Best Term Insurance Plan for 1 Crore | Compare & Buy Online in India 2025

• Dec 11, 2025
• Admin

Life is unpredictable, and securing your family’s financial future is one of the most responsible decisions you can make. A term insurance plan is one of the simplest and most cost-effective ways to ensure financial protection for your loved ones in your absence. Among India’s most trusted online insurance marketplaces, Policybazaar has emerged as a leading platform that allows you to compare, buy, and manage term insurance plans from top insurers in one place.

This comprehensive guide will explore everything you need to know about a Term Insurance Plan from Policybazaar, its benefits, features, coverage, claim process, and reasons why it is considered a smart choice for Indian families.

What Is a Term Insurance Plan?

A term insurance plan is a type of life insurance policy that provides financial protection to your family for a fixed period, called the term. If the policyholder dies during the policy term, the insurer pays a lump sum amount (known as the sum assured) to the nominee.

Unlike traditional life insurance, term plans do not offer maturity benefits. The main goal is pure protection—to provide a financial safety net for your dependents in case of an unfortunate event.

Why Choose Term Insurance from Policybazaar?

Policybazaar is India’s leading online insurance aggregator, making the process of buying term insurance transparent, affordable, and convenient. Here’s why millions trust Policybazaar for their term insurance needs:

1. Comparison Across Insurers – You can compare multiple term plans from top insurance providers in India based on premiums, features, claim settlement ratios, and more.
2. Affordable Premiums – Policybazaar often displays discounted rates and offers that can help you save on premiums.
3. Quick and Paperless Process – The entire purchase journey is digital, with e-KYC, online medical check-ups, and instant policy issuance.
4. Expert Guidance – You can connect with insurance experts 24x7 who help you choose the best plan as per your income, age, and family requirements.
5. Transparency – Policybazaar provides clear comparisons with no hidden charges or misleading information.

Features of Term Insurance Plans Available on Policybazaar

Here are the most common and attractive features of term insurance plans you can find on Policybazaar:

1. High Coverage at Low Cost

Term plans provide large life cover at affordable premiums. For example, a 30-year-old non-smoker can get a ₹1 crore cover at just ₹500–₹700 per month.

2. Flexible Payout Options

You can choose how your nominee receives the claim amount — as a lump sum, monthly income, or a combination of both.

3. Add-on Riders

Enhance your plan with additional riders like:

• Accidental Death Benefit Rider
• Critical Illness Rider
• Waiver of Premium Rider
• Income Benefit Rider

4. Tax Benefits

Premiums paid for term insurance qualify for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

5. Return of Premium Option

Some term insurance plans offer a “Return of Premium” feature, where the total premium amount is refunded if the policyholder survives the policy term.

6. Joint Life Coverage

Couples can opt for joint term plans that provide coverage for both spouses under a single policy.

7. Customizable Policy Tenure

Policybazaar allows you to choose flexible terms — from 5 years to up to 99 years of age — depending on your financial goals.

Top Term Insurance Plans Available on Policybazaar

While the platform partners with several leading insurers, here are some of the top term insurance plans frequently available on Policybazaar:

• HDFC Life Click 2 Protect Super
• Max Life Smart Secure Plus Plan
• ICICI Prudential iProtect Smart
• Tata AIA Sampoorna Raksha Supreme
• Bajaj Allianz Life eTouch Online Term Pla
• SBI Life eShield Next
• LIC Tech Term Plan

Each of these plans offers unique features, add-ons, and benefits, which can be compared easily on Policybazaar’s portal.

How to Buy a Term Insurance Plan from Policybazaar

Buying a term insurance plan on Policybazaar is quick and hassle-free. Here’s a step-by-step guide:

Step 1: Visit Policybazaar’s Website

Go to www.policybazaar.com and navigate to the “Term Life Insurance” section.

Step 2: Fill Basic Details

Enter your age, gender, annual income, smoking habits, and coverage requirement to get suitable quotes.

Step 3: Compare Plans

You will see a list of plans from top insurers with details such as premiums, coverage, riders, and claim settlement ratio.

Step 4: Choose and Customize

Select a plan that fits your needs. You can customize it by adding riders or changing payout options.

Step 5: Make Payment

Complete the online payment using secure digital methods such as UPI, debit card, or net banking.

Step 6: Complete e-KYC and Medical Check

Depending on your chosen policy, you may be required to submit ID proofs and undergo a quick medical test.

Step 7: Receive Policy Document

After successful verification, the e-policy document will be emailed to your registered email ID.

Factors to Consider Before Buying a Term Insurance Plan on Policybazaar

When selecting a term insurance plan, keep the following points in mind:

1. Coverage Amount – Choose a cover that is at least 10–15 times your annual income to ensure your family’s needs are met.
2. Claim Settlement Ratio (CSR) – Always check the insurer’s CSR. A high ratio indicates reliability.
3. Premium Payment Options – Policybazaar allows you to choose monthly, quarterly, or yearly payment options based on convenience.
4. Policy Term – The term should ideally cover your income-earning years and financial obligations like home loans or child education.
5. Add-on Riders – Opt for riders that add real value to your coverage rather than unnecessary features.
6. Insurer Reputation – Choose from trusted insurers with a solid track record and efficient claim service.

Benefits of Buying Term Insurance from Policybazaar

1. Ease of Comparison

You can compare dozens of policies in one place, saving both time and effort.

2. Transparent Pricing

No hidden costs or commissions — you get real-time premium quotes.

3. Instant Premium Calculator

Policybazaar’s calculator helps estimate your premium instantly based on your income, age, and coverage.

4. Customer Support

24/7 customer assistance helps with policy selection, purchase, and claims.

5. Discounted Online Premiums

Online purchases often come at lower costs compared to offline buying through agents.

6. Safe and Secure

Policybazaar ensures data privacy and secure transactions through advanced encryption.

Claim Process of Term Insurance Plans on Policybazaar

Filing a claim is simple and transparent. Policybazaar offers assistance at every step of the process.

Step 1: Intimation of Claim

The nominee should inform the insurance company immediately via Policybazaar or directly through the insurer’s claim portal.

Step 2: Submission of Documents

Provide documents such as the death certificate, ID proofs, policy document, and claim form.

Step 3: Verification

The insurance company verifies the claim details and documents.

Step 4: Claim Settlement

Once verified, the insurer releases the sum assured to the nominee’s bank account. Most insurers settle valid claims within 30 days.

Why Term Insurance Is a Must-Have in 2025

With rising living costs, health expenses, and financial responsibilities, term insurance has become more crucial than ever. Here’s why every earning individual should have one:

1. Financial Protection for Dependents – Your family’s lifestyle and financial goals remain secure even after your demise.
2. Loan Repayment Security – The payout can be used to settle home or car loans, preventing a financial burden on your family.
3. Income Replacement – Helps replace the policyholder’s income to maintain family stability.
4. Peace of Mind – Knowing your loved ones are financially safe brings peace of mind.
5. Cost-Effective Option – Compared to other life insurance products, term insurance is the most affordable.
    

Common Myths About Term Insurance

1. Myth: Term insurance is a waste if you survive the policy term.
   Fact: It ensures financial security during your earning years; survival doesn’t mean loss but peace of mind.
2. Myth: Only breadwinners need term insurance.
   Fact: Homemakers and non-working spouses also contribute significantly and can be insured too.
3. Myth: It’s complicated to claim term insurance.
   Fact: With platforms like Policybazaar, claim filing is straightforward and guided.
4. Myth: All term plans are the same.
   Fact: Each plan differs in features, riders, claim ratio, and flexibility — comparison is essential.

How Policybazaar Helps Simplify Term Insurance

Policybazaar’s user-friendly interface, real-time comparison tools, and expert support make the entire insurance journey simple and transparent. Whether you are a first-time buyer or renewing an existing plan, the platform offers guidance, timely reminders, and claim support that enhances user trust and satisfaction.

The brand’s association with top insurers like HDFC Life, ICICI Prudential, SBI Life, and LIC ensures customers have access to the best and most reliable term plans in India.

Conclusion

Buying a term insurance plan from Policybazaar is one of the smartest financial decisions you can make in 2025. It ensures that your loved ones are financially protected in case of an unfortunate event, while offering flexibility, transparency, and affordability.

With its comparison tools, expert guidance, and simple digital process, Policybazaar has revolutionized how Indians secure their families’ futures. Whether you are starting your career or nearing retirement, term insurance remains a crucial financial shield.

Start today — compare plans, calculate premiums, and protect your family’s tomorrow with Policybazaar.

Frequently Asked Questions (FAQs)

Q1. What is the minimum age to buy a term insurance plan on Policybazaar?
You can buy a term plan at a minimum age of 18 years, and the maximum entry age usually goes up to 65 years, depending on the insurer.

Q2. Is a medical test mandatory for term insurance?
Yes, most insurers require a medical test to assess your health condition before issuing the policy. However, some plans may offer no-medical-check options for younger applicants with smaller coverage.

Q3. Can I change my nominee later?
Yes, you can easily update or change your nominee anytime during the policy term by informing the insurer or through Policybazaar’s support team.

Q4. What happens if I miss a premium payment?
If you miss a payment, you usually get a grace period of 15–30 days to make the payment. If still unpaid, the policy may lapse.

Q5. How do I calculate the right coverage amount?
A general rule is to choose a cover 10–15 times your annual income. You can also use Policybazaar’s online calculator to get an accurate estimate.

Q6. Are online term insurance plans on Policybazaar safe?
Yes, absolutely. Policybazaar partners with IRDAI-licensed insurers and uses secure payment gateways to protect your data and money.

Q7. Can NRIs buy term insurance through Policybazaar?
Yes, many insurers offer NRI term insurance plans that can be purchased through Policybazaar’s online platform.

Q8. Is there any maturity benefit in term insurance?
Traditional term plans do not offer maturity benefits. However, if you choose a “Return of Premium” variant, you will get your premiums back at the end of the policy term.

Q9. How long should my term insurance policy be?
Ideally, the term should last until your planned retirement age or until major financial obligations like home loans or children’s education are fulfilled.

Q10. Why should I compare term plans on Policybazaar instead of buying directly from an insurer?
Policybazaar allows you to compare multiple insurers’ features, premiums, and benefits in one place, helping you make an informed decision with potential cost savings.