Term Life Insurance In India

Securing your loved ones is necessary, and term insurance plays a vital role in achieving this goal. This simple life insurance type guarantees a lump sum payout for your family in the event of your unexpected demise during the policy term.

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Non-resident Indians (NRIs), Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) cardholders can effortlessly purchase term plans online, complete with a convenient medical examination conducted through tele/video mode. Indian insurance companies offer tailored term plans to meet the specific needs of the customers.

Let's explore the best term insurance plans available in India, understand their advantages, and know about the online buying process.

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 is a very simple and cost-effective life insurance plan that provides financial protection to the policyholder's loved ones for a specific term. It offers a death benefit to the beneficiary in case of the insured's untimely demise during the policy term, delivering substantial coverage at affordable premiums. In case you want to save your corpus for your future, you can do that with the help of life insurance.

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

Ranjan is a 30-year-old healthy, non-smoking male, with a salaried income of Rs. 25 Lakhs per annum, can buy a term cover of Rupees 1 Crore for his family for the next 30 years. And when Ranjan decides to buy term plan, he must pay only Rs. 870 per month. With this 1 crore cover, he can ensure that their family will be able to 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
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.

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₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

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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 your family's financial well-being by providing a payout in the unfortunate event of your sudden demise. This amount helps sustain their lifestyle, cover expenses like rent, child's fees, and handle any medical emergencies.

  • Flexible Policy Issuance: Buying a term plan in India is easier because of streamlined documentation and procedures. Comparing and buying online can be done within minutes from the comfort of your home with the help of Policybazaar.

  • Easily Accessible: Your grieving family can easily visit the nearest office/branch of the insurer in their city to initiate the hassle-free claim settlement process.

  • Larger Life Cover: Buying term insurance in India can help you secure a life cover of up to Rs. 20+ Crores, ensuring their loved ones' financial stability. 

  • Debts and Loans: The life cover payout from term insurance helps in paying off remaining loans such as home or car loans, addressing the family's financial obligations. Therefore, choosing a term plan with an adequate life cover is crucial.

  • Affordable Premium Rates: Indian insurers offer much affordable premiums in comparison to international plans. Moreover, level term life insurance rates for NRIs, Foreign Nationals, PIOs, and OCIs are much more affordable in India compared to international premiums.

  • Extra Discount: You can avail an additional 5% discount by opting for yearly premium payments. Additionally, Indian insurers offer an 18% GST waiver to you when you buy term plan.

  • Special Exit Option: Term insurance plans in India provide 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 insurance from Indian insurance companies because of the reasons mentioned below:

  • Bigger Pool of Insurance Companies: In India, Indian expats have access to a diverse range of insurers offering term life insurance plans, providing you with the opportunity to compare and choose the plan that aligns with their needs. The advantages of opting for term plans from an Indian insurer include flexible premium payment options, the freedom to select the policy term, affordability in premiums, substantial coverage amounts, and diverse payout options.

  • Claim Settlement Ratio (CSR): The CSR (Claim Settlement Ratio) indicates the percentage of claims settled by an insurance company out of the total claims filed in a year. The IRDAI includes CSR values for all insurers in its annual report, aiding customers in making informed decisions. It's advisable to select an insurer with a consistently high CSR, preferably exceeding 95%, when purchasing a term plan.

  • GST Waiver: If you buy term plan 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 insurance from Indian insurers is now more convenient with the option of video or telemedical tests. You can complete your medical evaluations through video or telephone sessions, simplifying the process of purchasing their preferred term plan.

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 Policybazaar's website and choose 'Term Insurance.'

  • Step 2: Provide your name, email, gender, and contact details.

  • Step 3: Share details about your job, education, income, and lifestyle habits.

  • Step 4: Pick the best term plan and move to payment.

  • Step 5: Use your preferred payment method to finish 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?

    These people can buy term insurance from India – Indian citizens, NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders.
  • Q. Why consider buying term insurance from Indian insurers?

    Indian insurers provide a bigger pool of options, various benefits like flexible premium payment, policy term, and large sum assured. Additionally, they have a high Claim Settlement Ratio (CSR), offer GST waivers, and allow video or tele medical options.
  • Q. Which life insurance is best in the UK?

    There are many life insurance plans available for NRIs. Easily compare all life insurance plans on Policybazaar and buy the policy that best fits your needs.
  • Q. Can Indian citizens buy life insurance in the UK?

    Yes, Indian citizens buy life insurance in the UK from Policybazaar. They can easily compare from amongst the best insurers and choose the ideal plan.

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