Term Life Insurance In India

Term insurance is important to protect your family for the unforeseeable future. It is the simplest type of life insurance that provides a lump sum payout to your loved ones if you die unexpectedly during the policy term. Non-resident Indians (NRIs), Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders can easily purchase term plans online with a convenient tele/video medical test. Indian insurance companies offer tailored term plans to meet the needs of Indian customers, even if they’re living abroad. Let’s explore the top term life insurance plans in India and understand their benefits.

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What is Term Insurance?

Term insurance is the most affordable type of life insurance plan that offers financial cover to the policyholder’s loved ones for a certain policy term. This type of life insurance provides a death benefit to the nominee/beneficiary of the policyholder in the event of his/her unfortunate death. A term insurance plan provides a high life cover at affordable premiums so that securing your loved ones doesn’t become a task for you.

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

Sandeep is a 30-year-old non-smoking male, with a salaried income of Rs. 22 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, Sandeep can ensure that their family can maintain their current lifestyle without any hassle in case of his untimely demise.

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 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 determine the 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: In India, term life insurance ensures your family's financial security by providing a sum of money if you pass away unexpectedly. This payout helps them maintain their current lifestyle, cover expenses like rent, child's fees, and handle any medical emergencies.
Flexible Policy Issuance: Term insurance plans in India are simpler compared to international plans, as you can enjoy the benefit of easier documentation in India, along with tele/video medical test. You can quickly compare and buy term plan online from the convenience of your home.
Easily Accessible: Your grieving family can visit the insurance company’s nearest office/branch in their residential city to start the claim settlement without hassle.
Larger Life Cover: If you buy a term insurance plan in India, they can receive life cover of up to Rs. 20+ Crores. They can easily buy term plan with a large life cover to make sure that their loved ones are financially secure in their absence.
Debts and Loans: Term life insurance provides a payout that can help your family settle outstanding loans, such as home or car loans, and manage financial responsibilities. It's important to buy term plan with sufficient life cover to meet their family's needs.
Affordable Premium Rates: The premium rates of term insurance plans in India are lower compared to premium rates of international plans. This The level term life insurance rates for NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders are much affordable than any international term insurance premiums.
Extra Discount: You can get an additional discount of 5% when opting for the yearly premium payment mode, along with an 18% GST waiver upon buying term insurance from Indian insurers.
Special Exit Option: In India, you can select term insurance plans with a special exit option. The special exit option allows you to conclude the plan at a specific time, after which you will 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:

Bigger Pool of Insurance Companies: In India, you have access to a wide range of insurers providing term insurance plans. This enables you to compare different plans from various insurers to find the one that suits their needs. The benefits of choosing an Indian insurer for term plans are:
- Premium payment options
- Flexibility to choose policy term
- Affordable premiums
- Large sum assured
- Various payout options
Claim Settlement Ratio (CSR): The CSR (Claim Settlement Ratio) is the percentage of claims paid out by an insurance company compared to the total claims filed in a year. The IRDAI releases the CSR percentages for all Indian insurers in its annual report, thereby helping customers in making informed decisions. It is advisable to opt for an insurer with a consistently high CSR value, ideally over 95%, when buying term plan.
GST Waiver: If you buy a term or life insurance plan from India, he/she 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 plan from Indian insurers is now simpler with the option of tele/video medical tests. You can complete their medical assessments through video or phone calls and buy term plan that fits them without any hassle.

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.

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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:

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

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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: How much is term life insurance in Singapore?

Ans: The cost of term life insurance in Singapore varies based on factors such as age, coverage amount, and individual circumstances. It is recommended to check all the quotes, CSR, and the key features of all insurance companies and their plans on Policybazaar before you finally buy the ideal plan.
Q: Is term insurance valid outside India?

Ans: The validity of term insurance outside India depends on the terms and conditions specified by the insurance policy and the regulations of the respective country. It's crucial to review the policy details and consult with the insurance company to ensure coverage abroad. You can also contact a Policybazaar insurance advisor for any support or to solve any doubt.
Q: What happens to my term life insurance when I move abroad?

Ans: When you move abroad, your term life insurance stays active if you keep paying your premiums regularly and without delay. Moreover, PIOs and NRIs can buy term plans offered by Indian insurance companies.
Q: What happens to term insurance if I become an NRI living in Singapore?

Ans: If you become an NRI living in Singapore, your policy will remain active if you keep paying your premiums timely and without delay. However, it's advisable to check and update your policy accordingly.
Q: Can overseas citizens buy life insurance in India?

Ans: Yes, overseas citizens can buy a term plan or any life insurance policy in India, but it's essential to inquire about specific eligibility criteria and documentation required by insurance providers. You can easily compare and buy a term plan from Policybazaar without any hassle.
Q: How does term insurance help you in Singapore?

Ans: Term Insurance in Singapore helps you by securing your family financially if you die suddenly, become terminally/critically ill, or suffer from total and permanent disability.

Different types of Plans

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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.

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