Compare up to three term quotes by annual premium and by how much of your cover need each one leaves uncovered.
Use this tool after you have worked out how much cover your family needs (see the life cover calculator). Enter that figure as the total need, then enter each quote's annual premium (including riders you would actually buy) and sum assured. In the middle column, enter any other cover you are relying on in that option, such as an existing policy or an employer group term cover.
How it ranks. For each option, the shortfall is the need minus other cover minus the plan's sum assured (never below zero). The ranking score is premium + shortfall, so any option with a shortfall falls behind one that meets the need. Among options with no shortfall, the cheapest premium wins.
Worked example (illustrative premiums). The need is ₹1.5 crore. A ₹1 crore plan at ₹14,000 leaves ₹50 lakh uncovered. The ₹1 crore plan plus ₹30 lakh employer cover still leaves ₹20 lakh uncovered, and the employer cover ends if you change jobs. A ₹1.5 crore plan at ₹19,500 leaves nothing uncovered, so it ranks first.
Limits. Premium is only one part of the decision. Check the policy term, payout option, riders, exclusions and the insurer's published claim data on its website and in IRDAI's annual report before you choose. See how to compare term insurance quotes.
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