Life Insurance for 5 years

What is Life Insurance for 5 Years?

Life insurance for 5 years is a life insurance plan that covers the life assured for a fixed period of 5 years. These short-term life insurance plans are best suited for individuals who want to financially secure their loved ones for a specific period, like short-term loans. Life insurance plans like term life for 5 years are highly affordable and offer large life cover.

What are the Benefits of Buying Life Insurance for 5 Years?

Let’s take a look at the benefits of buying a life insurance for 5 years:

• Low Premiums: Several types of life insurance plans, like term life 5 year policies, are available at highly affordable premiums. You can compare the available plans online and buy the most suitable one per your requirements.

• Financial Security: Life insurance plans for 5 years offer your family financial security in your absence by providing them with the sum assured as a death benefit in the event of your unfortunate demise.

• Wealth Creation: Various life insurance plans offer the chance to create wealth over time through bonuses or market-linked returns. You can choose the funds you want to invest in per your risk appetite.

• Large Life Cover: With life insurance for 5 years, you can get a large life cover to secure your family at affordable premiums. For example, a 1 Crore term insurance starts at just Rs. 473 monthly.

• Customisable: Life insurance plans for 5 years are customisable and allow customers to change the policy details as per their suitability like sum assured, premiums,

What are the Best Life Insurance Plans for 5 Years?

Here is a list of the best life insurance plans for 5 years in India in 2024:

* You can use the life insurance premium calculator to check the premiums applicable to your profile.

1. ICICI Pru iProtect Smart

   • Cover against terminal illness, disability, and death fo of the policyholder

   • Choose to get coverage against accidental death or accelerated critical illness

   • Special premiums for non-smokers and female customers

   • Select the most suitable payout options from lump sum, monthly, or a combination of both

   • Special exit benefit returns the total premiums paid on the survival of the policy term

2. HDFC Click 2 Protect Super

   • Choose from 3 plan options: Life, Life Plus, and Life Goal

   • Select the increasing death benefit option to increase death benefits up to 200%

   • Waiver of premium available on diagnosis of critical illness or total permanent disability

   • Choose to cover your spouse under the same plan

   • Select death benefit to be paid in installments as per your family’s needs

3. Max Life Smart Secure Plus

   • This plan offers increasing and level life cover options

   • You can take 1-year premium breaks every 10 years

   • Opt for the Return of premium or special exit benefit to receive premiums back

   • The plan offers special discounts on higher sum assured and lower premiums for female and non-smoking customers

   • Increase the sum assured by 100% with the sum assured top-up facility

4. Tata AIA SRS Vitality Protect

   • Get financial protection for family in case of death or disability

   • Receive premiums back with early exit benefit or return of premium option

   • The inbuilt wellness program helps you earn points or rewards to reduce premiums 

   • Enhance cover by 15% with the cover boosters acc. to your wellness status

   • Get free medical checkups annually and applicable tax benefits 

5. Bajaj Allianz Life eTouch

   • Offers comprehensive cover for you and your family

   • Choose the suitable cover option for enhanced protection

   • Lower premiums for non-smokers and female customers

   • Select the benefit payout as a lump sum or monthly installments

   • Term insurance tax benefits applicable as per prevailing tax laws

Frequently Asked Questions