Term Insurance 782 views September 10, 2019

Best Term Insurance Plans in India

When choosing term insurance in India, the prospective policyholder finds many options to choose from. This is advantageous as well as disadvantageous. It is advantageous because one gets to assess all the features of all the plans and then make an informed choice. It is disadvantageous because many options become confusing at times. However, when the selection is done properly, very few issues crop up. Take a look at this article to know how a perfect term insurance plan is selected and also take a look at some of the best term insurance plans in India.

Term Insurance

To know the right life insurance cover, please fill the details below and our policy experts will get in touch with you


Updated Free List of Best Term Insurance Plans in India

Now let us take a closer look at some of the best term insurance plans in India currently. All these plans are good and one can easily choose between them:-

E-Term Insurance Plan from LIC

When it comes to life insurance, very few companies in India can match up to the Life Insurance Corporation of India, also known as. LIC has some of the best life insurance plans, including term life covers. The e-Term Insurance Plan from LIC is amongst the very best. Anyone over the age of 18 can buy this plan. It offers a large sum assured. The policyholder can stay covered for a maximum of 35 years under this plan. LIC has a claim settlement ratio of over 99%, so this plan is always a very safe bet.

Click 2 Protect Plus from HDFC Life

The next plan to feature on the list is HDFC Life’s Click 2 Protect Plus. HDFC Life is one of the leading private insurance companies in India and the plans they offer are very good. The Click 2 Protect Plus term insurance plan offers a minimum sum assured of Rs 25 lacs and there is no limit on the upper margin. Anyone between the ages of 18 years and 75 years can buy this life cover. The premium can be paid annually, semi-annually, quarterly or monthly, making the term insurance plan quite flexible. The policy term available is between 10 years and 40 years.

i-Protect Smart from ICICI Prudential

The i-Protect Smart Plan from ICICI Prudential Life Insurance is one of the best term insurance plans in India. You can get the plan if you are between the ages of 18 and 60. The plan offers multiple payout options, tax benefits, a comprehensive life cover and an affordable premium. These factors make the ICICI Pru i-Protect Smart plan one of the most sought after term insurance plans in India these days.

Max Online Term Plan Plus

The Online Term Plan Plus from Max Life Insurance is another great option for anyone who is looking to buy a wholesome term life insurance policy in India. You can buy the plan for a long duration. There are multiple payout options available and the insurance premium can also be paid in a flexible manner. The insurance provider is also very dependable and has one of the highest claim settlement records in the country.

Smart Shield from SBI Life Insurance

To round off the list, we have the Smart Shield plan from SBI Life Insurance. SBI Life is a very good life insurance provider who offers this comprehensive and affordable term plan. You can add various riders to this plan and keep your loved ones safe in a very practical manner. The minimum sum assured available insurance Rs 25 lacs while there is no limit on the upper value. Non-smokers get special discounts and offer, making this plan a very sought after life cover in the country.

Term Insurance Plans

Insurance PlansClaim Settlement RatioAnnual Premium Charges (Rs.)Sum Assured AmountMaturity Age (Max. Years)
Max Life Online Term Plus98.3%19,599Min: Rs. 50 Lakhs
Max: No Upper Limit
TATA AIA Sampoorna Raksha98%14,101Min: Rs. 50 Lakhs
Max: No Upper Limit
HDFC Life Click2Protect Plus Term Plan97.8%11,318Min: Rs. 25 Lakhs
Max: No Upper Limit
Aegon Life iTerm97.1%10,252Min: Rs. 25 Lakhs
Max: No Upper Limit
SBI Life eShield96.7%11,778Min: Rs. 35 Lakhs
Max: No Upper Limit

These are indeed some of the very best term life insurance plans available in the country these days. Compare insurance quotes to see which plan matches your requirements well. Make a purchase and stay protected in a good and adequate manner.

Major Characteristics of the Best Term Insurance Plans in India

Let us begin by discovering the true characteristics of the best term insurance plans. They include:-

1. Affordable

A good term insurance plan is always affordable. Try to get an economic option when looking to buy term insurance online. Fortunately, there are many term life insurance policies available at some great prices. Make a budget and stick to it. Compare insurance quotes to see what the best options are. The different term insurance plans from the different life insurance companies in India are priced different. A life cover of Rs 5 lacs is available for an insurance premium of Rs 500 from Exide Life Insurance, while a similar cover from Kotak Life is available for Rs 700. It is, therefore, crucial to compare the different term insurance quotes and find a plan that is affordable to make it the best plan for yourself.

2. Easy to obtain

the ideal term life insurance policy should be easy to obtain. Nowadays, most of the top and best life insurance companies in India offer term insurance online. The plan can easily be bought over the internet, in a matter of a few minutes. The digital platform makes it very easy to get term life insurance. No one should be forced to buy term insurance offline, through an insurance agent when they want their plan to be bought online. The best plans are always available online, in an easy and hassle-free manner. An online term life insurance policy makes the job of buying life cover simple, as well as safe and secure. You deal directly with the life insurance company and if there are any doubts, the customer support cell is present to sort them out.

3. Comprehensive

Some plans have more features and some have fewer features. This is a factor based on which some of the term insurance quotes are decided as well. Not all features are suitable or required for everyone. Since insurance is a very specific need, depended greatly on an individual’s life requirements, you need to find the best plan that has the best features matching your requirements. The best term insurance plan should ideally have a comprehensive set of features and covers, but should also be available at a modest price. Look for a term insurance plan that is wholesome yet economical and it will definitely become the best option among the rest.

4. Flexible

Next, we come to the flexibility factor. Term insurance riders are quite easily available. When buying term insurance, look to add a few riders to the base insurance policy. Riders make a term life cover more flexible. Flexibility is an important life insurance requirement. The best term insurance plan is always flexible and tailor-made for your needs. Therefore, it is very important to look for a policy that has the option of riders being added to it. However, riders push up the overall cost of the plan, so choose the riders with care and only get the ones that are of the most help.

5. Easy claim process

A term insurance policy is taken to help the family members of the policyholder after his or her death. It is therefore very important to keep in mind that you won’t be around when an insurance claim will be made. The nominees will have to process the claim on their own, which can be difficult especially if they are aged parents or young children. The best term insurance plan thus keeps the claim process very simple. If the policyholder pays the premiums on time and the claim is made following the correct procedures, the payout should happen quite easily, without putting the nominees through too many complications.

6. The option of payout

Term insurance payouts can happen in multiple ways. There is the option of the lump sum payout. Here, the nominee gets the entire death benefit, after the policyholder’s demise, in one go. After that, the term life insurance policy ends. The other option is the income benefit payout, where the death benefit is paid out in instalments over a fixed period of time. It acts as an income replacement of the policyholder. The best term insurance plan should allow you to choose the option you feel is best suited for your family. Any plan that has a rigid or single payout option can never be considered to be the best term life insurance plan in India.

These are some of the most defining characteristics of a good term life insurance policy. When looking to buy term insurance, make sure the plan is chosen ticks all these points. Only then will you be assured of having the best term insurance coverage that can offer the maximum coverage at the best possible rates.

Final Conclusion about the List of Best Term Insurance Plans in India

It is vital for everyone to buy a term life insurance cover. And since so many plans are available nowadays, the process to choose and buy the best option becomes quite simple. The plans are priced economically, further making the life cover an attractive option for many. So make a list of the requirements and then choose a plan that’s best suited to those very needs. Finding the best term insurance plans in India won’t be difficult once you are methodical win your purchase.

People Also Read