your details, and you shall instantly receive a call from Coverfox to guide you in your purchase journey.
  • Enter the required information in the form and click on View Quotes
  • Answer a few basic questions about yourself
  • Now you can choose an appropriate plan from the various options available.
  • Read through the plan overview.
  • Attach additional riders if you wish to increase coverage
  • Review your selected plan details and click on proceed
  • Click on buy now and make a premium payment
  • Fill the proposal form, submit required documents, complete medicals, if needed.
  • You shall receive your policy shortly on your registered email id.

Term Insurance Claim Process

Your family’s journey to financial security begins only after they’ve filed the policy claims document. Let Coverfox assist you in this most important process!

If you have any doubts, no matter the nature, feel free to call us on our toll-free number 1800 209 9930. You can speak to an expert advisor at Coverfox.

How to File a Term Insurance Claim in the Event of Death?

Lodging a Claim

The first step is to lodge a claim. The nominee/claimant must inform the insurance company and file a claim on the death of the life assured. To submit a term insurance claim, the nominee/claimant needs to contact the insurance through claim reporting channels.

  • Visit the claims section on company’s official website for online claim intimation
  • Call the insurance company on their 24 x 7 toll-free claim intimation service
  • Visit the nearest Insurance company’s branch office
  • email them on the claim intimation email id provided

Please Note: A claim will be formally accepted and registered once the insurer receives a written request of claim settlement with a duly filled claim form and other relevant documents. One must lodge a term claim through a phone call or visiting the insurance company’s branch to quicken the claim process.

Documents required to file a Term Insurance Claim:

In case of a natural death

  • Term Plan Insurance document
  • Duly signed and filled claim forms (As provided by the insurance company - To download the same, visit their official website)
  • Original or Copy of the Life Assured's Death Certificate
  • Claimant’s statement
  • Any other relevant document, as requested by the insurance company.

In case of an accidental death

  • Police FIR report, Police Inquest Form and Final Police Investigation Report
  • Medical attendant's certificate or Attending Doctor’s Statement
  • Hospital Certificate and medical reports, including admission and discharge summary of the life assured, death summary, test reports, etc.
  • Post mortem report
  • Claimant’s statement
  • Any other relevant documentation as requested by the insurance company

The Claims Assistance team of the insurance company will verify all the supportive documents and nominee declarations. The claimant/nominee might have to provide other additional documents, if necessary.

Approval of Filed Term Insurance Claim and Payouts

Once the insurance company verifies all the documents and accepts the claim, the nominee gets the payment as per the options mentioned in the term plan.

The payouts to the beneficiary are usually through ECS, for which the nominee must submit the bank details – canceled cheque/photocopy of the bank account passbook (may require to get attested by bank authorities).

Other Important Things Related to Term Insurance Claim Process

  • In case the nominee dies along with the life assured, the next legal heir gets the payout.
  • In case the nominee dies before the life assured, the policyholder needs to appoint another person as the nominee before the term plan expires.

Please Note: Kindly read the "Exclusions" as mentioned in the policy wordings/document before filing a death claim as it will help you to submit a death claim under a term plan without any difficulty.

Term Insurance FAQ’s

Which is the best term insurance?

Some of the best term insurance plans available in India are:

Is it good to buy term insurance?

Yes, it is very good to include a term insurance plan to protect your loved ones financially when you die. Under a term plan, you pay a fixed amount as premium. On your death, your family gets the agreed amount which is the sum assured.

Can I buy 2 or more term plans?

Yes, you can buy two or more term plans either from the same insurance company or from different insurance companies. You have to fulfill the eligibility criteria laid down by the insurance to buy the term plan chosen by you.

What is a Rs. 1 Crore Term Insurance Plan?

Rs. 1 crore Term Insurance Plan is a term plan which has a sum assured of Rs. 1 crore. On the death of the policyholder, the nominees receive the sum assured of Rs. 1 crore. It is just like a standard term insurance plan with choices for the policy term, premium payment term, premium payment options, etc.

What is the best age to buy a term insurance plan?

If your age is between 25 to 35, it is the best age for you to buy a term insurance plan. Generally, people of this age bracket either have started their career, married or have recently become a parent or bought their first home, etc. hence you must protect yourself with a term insurance plan.

Close