Okbima: Compare & Buy Insurance! Life, Health, Investment

What Is Term Insurance?

Term insurance is the most straightforward and affordable type of life insurance available today. Simply put, it is a plan that covers your life for a fixed number of years. In return for a small, regular premium, your family receives a large payout if something unfortunate happens to you during that period.

Think of it as a promise to your family – that no matter what happens to you, they will not have to struggle financially. Whether it is paying monthly household bills, funding your child's education, or clearing an existing home loan, a best term insurance plan makes sure your loved ones can keep moving forward even in your absence.

Unlike investment-linked plans, term insurance focuses purely on protection. It gives your family the highest possible coverage at the lowest possible cost, making it the most efficient life insurance product for anyone looking for genuine financial security.

How Does Term Insurance Actually Work?

A term life insurance plan works on a simple principle – you pay a fixed premium for a chosen number of years, and if you pass away within that period, your nominee receives the full sum assured as a death benefit.

Here is a simple example to understand this better:

Meet Rahul He is 27 years old, non-smoker, and earns Rs.7 lakhs per year. He purchases a Rs.1 crore term insurance plan for a 30-year policy term.

Year 1–30

Rahul pays his premium every year.

10th Year

Rahul meets with an unfortunate accident and passes away.

After the Event

His family receives Rs.1 crore as the death benefit from the insurer.

Going Forward

His family can use that amount to pay off their home loan, manage daily expenses, and secure the children's education.

If Rahul survives the full 30-year period: The standard plan does not pay any amount back unless he has opted for a Return of Premium option, which is also available with some plans.

You can also enhance the base plan with add-ons called riders – these provide extra coverage for situations like accidental death, critical illness, permanent disability, or terminal illness, all at a small additional premium.

Why Should You Buy a Term Insurance Plan?

A lot of people know they should buy term insurance, but keep delaying it. Here are the real reasons why having a term plan in place matters:

Your Family Stays Financially Secure

If you are the main earning member of your family, your income supports everything – from school fees to groceries to EMIs. A term plan ensures your family does not have to give up their lifestyle or their goals if you are no longer there to provide.

Your Assets Are Protected

Most people take loans to build assets – a house, a vehicle, a business. If you pass away during the loan period, those repayments fall on your family. A term plan payout can clear those outstanding debts so your family does not risk losing what you worked so hard to build.

Lifestyle Risks Are Real and Growing

In India, health problems like heart disease, hypertension, and lifestyle-related conditions are affecting people at younger ages. Term insurance provides a financial cushion for your family when such events lead to an untimely death.

Life Is Unpredictable

Events like the COVID-19 pandemic reminded everyone that life can change without warning. A term plan acts as a financial backup plan for situations you never saw coming.

Big Coverage at Very Low Cost

A Rs.1 crore life cover can often be purchased for a monthly premium that costs less than a family dinner out. No other insurance product gives you this level of coverage at such an affordable price.

Customise with Riders

Add-on covers like critical illness rider, accidental death benefit, waiver of premium on disability, and terminal illness rider allow you to build a plan that goes beyond just a death payout. These riders give you and your family extra protection in specific situations at a modest additional cost.

Save on Taxes Too

The premium you pay towards a term plan qualifies for a deduction under Section 80C of the Income Tax Act, 1961, up to Rs.1.5 lakhs per year. The death benefit received by your nominee is also generally tax-free under Section 10(10D) of the ITA, 1961.

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Types of Term Insurance Plans

There is no single plan that fits everyone. Depending on your life situation, income, and goals, there are different types of term insurance products available in India.

Type of Plan	Who It Is For	Key Benefit
Basic Term Life Insurance	Anyone looking for pure life cover	High sum assured at low premiums; lump sum payout to nominee
Term Insurance with Return of Premium (TROP)	Those who want premiums back on survival	Refund of all premiums paid if you outlive the policy term
Term Plan for Housewives	Homemakers	Coverage based on spouse's income; financial security for the family
Term Plan for Self-Employed / Business Owners	Entrepreneurs & freelancers	Protection against business loans and liabilities
Term Plan for NRIs	Indians living abroad	Buy online with video/tele medical; GST waiver and special premium discounts
Term Plan for Diabetics	Pre-diabetic or Type 2 diabetes individuals	Affordable coverage even with a diagnosed condition
Saral Jeevan Bima (SJB)	Low-income individuals	Simple, no-frills coverage regardless of occupation or education level

Important: Always compare plan features and premium rates before finalising. A plan that looks cheaper at first glance may offer less coverage or fewer rider options

Best Term Insurance Plans In India 2026

Explore some of the top best term insurance plans in India in 2026 from leading insurance providers through Okbima. We have created a list of recommended term plans by considering important factors such as the plan name, claim settlement ratio (CSR), and coverage amount. You can easily compare different term insurance plans and choose the one that suits your needs on Okbima.com.

Insurer Name	Plan Name	Claim Settlement Ratio (CSR)	Sum Assured	Action
Bandhan Life Insurance Co.	I Term Prime	99.70%	Min 25 Lac - Max No Limit	View Plan
Axis Max Life Insurance Co.	Smart Term Plan Plus	99.70%	Min 50 Lac - Max No Limit	View Plan
PNB Met Life Insurance Co.	Term Plan	99.80%	Min 25 Lac - Max 20 CR.	View Plan
Bandhan Life Insurance Co.	I Term Prime	99.70%	Min 50 Lac - Max No Limit	View Plan
ICICI Prudential Life Insurance Co.	I Protect Smart Plus	99.30%	Min 50 Lac - Max No Limit	View Plan
Go Digit Life Insurance Co.	Glow Plus	99.53%	Min 25 Lac - Max 20 CR.	View Plan
SBI Life Insurance Co.	Term Plan	98.30%	Min 25 Lac - Max 20 CR.	View Plan
SBI Life Insurance Co.	Smart Shield Premier	98.30%	Min 25 Lac - Max 20 CR.	View Plan

Choose the Right Sum Assured for Your Family

One of the most important decisions when buying a term plan is how much cover to opt for. Here are the common sum assured options available:

Starting Rs.12/day*

View Plan

A general rule of thumb – your life cover should be at least 10 to 15 times your current annual income.

Who Should Buy a Term Plan?

The simple answer – anyone who has someone depending on them financially. But let us break it down by life stage and situation:

Young Professionals (22–30 years)

The earlier you buy, the lower your premium. At a young age, you are healthy, low-risk, and therefore get the best rates. Buying now locks in that low premium for decades.

Newly Married Couples

When two people build a life together, their finances become intertwined. A term plan protects your spouse from financial hardship if you are no longer around.

Working Women

Women today are equal contributors to household income. A term insurance for women provides income replacement and can include riders for conditions like breast cancer or cervical cancer.

Homemakers / Housewives

The contributions of a homemaker – childcare, household management, and more – have a real financial value. A term insurance for housewives gives their family a financial cushion in case of their untimely loss.

Parents

Your children's education, upbringing, and future goals depend on your financial stability. A term plan ensures those goals are not left behind even in the worst scenario.

Self-Employed Individuals & Business Owners

Unlike salaried employees, self-employed individuals do not have employer-provided insurance. A term plan protects their family and also covers any business loans or liabilities.

Home Loan Borrowers

Your home loan does not disappear if you do. A term plan payout can cover outstanding EMIs so your family does not lose their home.

NRIs and Expatriates

Indian citizens living outside India can purchase term plans from Indian insurers with the added benefit of video medical check-ups, GST waivers, and coverage up to Rs.20 crore.

Senior Citizens (60 and above)

Even at this stage, if you have a dependent spouse or family members relying on your pension or savings, a term insurance for senior citizens can offer a layer of protection for them.

Taxpayers

The 80C deduction on premiums is a bonus. For those already looking to reduce tax liability, a term plan is a smart and productive use of that deduction.

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Key Features of a Term Life Insurance Plan

Here is a quick overview of what makes term insurance different from other life insurance products:

Minimum Entry Age of 18 Years

You can start protecting your family from as early as 18 years of age. The younger you start, the more affordable your premiums will be for the entire policy term.

Coverage Up To 99 Years

Some plans offer coverage that extends all the way to 99 or 100 years of age – ideal for those who want to leave behind a legacy for their family.

Multiple Premium Payment Choices

You can pay premiums monthly, quarterly, half-yearly, or annually. There are also limited pay options where you complete all premium payments in a shorter duration but retain coverage for a longer term.

Flexible Sum Assured Options

You can adjust your coverage at key life stages – such as marriage, the birth of a child, or taking a home loan – through life stage benefit features available in select plans.

Return of Premium Feature

Under certain term plans, if you survive the policy term, you receive all the premiums you paid back. Some plans also allow an early exit option where you can step out of the policy and still get a refund.

Coverage for Critical Illnesses

Many term plans come with built-in or optional coverage for critical illnesses like cancer, stroke, heart attack, and kidney failure.

Debt Protection

The death benefit can be used to settle any outstanding home, car, or business loans so your family is not burdened with repayments.

What Factors Affect Your Term Insurance Premium?

Your term life insurance premium is not the same as someone else's. Several personal and lifestyle factors determine how much you will pay:

Age

Younger applicants pay lower premiums. Premiums rise with every passing year.

Gender

Women generally pay lower premiums because of a longer average life expectancy

Health Condition

Existing illnesses or poor health can increase your premium.

Family Medical History

A history of serious illness in your family may lead to higher premiums.

Lifestyle Habits

Smoking, alcohol use, or involvement in high-risk activities increases your premium.

Occupation

High-risk jobs like mining or deep-sea diving attract higher premiums.

Policy Duration & Sum Assured

Longer coverage periods and higher sum assured amounts will cost more.

The key takeaway here is simple – buy early, stay healthy, and be honest in your application form. Concealing information will only create problems at the time of claim.

What Is Covered and What Is Not Covered?

Before you buy, it helps to know exactly what a term plan covers and what it does not.

Situations Covered Under Term Insurance:

Death due to natural causes or illness
Death due to an accident (road accident, workplace incident, etc.)
Death due to natural calamities
Death due to COVID-19 or other infectious diseases
Death due to terminal illness

Situations Generally Not Covered:

Suicide within the first policy year
Death caused by self-harm or illegal activity
Death resulting from an accident while under the influence of alcohol or drugs
Death due to pre-existing conditions that were not declared at the time of purchase
Death due to complications from pregnancy or childbirth

Important: Being fully transparent in your application is the single most important step to ensuring your family's claim is never rejected.

What Are Payout Options in Term Insurance Plan?

When the claim is settled, the nominee does not have to receive the entire sum in one go. Most insurers offer flexible payout options:

Full Lump Sum

The entire sum assured is paid in one go. The nominee can use it as they see fit – pay off debts, invest, or manage expenses.

Monthly Income

The sum assured is distributed in equal monthly payments over 5 to 10 years. This option works well for families who need a steady income to replace the loss of earnings.

Lump Sum + Monthly Income

A portion of the sum assured is paid upfront – to cover immediate costs like hospital bills or loans – while the remainder is paid monthly. This is the most balanced approach.

Rising Monthly Income

The monthly payout increases by a fixed percentage every year. This is a smart option to beat inflation and ensure the family's purchasing power does not erode over time.

Term Insurance Riders – What They Are and Why They Matter?

A rider is an optional add-on that you can attach to your base term plan. Think of it as adding extra features to your base coverage. Riders are available at a small additional premium and can significantly enhance the financial protection your family receives.

Types of Term Insurance Riders Available:

Accidental Death Benefit Rider

If the policyholder passes away due to an accident, this rider pays an additional amount over and above the base sum assured.

Critical Illness Rider

On diagnosis of a serious illness specified in the policy – such as cancer, heart attack, or kidney failure – you receive a lump sum payout. This money can be used for treatment costs, without touching your savings.

Disability Rider

If you become permanently disabled and are unable to earn, this rider provides extra financial support to manage daily expenses.

Waiver of Premium – Permanent Disability

If you suffer a permanent disability, all future premiums under the policy are waived. Your coverage continues without you having to pay anything more.

Terminal Illness Rider

If you are diagnosed with a terminal illness and your life expectancy is limited, this rider allows you to receive a portion of the sum assured in advance to manage your final years with dignity.

Hospicare Benefit Rider

A daily cash benefit is paid for every day you spend in the hospital, helping cover incidental costs not covered by regular health insurance.

Why Should You Add Riders to Your Plan?

They Give You Broader Protection

A plain term plan only covers death. Riders step in when you face serious illness, disability, or accidents – events that may not result in death but still cause severe financial disruption.

They Protect Your Income

Some riders ensure your policy stays active even when you cannot pay premiums – for example, if a disability leaves you unable to work. Your family does not lose coverage just because your income stopped.

They Are Cost-Effective

Buying separate policies for accidental death, critical illness, and disability would cost significantly more. Riders bundle these protections into one plan at a fraction of the cost.

They Fit Your Personal Risk Profile

A frequent traveller may benefit most from an accidental death rider. Someone with a family history of cancer may prioritise a critical illness rider. Riders let you personalise coverage around your real-life risks.

Tax Benefits on Certain Riders

Premiums paid for health-related riders like critical illness may qualify for tax deductions under Section 80D of the Income Tax Act, in addition to the 80C benefit available on the base premium.

How Term Insurance Protects Your Family's Future

A term plan does much more than pay out a claim. Here is how it actively safeguards your family across different aspects of life:

Income Replacement

The death benefit can be structured as monthly payouts, effectively replacing the regular income that your family would have lost

Covering Immediate Costs

Funeral expenses, hospital bills, and other immediate costs can pile up at the worst possible time. The lump sum payout from a term plan handles these without putting pressure on the family's savings.

Clearing Loans & Debts

Outstanding home loans, car loans, or personal loans do not disappear with the policyholder. The sum assured ensures these are paid off so the family is not chased by creditors.

Protecting Your Spouse

A term plan can be designed to provide regular income to your spouse well into retirement, ensuring they maintain financial independence even after you are gone.

Securing Your Children's Goals

Education fees, wedding expenses, or starting a business – your children's future plans deserve protection. The death benefit can fund all of these milestones in your absence.

When Is the Right Time to Buy a Term Insurance Plan?

There is no bad time to buy term insurance, but some life stages make the need more pressing than others:

A small decision today can secure your family's tomorrow.

When You Start Earning

Your first salary is the right time to start. At this point, your health is at its best and your premiums will be at their lowest. Starting early locks in these rates for the entire term.

When You Get Married

Marriage increases your financial responsibilities. Your spouse depends on your income, and a term plan ensures they are not left vulnerable if something happens to you.

When You Become a Parent

A child's arrival is one of the most financially significant life events. From school fees to college education and beyond, your child's future goals need protection from day one.

When You Take a Loan

Any major loan – especially a home loan – is a long-term liability. A term plan ensures that the loan can be repaid without your family having to sell the asset you worked hard to buy.

When You Move Abroad

Life abroad comes with new uncertainties. If your family is in India and you are abroad, a term plan from an Indian insurer gives your family back home a safety net while you are away.

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How Long Should Your Term Insurance Policy Be?

The policy term should ideally cover the period during which your family is most financially dependent on you.

The right term today secures your family's tomorrow.

A Few Practical Guidelines

If you have young children,

opt for a term that lasts until they are financially independent – roughly 20 to 25 years from now.

If you have a home loan,

the policy term should at least match your loan repayment period

If you plan to retire at 60,

choose a plan where the premium payment ends by 60, so you are not paying premiums from your retirement savings.

If you want to protect your spouse for life,

consider a whole-life or long-term plan that covers till 99 years.

The key is to match the policy term with your real-life financial responsibilities – not just pick an arbitrary number.

Can NRIs Buy Term Insurance in India?

Yes, absolutely. Indian citizens living abroad can purchase term insurance from Indian insurers, and there are several advantages to doing so:

Coverage of up to Rs.20 crore at competitive premium rates

Medical check-ups can be completed via video or phone call – no need to travel to India

An additional 5% discount is available when premiums are paid in annual mode

An 18% GST waiver is applicable as per current tax regulations

Special early exit options allow NRIs to step out of the plan and recover all premiums paid under specific conditions

NRIs in countries like Singapore and the UAE can get term insurance at premiums 20% to 50% lower than comparable international plans, making Indian term insurance a smart financial choice.

Common Mistakes to Avoid When Buying Term Insurance

Many people end up with the wrong plan simply because of avoidable mistakes. Here is what to watch out for:

Delaying the Purchase

Every year you wait, your premium goes up. And if your health deteriorates in the meantime, the premium could increase even further – or coverage could be restricted

Choosing Too Low a Sum Assured

A Rs.50 lakh policy might seem like a lot, but consider your outstanding loans, annual expenses, and future goals. A typical urban family may need Rs.1–2 crore to genuinely replace the income loss for 20 years.

Skipping Riders

Basic plans cover only death. Riders add protection for illness, disability, and accidents – situations that can leave your family financially strained even when you are still alive. Not adding them means missing out on comprehensive protection at a very affordable additional cost.

Giving Incomplete or Wrong Information

Not disclosing your health conditions, smoking habits, or family medical history when filling out the application may result in your family's claim being rejected. Always be fully honest.

Buying Offline Through Agents

Agent commissions add to the overall premium cost. Buying a term plan online directly gives you access to lower premiums, and exclusive online discounts that are simply not available offline.

What to Check Before Buying Term Insurance?

Use this checklist to evaluate any term plan before making a decision:

Parameter	What to Look For
Claim Settlement Ratio (CSR)	Choose an insurer with a CSR above 95%
Solvency Ratio	Indicates the insurer's ability to pay future claims
Grace Period	Check the grace period allowed for late premium payments
Free Look Period	You should have at least 15–30 days to review and return the policy
Rider Options	Check what riders are available and their specific conditions
Smart Exit / Special Exit Feature	Option to exit early and get premiums back
Plan Type	Make sure the plan type suits your current life situation

A higher premium does not always mean better coverage. Compare features, not just prices.

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Documents Needed to Buy a Term Insurance Plan

Buying a term plan is straightforward and requires just a few standard documents:

Identity Proof: Aadhaar Card, PAN Card, Passport, or Voter ID
Address Proof: Recent utility bills (electricity, water, gas, telephone – not older than 2 months), or property tax receipt
KYC Documents: Passport, Aadhaar Card, or Voter ID
Medical Proof: Latest medical reports as required by the insurer

Income Proof

For Salaried Individuals

Last 3 months' salary credit bank statements
Last 2 years' Income Tax Returns
Recent Form 16

For Self-Employed Individuals

Last 2 years' ITR with income computation
Last 2 years' audited balance sheet and P&L statement
Form 26AS

Important: Having these documents ready speeds up the application process significantly, especially when buying online.

How Term Insurance Works – Step by Step

Here is the step-by-step process of how a term insurance plan operates from purchase to claim:

Agreement Between You and the Insurer

When you buy a term plan, you enter into a formal agreement with the insurance company. You commit to paying a fixed premium, and the insurer commits to paying the sum assured to your nominee upon your death during the policy term.

Fill Out the Proposal Form

Provide accurate information about your age, gender, income, occupation, lifestyle habits (smoking, alcohol), health history, and family medical background. Accuracy here is critical.

Assess Your Coverage Needs

Before selecting the plan, evaluate how much life cover your family actually needs. Consider your income, liabilities, the number of dependents, and how many years they will need support

Pay the Premium

Choose the payment frequency that works best for you – monthly, quarterly, half-yearly, or annually – and set up your payment.

Appoint a Nominee

Mention a nominee (or multiple nominees) who will receive the death benefit. Make sure your nominee is aware of the policy and knows how to file a claim.

The Term Insurance Claim Process

Knowing how to file a claim is just as important as buying the right policy. Here is how the term insurance claim process works:

Notify the Insurer

The nominee or a family member should inform the insurance company about the policyholder's death as soon as possible.

Submit Required Documents

The nominee will need to provide the completed claim form along with supporting documents.

Document Verification

The insurer reviews all submitted documents and may reach out for additional details if needed.

Claim Decision

The insurer decides to approve or reject the claim based on the policy terms and the information provided.

Claim Settlement

If approved, the claim amount is transferred directly to the nominee's bank account as per the chosen payout option.

Documents Required for Filing a Term Insurance Claim

The nominee will typically need to submit the following:

Duly filled claim form (available online and offline)
Medical records including death summary, hospital admission notes, and diagnostic reports
Original policy document
Post-mortem report (if applicable)
Death Certificate (issued by the municipal authority)
Photo ID proof of the nominee (Aadhaar, PAN, Voter ID)
Nominee's cancelled cheque and NEFT mandate form for bank transfer

Having these ready in advance and keeping a record of where the policy documents are stored can save the family a lot of time and stress during an already difficult period.

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How Long Does a Term Insurance Claim Take?

The claim processing time depends on how quickly and accurately the documents are submitted:

Standard Timeline

As per IRDAI guidelines, insurers are required to process claims within 15 days of receiving all documents. Many straightforward claims are settled within a few working days.

Delays Can Occur When

Documents are incomplete, medical records are unclear, nominee verification takes time, or riders like critical illness are involved and require additional medical review.

Rider-Linked Claims

When add-ons like accidental death or critical illness benefits are part of the claim, additional verification may extend the timeline slightly.

The best way to ensure a fast settlement is to keep all documents organised and to have provided accurate information at the time of policy purchase.

Why Buy Term Insurance Online?

Buying term insurance online is not just convenient – it is genuinely the smarter choice for most buyers.

Lower Premiums

When you buy online, there is no agent involved, which means no commission to be paid. Insurers pass these savings on to customers in the form of lower online premiums.

Easy Comparison

Within minutes, you can compare dozens of plans across multiple insurers side by side – comparing premiums, sum assured options, rider availability, and claim settlement ratios.

No Paperwork Hassles

The entire process, from filling the form to uploading documents, happens digitally. No visits to branch offices, no physical paperwork piling up.

Exclusive Online Discounts

Many insurers offer special discounts that are only available on online purchases. These discounts are simply not accessible if you buy through an agent.

Buy and Manage Anytime

Your policy documents, premium payment history, and renewal reminders are all accessible anytime through the insurer's website or app.

How to Buy a Term Insurance Plan on Okbima.com

Buying a term plan on Okbima is a quick, simple, and fully online process

Step 1

Visit Okbima.com

Visit Okbima.com and navigate to the "Term Plans" section.

Step 2

Enter Basic Details

Enter your basic details – name, gender, date of birth, contact number, and email address.

Step 3

Select Income & City

Choose your income range and select your city of residence.

Step 4

Provide Additional Information

Fill in your occupation, educational qualification, and lifestyle details such as smoking and drinking habits.

Step 5

Compare & Buy

Browse the shortlisted plans, compare features, choose the one that fits you best, and complete your payment.

Quick Process: The entire process to buy a term insurance plan typically takes under 2-4 minutes for most applicants.

Why Choose

Okbima for Your Term Insurance?

Okbima is one of India's trusted insurance comparison platforms, with a growing base of families who have secured their future through its services.

Compare the Best Plans in Seconds

Okbima brings plans from leading insurers together on one platform so you can make a well-informed decision without spending hours doing research.

Transparent and Hassle-Free Process

No hidden charges, no pushy agents. Okbima's online platform is clean, transparent, and built around the customer's needs.

Lowest Available Premiums

Okbima works with top insurers to bring you some of the most competitive term plan premiums available in the market.

Expert Customer Support

Have a question about riders, sum assured, or a specific plan feature? Okbima's insurance advisors are available via phone and email to help you choose wisely.

End-to-End Claim Assistance

Okbima's dedicated "City Captain" team provides 100% hands-on support during the claim process – from document preparation to coordinating with the insurer – so your family is never left to figure it out alone.

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What Are the Benefits of Buying Term Insurance?

To summarise everything we have covered, here is a consolidated look at the core benefits of owning a term plan:

Benefit	Details
High Cover at Low Cost	Rs.1 crore cover available for just a few hundred rupees a month
Income Replacement	Family receives regular payouts to replace lost earnings
Loan Protection	Sum assured can clear outstanding home, car, or business loans
Critical Illness Cover	Add-on rider covers major illnesses with a lump sum payout
Disability Benefits	Financial support in case of accidental total or permanent disability
Long Policy Term	Coverage available up to 85 or 99 years of age
Tax Savings	Deduction under 80C on premium; death benefit tax-free under 10(10D)
Return of Premium	Get all premiums back if you outlive the policy term (select plans)
Flexible Payouts	Choose from lump sum, monthly income, or combination options

Frequently Made Mistakes

To protect your family effectively, avoid these common errors:

Buying too late

Premiums increase every year. Act now.

Under-insuring

A Rs25 lakh cover may not be enough for a family with a Rs.60 lakh home loan and two children.

Ignoring riders

They offer significant added protection for a small extra cost.

Hiding health information

This is the number one reason claims get rejected.

Buying offline

Online plans save money and offer more transparency.

Term Insurance for Different Life Situations

For Home Loan Borrowers

A term plan designed around your loan amount and tenure ensures your family never risks losing their home. The claim payout can directly settle pending EMIs.

For Business Owners and Self-Employed Individuals

Business loans, overheads, and partner agreements create financial risk. A term plan provides a safety net that keeps the family protected even if the business faces disruption.

For Equity Investors

If your investments are tied up in markets, your nominee may not have immediate access to liquid funds. The term plan payout provides instant liquidity during a difficult time.

For Freelancers

Freelancers are among the most under-insured segments in India. Even without a steady employer, you can purchase a term plan with valid income proof and secure your family's future.

For Diabetics

Having Type 1 or Type 2 diabetes does not disqualify you from getting term insurance. Special plans designed for diabetics are available at reasonable premiums, ensuring everyone has access to life cover.

What Makes a Good Term Insurance Plan?

Not all term plans are built the same. When evaluating options, look for these qualities:

A Claim Settlement Ratio of 95% or higher from the insurer

Clear and fair policy exclusions without too many conditions

Wide rider availability

Flexible premium payment modes

A generous free look period (15–30 days) to review after purchase

A hassle-free online claim process

Good customer reviews and service reputation

Tax Saving Benefits

Term Insurance Tax Benefits

Term insurance is not just a protection product – it also helps you save money on taxes every year:

Section 80C – Premium Deduction

The premium you pay toward a term insurance plan is eligible for a deduction of up to Rs.1.5 lakh per financial year under Section 80C of the Income Tax Act, 1961. This is available to all individual taxpayers.

Section 10(10D) – Tax-Free Death Benefit

The lump sum amount received by your nominee as a death claim is fully tax-free under Section 10(10D) of the Income Tax Act, subject to conditions.

Section 80D – Rider Premium Deduction

Premiums paid for health-related riders like critical illness may also be eligible for deduction under Section 80D, depending on the terms of the plan.

Note: Tax laws are subject to change. Always consult a tax advisor for the most current and applicable benefits.

How Okbima Supports You at Claim Time?

At Okbima, the relationship does not end at the point of sale. Here is how Okbima supports you and your family when a claim needs to be filed:

STEP 01

Report the Claim

Call Okbima at +91 120 455 5217 or email info@okbima.com to report the claim. You can also submit your claim request through the Okbima website.

STEP 02

Policy Verification

If your policy was purchased through Okbima, the team already has your policy details and can begin the process immediately.

STEP 03

Document Submission

Okbima's claim team guides the nominee on the exact documents required for the specific case. Documents can be uploaded online or submitted physically.

STEP 04

Insurer Coordination

Okbima works directly with the insurance company on your family's behalf – following up on status, answering queries, and pushing for faster resolution.

STEP 05

Settlement and Follow-up

Once the claim is approved, the amount is transferred to the nominee's bank account. Okbima keeps the family informed at every stage.

Why Term Insurance Should Be Your First Financial Decision?

If you have people in your life who depend on you – a spouse, children, parents, or anyone else – term insurance is not optional. It is the foundation of responsible financial planning.

No investment, no savings scheme, and no other product gives you the kind of protection that term insurance does at the price it offers. A Rs.1 crore life cover for less than Rs.1,000 a month is simply unmatched by any other financial instrument.

Rs.

Rs.1 Crore Life Cover

Less Than Rs.1,000/Month

The best time to buy was yesterday. The next best time is today.

Compare plans, choose wisely, and buy online for the best prices. Your family deserves a plan that genuinely protects them – and Okbima is here to help you find it.

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Real experiences from real people who secured their family's future with Okbima

"Bahut achha experience. Highly recommend."

Ramesh Kumar

Delhi

"Bought 1 crore plan in few minutes. Mr. Suraj ne sab kuch samjha diya pehle hi. Super easy process Thank you."

Priya Nair

Kochi

"Friendly website. Easy comparison. Smooth buying experience overall."

Ajay Sharma

Jaipur

"As a working woman I always wanted proper financial protection for my family. Khushi from Okbima helped me understand which plan suits best for me and also explained the critical illness rider in very simple way. No agent, no office visit, everything done from home."

Sneha Iyer

Bangalore

"Pehle agent ke through liya tha, premium zyada laga. Yahan same coverage kaafi kam mein mili. THANK YOU."

Mohammad Faraz

Hyderabad

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