Term Life Insurance In India

Term insurance is important for your family's financial future, so that you can keep them secure during all uncertainties of life. It's a simple and affordable type of life insurance that gives a lump sum to your loved ones if something unfortunate happens to you during the policy period.

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NRIs, Foreign Nationals, PIOs, and OCI cardholders can easily get these plans online with a simple tele/video medical test. Indian insurance companies have special plans for Indians living abroad. Let’s learn more about term life insurance plans in India and how to easily buy them online.

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 (Risikolebensversicherung/RLV) acts like a financial safety net for your loved ones. It's like an income replacement that offers financial protection for a specific period in the case of you sudden death. If something unfortunate happens to the policyholder during this period, their nominee or beneficiary receives a lump sum amount, ensuring a secure future. This insurance offers comprehensive coverage at a very reasonable premium rate, making it a practical and affordable way to care for your loved ones.

For example, Ramesh, a 30-year-old non-smoker with a yearly income of Rs. 50 Lakhs, can buy term plan of life cover Rs. 1 Crore for his family for the next 30 years. By paying just Rs. 930 per month for this coverage, Ramesh ensures that his family can maintain their current lifestyle without any hassle in case of his untimely demise.

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

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 insurance in India ensures your family's financial well-being by providing a large chunk of money if you unexpectedly die during the policy duration. 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 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 comprehensive and high life cover is fairly simple because of ease of purchase from Policybazaar.

  • 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 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.

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

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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 Insurer Choices: In India, you can choose from a larger pool of insurers offering term life insurance plans with flexible options such as premium payments, policy term duration, and affordable premiums. Opt for an Indian insurer for added benefits like a 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 the Policybazaar's website and then click on 'Term Insurance.'

  • Step 2: Enter all necessary information like name, email, gender, and contact details.

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

  • Step 4: Now, compare and then choose the best term plan and move on to payment.

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

Key Things To Know Before Buying Term Life Insurance’


Here are a few things to keep in mind before buying term life insurance from India:

  •  Determine Coverage Needs: Calculate the coverage you need, and always aim for 8-10 times your gross annual income. Consider factors like pre-tax income, dependents' needs, and age. Use the Human Life Value Calculator for an accurate estimate.

  • Assess Needs and Budget: Ensure the sum assured can meet future family requirements, considering inflation. You can use the Term Insurance Calculator to determine your premium.

  • Choose the Right Insurer: Select an Indian insurer with a high Claim Settlement Ratio, ensuring efficient claim settlements. Check the Solvency Ratio for the insurer's financial strength and ability to handle debts. Go for an insurer with a strong financial position.

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. What is life insurance called in Germany?

    Ans: In Deutsch/German, life insurance is called Risikolebensversicherung (or RLV).
  • Q. Is term insurance applicable for NRI?

    Ans: Yes, NRIs in Germany can buy term life insurance very easily from the comfort of their homes, with the help of Policybazaar.
  • Q. Who can buy term life insurance?

    Ans: You can buy term plan between 18 and 65 years of age. However, even at 65, you can buy a plan and choose coverage up to age 99. The policyholder's age plays a significant role in determining the premium.
  • Q. How to Buy Term Insurance from Indian Insurers with Policybazaar?

    Ans: You can easily buy term insurance online from India through Policybazaar:
    • Visit Policybazaar's website and click on 'Term Insurance.'
    • Enter necessary information.
    • Fill in details about occupation, education, income, and habits.
    • Compare and choose the best plan.
    • Complete the payment process.
  • Q. Why Should You Buy Term Insurance?

    Ans: Reasons to buy term insurance in India include financial security for your family, flexible policy issuance, accessibility, larger life cover options, debt settlement, affordable premium rates, extra discounts, and a special exit option.
  • Q. Why Should You Consider Buying Term Insurance From India?

    Ans: Consider buying term insurance from Indian insurers for more choices, a higher sum assured, different payout options, a high Claim Settlement Ratio (CSR), an 18% GST waiver, and the convenience of video or tele medical tests.

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