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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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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

Sum Assured

Premium (Annual)

Claim Settlement Ratio

 

Aditya Birla

Protector Plus

Rs.30 lakh

No limit

Rs.3,024

97.1%

Apply Now

Aegon Life

iTerm

Rs 10 lakhs

No limit

Rs 4,674

 96.50%

Apply Now

Bajaj Allianz

iSecure

 Rs 2,50,000 and Rs 20 lakhs

No limit

Rs 4,486**

95.00%

Apply Now

Bharti AXA

e-Protect

Rs 25 lakhs

No limit

Rs 4,100

97.30%

Apply Now

Canara HSBC

 iSelect + Term Plan

Rs, 25 Lakh

No limit

 Life -

95.20%

Apply Now

Edelweiss Tokio

My Life  + Plan

Rs.25 lakh

No limit

Rs.2,500

97.80%

Apply Now

Exide Life

My term insurance

Rs.25 lakh

Rs.25 crore

Rs.2000

97.00%

Apply Now

Future Generali

Flexi Online Term Insurance

Rs.50 lakh

No limit

-

95.20%

Apply Now

HDFC Life

Click 2 Protect Plus

Rs 25 lakhs

No limit

Rs 5,829

99.00%

Apply Now

ICICI Prudential

iProtect Option

Rs 25 lakhs

No limit

Rs 5,085

98.60%

Apply Now

IDBI Federal

Grameen Suraksha Yojana

100 times the single premium

Rs,50, Rs.100, Rs.150, Rs200

96.20%

Apply Now

Kotak Mahindra

Kotak Preferred e-Term Plan

Rs 25 lakhs

No limit

Rs 4,952

97.40%

Apply Now

LIC

e-Term

Rs 25 lakhs and Rs 50 lakhs 

No limit

Rs 8,988 (inclusive of Rs 1,138 as service tax)

98.14%

Apply Now

Max life

Max Life Online Term Plan- Basic Cover

Rs 25 lakhs

Rs 100 crores

Rs 4,250

98.70%

Apply Now

Met life

Mera Term Plan-Full Lump Sum Payout

Rs 10 lakhs

No info

Rs 5,267

96.20%

Apply Now

PNB Metlife

Mera Term Plan

Rs.10 lakh

Rs. 5crore

-

96.20%

Apply Now

Sahara Life

Kavach Term plan

Rs.5 lakh

No limit

-

90.21%

Apply Now

SBI Life

eShield

Rs 20 lakhs

No limit

Rs 3,500 (minimum)

96.80%

Apply Now

Star Union Da-ichi

Premier Protection Plan

Rs.25 lakh

No limit

-

92.26%

Apply Now

TATA AIA

Sampoorn Raksha Plan

Rs.50 lakh

No limit

-

99.1%

Apply Now

See More Plans
Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.”

*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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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.

Written By: PolicyBazaar - Updated: 29 July 2020
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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