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Life Insurance for 5 years

Buying the right life insurance is a crucial decision to make. You must choose the plan wisely to cater to your family's needs and protect them against financial distress. The life insurance benefit your family receives will help them survive in your absence, pay off existing debts and meet lifestyle expenses. Individuals who require short-term coverage can consider buying life insurance for 5 years. Let us look at some of the benefits and available plans in India.

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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.

one crore term plan

Term Plans


Life Cover

@ Starting from ₹ 16/day+


Life Cover

@ Starting from ₹ 8/day+


Life Cover

@ Starting from ₹ 12/day+

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,

one crore term plan

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Term Plan Starting @ ₹449/month+

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Compare 40+ plans from 15 Insurers

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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:

Life Insurance for 5 Years Entry Age Maturity Age Policy Term
ICICI Pru iProtect Smart 18 - 65 years 99 years 5 - 69 years
HDFC Click 2 Protect Super 18 - 65 years 85/99 (only for limited pay) 5 - (85 - entry age) years
Max Life Smart Secure Plus 18 - 60 years 85 years 10 - 67 years
Tata AIA SRS Vitality Protect 18 - 60 years 85 years 10 - 67 years
Bajaj Allianz Life eTouch Plan 18 - 55 years 99 years 10 - 81 years

* 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

  • Q. What are the features of a 5-year term life insurance plan?

    Ans: A 5-year term plan has the following features: 
    • A 5-term plan generally comes with lower premium rates and multiple payment options.
    • The premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
    • It helps to plan for your future expenses in advance.
    • One can also avail of loans against these policies.
    • Benefits post-death: In the event of the policyholder's death, the nominee is entitled to a death benefit. 
  • Q. How to select the best life insurance policy?

    Ans: You must consider multiple factors selecting an insurance plan. Gather complete information about the available policies, understand your financial needs and expectations, comprehend the claim settlement ratio, solvency ratio, premium payments, and other details. These parameters should help you select your best-suited life insurance policy 
  • Q. What are the documents that shall be required to apply for a 5-year life insurance policy?

    Ans: A set of KYC documents comprising your Aadhar card, PAN card, Passport, Voter Id, Utility Bills will be required.
  • Q. What is the eligibility to apply for a 5-year term Plan?

    Ans: An Indian citizen within the age group of 18-65 can easily apply for a term plan.  
  • Q. What are the exclusions in life insurance for 5 years?

    Ans: Deaths by suicide or self-inflicted injuries are generally not covered by the policy. Similarly, death by HIV or AIDS or any other sexually transmitted diseases are also excluded.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term plan calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common benefits of term insurance:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
  • What are the benefits of term life insurance?

    Ans: Below mentioned are the key features of a best term insurance policy in India:
    • Affordable premium rates
    • Long-tenure life protection
    • Easy to understand and buy
    • Riders availability
    • Whole life protection
    • Tax benefits
  • What are the key features of a best term insurance plan in India?

    Ans: Let's understand what is term life policy here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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