Follow these steps to choose a term plan with confidence.
- Decide cover amount. Aim for around 10–15 times annual income, adjusted for loans and goals. Use our calculator.
- Choose the term. Cover till retirement age (60–65) is common; consider longer terms if dependents will rely on you beyond that.
- Pick a payout style. Lump sum is simple; monthly income suits families that fear mismanaging a large amount.
- Compare claim records. Look at claim settlement ratio, amount settled ratio, and duration-wise data, not just one number.
- Add only useful riders. A critical illness or accidental death rider adds cost; choose based on your risk.
- Consider the policy’s flexibility. Check options to increase cover on marriage or childbirth, and premium waiver on disability.
Questions to ask before you buy
- What is excluded or limited, and for how long?
- What exactly is guaranteed and what is not?
- How are claims made, and how long do they usually take?
- What happens if I miss a payment?
- Can I cancel in the free-look period, and what is refunded?
- How will this plan change as my life changes?
Use our tools
Life Cover Calculator Insurance Gap Checker Emergency Fund Calculator Policy comparison scorecard