How to invoke sequence while inserting new record into postgresql table?

You got it almost. You don’t need the SELECT in there:

insert into biz_term(
  biz_term_id, 
  biz_term_name, 
) 
values(
 nextval('idsequence'),
 'temp'
);

Any reasons you did not specify the biz_term_id as serial (or bigserial) which handles that automatically for you?