Best Term Insurance Plan in India

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.

Which Is The Best Term Insurance In India 2023?

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.

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.

Best Term Insurance Plan In India: An Overview

Following is a list of the 15 best term insurance plans in India for the year 2023 offered by top term life insurance companies.

1. ICICI Prudential iProtect Smart

   • 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.

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2. HDFC Life Click 2 Protect Super

   • 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.

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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.

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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

   • Receive benefit of wellness program

   • Guranteed premium rate discount in the first year

   • Free healthy check-ups are available

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5. Bajaj Allianz eTouch Online Term Plan

   • 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.

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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 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.

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7. Canara HSBC iSelect Smart360

   • 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

     • Life Secure with Income

     • Life Secure with Return of Premium

   • Coverage Options (applicable only with the plan option life)

     • Level

     • Increasing

   • 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

     • Terminal Illness

     • Child Care Benefit

     • Block Your Premium

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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.

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9. Edelweiss Tokio Life Total Protect Plus

   • 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.

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10. Aegon Life iTerm Prime

    • 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.

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11. IndiaFirst e-Term Plus Plan

    • 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.

12. Bharti AXA Flexi Term Pro

    • 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.

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13. 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.

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14. Aditya Birla Sun Life Insurance DigiShield Plan

    • 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.

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15. LIC 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

How to Choose The Best Term Insurance Plan In India 2023?

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.

What is a Term Insurance Plan?

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.

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

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.

Why Buy From Policybazaar?

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

• Tax Benefits

How To Buy The Best Term Insurance Plan In India From Policybazaar?

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 in India- FAQs