Term Life Insurance in India 

Term insurance is a type of life insurance that offers a large life cover at affordable premiums and provides the death benefit to your family in the event of your untimely demise. This feature makes term life insurance an important aspect of everyone’s financial portfolio. You, too, can buy term plans from the comfort of your home if you are an NRI (Non-resident Indian), PIO (Person of Indian Origin), or Foreign National. Term insurance plans in India can be purchased hassle-free through tele/video medicals.

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Let us take a look at the best term life insurance plans in India, their key features and their benefits:

What are the best term life insurance plans in India for 2024?

Following is the list of the best term insurance plans in India that you can buy:

Plan Name Entry Age Sum Assured Maturity Age
ICICI Prudential iProtect Smart 18 - 65 years Rs. 1 Crore - Rs. 2 Crores 99 years
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: You can use the Term Insurance For NRI Premium Calculator to calculate the premium you would need to pay for the desired life cover.

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+

Why Should You Buy Term Life Insurance?

You should buy term life insurance in India for the following reasons:

  • Death Benefits: Term insurance in India offers death benefits to the nominee of the policy in case of the policyholder’s unforeseen death during the policy term. This ensures your family’s financial security in the event of your absence.

  • Affordable Premiums: The premiums of term life insurance are much more affordable in India compared to international plans. For example: Term insurance in India is up to 50-60% more affordable than international term plans.

  • Easy Policy Issuance: The term life policy in India is issued in a much more hassle-free manner than international term life policy and the documentation is much more simplified. You can easily compare and buy term plans from the comfort of your home.

  • Easier Claim Settlements: If your family lives in India, they can easily get their claims settled from their home country rather than travelling all the way to your current residential country just to get their claims settled.

  • Pay off Loans/Debts: The large sum assured can help your family pay off any remaining loans and debts like business, student loans or credit card debts that may fall on the shoulders of your family in your absence. 

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 Consider Buying Term Insurance From India?

Term life insurance from Indian insurers can provide you with the following benefits:

  • Bigger Pool of Insurers: In India, you get the option of choosing the insurer you want to buy term plans from. You can get the following benefits by buying from India:

    • Flexible Premium Payment

    • Choose the Policy Term

    • Large Sum Assured

    • Various Payout Options

    • Low Premiums

  • Claim Settlement Ratio: Customers can easily refer to the Claim Settlement Ratios (CSR) of different insurers released by the IRDAI. You should ideally choose an insurer with a CSR of more than 95% as it indicates that the company is reliable.

  • GST Waiver and Discounts: With term life insurance in India, you can get an online discount of 5% on choosing the annual premium payment mode. You will also be eligible to claim a GST waiver on the premiums paid.

  • Tele/Video Medicals: The tele and video medical facility in India allows customers all around the world to buy term life insurance from their residential country without travelling all the way back to India, just to get their medicals cleared.

  • Large Sum Assured: In India, you can purchase a term life insurance of upto 20 Crores life cover. This large sum assured, ensures your family has enough amount to cover their financial needs.

How To Buy Term Life Insurance from India?

Here is how you can buy term insurance from India online from the comfort of your home:

Step 1: Visit the term insurance for NRI page on Policybazaar’s official website

Step 2: Fill in your name, date of birth, gender, email, mobile number, and country of residence 

Step 3: Select the right annual income, occupation type, educational background, and smoking habits

Step 4: Choose the most suitable plan and proceed to pay

What are the Documents Required to Buy Term Insurance in India?

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

  • Last entry-exit stamp

  • Photo of the Policyholder

  • Last 3 Month salary slips

  • Last 6 months' bank statements

  • Front and back side of the Passport

  • Proof of Employment ID 

  • Copy of Valid Visa

  • Foreign Address Proof


FAQs

  • Q: Who is eligible to buy term life insurance in India?

    Ans: NRIs (Non-resident Indians), PIOs (Persons of Indian Origin), and Foreign Nationals can buy term life insurance in India. They can simply visit Policybazaar’s webpage to compare and select the most suitable plan for themselves and their family.
  • Q: What are the benefits of buying term insurance from India?

    Ans: If you buy term life insurance from India, you will receive an 18% GST waiver and will be eligible to receive a 5% additional discount on annual premiums. The premiums in India are up to 50 to 60% lower than those in India, and most insurers offer tele/video medicals, allowing customers easy policy issuance.
  • Q: Why Should you consider buying term plans from Indian insurers?

    Ans: Buying term plan from Indian insurers allows you to compare plans from a bigger pool of insurers based on premiums, sum assured, and policy term. Along with that, they provide GST waivers, annual discounts, and high CSR as well. You can select from the best life insurance companies in the country and easily buy the ideal term insurance plan. Some good life insurance companies in India are Max Life Insurance, HDFC Life Insurance, Tata AIA Life Insurance, PNB Met life insurance, ICICI Prudential Life Insurance, etc.
  • Q: How can I buy term insurance from India?

    Ans: You can easily buy term plans from India by visiting Policybazaar’s website, filling out the required details, selecting the suitable plan, and proceeding to pay. You can pay using the preferred mode of payment. You must buy term plan to secure your loved ones financially or you can easily buy whole life insurance for life time protection. You can also buy life insurance whole life policy or regular term insurance plans from the official website of Policybazaar or through the app. You can simply compare the from amongst few of the best life insurance provider and buy the best term insurance plan for yourself or your loved ones.

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