34+ Plans | 16+ Insurers | Save upto 50%
  • Rs. 1 Crore
    Term Cover @Rs 16/Day
  • Tax Benefits
    Under Section 80C & 10(D)
  • Extra Benefits
    Accidental, Terminal & Critical Illness
  • 7 Lac+
    Families Secured
*Please note that the quotes shown will be from our partners
*savings provided by insurer

Best Term Insurance Plans in 2020

The primary motive of buying a term insurance is to offer financial cover to your dependents in your absence. There are innumerable term insurance plans available in the market. You simply need to select a particular plan that would suit your requirements and fulfil your financial goals of financial security and prosperity.  But the question is which one to choose? Here, we have shortlisted some of the best online term insurance plans to ease your worries.

Best Term Life Insurance Plans in 2020

 

Insurer Name of the Policy Tenure Age Sum Assured Optional Riders Premium (Annual) Claim Settlement Ratio  
    Min Max Min Max Max Maturity Min Max      

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LIC e-Term 10 years 35 years 18 years 60 years 75 years Rs 25 lakhs and Rs 50 lakhs  No limit Nil Rs 8,988 (inclusive of Rs 1,138 as service tax) 98.14%

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ICICI Prudential iProtect Option 10 years 30 years 20 years 65 years 75 years Rs 25 lakhs No limit Waiver of Premium on Disability,  Critical Illness Benefit, Death Benefit/Terminal Illness Benefit Rs 5,085 98.60%

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HDFC Life Click 2 Protect Plus 10 years 40 years 18 years 65 years 40 years Rs 25 lakhs No limit Accidental Disability Rider Rs 5,829 99.00%

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Max life Max Life Online Term Plan- Basic Cover 10 years 35 years 18 years 60 years 70 years Rs 25 lakhs Rs 100 crores Comprehensive Accident Benefit Rider Rs 4,250 98.70%

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Bajaj Allianz iSecure 10 years 30 years 18 years 60 years 70 years  Rs 2,50,000 and Rs 20 lakhs No limit Nil Rs 4,486** 95.00%

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SBI Life eShield 5 or 10 years 30 years 18 years 60-65 years 70 years Rs 20 lakhs No limit Accidental Death Benefit. Rs 3,500 (minimum) 96.80%

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Kotak Mahindra Kotak Preferred e-Term Plan 10 years 40 years 18 years 65 years 75 years Rs 25 lakhs No limit Accidental Death Benefit Rider Rs 4,952 97.40%

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Met life Mera Term Plan-Full Lump Sum Payout 10 years 40 years 18 years 65 years 75 years Rs 10 lakhs No info Accidental Death Benefit Rider, Premium Waiver, Accidental Disability,  Critical Illness Rider, Serious Illness Rider Rs 5,267 96.20%

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Bharti AXA e-Protect 10 years 30 years 18 years 65 years 75 years Rs 25 lakhs No limit Daily Hospitalization Cash Benefit Rider Rs 4,100 97.30%

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Aegon Life iTerm 5 years 40 years or up to 75 years, whichever is earlier 18 years 65 years 75 years Rs 10 lakhs No limit Accidental Death Benefit Rider, Waiver of Premium Rider on Critical Illness, Women Critical Illness Rider Rs 4,674  96.50%

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Aditya Birla Protector Plus 5 years 30 years 18 years 65 years 70 years Rs.30 lakh No limit Waiver of Premium Rider, Accidental death and disability rider, critical illness rider Rs.3,024 97.1%

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Aviva iLife Term Insurance 10 years 35 years 18 years 55 years 70 years Rs.25 lakh No limit Accidental permanent and total disability rider Rs.8,960 96.00%

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Canara HSBC  iSelect + Term Plan 5 years 40 years 18 years 65 years 80 years Rs, 25 Lakh No limit Accidental Death benefit rider  Life - 95.20%

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Edelweiss Tokio My Life  + Plan 10 years 40 years 18 years 60 years 80 years Rs.25 lakh No limit Accidental total & permanent disability, accidental death benefit, waiver of premium Rs.2,500 97.80%

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Exide Life My term insurance 10 years 35 years 18 years 65 years 75 years Rs.25 lakh Rs.25 crore Accidental death benefit rider, critical illness rider Rs.2000 97.00%

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Future Generali Flexi Online Term Insurance 10 years 75 years 18 years 55 years 75 years Rs.50 lakh No limit Accidental death benefit rider - 95.20%

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IDBI Federal Grameen Suraksha Yojana 3 years 18 years 50 years N/A 100 times the single premium  N/A Rs,50, Rs.100, Rs.150, Rs200 96.20%

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PNB Metlife Mera Term Plan 10 years 81 years 18 years 65 years 99 years Rs.10 lakh Rs. 5crore Accidental total & permanent disability, accidental death benefit, critical illness, serious illness cover - 96.20%

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Sahara Life Kavach Term plan  15 years 20 years 18 years 50 years 65 years Rs.5 lakh No limit      N/A - 90.21%

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TATA AIA Sampoorn Raksha Plan 10 years 85 years 18 years 70 years 85 years Rs.50 lakh No limit Accidental death benefit rider - 99.1%

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Star Union Da-ichi Premier Protection Plan 10 years 30 years 18 years 60 years 70 years Rs.25 lakh No limit Accidental total & permanent disability rider - 92.26%

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See More Plans

*Above calculations are for a 30-year old non-smoker male who is earning Rs 5 lakhs per annum and is looking for Rs 50 lakhs coverage for 30 years.

**This is the premium rate of a 30-year old male looking for Rs 50 lakhs coverage for 30 years.

HDFC Life Click 2 Protect Plus

HDFC Life Click 2 Protect Plus term insurance arrangement gives you far reaching security at a moderate value and helps you to ensure yourself and your friends and family against vulnerabilities that life may toss at you. This term insurance plan protection arrangement gives an extensive variety of spread alternatives and you can pick the spread relying upon your need. The term insurance plan offers four cover options:

  • Life Option
  • Extra Life Option (Accidental Death Benefit)
  • Income Option
  • Income Plus Option

Premium Rate:

Gender

Male

Age

35

Policy Term

30 years

Premium Paying Term

Regularly for 30 years

Sum Assured

25 lakhs

Annual Premium

Rs 5316 (excluding taxes)

 

Max Life Insurance Term Plan

Max Life Online Term arrangement is intended to deal with the stresses that you may have regarding your family's security when you are not around. It provides an additional safety net to deal with their regular needs. This term insurance plan offers a three distinct death benefits to choose from= Basic Life Cover, Life Cover + Monthly Income and Life Cover + Increasing Monthly Income.

Bajaj Allianz iSecure Term Plan

Bajaj Allianz iSecure offers you a choice to cover your spouse too. As every individual have their specific requirements so this plan allows you to customize your policy as per your needs. Also, you get the flexibility to select your policy term of 10, 15, 20, 25, or 30 years relying upon your necessity. The company rewards the policyholder for keeping a healthy life by offering extraordinary premium rates for non-smokers and tobacco users.

Premium Rate :

Gender

Male

Age

35

Policy Term

30 years

Premium Paying Term

Regulary for 30 years

Sum Assured

25 lakhs

Annual Premium

Rs 6651

 *You can add your spouse later in the policy too.

SBI Life eShield Term Plan

SBI Life - eShield, UIN: 111N089V01, a non-participating pure term insurance plan.

SBI Life - eShield is a pure Online Term Insurance Plan which will protect you and your loved ones. It provides security for your family at an affordable premium. SBI Life e-Shield has four plan options to suit your needs.

Premium Rate:

Gender

Male

Age

35

Policy Term

30 years

Sum Assured

25 lakhs

Annual Premium

Rs 6770 (inclusive of service taxes)

 * Along with the basic sum assured, you can also get an additional coverage against death due to an accident during the policy term by paying Rs 7838.

Bharti Axa eProtect Term Plan 

Bharti AXA Life eProtect is the basic, hassle free and online term insurance protection plan that offers assurance for your family at a reasonable expense. So now, you can seek the Life Insurance cover, suited to your divergent needs, at the click of a mouse.

Premium Rate:

Gender

Male

Age

35

Policy Term

29 years

Rider- Daily Hospitalization Cash Benefit Rider (DHCB)

Rs 1000 for 5 years

Sum Assured

25 lakhs

Annual Premium

Rs 5604 (excluding taxes)

*If you don’t opt for rider, then premium amount will vary.

Aegon Life iTerm Plan

Under this term insurance life cover plan, you get the following benefits:

  • 25% advance payment on the detection of terminal illness
  • Extra accidental death benefit with AD Rider
  • Payout on diagnosis of woman's critical disease (only when a rider is bought)
  • Hassle-free online buy
  • Policy holder gets tax rebate under Section 80(C) and 10(10) D according to predominating expense laws.

Premium Rate:

Gender

Male

Age

35

Policy Term

30 years

Life Cover

75 lakhs

Annual Income

5 lakh

Annual Premium

Rs 8764 (inclusive of taxes)

*Additional benefits like an accidental death benefit rider and waiver of premium rider on critical illness are also available.

Conclusion

Term life insurance shields your family from financial losses that may befall them in case of your sudden demise. This article would help you in finding the basic facilities that all companies provide and select the one that would suit your need.

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