Term insurance is a type of life insurance that provides coverage for a specific term or duration, typically ranging from 5 to 30 years. If the insured person passes away during the policy term, the beneficiaries receive a death benefit payout. However, if the insured survives the term, there is no payout or maturity value. Term insurance is popular because it offers higher coverage at lower premium costs compared to other types of life insurance like whole life or endowment policies.

To find the cheapest term insurance plan in India, follow these steps:

• Determine your coverage needs: Calculate the amount of coverage you require based on your financial responsibilities, such as outstanding loans, future expenses (e.g., children's education, marriage), and income replacement needs for your family.
• Compare different insurance companies: Several insurance providers offer term insurance plans in India. Visit their websites or use insurance aggregator websites to compare the available plans and their features.
• Use online insurance comparison portals: There are various online platforms that allow you to compare term insurance plans from different insurance companies in one place. These portals provide a quick overview of the features, coverage, and premium amounts of various plans.
• Assess the coverage features: While looking for the cheapest plan, don't compromise on essential coverage features. Ensure the plan offers sufficient coverage, rider options (e.g., accidental death benefit, critical illness), and a reasonable policy term.
• Check claim settlement ratio: The claim settlement ratio indicates the percentage of claims settled by an insurance company. A higher claim settlement ratio suggests a higher likelihood of your beneficiaries receiving the death benefit without hassles.
• Evaluate the reputation of the insurer: Consider the reputation and financial stability of the insurance company. Look for customer reviews and ratings to gauge their service quality and reliability.
• Avoid unnecessary riders: While some riders can be beneficial, they can also increase the premium cost. Choose only the riders that are relevant to your needs.
• Disclose accurate information: When applying for the term insurance plan, provide complete and accurate information about your health, lifestyle, and habits. Failing to disclose relevant details might lead to claim rejection in the future.
• Buy early and avoid smoking: Purchasing term insurance at a younger age and being a non-smoker can significantly reduce your premium costs.
• Seek advice from a financial advisor: If you are unsure about which plan to choose or have specific financial considerations, consult a financial advisor for personalized guidance.