For all those who have made themselves comfortable with PuttY software, word selection by double clicking in xfce4-terminal would be difficult to get used to.
\\ So they can follow these steps to use PuttY style word selection.
\\

1. Right click anywhere inside xfce4-terminal and select Preferences
   \\
2. Select the Advanced tab
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3. Paste the following text in the box below "Double Click" section

1-A-Za-z0-9./?_~

\\ That's it. Enjoy PuttY style word selection on xfce4-terminal :)
\\