Finding and buying the best term insurance plan in India is important for an individual who has dependents in his/her family, providing security and value for money. However, it can be a struggle to figure out the best term insurance plan in India for yourself that fits your needs and provides the right financial coverage for your family in times of crisis.Read more
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Term insurance is the type of life insurance plan in which if any unfortunate death occurs during the policy term, then the policyholder’s nominee/beneficiary will receive the sum assured amount. Term plans provide large coverage at low premium rates. Let’s discuss the best term insurance plan in India, understand their benefits, and know how to buy the plans from Policybazaar.
Below is a list of the Best Term Insurance Plan in India 2023 from some of the top term insurance companies along with their Claim Settlement Ratios for FY 2021-22.
|Insurance Company||Term Plan Name||Claim Settlement Ratio (CSR)||Entry Age (Min-Max)||Maturity Age (Min-Max)||Sum Assured (Min-Max)|
|ICICI Prudential Life Insurance||ICICI Prudential iProtect Smart||97.82%||18 - 65 years||75 years||50 Lacs - 10 Cr|
|HDFC Standard Life Insurance||HDFC Life Click 2 Protect Super||98.66%||18 - 65 years||85 years||50 Lacs - 20 Cr|
|Max Life Insurance||Max Life Smart Secure Plus||99.34%||18 - 65 years||85 years||20 Lacs - No Limit|
|TATA AIA Life Insurance||TATA AIA SRS Vitality Protect||98.53%||18 - 60 years||100 years||50 Lacs - 20 Cr|
|Bajaj Allianz Life Insurance||Bajaj Allianz eTouch Lumpsum||99.02%||18 - 45 years||85 years||50 Lacs - 1 Cr (2 Cr with rider)|
|PNB MetLife India Insurance||PNB MetLife Mera Term Plan Plus||97.33%||18 - 60 years||99 years||25 Lacs - No Limit|
|Canara HSBC OBC Life Insurance||Canara HSBC iSelect Smart360||98.44%||18 - 65 years||99 years||Life Secure 25 L and 15 L for ROP and Income benfit|
|Kotak Mahindra Life Insurance||Kotak e-Term Plan||98.82%||18 - 65 years||75 years||25 Lacs - No Limit|
|Edelweiss Tokio Life Insurance||Edelweiss Tokio Total Protect Plus||98.09%||18 - 55 years||100 years||25 Lacs - No Limit|
|Aegon Life Insurance||Aegon Life iTerm Comfort||99.03%||18 - 65 years||70 years||25 Lacs - 1.25 Cr|
|IndiaFirst Life Insurance||IndiaFirst e-Term Plus Plan||96.92%||18 - 55 years||80 years||50 Lacs - No limit|
|Bharti AXA Life Insurance||Bharti AXA Flexi Term Pro||99.09%||18 - 65 years||99 years||25 Lacs - No limit|
|SBI Life Insurance||SBI Life eShield Next||97.05%||18 - 65 years||85 years||50 Lacs - No Limit (For smokers - 99 Lacs)|
|Aditya Birla Sun Life Insurance||Aditya Birla Sun Life Insurance DigiShield Plan||98.07%||18 - 65 years||85 years||30 Lacs - No limit|
|Life Insurance Corporation of India||LIC Tech Term insurance Plan||98.74%||18 - 65 years||80 years||50 Lacs - No limit|
Note: Table illustrates the 18 year male, a non-smoking individual opts for a life cover of Rs. 1 Crore. Above table shows the list of the best term insurance plans for 1 crore.
Following is a list of the 15 best term insurance plans in India for the year 2023 offered by top term life insurance companies.
This is amongst the term plans, which can be purchased online in a simple and hassle-free way.
The plan provides comprehensive coverage against terminal illness, death, and disability.
There are also special premium rates offered for non-tobacco users.
You can opt for the premiums to be paid in a single pay, regular pay, or limited pay, as per your choice.
The insured can choose from the three different benefit payout options, which are monthly income, lump sum, or a combination of both.
This is the term insurance plan online, which can be purchased in a simple and hassle-free way.
The plan provides financial protection to the family of the insured in case of any eventualities.
You can get back all the premiums paid as maturity with the Return of Premium option.
The insurance holders can choose from 3 different plan options, as per their requirements and suitability.
You can include a Waiver of Premium Benefits for Critical Illness and Total and Permanent Disability.
This is one of the affordable term plans with a free-look period of 30 days.
This is an affordable term plan, which can be purchased online simply and easily.
The plan offers different premium paying terms like regular pay, single pay, and limited pay.
The plan comes with extra rider benefits, to enhance the coverage of the policy.
This is the term plan as it offers a free-look period of 30 days.
This plan offers life cover for future financial protection for your family in case of terminal illness or death
Receive benefit of wellness program
Guranteed premium rate discount in the first year
Free healthy check-ups are available
This is one of the affordable term life insurance which can be purchased online in a simple and hassle-free way.
In case of the demise of the insured, the policy offers a guaranteed annual pay-out to the family for 15 years.
The plan offers two different options for payouts.
The maximum maturity age of the policy is 70 years.
The plan offers a free-look period of 15 days.
This is a comprehensive term insurance plan, which can be purchased online.
The policy offers additional coverage to the spouse under the same plan.
The plan provides the flexibility to enhance the coverage of the policy under Step-Up Benefit, Life Stage Benefit, and Child Education Support Benefit.
The plan comes with a maximum maturity age of 75 years.
The policy offers 3 life benefit options with different additional riders included in the base plan.
Lower premium rates are offered for non-smokers and female policy buyers.
The plan provides different plan and coverage options to choose from.
The policyholder can choose the inbuilt cover of their choice to enhance their coverage.
Different plan options offered by the plan are:
Life Secure with Income
Life Secure with Return of Premium
Coverage Options (applicable only with the plan option life)
Optional In-built Cover
Accidental Death Benefit
Accidental Total & Permanent Disability Premium Protection
Accidental Total & Permanent Disability – Premium Protection Plus
Critical Illness Premium Protection
Critical Illness Premium Protection Plus
Child Care Benefit
Block Your Premium
It is a low-cost insurance policy, which offers high coverage at a pocket-friendly price.
Through the step-up option, the cover can be enhanced at special life events.
Offers three pay-out options to choose from and three plan options.
Choose rider benefit options such as accidental death benefit, total permanent disability, and critical illness.
The plan offers different coverage options to choose from.
The plan offers life cover until the age of 100 years.
The policyholder can choose the limited premium payment option to pay the premium of the policy.
The plan offers add-on rider benefits against Critical illnesses, Disabilities, Accidents, Accidental Deaths, and Hospitalisation.
The death benefit can be availed as a lump-sum, monthly income benefit, or a combination of both.
The plan provides life cover with lump sum payout on demise
Affordable premium rates throughout your earning time
Option to receive all your premiums back if in case you no longer need life coverage through special exit feature
Flexible premium payment modes
Option to select add-ons/riders for Critical Illness or Accidental death to increase the policy coverage.
Tax benefits on premium amount paid and payouts received as per the prevailing laws of the ITA, 1961.
The policy offers the option to enhance the sum assured at different life stages like marriage, taking home loans, and childbirth.
In case of an unfortunate demise of the insured person during the policy term, the death benefit can be paid as a lump sum, or as monthly income, to the beneficiary of the policy.
The policyholder can choose from 8 different coverage options, the plan that fits their requirements the best.
The plan offers cover for the single life plan till the age of 99 years.
The plan offers the option to choose the insurance coverage amount and tenure of the policy as per one's requirement and suitability.
The policyholder can pay the premiums in a single pay, regular pay, or limited pay.
The policyholder can select the death benefit payout as per their beneficiary’s need.
This is the term insurance plan in India, which comes with premium paying options like single pay, regular pay, or limited pay.
SBI Life eShield Next is the term plan that provides comprehensive coverage at an affordable premium rate.
The insured can choose from three different options of coverage.
The plan can be customized using the Death Benefit Payment Mode and Better Half Benefit Option.
The plan provides complete financial protection at a minimum premium rate.
Offers 10 plan options to fit your requirements.
The plan comes with an inbuilt terminal illness benefit along with the option of including an Accelerated Critical Illness Benefit to enhance the coverage of the policy.
The beneficiary can receive the death benefit as lump-sum, monthly income, or a combination of both.
Policy offers the option to receive survival benefits as monthly income after the age of 60 to maintain financial independence.
The plan offers rider options to enhance the coverage of the policy.
LIC e-Term insurance plan is a non-participating pure life insurance plan
You can choose from two benefit options: Level or Increasing Sum Assured.
LIC Tech Term offers the flexibility to choose
Regular, Limited, or Single premium payment.
Benefit payout in installments
Policy and premium paying term
The plan offers special rates for women and non-smokers.
You can also enhance your coverage by including the Accidental Benefit Rider in your base plan.
You must go through the following factors to consider while buying a term insurance plan that is the most suitable for you. It is also better to purchase term plans online as it not only saves time but also money since there are no middlemen involved. Here is a list of all the steps you should follow to choose the best term insurance plan in India 2023:
Assess Your Requirements: To choose the best term insurance plan in India for your loved ones, assessing your requirements before buying term insurance is important. It involves evaluating your financial situation, family's needs, and future goals. This process also helps determine the appropriate coverage amount and policy duration that align with your specific circumstances. Factors such as income, outstanding debts, dependents, lifestyle, and long-term financial objectives should be considered.
Risk Cover Offered: It is essential to carefully evaluate the risk cover offered by different term insurance plans to ensure it adequately addresses your family's financial requirements and provides sufficient support in the event of an unfortunate death.
Types of Term Plans: Each type of term plan caters to different circumstances, and selecting the right one depends on individual requirements and financial goals. Evaluating the types of term plans ensures that you choose a policy that best suits your needs and offers the desired level of financial protection.
Select Your Insurer: It is essential to carefully evaluate and compare different insurers based on various factors such as their reputation, financial stability, claim settlement ratio, customer service, and product offerings. Researching and selecting a reliable and trustworthy insurer ensures that you are partnering with a company that can effectively fulfill its promises and provide the necessary support during claim settlements. If you want to enjoy the benefits of the best term insurance plan in India, then you must select your insurer wisely and carefully assess their features.
Compare Term Plans: Comparing term plans to choose for yourself the best term insurance plan in India involves assessing various factors. Some of these factors include the coverage amount, policy duration, premium amount, additional benefits, riders, and terms and conditions offered by different insurance providers. By comparing term plans, you can identify the policy that best aligns with your specific needs and budget. It helps you make an informed decision by considering the features, benefits, and costs of each plan. You can do so by comparing among 15+ insurers of the country on Policybazaar to buy the best plan from.
Additional Riders: Riders offer customization options to address specific needs and potential risks that may not be covered by the standard policy. Examples of common riders include accidental death benefit, critical illness cover, waiver of premium, disability benefit, and income benefit riders. By considering and understanding the available additional riders, you can tailor your term insurance policy to better suit your individual requirements and provide comprehensive protection.
Calculate The Premium Amount: Several factors are considered in calculating the premium, including the individual's age, gender, health condition, lifestyle habits, coverage amount, policy duration, and any additional riders chosen. Insurance companies use actuarial tables and underwriting guidelines to assess the risk associated with providing coverage and determine the corresponding premium amount.
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Term insurance is a type of life insurance product where the insurance company provides coverage for a certain term in return for a specific premium amount paid over a period of time. If the policyholder dies during the term specified in the policy, the death payout is paid to the policyholder’s family. The best term insurance plan in India provides high life coverage at low premium rates.
The following are the benefits of buying the best term insurance plan in India:
Higher Coverage at Lower Premiums: Term plans offer the highest life cover at pocket-friendly costs.
Whole Life Cover: Various term insurance offers a whole life cover, in which case your family will be financially protected against an eventuality for a long time.
Payout Options: Several term plans provide the option of selecting the payout option for the sum assured, which can serve as regular income.
Return of Premium: Term Plan often offers the option of receiving the paid premiums back at the end of the policy term as a maturity benefit.
Additional Rider Benefit: You can include various riders in your base plan to get enhanced coverage.
Easy to Understand: Term plans are very easy to understand as they provide cover for the policy term as long as you are up-to-date with your premium payment.
Premium Frequency: You can select the premium paying mode and frequency at your convenience as a lot of insurers provide single, regular or limited payment options.
Online/Offline: You can easily purchase the best term insurance plan online or offline. However, various insurers offer special deals on online purchases. There are many benefits of buying term insurance online.
Tax Benefits: Get term insurance tax benefits as per the prevailing laws of the Income Tax Act, 1961.
Here are a few reasons why you should the best term insurance plan in India from Policybazaar:
Dedicated claim assistance to family for Free
Lifetime discount upto 5% for buying term plan online
Advisors available in your city
Refund at a single click
You can buy best term insurance plan in India online by following the below steps:
Step 1: Go to Term Insurance
Step 2: Enter basic details like Name, DOB, and Phone no. and click on ‘view plans’
Step 3: Submit details about your occupation type, annual income, educational qualifications, and smoking habits
Step 4: Compare the policy details of the different plans available
Step 5: Select the term insurance plan that fits your requirements the best
Step 6: Proceed to pay via net banking, debit or credit card.
|Best Term Insurance Plan for 1 Crore 2023||Entry Age||Maturity Age|
|Max Life Smart Secure Plus||18-65 years||85 years|
|ICICI Prudential iProtect Smart||18-65 years||75 years|
|HDFC Life Click 2 Protect Life||18-65 years||85 years|
|Bajaj Allianz e-Touch||18-65 years||99 years|
|Tata AIA Sampoorna Raksha Supreme||18-65 years||100 years|
07 Jun 2023The SBI Term Plan for Women provides extensive coverage at
06 Jun 2023NRIs living outside India may want to buy term plan to secure
06 Jun 2023Now, geographical boundaries are no longer a barrier for people
06 Jun 2023HDFC Term Plan for Women offers comprehensive coverage at
06 Jun 2023The ICICI Term Plan for Women is a term life insurance policy