Know how you can compare term life insurance policies in India
                     Know how you can compare 
term life insurance policies in 
India 
BimaKaro.in
Different types of term insurance 
policies :
Nowadays, a lot is being talked about the importance of availing an insurance policy after 
the spread of covid19 pandemic. For all those who are looking at affordable options, term 
insurance is the best fit. Since it is a type of life insurance, that provides you with life 
coverage for a predefined period, it is not possible to compare term life insurance with 
others. As it is the purest of insurance, wherein in case of any unfortunate event, the 
nominees of the policyholder will receive the death benefit. 
The sole purpose of term insurance is to provide financial security to your dear and near 
ones and protect them from the loss of income that might arise due to your death. In 
general, financial advisors suggest going for a life insurance coverage of up to 20 times 
your annual income as a standard metric. The younger you avail the insurance policy, 
cheaper will be the premium. 
What are the different types of term insurance policies? It is always better to know the 
types of term insurance policies available in the market before selecting your preferred plan 
or comparing term life insurance with others. 
What does a life insurance plan do
Basic term plan: A classic term life insurance product wherein, the sum assured or the 
coverage amount taken by the insured is payable to the nominee, after the death of 
the policyholder. There are no maturity benefits or monthly income benefits offered, 
but it is considered the best when you compare term life insurance policies. The 
premium is also very low for a high sum assured. 
Increasing and decreasing term plan: You can choose to increase or decrease the sum 
assured of the policy cover regularly or during certain events of your life. This helps in 
adjusting the risks in your life and plan for the future accordingly. 
Convertible term plan: Under this policy, you can convert the term plan to any other 
plan according to your choice and update it according to your future needs. Let’s say, 
for example, you want to convert your existing term plan to endowment life insurance 
policy after five years, you can do it under convertible plans. 
Compare term life insurance
Return of Premium plan (TROP): Normally, term plans don’t offer any benefits on maturity, but this plan returns the premiums paid to 
the policyholder if he/she survives the policy term. 
What are the features to look while you compare term life insurance? While you compare term life insurance, it is necessary to know 
which parts should be considered for the betterment of your life. Here are some practical tips that will help you choose the best plan and 
save your hard-earned. 
Life Coverage – The coverage amount or s um assured of your insurance must give your family enough liberty to take care of major 
expenses like kid’s education, marriage etc., in your absence. So choose a term policy that provides you with maximum life cover. 
2. Premium – Go for the lowest premium, and maximum sum assured when you compare term life insurance. Make sure to remember 
that the premium you choose at the time of buying the policy will remain unchanged throughout the term of the plan. Hence, choose 
wisely, so it does not burn a hole in your pocket. 
Life Insurance plan in India
3. Riders – Riders are add-ons that you can attach to your existing term plan to make it more comprehensive and protective. The commonly 
preferred riders are accident cover, critical illness cover, disability cover etc., that can be added to your policy for a cost in addition to your 
existing premium. 
Accidental death benefit: The pre-decided accidental death benefit sum assured is paid to the nominee. 
Accidental disability benefit: The insured is paid the accidental disability benefit in case he or she meets with an accident that results in any 
sort of disability. 
Serious illness cover: Under this option, the insured is paid the serious illness benefit on diagnosis of serious illnesses covered in the list. 
Critical illness benefit: The critical illness benefit is paid to the diagnosis of two critical illnesses: cancer and heart attack. 
4. Flexibility – Many plans provide you with the flexibility to increase or decrease the sum assured at important events of your life. For 
example, you may opt for an increasing sum assured in case of marriage, childbirth and higher education of kids. Similarly, you can go for a 
decreasing sum assured, in case of any need to pay off your debts. 
Advantage for Term Insurance
5. Trusted company – Is your insurance provider, a reputable company to deal with? Are they responsive enough to deal with 
your queries? Do they have a high claim settlement ratio? Compare term life insurance policies from this angle as the company 
that issues you the policy has a significant role to play. Therefore, ensure that you are dealing with a trustable and credible 
provider to secure your life and not some run-of-the-mill operator. 
6. Pay-out options: In case of any unfortunate event such as the policyholder’s death, the term plan provider pays the benefits 
to your nominee. Please make sure you have different pay-outs to choose from, such as Full lump sum pay-out, Lump Sum + 
Regular Monthly Income, Lump Sum + Increasing Monthly Income etc. 
Some plans offer child support, so your kids are eligible to receive monthly income until they reach an age of 21 years. 
To compare term life insurance, you need an online companion like Bimakaro. That helps you choose the desired policy based 
on various crucial parameters such as your premium repayment capacity, marital status, the sum assured, goals, etc. 
Conclusion
If you are someone that is looking to get good life insurance and do not want to break the bank for it then going for Term 
Insurance in the short run is highly beneficial and offers peace of mind like no other type of Insurance. Get your Term 
Insurance Plans on www.bimakaro.in now!. Just log on to www.BimaKaro.in now.