Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

How To Evaluate Your Term Insurance Quote?

When buying the right term life insurance, it's essential to understand how to evaluate the term life insurance quotes you receive to make an informed decision. With numerous options available, it can be overwhelming to determine the best one for you and y

  • Feb 16, 2023

    Key takeaways

    7 Factors You Must Consider While Evaluating Term Insurance Quotes

  • Coverage Amount
  • Premium Cost
  • Policy Term
  • Rider Options
  • Settlement Ratio
  • Solvency Ratio
  • Claims Process

In this article, we’ll review some critical factors to consider when evaluating your term insurance quote to help you make the right choice.

7 Factors You Must Consider While Evaluating Term Insurance Quotes

Coverage Amount

The coverage amount is the most significant factor to consider when evaluating your term insurance quote. Ensure that the term insurance quotes include enough coverage to secure your family’s financial future in case of your sudden death. The coverage amount should match your current income and dependents’ needs.

Premium Cost

The premium cost is the monthly, annual, or one-time payment you make to keep your policy in force. When evaluating your term insurance quote, compare the premium cost with the coverage amount offered to determine the best value.

Policy Term

The policy term is the length of time the coverage will last. Common terms are 10, 20, or 30 years, and some policies also offer a longer term of up to 40 years. When evaluating your quote, make sure the policy term aligns with your coverage needs.

Rider Options

Rider options are add-ons to your policy that provide additional coverage and benefits. When evaluating your quote, consider the rider options available and the cost of each one. Some popular riders include accidental death, critical illness, and waiver of premium.

Settlement Ratio

The settlement ratio is the percentage of death claims settled by the insurance company. A high settlement ratio indicates that the insurance company is reliable and has a good track record of settling claims promptly and efficiently. To get an idea of the settlement ratio of an insurance company, you can check the annual reports of the Insurance Regulatory and Development Authority of India (IRDAI).

Solvency Ratio

The solvency ratio is the ratio of the insurance company’s assets to its liabilities. It shows the financial stability and ability of the insurance company to meet its obligations, including paying claims. A high solvency ratio indicates that the insurance company is financially strong and less likely to become insolvent. To evaluate the solvency ratio of an insurance company, you can check the IRDAI’s annual reports or consult with a financial advisor.

Claims Process

The claims process is the procedure for making a claim in the event of your death. Make sure you understand the claims process before purchasing a term insurance policy. Check if the process is simple and straightforward and if the insurance company has a good reputation for settling claims promptly.

Did You Know?

It is crucial to compare term insurance rates before making a decision because some insurance firms provide discounts for non-smokers, individuals in good health, and other characteristics.

Features of Term Insurance

A term plan is a type of life insurance that provides coverage for a specified term, usually ranging from 10 to 30 years. It is designed to provide financial protection to your loved ones in the event of your untimely death. In this article, we will explore the features of a term plan that make it an attractive option for individuals seeking life insurance coverage.

Affordable Premiums

One of the biggest advantages of a term plan is that it is the most affordable type of life insurance. The premiums for term plans are generally much lower than those for other types of life insurance, making it an excellent option for people on a budget. This is because term plans only provide coverage for a specific period and do not include any investment or savings components.

Flexible Coverage Options

Another key feature of term plans is that they offer flexible coverage options. You can choose the coverage amount that best suits your needs and budget and can also opt for riders that provide additional protection for critical illnesses, accidental death, and more.

Easy to Compare

With so many insurance providers offering term plans, it can be overwhelming to choose the right one. Fortunately, there are various term insurance comparison websites that allow you to easily compare policies and quotes from different insurance providers. You can also get term insurance quotes online, which makes it easy to compare coverage options and pricing.

ax Benefits

Term plans offer tax benefits under sections 80C and 10(10D) of the Income Tax Act. This means that the premiums you pay towards your term plan can be claimed as a deduction from your taxable income, reducing your overall tax liability.

No Medical Exam Required

In most cases, you can apply for a term plan without having to undergo a medical exam. This makes the process of buying life insurance coverage much more convenient and less intrusive.

Easy to Renew

A term plan can be easily renewed at the end of its term, making it a convenient option for long-term life insurance coverage.

Final Thoughts

Evaluating your term insurance quote involves considering several key factors, including coverage amount, premium cost, policy term, rider options, and insurance company reputation. By considering these factors, you can make an informed decision and select the best term life insurance policy to secure your family’s financial future. Don’t forget to compare term insurance quotes and term life insurance quotes to ensure you’re getting the best value.

Kotak e-Term

Download Brochure


  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

Similar Articles

क्या ₹1 करोड़ का टर्म इंश्योरेंस पर्याप्त कवर है?

Buying A Term Insurance Plan? Take These Factors into Account

Can Senior Citizens Avail Term Insurance?

What is Insurance Premium? | Definition of Insurance Premium

Why 1 Cr Term Plan Is Necessary For Family?

Should You Have Multiple Term Life Insurance Policies?

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

Benefits of Short-Term Life Insurance Policy

Should Youngsters, Working Couples Buy Term Insurance Plans?

Term Insurance Plans and Policies for Smokers

All About Term Insurance Inbuilt Coverage

Different Types of Protection Plans

Why is it important to buy term insurance plan?

Zero Cost Term Insurance Plan: What is & Should you buy it?

Why should single women purchase term life insurance?

While Buying Term Insurance Compare Features, Not Just Premiums

Advantages of Buying Term Insurance in Your 50s

5 Benefits of Early Retirement Planning

5 Things To Consider While Buying Term Insurance Plan

How to Compare Term Insurance Online

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Difference Between Term Insurance and Endowment Plan

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Is Term Life Insurance Plan an Investment or Expense?

10 Most Frequently Asked Questions - FAQs on Term Insurance

8 Things To Do After Buying Term Insurance

Understanding Term Insurance Riders

Should you buy a Renewable Term Life Policy?

9 Most Frequently Asked Questions on Term Insurance

Can I Get Term Insurance on Behalf of My Spouse?

Cost of Term Insurance Likely to Increase Soon

Term Insurance Claims – Make Sure Your Claims Are Never Rejected

Do term insurance policy have a waiting period after buying?

How Much Term Life Insurance Cover Do I Need in India?

What Is the Correct Age to Buy Term Insurance?

Planning For Son or Daughter's Wedding

5 Reasons to Buy Term Insurance When You are in Your 30s

Is There Any Tax Benefit on Term Insurance?

Term Insurance Calculator - Everything You Need To Know

Why Spending Time with Friends is Essential for Your Mental Health?

How to Identify Term Insurance According to Your Needs?

How Much Cover Should I Take In A Term Plan?

6 Types of Death not covered in Term Insurance Plan

Why Premium Amount for Term Insurance is So Low?

Top 3 Reasons Why You Should Buy A Term Plan Now

Insuring yourself against Ill Health with a Critical Illness Rider

10-Year Term Life Insurance Policy - Explained in Detail

11 Types of Death not covered in Term Insurance Plans

Why Should You Add a Rider to a Term Insurance Plan?

How To Choose the Right Term Insurance Plan?

Why Should New Parents Buy Term Life Insurance?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Different Types of Premiums in Term Insurance?

What Is a Renewable Term Insurance Policy?

Know How to Invest at Every Age for Larger Returns

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Should You Buy a Term Plan After 40?

Can You Get Term Insurance Without Income Proof?

How Does Short-Term Life Insurance Work?

What is a term insurance plan with a return of premium, and how does it work?

Why Short-Term Insurance Plans Deserve a Second Look?

Tax Benefits of Term Insurance in India

Difference Between Short-Term and Long-Term Insurance

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

Everything About Claim Settlement Ratio for Term Insurance

कोविड -19 बूस्टर खुराक के दुष्प्रभाव

Can You Increase Your Term Insurance Cover?

How To Choose the Right Sum Assured Under a Term Plan?

5 Reasons to Have a Child Education Plan

How to Buy ₹1 Crore Life Insurance Policy Without Medical Test?

What are incremental term insurance plans?

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

Is It Good To Buy A Term Insurance Plan In 2022?

What Are the Best Term Insurance Plans for Planning Retirement?

Term Life Insurance Plan for Smokers vs Non-Smokers

Eligibility Criteria for Buying Term Insurance in India

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

5 Term Insurance Benefits for Single Women

How To Change The Nominee in Term Insurance?

How do I Calculate My Term Insurance Premium

Reasons You Need Term Insurance Plan as a Self-Employed Person

8 Benefits of Term Insurance You Should Know

Difference Between Term Insurance and Endowment Plan

जीवन बीमा पॉलिसी लेने की प्रक्रिया क्या है?

Why does every working women need life insurance?

Why Should You Buy Term Insurance in 2022?

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Term Plans are Definitely Cheaper than You Think!

Why Term Insurance Is Better Than ULIP?

Types of Life Insurance Policies in India

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Insuring Against Accidents with an Accidental Death Insurance Rider

How Much Term Life Insurance Cover Do I Need?

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

Is Group Term Life Insurance Provided By Employer Sufficient?

What is a short term insurance policy?

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

How to Surrender Term Life Insurance When You Have No Liabilities?

Is Life Insurance Investment Worthy Enough

What Should Be The Duration Of Your Term Plan in India?

9 Point Guide on how to File Income Tax Return Online

Insuring Against Disability With Disability Insurance Rider

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Why You Must Include In Your Financial Planning?

Why Term Plan Should Be The First Step To Securing Your Future?

Tips to Choose the Right Term Period for Term Insurance Plan

Term Life Insurance Vs Money Back Life Insurance

What All Documents Required For Term Insurance In India?

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

How Does BMI Affect Your Term Insurance Premium?

Which Death Type Does Your Term Plan Not Cover?

What Types of Deaths Are Covered in a Term Insurance Plan?

Why Should You Not Take A Term Plan Without Medical Test in India?

Does Term Insurance Cover Accidental Death?

Busting Myths and Facts About Term Insurance Policies

Term Plan with Spouse Cover

Term Insurance with Critical Illness

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Should you have more than one nominee in your term insurance?

What are the Documents Required for Term Insurance Plan?

Choosing Riders for Insurance Plans

Insurance Policy for Housewife In India

Can I Make Changes to My Term Insurance Policy Post Purchase?

How Does Term Life Insurance Work? Learn the Benefits

Side Effects of Covid-19 Booster Doses

Term Insurance: Smokers vs Non-Smokers

Make Your Online Term Plan Your Familys Monthly Payout

Advantages & Disadvantages of Term Insurance in India

भारत में गृहणियों के लिए टर्म इंश्योरेंस

Why Term Insurance Is Important in times of COVID-19?

Insuring Protection Against Death With Death Insurance Rider

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

4 Methods to Calculate How Much Term Insurance You Need

What Should You opt for - Limited or Premium Pay?

How To Calculate The Amount Of Term Life Insurance You Need?

Joint vs Individual Term Insurance: Which One Should You Choose?

Term Insurance Basics You Should Know

4 Reasons Why You Need Critical Illness Cover

What Happens if you Hide Facts in your Term Insurance?

Importance of Term Insurance at Every Stage of Your Life

Steps on How to Buy Term Insurance Online

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

How Does Term Life Insurance Work? Learn the Benefits

Endowment Plans vs Term Plans: Understanding the difference

What is Critical Illness Policy?

Can Term Insurance Plans Be Purchased As A Gift?

Why Buy Term Insurance Plan With a High Cover?

Do Beneficiaries Pay Taxes on Term Insurance?

How Not To Get Your Term Insurance Claim Rejected

8 Factors to consider before choosing a Critical Illness Insurance

टर्म इंश्योरेंस क्लेम प्रक्रिया

Is term Insurance Needed for People With No Dependents?

Can I Buy Term Insurance for a COVID-19 Patient?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Term Insurance Age Limit – Term Plan for All Age Groups

टर्म इंश्योरेंस बनाम लाइफ इंश्योरेंस: अंतर और लाभ समझें

Can I Extend the Tenure of My Term Insurance Plan?

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Can a Housewife Buy a Term Insurance Plan - All You Need to Know

Increasing Term Insurance and Riders

Individual Life Insurance vs. Group Term Life Insurance

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

All about Online Income Tax Calculator

Term Insurance With Riders In India

Planning For Children's Future

भारत में जीवन बीमा कितने प्रकार के होते हैं?

Do You Need Term Insurance Cover After Retirement?

6 Reasons That Make Term Insurance a Must Buy

Calculating Term Insurance Premium

Comparing Term Plans – What Should You Look Out For

4 Things To Expect From Your Term Insurance Plan in India

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Term Insurance vs Life Insurance: Understand the Difference and Benefits

Gift Your Father A Term Insurance Plan This Father's Day

3 Things to Consider When Buying Term Insurance, If You are Single

Protection for your family

Ensure Protection Against Death, Disease & Disability With Life Insurance

9 Ways to Help Family Members in Financial Trouble

10 Ways to Mentally Refresh After a Stressful Day

Why Buy Term Insurance Even at Rising Rates?

Why Married People Should Buy Term Insurance Under MWP Act?

10 Ways to Get Your Kids Involved in Your Healthy Lifestyle

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Is a Term Insurance Policy Portable?

All you need to Know about Term Insurance Plans for housewives

Do I Need to Give a Medical Test for Term Insurance in India?

What is Term Insurance? Term Plan Meaning and Definition

Is ₹1 Crore Term Insurance Good Enough Cover?