In a world filled with uncertainties, securing your family’s financial future is essential. One of the easiest and most effective ways to do this is by getting a term insurance quote and selecting a plan that meets your needs. But let’s be honest. With so many options, insurance terms, and aggressive agents, buying term insurance in India can feel confusing rather than reassuring.
At Money Moksh, This guide will help you navigate the details, understand what’s important, and take the right steps toward financial security.
What Is a Term Insurance Quote?
At its core, a term insurance quote is an estimate of the premium you’ll pay for a specific coverage amount over a defined term. Think of it as checking the price of a product online before you buy it. The difference is that you’re shopping for peace of mind.
The quote is based on factors such as :
– Your age
– Sum assured
– Policy term
– Lifestyle habits
– Medical history
Knowing how to read and compare quotes can help you avoid overpaying or being underinsured.
Why Term Insurance Matters in 2025
In post-pandemic India, people’s views on life insurance have changed significantly. According to IRDAI data, the demand for term insurance quotes in urban India increased by 38% in 2023 and 2024, and this trend is continuing.
In July 2025, several leading insurers, including LIC and HDFC Life, adjusted their premium structures to better meet customer expectations and deal with rising medical costs. This means that those who apply early can lock in lower premiums, especially if they are under 35.
Money Moksh Insight: If you’re in your 20s or early 30s, now is the perfect time to apply. A 30-year-old non-smoker can get a ₹1 crore policy for as little as ₹500 per month. Waiting just five years could nearly double that amount.
5 Things You MUST Know Before Getting a Term Insurance Quote
1. Understand the Real Purpose
Term insurance isn’t an investment; it’s protection. Unlike endowment or ULIP plans, there’s no maturity benefit. Its value lies in the financial safety net it creates for your loved ones.
If you’re the sole breadwinner, term insurance is not optional; it’s your family’s financial lifeline.
2. Choose the Appropriate Coverage (Sum Assured)
A general guideline suggests that your coverage ought to be 10 to 15 times your yearly earnings. However, this doesn’t apply to everyone. Consider:
– Loans or EMIs
– Children’s education
– Aging parents
– Daily household expenses
Use a term insurance calculator to find your ideal coverage before asking for a quote.
3. Check the Claim Settlement Ratio
A term plan is only as good as the insurer’s history. The Claim Settlement Ratio (CSR) shows what percentage of claims an insurer settled in a year.
In 2025, LIC leads with a CSR of 98.6%, followed by Tata AIA and ICICI Prudential. Always choose an insurer with a CSR of at least 95%.
4. Don’t Hide Your Health Details
When you apply for a term insurance quote, you’ll need to provide information about your health and lifestyle. Always be honest. If you conceal medical conditions, your claim might be denied later, which defeats the purpose of insurance.
Even smokers and diabetics can obtain reasonable premiums today due to improving risk assessment models.
5. Add Riders Wisely
Want more protection? Consider riders such as :
– Critical illness
– Accidental death benefit
– Waiver of premium
However, avoid going too far. Select only what pertains to you. Keep in mind that the quote will rise with every additional rider.
Current Trends : Why 2025 is a Great Year to Buy Term Insurance
According to a recent Financial Express article (July 2025), digital-only insurance platforms in India are growing at 200% year-over-year. More people prefer getting a term insurance quote online, avoiding paperwork, agents, and delays.
Additionally, the government plans to raise the Section 80C limit from ₹1.5 lakh to ₹2 lakh in Budget 2025, leading to more tax savings when you buy term plans.
Pro Tip from Money Moksh: Use IRDAI’s Bima Sugam portal, set to launch in September 2025, as a one-stop platform to compare genuine quotes and avoid unreliable intermediaries.
Common Mistakes to Avoid When Buying Term Insurance
– Underinsuring: Choosing ₹25 lakh cover when your family needs ₹1 crore is a disaster waiting to happen.
– Delaying purchase: Premiums rise as you age. A delay means paying more and getting less coverage.
– Choosing based on price only: A cheaper quote from a less reputable insurer might cost your family everything later.
How to Obtain the Most Favorable Term Insurance Quote in India
Follow this simple checklist : Step, Action
1. Know your ideal sum assured using a term insurance calculator
2. Shortlist 3–4 trusted insurers with high CSR
3. Visit insurer websites or aggregator platforms like Policybazaar
4. Compare quotes with and without riders
5. Submit accurate health and income details
6. Undergo medical tests if needed
7. Read the terms carefully before finalizing
Money Moksh Case Study: Real Story & Real Lesson
Rohan, a 34-year-old IT professional in Pune, was paying ₹900 per month for a ₹1 crore cover with a critical illness rider. After reviewing his quote through Money Moksh, he re-evaluated his needs and upgraded to a ₹1.5 crore cover for ₹1,150 per month with better features. This change provided his family with more protection without a significant increase in cost.
Conclusion : It’s Not About the Quote & It’s About the Peace of Mind
A term insurance quote is just the first step in your journey to securing your family’s future. In these uncertain economic times, with rising healthcare costs and changing family dynamics, being insured isn’t optional; it’s necessary.
Before you click “Buy Now,” make sure you’ve understood your needs, compared options, and selected a plan that offers real value—not just low premiums.
At Money Moksh, we believe that financial freedom starts with financial security. So, get your term insurance quote today—not tomorrow, not next year. Your future self and your family will appreciate it.
Explore more guides, calculators, and personalized term plan comparisons on Money Moksh. Because your money deserves more than luck—it deserves Moksh.