Term Life Insurance In India

Living abroad can be exciting, but at the same time, it raises multiple concerns for your loved ones living in India. Term insurance is the solution to this as it is a simple, affordable type of life insurance plan that provides a lump sum payment to your loved ones if you, unfortunately, pass away during the policy term.

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The policy can help them cover expenses, pay off debts, or maintain their lifestyle even when you’re not there anymore. Whether you're an NRI (Non-Resident Indian), foreign national, PIO (Person of Indian Origin), or OCI card holder living overseas, you can get covered with term life insurance. Let’s understand more about term plans here.

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 acts like a financial safety net for your family to protect them in the future. It works like an income replacement plan, providing a certain amount of financial security in case of your untimely demise. A lump sum payment is provided to the policyholder's nominee/beneficiary, thus, guaranteeing a stable future. This insurance is an affordable approach to caring for your loved ones because it provides comprehensive coverage at a very low premium rate.

For example, Rahul, a 30-year-old non-smoker with an annual income of Rs. 55 Lakhs, can buy a term plan of life cover Rs. 1 Crore for his loved ones for the next 30 years. By paying just Rs. 930 per month for this life cover, Rahul ensures that his family can maintain their current lifestyle without any hassle in case of his untimely demise.

What Are The Term Life Insurance Plans In India 2025?

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

Name of the Insurer	Term Insurance Plan	Claim Settled Amount (cr)	Entry Age	Maximum Maturity Age
Aditya Birla Sun Life Insurance Company Limited	ABSLI Income Suraksha Plan	458	21-55 years	70 years
Aviva Life Insurance Company India Limited	Aviva Signature 3D Term Plan	98	18-65 years	80 years
Bajaj Allianz Life Insurance Company Limited	Bajaj Allianz Life eTouch II	603	18-55 years	99 years
Bandhan Life Insurance Limited	Bandhan Life iTerm Prime	86	18-65 years	70 years
Bharti Axa Life Insurance Company Limited	Flexi Term Pro	148	18-65 years	99 years
Canara HSBC Life Insurance Company Limited	Canara Young Term Plan	186	18-45 years	99 years
Edelweiss Life Insurance Company Limited	Edelweiss Life Zindagi Plus	59	18-65 years	80 years
Future Generali India Life Insurance Company Limited	Future Generali India Term Insurance Plan	33	18-60 years	65 years
HDFC Life Insurance Company Limited	HDFC Life Click 2 Protect Life	1,389	18-65 years	85 years
ICICI Prudential Life Insurance Company Limited	ICICI iProtect Smart	1,950	18-65 years	99 years
IndiaFirst Life Insurance Company Limited	IndiaFirst Life Elite Term Plan	160	18-60 years	99 years
Kotak Mahindra Life Insurance Company Limited	Kotak e Term	321	18-65 years	85 years
Life Insurance Corporation of India	LIC New Tech Term Plan	18,398	18-65 years	80 years
Axis Max Life Insurance Company Limited	Max Life Smart Secure Plus	1,242	18-65 years	85 years
PNB MetLife India Insurance Company Limited	PNB MetLife Mera Term Plan Plus	407	18-50 years	80 years
Pramerica Life Insurance Company Limited	Pramerica Life Rock Solid Plan	30	18-65 years	85 years
SBI Life Insurance Company Limited	SBI eShield Next Plan	1,676	18-65 years	100 years
Shriram Life Insurance Company Limited	Shriram Life Smart Protection Plan	109	18-65 years	75 years
Star Union DAI-ICHI Life Insurance Company Limited	SUD Life Protect Shield Plus	113	18-60 years	80 years
Tata AIA Life Insurance Company Limited	Tata AIA Sampoorna Raksha Supreme	776	18-65 years	100 years

*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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

Note: Check all the best term insurance plan in India.

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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 financial security of your family by paying out a substantial amount of money in the event that you pass away suddenly while the policy is in effect. This death benefit assists them in maintaining their standard of living, paying for bills like rent and your child's tuition, and taking care of any urgent medical needs.
Flexible Policy Issuance: Term insurance plans in India are much simpler than the international plans, by dint of tele/video medical tests and easier documentation processes. You can compare and buy a term plan online from the comfort of your home with the help of Policybazaar.
Easily Accessible: Your family can visit the closest insurance branch in their city to start the hassle-free claim settlement process.
Larger Life Cover: In India, you are eligible to get life cover up to Rs. 20+ Crores with term insurance plan, thereby, ensuring your loved ones' financial security. Buying term plans with high life cover is much simpler because of the ease of purchase from Policybazaar.
Debts and Loans: Term insurance offers payout that assists your family settle outstanding loans, like home/car loans, and in managing financial responsibilities. It's important 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: Choosing the annual 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 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 life insurance from Indian insurers because of the following reasons:

More Insurance Choices: You can select from a larger pool of companies offering term insurance plans with flexible options such as premium payments, policy term, and cost-effective premiums. Choose an Indian insurer for added benefits like higher sum assured and different payout options.
High Claim Settlement Ratio (CSR): In India, the regulatory body IRDAI makes sure that every insurer maintains a high Claim Settlement Ratio (CSR). It’s the percentage of claims paid by an insurance company compared to the total claims settled in a year. Therefore, you have the flexibility to choose an insurer with a consistently high CSR value, ideally over 95% to be sure about your claims being settled. This benefit is available in the Indian insurance market and allows you to only buy term plans from the insurers.
GST Waiver: Buying a term or life insurance plan from India can get you an 18% GST (goods and services tax) waiver on the premiums.
Video or Tele Medical Test: Buying term insurance from Indian insurers is now simpler because of the option of tele/video medical tests, making it much easier for you to now find the plan online.

How to buy Term Insurance from 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 and click on 'Term Insurance.'
Step 2: Enter all the necessary details like name, email, gender, and contact information.
Step 3: Fill all details regarding occupation, qualification, annual salary, and smoking habits.
Step 4: Next, compare and choose the term plan and move on to payment.
Step 5: Complete the payment process by using your preferred method.

People also search for

What is Term Life Insurance

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

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

Copy of your 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

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FAQs

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. How to Buy Term Insurance from Indian Insurers with Policybazaar?
Ans: You can buy term plan 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 plan.
- Complete the payment process.
Q. Why Should You Buy Term Plan from India being an NRI from New Zealand?

Ans: Reasons to buy term plan from India are:
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 Buy Term Plan from India being an NRI from New Zealand?

Ans: Reasons to buy term plan from India are:
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.

Different types of Plans

Term Insurance

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Life Insurance

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List of Term Insurance Companies

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TROP

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Term Insurance For Senior Citizen

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Term Insurance For Spouse

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Term Insurance For Family

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Term Insurance For NRI

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List of Term Insurance Plan

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Life Insurance Corporation of India

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What is Term Insurance?

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Term Insurance Calculator

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1 Crore Term Insurance

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2 Crore Term Insurance

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˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.