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Best term insurance plan in India is the plan that financially protects your family in your absence. It is very important to find the right term plan which suits best for your family's expenses. Also, provides the right life cover amount for your family during unfortunate events.
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Buy the best term insurance in India at Rs.16/day. Choose the best term insurance plan from the list of all term plans in India 2024. These plans offer different life cover options for different annual incomes.
| 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 | 99.17% | 18 - 65 years | 99 years | 50 Lacs - 20 Cr |
| HDFC Standard Life Insurance | HDFC Life Click 2 Protect Super | 99.50% | 18 - 65 years | 85 years | 50 Lacs - 20 Cr |
| Max Life Insurance | Max Life Smart Total Elite Protection | 99.51% | 18 - 65 years | 85 years | 1 Crore - no limit |
| TATA AIA Life Insurance | TATA AIA Sampoorna Raksha Promise | 99.01% | 18 - 65 years | 100 years | 25 Lacs - no limit |
| Bajaj Allianz Life Insurance | Bajaj Allianz eTouch Lumpsum | 99.23% | 18 - 55 years | 99 years | 50 Lacs - 10 Cr |
| PNB MetLife India Insurance | PNB MetLife Mera Term Plan Plus | 99.20% | 18 - 50 years | 80 years | 50 Lacs - 1 Cr |
| Canara HSBC OBC Life Insurance | Canara HSBC Young Term Plan | 99.23% | 18 - 60 years | 99 years | 25 Lacs - 20 Cr |
| Kotak Mahindra Life Insurance | Kotak e-Term Plan | 98.25% | 18 - 65 years | 85 years | 50 Lacs - 10 Cr |
| Bandhan Life Insurance | Bandhan Life iTerm Comfort | 99.70% | 18 - 65 years | 70 years | 25 Lacs - 1.25 Cr |
| SBI Life Insurance | SBI Life eShield Next | 96.30% | 18 - 65 years | 85 years | 50 Lacs - 10 Cr |
| Aditya Birla Sun Life Insurance | ABSLI Income Suraksha Plan | 98.12% | 21 - 55 years | 70 years | 25 Lacs - 25 Crores |
| 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, cover upto 38 years.
*Know what is term insurance first and then buy a term plan for your loved ones.
Term Plans
Following is a list of the 12 best term insurance in India 2024 offered by top term life insurance companies.
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.
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.
The plan offers flexible premium payment options
Get accelerated benefits on diagnosis of critical illness with the accelerated critical illness benefits
Receive all the premiums back on exiting the policy early with the special exit value benefits
Choose to delay premiums for up to 12 months without any late fees or interest
Choose the best plan option from 4 options
Get 50% base sum assured as accelerated benefit in case of terminal illness diagnosis
Get FlexiPay benefits, and Family Plan benefits with this plan
Receive in-built waiver of premium in terminal illness diagnosis
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.
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.
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.
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 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.
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.
Choose from 2 plan options as per your suitability: Fixed Income Protection and Increasing Income Protection
Get discounts upto 11% - for salaried the first year 7% + 4% special online discount
Select the option to enhance cover at additional premiums with riders
Choose to pay the premiums in the most suitable premium pay mode
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.
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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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:
Term Plans are more Affordable than Other Types of Life Insurance
The best term insurance in India will have a much more affordable premium than most other types of life insurance, especially if the plan offers market-linked returns.
Younger the Age, Lower the Premium
Various insurance advisors suggest that you buy the best term plan in India as early as possible to secure a large life cover at highly affordable premiums.
Offers Long Term Protection till 99/100 years
With the best term insurance plan, you can get covered under the plan till you turn 99/100 years old and ensure the financial protection of your family.
Premiums Remain Constant
The premiums once selected remains constant for the entire policy tenure, unless you increase the life stage benefit at marriage, childbirth, or home loan.
Save up to 46,800 on Taxes
Claim up to Rs. 46,800 term insurance tax benefits on the premiums paid under section 80C of the Income Tax Act, 1961.
Comprehensive Protection
With add-on riders available with the best term insurance plan in India, you can get comprehensive protection against various eventualities.
For NRIs, having the right term life insurance is important to protecting and securing their financial future, especially while living abroad.
Best Term Insurance in India for NRIs in the UAE
NRIs in the UAE can benefit from buying term insurance from Indian insurers, who offer comprehensive coverage at competitive rates. These plans are tailored to meet NRIs' financial needs, with flexible premium payment options and a 5% discount for annual payments. Many plans also provide high coverage and easy claims for family members in India. Plus, the tax benefits under Indian laws make it an excellent long-term purchase.
Best Term Insurance in India for NRIs in the UK
For NRIs in the UK, Indian term insurance policies often have lower premiums compared to local UK options. These plans offer global coverage, ensuring that your family is protected no matter where you are. Indian insurers also have user-friendly online processes to purchase and manage policies. Additionally, the GST exemption under Indian law adds further value to the policy.
Best Term Insurance in India for NRIs in the USA
For NRIs in the USA, term insurance from India offers peace of mind with worldwide coverage and affordable premiums. Indian insurers make it easy to handle cross-border transactions and provide plans designed to meet NRIs' needs, ensuring that your family in India is well-covered. The plans also offer attractive tax benefits and features, making them a smart financial choice.
Best Term Insurance in India for NRIs in Canada
Indian term insurance plans provide NRIs in Canada with global coverage, ensuring financial security for family members in India. These plans often come with lower premiums than Canadian options and offer flexible payment modes. The convenience of buying and managing policies online, along with the tax benefits under Indian law, makes these plans a great option for NRIs.
Best Term Insurance in India for NRIs in the Netherlands
NRIs in the Netherlands can opt for Indian term insurance plans that offer extensive worldwide coverage, perfect for families with dependents in India. Indian insurers offer competitive premiums and strong customer support for NRIs. Many plans also include extras like terminal illness riders, providing complete protection. The easy online policy management makes these plans hassle-free to maintain.
Best Term Insurance in India for NRIs in New Zealand
Indian term insurance offers NRIs in New Zealand affordable coverage, ensuring their families in India are well-protected. With the flexibility to pay premiums in INR or foreign currency, these policies are convenient and accessible. Some plans also offer added benefits like accidental death coverage. Tax advantages and the ability to manage policies online make Indian term insurance a practical choice for NRIs.
Best Term Insurance in India for NRIs in Qatar
For NRIs in Qatar, Indian term insurance plans are both affordable and comprehensive. Indian insurers understand the unique needs of NRIs and provide seamless online services for buying and maintaining policies. With options to pay premiums in INR or foreign currency and tax benefits under Indian laws, these policies offer great value. The global coverage ensures that families are financially secure, no matter where they are.
Best Term Insurance in India for NRIs in Singapore
NRIs in Singapore can benefit from Indian term insurance plans that offer global protection at highly competitive rates. These plans are designed with NRIs in mind and provide coverage for dependents in India, with flexible options and additional benefits like critical illness riders. The simple online process and tax-saving benefits in India make these plans a strong choice for long-term financial security.
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