Term Life Insurance In India

Term insurance is crucial for safeguarding your family's future uncertainties. It's a straightforward life insurance type that offers a lump sum payout to your loved ones if you pass away unexpectedly within the policy term. Non-resident Indians (NRIs), Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) cardholders can effortlessly buy term plans online, including a convenient tele/video medical test.

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Indian insurance companies provide customized term plans to cater to the requirements of Indian customers residing abroad. Let’s understand the top term life insurance plans in India and learn about their key benefits.

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 is Term Insurance?

Term insurance is like a financial shield for your loved ones. It's a budget-friendly plan that offers protection for a certain policy period. If, during this duration, something unfortunate happens to the policyholder, their nominee or beneficiary gets a lump sum amount, providing a safety net. This insurance gives significant coverage at affordable premiums, ensuring that taking care of your loved ones is both practical and affordable.

Let’s understand this with the help of the following example. 

Mahesh is a 30-year-old non-smoking male, with a salaried income of Rs. 55 Lakhs per year, 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. 870/month. With this 1 crore cover, Mahesh can ensure that their family can maintain their current lifestyle without any hassle in case of his untimely demise.

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

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

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

Best Term Life Insurance Entry Age Maturity Age Sum Assured
HDFC Life Click 2 Protect Super 18 years to 65 years 85 years Rs. 1 Crore - 2.5 Crores
Max Life Smart Secure Plus 18 years to 60 years 85 years Rs. 1 Crore - 10 Crores
Tata AIA SRS Vitality Protect 18 years to 60 years 85 years Rs. 1 Crore - 2 Crores
Bajaj Allianz Life eTouch 18 years to 55 years 99 years Rs. 50 Lakhs - 10 Crores

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

Why Should You Buy Term Insurance?

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

  • Financial Security: Term life insurance in India ensures your family's financial well-being by providing a sum of money if you unexpectedly pass away. This payout helps them maintain their current lifestyle, cover expenses like rent, your child's fees, and handle any medical emergencies.

  • Flexible Policy Issuance: Term insurance plans in India are simpler than international ones, with easier documentation and tele/video medical tests available. You can quickly compare and buy a term plan online from the comfort of your home.

  • Easily Accessible: Your family can visit the nearest insurance branch in their city to start the hassle-free claim settlement process.

  • Larger Life Cover: In India, you can get a life cover of up to Rs. 20+ Crores with a term insurance plan, ensuring your loved ones' financial security. Buying a term plan with substantial coverage is easy.

  • Debts and Loans: Term life insurance provides a payout that helps your family settle outstanding loans, like home or car loans, and manage financial responsibilities. It's crucial to buy a term plan with sufficient life cover to meet your family's needs.

  • Affordable Premium Rates: Term insurance premiums in India are lower compared to international plans. NRIs, Foreign Nationals, PIOs, and OCIs can enjoy much more affordable level term life insurance rates.

  • Extra Discount: Opting for yearly premium payment mode offers an additional 5% discount, and buying term insurance from Indian insurers comes with an 18% GST waiver.

  • Special Exit Option: Choose term insurance plans in India with a special exit option, allowing you to conclude the plan at a specific time and receive a full refund of all paid premiums.

Why Should You Consider Buying Term Insurance From India?

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

  • More Insurance Choices: In India, you can choose from a larger pool of insurers offering term insurance plans with flexible options such as premium payments, policy term duration, and affordable premiums. Opt for an Indian insurer for added benefits like higher sum assured and different payout options.

  • Claim Settlement Ratio (CSR): CSR, or Claim Settlement Ratio, is the percentage of claims paid by an insurance company compared to the total claims settled in a year. Choose an insurer with a consistently high CSR value, ideally over 95%, for better reliability.

  • GST Waiver: Buying a term or life insurance plan from India using a non-residential external bank can get you an 18% GST waiver on the premiums.

  • Video or Tele Medical Test: Buying a term plan from Indian insurers is now simpler with the option of tele/video medical tests, making it hassle-free to find the best plan for you.

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: Visit Policybazaar's official website and click on 'Term Insurance.'

  • Step 2: Provide necessary details like your name, email, gender, and contact information.

  • Step 3: Fill in your occupation, education, yearly income, and habits regarding smoking and drinking.

  • Step 4: Choose the best term plan and move on to payment.

  • Step 5: Complete the process by paying using your preferred method.

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

  • Proof of Employment ID 

  • Last entry-exit stamp

  • Copy of Valid Visa

  • Foreign Address Proof

  • Photo of the Policyholder

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


FAQs

  • Q. Who can buy term insurance from India?

    Ans: The following people can buy term insurance from India –
    • Indian citizens
    • NRIs
    • Foreign Nationals
    • Persons of Indian Origin (PIO)
    • Overseas Citizenship of India (OCI) card holders
  • Q. Can Canadian citizen buy life insurance in India?

    Yes, Canadian citizens can buy life insurance in India from Policybazaar.
  • Q. What happens to my term insurance if I become NRI in Canada?

    The status change to NRI in Canada does not impact your on-going term plan as long as you keep paying your premiums on time. However, it's advisable to check with your insurance provider for specific details.
  • Q. How to buy the best term life insurance plan in Canada?

    You can buy term plan in Canada from Policybazaar in the following ways: To get term insurance on Policybazaar, start by visiting the official website and clicking on 'Term Insurance.' Then, input essential information such as your name, email, gender, and contact details. Next, provide details about your occupation, education, yearly income, and habits related to smoking and drinking. Once completed, choose the most suitable term plan and proceed to payment. Finalize the process by making the payment using your preferred method.

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