Insurer & Plan
Payout
Cover Upto
Claim Settled
Premium (Inclusive GST)
e-Term Plan
Rs. 1 Cr
62 Yrs
89 %
₹ 472 monthly ₹ 5428 annually change
Zindagi Plus+ Lump sum
Rs. 1 Cr
80 Yrs
97 %
₹ 528 monthly ₹ 6000 annually change
iSelect Lumpsum
Rs. 1 Cr
62 Yrs
95 %
₹ 544 monthly ₹ 6044 annually change
online term + Lumsum
Rs. 1 Cr
85 Yrs
96 %
₹ 532 monthly ₹ 6136 annually change
iTerm
Rs. 1 Cr
100 Yrs
95 %
₹ 536 monthly ₹ 6158 annually change

List of Best Term Insurance Plans for 2019

Finding a right term insurance plan is very crucial for individuals who want to secure the financial future of their loved ones. It is a well-known fact that term insurance plan is the simplest and best way to secure the family from the financial burden, in case of any eventuality. 

Most of the people often get into the misconception that the term insurance plans does not provide ample coverage as it do not provide any maturity benefit. However, on contrary to this there are various term insurance plans that provide high insurance coverage at a very affordable premium rate. Moreover, a hassle-free process of premium payment guarantees safety with convenience of the best term plans.

As a simplest form of life insurance product, there are wide ranges of term insurance plans available in the market. According to one’s own requirement and suitability, the customer can compare the plans online and choose the most comprehensive plans available in the market. For the better understanding of our customer here we have mentioned the list of best term insurance plans for 2019 and elaborately discussed about it.

Best Term Insurance Plans for 2019

Plan

Claim Settlement (%)

Premium Payment

Sum Assured

Maturity Age

Aegon lIfe iTerm

97.1%

Rs.10,252

Min – Rs 25 lakhs

Max – No limit

Max – 100 years

Future Generali Flexi Online Term Plan

93.2%

Rs.9,656

Min- Rs.50 Lakhs

Max- No Upper Limit

Max-75 years

Canara HSBC Life Insurance iSelect

93.2%

Rs.8,438

Min- Rs.50 lakh

Max- No Upper

Max- 80 years

IDBI Federal iSurance Flexi Plan

90.3%

RS. 10,018

Min-Rs.50 lakh

Max- Rs.30,00,000

 

Max- 80 years

TATA AIA Sampoorna Raksha

98.0%

Rs.14.101

Min-Rs.50 lakh

Max- No upper

Max-80 years

Max Life Online Term Plus

98.3%

Rs.19,599

Min-Rs.50 lakh

Max-No upper limit

Max- 85 years

India First eTerm Plan

92.0%

Rs.8,378

Min-Rs.50 lakh

Max- No upper Limit

Max-80 years

SBI Life eShield

96.7%

Rs.11,778

Min- Rs 35 lakhs

Max- No limit

Max-75 years

Birla Sun Life Digi Shield Plan

 

96.4%

Rs.11,440

Min-Rs.50 lakh

Max- No upper limit

Max- 80 years

HDFC Life Click2Protect Plus Term Plan

 

97.6%

NA

Min - Rs 25 lakhs

Max – No limit

Max-75 years

 

Aegon Life iTerm Plan

Aegon LifeiTerm plan is an online term insurance plan which is specifically designed with an objective to provide life protection to the family of the insured at a very affordable premium rate. Aegon Life iTerm Plan has a claim settlement ratio of 97.1% and offers various benefits to the insurance holder.  Let’s take a look at the key features of Aegon Life iTerm Plan.

Salient Features of Aegon Life iTerm Plan

  • The plan offers an easy and hassle-free process of online purchase.
  • Aegon LifeiTerm plan comes with inbuilt terminal illness benefit.
  • The insurance holder can increase the life cover of the policy according to their increasing life stage requirements.
  • Tax benefit is available under section 80C of Income Tax Act 1961.
  • The policyholder can avail rider benefit offered by the policy in order to enhance the coverage of the policy.
  • The policy offers premium rebate for female and non-smokers.
  • Aegon Life iTerm plan comes with offers the option of single premium payment and regular premium payment. 

Future Generali Flexi Online Term Plan

With a claim settlement ratio of 93.2%, Future Generali Flexi is a traditional term insurance plan that provides life coverage to the family of the insured in case of uncertain demise of the insured during the tenure of the policy. The plan can be purchased online in a simple and hassle freeway. Let’s take a look at the salient features of Future Generali Flexi Online Term Plan.

  • The plan can be bought online through the company’s website.
  • Future Generali Flexi Online Term Plan comes with two coverage options i.e. income protection and basic life cover.
  • If policyholder survives the entire tenure of the policy then the policy does not provide any maturity.
  • The policyholder can opt for additional accidental rider benefit along with the basic policy in order to enhance the coverage of the policy.
  • Future Generali Flexi Online Term Plan provides premium rebate for female insurance buyers and non- smokers.
  • The policy also offers discount on premium amount for option for higher sum assured amount.
  • Tax benefit is offered on the premium payment under section 80C of Income Tax Act 1961.
  • The plan provides life coverage up to maximum age of 75 years. 

Canara HSBC Life Insurance iSelect

As one of the best term insurance plans, Canara HSBC Life iSelect plan is a simple term insurance plan that offers life protection to the family of the insured along with the benefit of certain optional cover. The policy provides the option to the insured to choose how the death benefit will be paid to the beneficiary-as monthly income, as lump-sum or both.  Canara HSBC Life Insurance iSelect offers a claim settlement ratio of 93.2%. Here are some of the salient features offered by the policy.

  • The plan provides high life insurance coverage to the family of the insured at an affordable premium rate.
  • The policy provides rebate on premium amount for non-smokers healthy lifestyle.
  • Premiums of the policy can be paid either monthly or yearly.
  • Canara HSBC Life Insurance iSelect comes with an inbuilt terminal illnesses benefit.
  • The policy provides the option of 2 life cover Level Cover and Increasing level Cover.
  • 3 rider benefits offered by the policy are:
    • Accidental Death Benefit
    • Accidental Total & Permanent Disability
    • Spouse cover in the same policy
  • The policy provides discount on premium amount for female insurance buyers.
  • The policy provides discount on premium amount for higher sum assured.
  • Tax benefits can be availed on the premium payment under section 80C of Income Tax Act 1961. 

IDBI Federal iSurance Flexi Plan

IDBI Federal iSurance Flexi Plan is a non-linked, non-participating term insurance plan that offers financial protection to the family of the insured in the event if uncertain demise of the policy holder. The plan offers a claim settlement ratio of 90.3%. Here are some of the salient features offered by IDBI Federal iSurance Flexi Plan.

  • The plan provides high insurance coverage at an affordable premium rate.
  • The plan comes with innate conversion option for Heart Attack, Cancer and Stroke.
  • IDBI Federal iSurance Flexi Plan offers rewards for insurance holders living a healthy lifestyle.
  • The policy comes with add-on rider benefit of accidental death.
  • Offers discount on premium amount for women.
  • The insurance holder can avail tax benefit on the premium payment under section 80C and 10(10D) of Income Tax Act. 

TATA AIA Sampoorna Raksha

This is a non-participating, non-linked term insurance plan that offers financial protection to the family of the insured in the event if uncertain demise of the policy holder. The plan offers a claim settlement ratio of 98.0%. Here are some of the salient features offered by TATA AIA Sampoorna Raksha.

  • The plan provides high insurance coverage at an affordable premium rate.
  • The plan can be bought online in a simple and hassle freeway.
  • TATA AIA Sampoorna Raksha Plan offers rewards for insurance holders living a healthy lifestyle.
  • The policy provides discount on premium amount for female insurance buyers.
  • The policy provides discount on premium amount for higher sum assured.
  • Tax benefits can be availed on the premium payment under section 80C of Income Tax Act 1961. 

Max Life option Term Plan

As one of the best term insurance plans, Max Life option Term plan is a simple term insurance plan that offers life protection to the family of the insured along with the benefit of certain optional cover. Max Life option Term offers a claim settlement ratio of 98.3%. Here are some of the salient features offered by the policy.

  • The policy provides 100% sum assured amount to the beneficiary of the policy in case of uncertain demise of the insured.
  • The policy comes with a free look period of 30 days.
  • Tax exemption is applicable on the premiums amount and claim made under Section 80C, 80D, 80DD and 10(10D) of Income Tax Act 1961.
  •  The policy offers riders benefits to enhance the coverage of the policy.
  • The policy offers discount on higher sum assured.
  • The policy offers discounts for female lives and non-smokers.
  • The policy offers the flexibility to choose the period of term plan.
  • The policy offers 3 different option of payout.
  • The policy provides flexibility in the modes premium payment.

India First eTerm Plan

As one of the best term insurance plans, India First eTerm Plan is a simple term insurance plan that offers life protection to the family of the insured along with the benefit of certain optional cover. India First eTerm Plan offers a claim settlement ratio of 92.0%. Here are some of the salient features offered by the policy

  • The policy provides 100% sum assured amount to the beneficiary of the policy in case of uncertain demise of the insured.
  • The policy comes with a free look period of 30 days.
  • Tax exemption is applicable on the premiums amount and claim made under Section 80C, 80D, 80DD and 10(10D) of Income Tax Act 1961.
  •  The policy offers riders benefits to enhance the coverage of the policy.
  • The policy offers discount on higher sum assured.
  • The policy offers discounts for female lives and non-smokers.
  • The policy offers the flexibility to choose the period of term plan.
  • The policy offers 3 different option of payout.
  • The policy provides flexibility in the modes premium payment.

SBI Life eShield

SBI Life eShield plan is an online term insurance plan which is specifically designed with an objective to provide life protection to the family of the insured at a very affordable premium rate. SBI Life eShield plan Plan has a claim settlement ratio of 96.7% and offers various benefits to the insurance holder.  Let’s take a look at the key features of SBI Life eShield plan.

  • As an online term insurance plan SBI Life shield plan do not offer any bonus facility.
  • The plan offers the option to choose from 4 option of life cover.
  • Under increasing level cover option, the sum assured increases by 10% every 5th year of policy.
  • The plan offers the option to choose from add-on accidental death benefit at the initiation of the policy.
  • The policy offers discount on higher sum assured.
  • The policy offers discounts for female lives and non-smokers.
  • Tax exemption is applicable on the premiums amount and claim made under Section 80C, 80D, 80DD and 10(10D) of Income Tax Act 1961.

Birla Sun Life Digi Shield Plan

With a claim settlement ratio of 96.4%, Birla Sun Life Digi Shield Plan is a traditional term insurance plan that provides life coverage to the family of the insured in case of uncertain demise of the insured during the tenure of the policy. The plan can be purchased online in a simple and hassle freeway. Let’s take a look at the salient features of Birla Sun Life Digi Shield Plan.

  • The plan provides high insurance coverage at an affordable premium rate.
  • The plan can be bought online in a simple and hassle freeway.
  • Birla Sun Life Digi Shield Plan offers rewards for insurance holders living a healthy lifestyle.
  • The policy provides discount on premium amount for female insurance buyers.
  • The policy provides discount on premium amount for higher sum assured.
  • Tax benefits can be availed on the premium payment under section 80C of Income Tax Act 1961.

HDFC Life Click2Protect Plus Term Plan

HDFC Life Pro-Growth Plan and HDFC Click to protect are a term insurance plans that provide life coverage as well as insurance opportunity to the buyers. These plans are designed in a very comprehensive way and provide life protection cum financial stability to the family of the insured. Let’s take a look at the features of HDFC Life Click 2Protect Plus Plan.

  • The insured have an option to increase the life cover on major events like marriage or child birth.
  • It also provides add-on coverages as riders.
  • Taking the payout as lump-sum plus monthly claim settlement
  • The tenure of the policy states from10 years – 40 years
  • The policy provides options for insured to take death benefit amount as lump-sum or as monthly income over 15 years.
  • The insured have a choice to take add-on coverage as accidental death benefit and disability rider.
  • Under section 80C and 10(10D) of income tax act the insured can avail the option of tax benefit. 

Wrapping It Up!

These are the list of best term insurance plan for 2019. In order to avail the most comprehensive term insurance plan at an affordable premium rate, the insurance buyers should compare the plans online and zero in on the policy.