Term Life Insurance Quotes

Ever wondered why term life insurance quotes vary so much for the same cover? That’s because the price you see is only an estimate based on limited details. The real premium depends on medical checks and underwriting. This guide walks you through the factors, information required for term quotes, and why you should compare across term plans.

What Are the Factors that Affect the Term Life Insurance Quotes?

Term life insurance quotes are based on how risky it is for the insurer to cover you and how much protection you want. Your age, health history, lifestyle habits (like smoking and drinking), job risk, policy term, and sum assured play a significant role. Simply put, the higher the term coverage, the higher your premiums are.

Learn more about factors that affect your term life insurance quotes.

How do I Get Term Life Insurance Quotes Online?

• Visit an insurer’s website, like Axis Max Life, HDFC Life, or an insurance comparison platform.
• Enter basic details like your age, gender, city, education, occupation,  income, and smoking status.
• Choose the sum assured and policy term you want.
• Select premium payment terms (single pay, limited pay, or regular pay) and preferred mode (annual, semi-annual, quarterly, or monthly). 
• Add riders (like critical illness, waiver of premium, or accidental death cover).

While checking your quotes for term life insurance, compare features and the insurer’s track record, and not just the price. 

Note: After you see a term insurance quote and apply, the insurer reviews your full details and medical reports through underwriting. They may issue the policy at the same premium, or increase the premium with a loading if a higher risk is found.

The insurer can even postpone the decision if your health condition is expected to improve with time or reject the application if the risk is too high. This is why a quote is only an estimate, and the final premium is decided after underwriting.

If your term quote increases, ask the insurer for the reason. Review alternatives like a higher premium, a lower cover, or postponement. Then recheck quotes with other insurers using updated details, and choose a plan that stays affordable long term.

Information Required to Get Your Term Life Insurance Quotes

To get the most accurate term life insurance quotes, you need to share basic personal and financial details such as your age, gender, smoking habits, education, occupation, annual income, policy tenure, and the coverage amount you want. You may also be asked about your medical history and existing illnesses, as these directly affect the final premium.

Let’s take a quick look at how premiums vary across plans, covers, and ages:

Note: The annual premiums below are for salaried male non-smokers of different ages, with coverage up to age 70, without discounts.

Note: The annual premiums below are for salaried male non-smokers of different ages, with coverage up to age 70, without discounts.

Note: The annual premiums below are for salaried male non-smokers of different ages, with coverage up to age 70, without discounts.

Insights:

• In our experience with customer applications, HDFC Life usually charges slightly higher premiums to account for future claim risks. Its strong brand presence and market reputation also contribute to relatively higher premiums. We have also seen that their underwriting is more accommodating for complex or borderline profiles compared to some other insurers.
• From what we observe across applications, Axis Max Life usually offers lower headline premiums, but this often comes with stricter underwriting rules, which means some profiles may face higher chances of loading or rejection.
• Based on customer cases we’ve handled, Bajaj Life is generally priced affordably and offers broad coverage options. The insurer also appears to be focusing on newer customer segments such as gig workers, informal sector workers, and non-earning women through more tailored plan designs.
• In our experience, ICICI Prudential may not stand out on pricing alone, but it is known for steady long-term pricing and relatively consistent claim handling, which many customers value over short-term savings.

Note: The term premiums displayed during application are not final. It is only an estimate based on your basic details. The final premium is decided after the insurer’s financial underwriting process, which includes medical tests, disclosure of pre-existing diseases, and risk factors like your occupation.

Why Should You Compare Quotes for Term Life Insurance?

When you compare term life insurance policy quotes, it helps you find the best balance between price and coverage. Premiums for the same cover can vary widely across insurers based on their pricing and underwriting rules. By comparing quotes, you can avoid overpaying, spot hidden conditions like loadings or exclusions, and choose a plan that fits your long-term needs, not just the cheapest option.

Why Approach Ditto for Health Insurance?

At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Pallavi below love us:

• No-Spam & No Salesmen
• Rated 4.9/5 on Google Reviews by 15,000+ happy customers
• Backed by Zerodha
• Dedicated Claim Support Team
• 100% Free Consultation

Confused about the right insurance? Speak to Ditto’s certified advisors for free, unbiased guidance. Book your call or chat with us on WhatsApp now, slots fill up fast!

Ditto’s Take on Term Life Insurance Quotes

New insurers often offer very low prices to attract customers, but these can increase later for new buyers. Established insurers usually follow more stable, long-term pricing models. We recommend choosing adequate cover and long-term affordability, not just the cheapest visible quote.

If you are looking for a term plan from insurers with established track records, we recommend comprehensive plans, which align with your long-term goals. Explore more about how our experts evaluate term plans through Ditto’s cut.