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Best Term Insurance Plan in India

Selecting and buying the best term insurance in India is important for an individual with dependents, as it offers financial security at low premium rates.However, it can be difficult to find the best term insurance plan in India 2024 that fits your needs and provides the right life cover amount for your family during unfortunate events.

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What is Term Insurance?

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.

What is the Best Term Insurance Plan In India 2024?

Below is a list of the Best Term Insurance in India 2024 from some of the top term insurance companies, along with their Claim Settlement Ratios for FY 2022-23. These plans offer different life cover options for different annual incomes. You can go through the following list and select the best term insurance in India.

Insurance Company Best Term Plan in India Claim Settlement Ratio (CSR) Entry Age (Min-Max) Maturity Age (Min-Max) Sum Assured (Min-Max)
ICICI Prudential Life Insurance ICICI Prudential iProtect Smart 98.14% 18 - 65 years 99 years 50 Lacs - 20 Cr
HDFC Standard Life Insurance HDFC Life Click 2 Protect Super 99.39% 18 - 65 years 85 years 50 Lacs - 20 Cr
Max Life Insurance Max Life Smart Secure Plus 99.51% 18 - 60 years 85 years 25 Lacs - 10 cr
TATA AIA Life Insurance TATA AIA SRS Vitality Protect 99.01% 18 - 60 years 85 years 50 Lacs - 2 Cr
Bajaj Allianz Life Insurance Bajaj Allianz eTouch Lumpsum 99.04% 18 - 55 years 99 years 50 Lacs - 10 Cr
PNB MetLife India Insurance PNB MetLife Mera Term Plan Plus 97.33% 18 - 50 years 80 years 50 Lacs - 1 Cr
Canara HSBC OBC Life Insurance Canara HSBC Young Term Plan 99.01% 18 - 60 years 99 years 25 Lacs - 20 Cr
Kotak Mahindra Life Insurance Kotak e-Term Plan 98.82% 18 - 65 years 85 years 50 Lacs - 10 Cr
Aegon Life Insurance Aegon Life iTerm Comfort 99.37% 18 - 65 years 70 years 25 Lacs - 1.25 Cr
SBI Life Insurance SBI Life eShield Next 97.05% 18 - 65 years 85 years 50 Lacs - 10 Cr 
Aditya Birla Sun Life Insurance Aditya Birla Sun Life Insurance DigiShield Plan 98.12% 18 - 60 years 85 years 50 Lacs - No Limit
Life Insurance Corporation of India LIC New Tech Term Plan 98.60% 18 - 65 years 80 years 50 Lacs - No limit

Note: The above table shows the list of best term insurance plans for 1 crore life cover for the profile of an 18-year-old, non-smoking male.

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Term Plans

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Best Term Insurance Plan In India: An Overview

Following is a list of the 12 best term insurance in India 2024 offered by top term life insurance companies.

  1. ICICI Prudential iProtect Smart

    • This is amongst the best term insurance in India, 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 life assured can choose from the three different benefit payout options, which are monthly income, lump sum, or a combination of both.

    Read More
  2. HDFC Life Click 2 Protect Super

    • The plan provides financial protection to the family of the life assured 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.

    Read More
  3. Max Life Smart Secure Plus

    • 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.

    Read More
  4. TATA AIA SRS Vitality Protect

    • This plan offers life cover for future financial protection for your family in case of terminal illness or death

    • You can receive the benefits of the plan’s wellness program and improve your health

    • Get guaranteed premium rate discount in the first year

    • Free healthy check-ups are available

    Read More
  5. Bajaj Allianz eTouch Online Term Plan

    • This is one of the best term insurance in India, 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.

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  6. PNB Metlife Mera Term Plan Plus

    • 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 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.

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  7. Canara HSBC Young Term Plan

    • The plan offers a return of premiums on the survival of the policy term.

    • You can exit the plan early and receive all the premiums paid during the policy.

    • The plan waives off future premiums on the diagnosis of a covered critical illness or an accidental total permanent disability during the policy term.

    • You can block your premium rate at the time of policy purchase and increase the cover up to 100% of the base sum assured.

    • The plan allows you to cover your spouse within the same plan.

    Read More
  8. Kotak e-Term Plan

    • 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.

    Read More
  9. Aegon Life iTerm Prime

    • The plan provides life cover with lump sum payout on demise

    • 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.

    Read More
  10. SBI Life eSheild Next

    • 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.

    Read More
  11. Aditya Birla Sun Life Insurance DigiShield Plan

    • The plan provides 10 plan options to fit your requirements.

    • 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.

    Read More
  12. LIC New Tech Term Plan

    • 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.

    Read More

But before learning how you can select the best term insurance plan for yourself, let’s first understand the meaning of term insurance, term insurance benefits, and its definition:

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What are the Benefits of Buying the Best Term Insurance Plan in India?

The following are the benefits of buying the best term insurance in India:

  • Higher Coverage at Lower Premiums: The best term insurance plans provide high life cover at really low premium rates.

  • Whole Life Cover: Various best term insurance in India offer a whole life cover, through which case your family will be financially protected against an eventuality for a long time.

  • Payout Options: Several best term plan in India 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: There are several important term insurance riders available in the best term insurance in India. You can include any of the available riders in the best term insurance 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 payment 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 insurance online.

  • Tax Benefits: Get term insurance tax benefits as per the prevailing laws of the Income Tax Act, 1961.

How to Choose The Best Term Insurance Plan In India 2024?

You must consider the following factors while buying the best term insurance in India. It is also better to purchase term plans online as it saves time and money since no middlemen are involved. Here is a list of all the steps you should follow to choose the best term insurance plan in India in 2024:

Choose Right Term Plan Choose Right Term Plan
  • Assess Your Requirements: The sum assured amount of your best term insurance plan should be sufficient to meet your family’s financial goals in your absence. In order to determine the adequate amount, you should consider your current income, existing liabilities such as loans, number of dependents, funds needed to meet the family’s lifestyle, inflation rate, and the amount invested each month for achieving financial goals.

  • Risk Cover Offered: The best term plan in India provides a death benefit to the family in case of the policyholder’s untimely death. This way, the term insurance plans cover the risk of the family’s financial instability in the absence of the main income earner.

  • Types of Term Plans: Insurance providers in India offer a variety of best term insurance plans for you to choose from. You can select the type of term plan that best fits your needs from the regular term plans, term return of premium plans, 100% refund of premium at no-cost term plans, and whole life insurance policies.

  • Select Your Insurer: Before purchasing the best term insurance plan in India you should select a reliable insurer based on their:

    • Claim Settlement Ratio: The Claim Settlement Ratio of Term Insurance describes the number of claims a company settles against the total number of claims made. The higher the CSR, the better the chances of your claim getting settled. You can check the CSR of each insurer from the IRDA annual report that they release every financial year. The formula used to calculate CSR for buying best term insurance in India is as follows:
      Claim Settlement Ratio: Total Number of Claims Settled /Total number of Claims Made x 100
      Let us understand with the help of an example:
      If an insurance company received 5000 claims in a financial year and settled 4800 claims within the same year. Then the CSR according to the above formula will be 96%, indicating a good claim settlement ratio, which means the claims made with the insurer will be settled quickly.
      CSR ⇒ 4800/5000 x 100 = 96%

    • Solvency Ratio: The Solvency Ratio of Term Insurance determines the ability of the insurer to meet their financial obligations to customers. Make sure the solvency ratio of the insurers offering the best term insurance plan should be over 1.5.

  • Compare Term Plans: After selecting a suitable insurer, go through the list of available plans from the companies of your choice, and select the best term insurance in India. You can compare term plans based on their premium rates, CSR values, policy term, sum assured, critical illness coverage, loan facility, and other benefits offered.

  • Additional Riders: When it comes to the best term insurance in India, riders play a significant role in enhancing the coverage and customization of your policy. Riders are add-on benefits that offer additional protection beyond the basic coverage of a term insurance plan. Best term insurance plan in India allow you to include following riders in your base plan to enhance the policy coverage in unfortunate circumstances:

    • Waiver of Premium: With this rider, your remaining premiums will be waived off in case of a job or income loss.

    • Accidental Death Benefit: Under this rider, your family will receive an increased amount as a death benefit in case of the death of the policyholder due to an accident.

    • Critical Illness Rider: In this rider, you will receive an extra amount on the diagnosis of a critical illness listed under the rider to deal with the treatment expenses.

    • Hospicare Benefit: By including this rider, you will receive a percentage of the sum assured to take care of the hospital bills and medical costs.

    • Accidental Total and Permanent Disability: With this rider, you will receive a percentage of the sum assured in case of accidental total permanent disability.

    • Terminal Illness Benefit: With this rider, in case the policyholder is diagnosed with a terminal illness, a part or the entire sum assured is paid to the policyholder in advance, which provides an early payout on terminal illness.

  • Calculate The Premium Amount: After going through all the above-mentioned points, you must evaluate the premium required and purchase the best term insurance plan that fits your needs. You can use an online term insurance calculator to determine the premium you are required to pay for your desired sum assured amount.

Why Buy the Best Term Plan From Policybazaar?

Here are a few reasons why you should buy the best term insurance plan in India from Policybazaar:

  • Dedicated claim assistance to family for Free

  • Get discounts upto 10% on buying term plans online

  • Advisors available in your city

  • Compare and buy plans at low premiums

  • 100% recorded calls to reduce mis-selling

How to Buy Term Life Insurance from Policybazaar?

Best Term Insurance Plan in India- FAQs

  • What is the age limit when it comes to buying the best term insurance plan in India?

    Ans: The age limit for buying the best term insurance plan in India is between 18 and 65 years.
  • What factors to consider before buying the best term insurance plan in India, 2024?

    Ans: Following are some of the important aspects that need to be considered when buying the best term insurance in India 2024:
    • Premium Payment Options: Make sure to check out the available premium payment options, such as monthly, quarterly, semi-annually, and annually, as you should opt for a plan that supports the premium pay option that fits within your budget. Most term plans offer monthly premium payments as they are affordable and much more feasible.
    • Rider Benefit: You can enhance your coverage by including rider benefits to the base plan, so that in case of any critical ailment, partial or permanent disability.
    • Rebates on Taxes: Various term insurance plans offer rebates on taxes u/s 80C and 10(10D) of the Income Tax Act. When selecting the best term insurance in India, you should check whether the insurance company offers a tax rebate or not.
  • How much coverage should I take in a term insurance plan?

    Ans: As per the insurance experts, your term insurance coverage should be at least 15 to 20 times your current annual income. Let’s say if your annual income is Rs. 10 Lakhs per annum, it would be important to buy a term plan of Rs. 2 Crores.
  • What are the important documents required to buy the best term insurance plan in India online?

    Ans: Listed below are the documents to buy the best term insurance plan online:
    • Address Proof: Passport, Aadhar Card, etc.
    • Identity Proof: PAN Card, Aadhar Card, Passport, Voter ID, etc.
    • Income Proof: ITR, Computation of Income (COI), Form 25 AS, etc.
    • Age Proof
    • Photograph
    • PAN card
  • Is it possible to have multiple term insurance policies?

    Ans: Yes, an individual may have multiple term insurance policies to ensure the financial safety of the family in case of any unforeseen event.
  • How important is a term insurance plan?

    Ans: A term insurance plan is important as it provides life cover for the specified period and also safeguards the financial future of the family. In case the policyholder passes away, the nominee will receive the death benefit. Compared to any other life insurance product a term plan is simple, easy to understand, and is available at a cost-effective premium. Buying a best term insurance plan in India is important for those individuals who are the primary and only earning members of the family.
  • What are the types of term plans available in India in 2024?

    Ans: The following are the basic types of term plans available in India 2024:
    • Regular Term Plan: Regular term plans provide the death benefit to the nominee of the policy, in case of the policyholder’s death during the policy term.
    • Whole Life Plan: Most of the term insurance policies offer cover for a period specified, and certain policies offer cover for a lifetime.
    • Return of Premium Plan: These plans offer all the premiums paid during the policy tenure back at the maturity of the policy. These returned premiums will however be subject to tax and other deductions.
    • 100% Refund of Premium at No-cost: These plans provide the option of exiting the plan at a specific stage and receiving all the premiums paid at the end of the policy term.
  • Is it possible to change the term insurance payment frequency?

    Ans: Yes you can change the mode of your premium payment depending on your plan and insurer’s policies. Check with the insurance company to change the premium payment frequency. Today most of the term insurance companies in India provide the flexibility to change the premium payment frequency.
  • Can I surrender the term insurance policy?

    Ans: At any point in time, when the liabilities are over, one might choose to surrender the term insurance plan. It is recommended to check the same with the insurance company as well.
  • How is term insurance different from life insurance?

    Ans: One of the main difference between term insurance and life insurance plan is that a term plan only provides a death benefit in case of life assured’s death within the policy term, whereas a life insurance plan offers both death benefit and maturity benefit to the life assured.
  • Why should you buy term insurance plans from Policybazaar?

    Ans: : Here is why you should buy the best term insurance in india from Policybazaar:
    • Free Dedicated Claim Assistance
    • One-click easy refund
    • Upto 5% lifetime discount
    • One-click easy refund
    • 100% recorded calls to avoid mis-selling
    • Advisor in your city
  • What are the key features of a best term insurance plan in India?

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

    Ans: No, term insurance plans don’t offer any maturity benefits. However, in the case of the Term Return of premium (TROP), insurers return the total amount of premiums paid by the life assured after the plan gets matured.
  • Can I get tax benefits while buying the best term insurance plan in India?

    Ans: Yes, the term plan offers tax benefits u/s 80C, 80D, and 10(10D) of the Income Tax Act, of 1961.
  • Which is the best term insurance plan in India?

    Ans: The best term insurance plan in India depends on your needs and requirements i.e., which provides high coverage at low premium rates and has good CSR. Policybazaar helps you find and compare the best term plan in India from 15+ top insurers.
  • Which insurance is the best term insurance plan or life insurance plan?

    Ans: Term insurance plans offer high coverage at affordable premium rates as compared to life insurance. Life insurance plans offer maturity amounts, subject to payment of all due policy premiums. However, term plans do not offer any returns.
  • What is the right age to buy the best term insurance plan in India?

    Ans: The right age to buy the best term plan is as early as possible. Because with age the premium amount also increases.
  • What is the Claim Settlement Ratio of Term Insurance Companies?

    Ans: The claim settlement ratio of an insurance provider is the number of claims that are settled versus the number of claims filed by its customers or nominees. Ideally, you should opt for a term insurance plan from an insurer with a high CSR, as it can increase the chances of your claim settlement. This way you will be able to decipher which is the best term insurance plan in India.
  • As an NRI, can I buy the best term insurance plan in India?

    Ans: Yes, NRIs can easily buy the best term insurance plan from India. They can now easily opt for term plans for NRI in India that allow them to schedule a video/tele medical examination from their residential country. Also, an NRI can buy a term plan when he/she visits India.
  • Which is the best term insurance plan in India?

    Ans: The best term insurance plan in India is which offers comprehensive coverage to the policyholder’s family in case of their absence.
  • What are the top 5 best term insurance plan in India 2024?

    Ans: Here is the list of the best term insurance in India 2024.
    Best Term Insurance Plan for 1 Crore 2024 Entry Age Maturity Age
    Max Life Smart Secure Plus 18-60 years 85 years
    ICICI Prudential iProtect Smart 18-65 years 99 years
    HDFC Life Click 2 Protect Super 18-65 years 85 years
    Bajaj Allianz e-Touch 18-55 years 99 years
    Tata AIA Sampoorna Raksha Supreme 18-60 years 100 years
  • Which company term insurance is best?

    Ans: Ans: The best term insurance company in India depends on a person’s individual needs. You can assess and compare the premiums, policy terms, sum assured, and other benefits offered by the insurers and select the best term insurance in India.
  • Is LIC good for term insurance?

    Ans: Yes, LIC term insurance is one of the top Indian insurers offering the best term insurance in India, fit for people from all backgrounds. You can check out the different term plans offered by the company and buy the best term insurance plan.
  • What is the best age for term insurance?

    Ans: The best age to buy the best term insurance in India is as early as possible. This is because as you grow old, the premiums for the term plan will also increase. Individuals between 18 to 65 years of age can buy term insurance plans. However, 20s is the right time to avail a policy and plan for your family’s future. Therefore, to buy term plan for a large life cover at a lower premium rate, you need to buy the best term insurance in India.
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