Term Life Insurance In India

Term insurance is essential for anyone looking to secure their loved ones. It is the most simple type of life insurance that provides death benefit to the policyholder’s loved ones in the unfortunate event of his/her death within the specific policy term. Non-resident Indians (NRIs), Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders can easily buy these plans online. The process is convenient, involving a simple and hassle-free medical test over the tele/video mode. Indian insurance companies offer term plans tailored to the needs of Indian customers.

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Let us see the best term insurance plans in India, their key features and the process of buying them.

What is Term Insurance?

Term insurance is the most simple and affordable type of life insurance plan that provides financial cover to the policyholder’s loved ones for a fixed policy duration, also called the ‘policy term’. This type of life insurance offers a death benefit to the nominee in the event of the unfortunate death of the life assured during the policy term. A term insurance plan provides high life cover at low premiums.

For example, a 30-year-old healthy, non-smoking male, with a salaried income of Rs. 12 Lakhs per annum, can buy a term cover of Rupees 1 Crore for his family for the next 30 years. And when he plans to buy term plan, he must pay only Rs. 818 per month. With this 1 crore cover, he can ensure that their family will be able to maintain their current lifestyle without any hassle in case of his untimely demise.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What Are The Best Term Life Insurance Plans In India 2024?

The insurance companies in India offer the following term insurance plans.

Plan Name Entry Age Sum Assured Maturity Age
ICICI Prudential iProtect Smart 18 - 65 years Rs. 1 Crore - Rs. 2 Crores 99 years
HDFC Click 2 Protect Super 18 - 65 years Rs. 1 Crore - Rs. 2.5 Crores 85 years
Max Life Smart Secure Plus 18 - 60 years Rs. 1 Crore - Rs. 10 Crores 85 years
Tata AIA SRS Vitality Protect 18 - 60 years Rs. 1 Crore - Rs. 2 Crores 85 years

Note: The Term Insurance For NRI Premium Calculator can help you determine the premium amount payable for the desired cover amount.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Why Should You Buy Term Insurance?

Here are some of the reasons why you should buy term plan in India:

  • Financial Security: Term insurance in India ensures your family's financial well-being by offering a benefit amount if you pass away. This payout helps them sustain their current lifestyle, cover rent, child's fees, and manage any medical emergencies.

  • Flexible Policy Issuance: Buying a term insurance policy in India is easier than international term plans due to simpler documentation and formalities for NRIs. You can compare and buy term plan online within minutes from the comfort of your home.

  • Easily Accessible: Your grieving family can visit the insurer’s nearest office/branch in their residential city to initiate the claim settlement without hassle.

  • Larger Life Cover: If an NRI buys term insurance in India, they can get a life cover of up to Rs. 20+ Crores. You can easily buy term plan with a large life cover to ensure your family is financially stable in your absence.

  • Debts and Loans: The life cover payout from term life insurance can help your family pay off any remaining loans like home or car loans and take care of their financial obligations. Therefore, it is important to buy term plan with a life cover enough to cover your family’s needs.

  • Affordable Premium Rates: The level term life insurance rates for NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders are more affordable than international term life insurance premium rates.

  • Extra Discount: You can receive an additional discount of 5% when opting for the yearly premium payment mode, along with an 18% GST waiver upon buying term life insurance from Indian insurers.

  • Special Exit Option: In India, you can select term insurance plans with a special exit option. This allows you to conclude the plan at a specific time, after which you will receive a full refund of all paid premiums. This feature is very similar to the zero cost term insurance and out of the plans mentioned above, HDFC Life Click 2 Protect Super, ICICI Pru iProtect Smart, and Max Life Smart Secure Plus are zero cost term plans. 

Why Should You Consider Buying Term Insurance From India?

You should buy term insurance from Indian insurance companies because of the reasons mentioned below:

  • Bigger Pool of Insurance Companies: In India, you can get a bigger pool of insurer offering term plans for Indian expats. This allows you to compare term plans from various insurers before buying the plan that fits your requirements the best. The benefits of buying term plans from an Indian insurer are as follows:

    • Premium payment options

    • Flexibility to choose policy term

    • Large sum assured

    • Various payout options

    • Affordable premiums

  • Claim Settlement Ratio (CSR): The CSR, or Claim Settlement Ratio, is the proportion of claims settled by an insurance company compared to the total claims submitted in a year. The IRDAI provides CSR values for all insurers in its annual report, helping customers make informed choices. It's recommended to choose an insurer with a consistently high CSR value, preferably over 95%, when buying a term plan.

  • GST Waiver: If you purchase term or life insurance from India, you will be eligible to receive a GST waiver of 18% on the premiums payable if the premiums are paid using a non-residential external bank with freely convertible currency.

  • Video or Tele Medical: Buying term insurance from Indian insurers has been made even easier through the video or tele medical option. You can conduct your medical sessions via video or telephone and purchase the term plan of your choice.

How to buy Term Insurance from Indian Insurers with Policybazaar?

Now, you can easily buy term insurance from India in an online mode, from the comfort of your home, by following these steps:

  • Step 1: Go to Policybazaar’s official website and click on ‘ Term Insurance

  • Step 2: Enter relevant information, ie.e your name, email address, gender, and contact information

  • Step 3: Fill in the information regarding your occupation type, educational background, yearly income, and smoking and drinking habits

  • Step 4: Select the most suitable term plan and proceed to pay

  • Step 5: Pay using your preferred payment method to complete the process. 

What Are The Documents Required to Buy Term Insurance from India?

Here is a list of documents required to purchase term insurance from India:

  • Front and back side of the Passport

  • Copy of Valid Visa

  • Foreign Address Proof

  • Proof of Employment ID 

  • Last entry-exit stamp

  • Photo of the Policyholder

  • Last 3 Month salary slips & Last 6 months' bank statements


FAQs

  • Q: Who can buy term insurance from India?

    Ans: These people can buy term insurance from India – Indian citizens, NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders.
  • Q: Why should you buy term life insurance in India?

    Ans: Term insurance ensures financial security for your family, has a flexible policy issuance process, is easily accessible, provides larger life cover, helps with debts and loans, offers affordable premium rates, and comes with special exit options.
  • Q: Why consider buying term insurance from Indian insurers?

    Ans: Indian insurers provide a bigger pool of options, various benefits like flexible premium payment, policy term, and large sum assured. Additionally, they have a high Claim Settlement Ratio (CSR), offer GST waivers, and allow video or tele medical options.
  • Q: What documents are required to buy term insurance from India?

    Ans: The documents required to buy term insurance from India are: Front and back side of the Passport, Copy of Valid Visa, Foreign Address Proof, Proof of Employment ID, Last entry-exit stamp, Photo of the Policyholder, Last 3-month salary slips, and Last 6 months' bank statements.
  • Q: How to buy term insurance from Indian insurers online?

    Ans: Here’s how you can buy term insurance from Indian insurers online: Visit Policybazaar's website, enter relevant information, select a suitable term plan, and proceed to payment. Pay using your preferred method to complete the process.

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