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Term Insurance In India

Term insurance is important for any individual who wishes to financially protect their family at all folds of life in the future, especially in the unfortunate event of his/her death. It's a straightforward and affordable form of life insurance that provides a lump sum amount, also called the death benefit, if the life assured passes away while the policy is active, i.e. during the policy term. NRIs, foreign nationals, PIOs, and OCI card holders can easily buy these plans online, undergoing a simple medical test via tele/video mode. Indian insurance companies offer term plans customized to the needs and life goals of Indian customers. Let's explore the top term insurance plans in India, their key features, and how to buy them online. 

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What is Term Insurance?

Term insurance is a simple and cost-effective life insurance product designed to offer financial security to the policyholder's nominees/beneficiaries for a selected duration, known as the policy term. In the unfortunate event of the life assured's demise during this term, the policy provides a lump sum payment, known as the death benefit, to the designated beneficiaries or nominees. Additionally, term insurance provides high life cover at much affordable premium rates.

For example, Nitin, a healthy, non-smoking 30-year-old NRI who lives in Saudi Arabia, and earns Rs. 15 Lakhs annually, can buy term plan of Rs. 1 Crore life cover for 30 years by simply paying Rs. 930/month. This allows him to ensure that his family can maintain their lifestyle in case of his untimely death.

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
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: Term Insurance For NRI Premium Calculator helps you accurately estimate the premium amount of your chosen cover amount.

Why Should You Buy Term Insurance?

Here are some of the reasons why you should buy term plan from an Indian insurer:

  • Financial Protection To Family: Term insurance in India provides financial protection to your family by offering a death benefit if you unfortunately pass away during the policy term, helping them maintain their lifestyle, cover expenses like rent, child's education, and future medical costs (if any).

  • Flexible Policy Issuance: Buying term insurance in India is simpler for NRIs due to streamlined documentation and procedures. Online comparison and purchase options allow for quick selection from home.

  • Easily Accessible: Claim settlement for term insurance is convenient for your family. They can visit the nearest office/branch to initiate the process hassle-free.

  • Larger Life Cover: NRIs can obtain substantial life coverage up to Rs. 20+ Crores in India, ensuring their family's financial security.

  • Debts and Loans: Term life insurance provides a payout to settle outstanding debts like home or car loans, ensuring financial stability for your family. Adequate coverage is essential.

  • Affordable Premium Rates: Level term life insurance rates in India are more economical for NRIs, Foreign Nationals, PIOs, and OCIs compared to international rates, making it a cost-effective choice.

  • Extra Discount: Opting for annual premium payments with Indian insurers can yield a 5% discount and an 18% GST waiver, reducing overall costs.

  • Special Exit Option: Term insurance plans bought from Indian insurers offer a special exit option allowing the policyholder to terminate his term plan at a specific time period and get back a full refund of all premiums that he had previously paid to keep the policy active. This special exit option provides flexibility which is similar to zero cost term insurance plans. 

one crore term plan

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₹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:

  • Bigger Pool of Insurance Companies: In India, many insurers offer term plans for Indian expats, allowing easy comparison. This enables you to choose the best-suited term plan from multiple options. Buying a term plan from an Indian insurer offers benefits like flexible premium payment, choice of policy term, high sum assured, various payout options, and affordable premiums.

  • Claim Settlement Ratio (CSR): The Claim Settlement Ratio (CSR) indicates the percentage of claims settled by an insurance company out of the total claims filed in a year. IRDAI publishes CSR values for insurers annually. It's prudent to choose an insurer with a consistently high CSR, preferably above 95% for five consecutive years, ensuring dependable claim settlement practices.

  • GST Waiver: If you buy term plan or life insurance plan 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 an Indian insurer has been made an easy task through the video or tele medical facilities. You can conduct your medical sessions via video or telephonic mode and buy term plan of your preference.

How to buy Term Insurance from Indian Insurers with Policybazaar?

You can now buy term plan from India in an online mode, from the comfort of your home, by simply following the following steps:

  • Step 1:Visit 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:

  • Copy of the Policyholder’s Passport

  • Copy of Valid Visa

  • Photo of the Policyholder

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

  • Foreign Address Proof

  • Proof of Employment ID 

  • Last entry-exit stamp

FAQ's

  • Q: What is Term Insurance?

    Ans: Term insurance is a vital financial tool for safeguarding your family's future. It offers a lump sum payout, known as the death benefit, to your loved ones if you pass away during the policy term. NRIs, foreign nationals, PIOs, and OCIs can easily purchase these plans online, ensuring a hassle-free process.
  • Q: Why Should You Consider Buying Term Insurance From India?

    Ans: Buying term insurance from Indian insurers offers benefits like a wide pool of insurance companies, dependable claim settlement practices indicated by a high CSR, GST waivers, and convenient video/tele medical facilities for medical evaluations.
  • Q: How can you buy term insurance from Indian insurers with Policybazaar?

    Ans: Purchasing term insurance from Indian insurers is now easier than ever. Simply visit Policybazaar's website, fill in your details, select the suitable plan, and proceed with the payment. No extensive documentation is needed, just a few clicks from the comfort of your home.
  • Q: How many Islamic insurance cooperatives are there in Saudi Arabia?

    Ans: There are 34 Islamic insurance cooperatives are operating in Saudi Arabia. However, the prices are higher as compared to policies sold by Indian insurers.
  • Q: Besides Islamic insurance cooperatives, what other insurance companies operate in Saudi Arabia?

    Ans: Larger international companies, such as Tawuniya (national) and BUPA (international), offer policies that include life insurance.
  • Q: What is the market penetration for insurance in Saudi Arabia?

    Ans: The market penetration for insurance in Saudi Arabia was 1.4% in 2017, which is relatively low compared to the OECD average of 8.9%.
  • Q: Who regulates the insurance sector in Saudi Arabia?

    Ans: The insurance sector in Saudi Arabia is regulated by the Saudi Arabian Money Authority (SAMA).
  • Q: Are there any insurance associations or trade organizations in Saudi Arabia?

    Ans: No, there are no Saudi Arabian insurance associations or trade organizations.
  • Q: What are the additional benefits you receive in Saudi Arabia with term insurance?

    Ans: The additional benefits you receive in Saudi Arabia with term insurance are:
    Shariah-compliant Policy
    Dedicated insurance advisor to assist you 24/7
  • Q: What Are The Documents Required to Buy Term Insurance from India?

    Ans: To purchase term insurance from India, you'll need documents like your passport, valid visa, foreign address proof, proof of employment ID, last entry-exit stamp, photo ID, and recent salary slips/bank statements. These ensure a smooth and efficient purchase process.
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