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.

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.

Best Term Life Insurance Entry Age Maturity Age Sum Assured
ICICI Pru iProtect Smart 18 years to 65 years 99 years Rs. 1 Crore - 2 Crores
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.

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

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 best 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 best 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.

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: 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.

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