Keeping your family financially protected against unfortunate events is everyone’s priority. When you have a steady source of income, you can create a good financial plan. One of the first steps is to buy the right term life insurance plan. You can do that by understanding some of the best rated term life insurance plans to secure your family’s future in your absence.Read more
Term insurance is a pure life insurance product that provides coverage for a fixed time or years i.e., term. This type of life insurance offers a death benefit to the nominee in case of the unforeseen demise of the policyholder during the policy tenure. Term insurance plans provide high life coverage at lower premium rates.
For Example, Premium rates for Rs. 1 Crore Term insurance cover could be as minimum as Rs. 449 per month. These fixed amounts of premium can be paid one time or at regular time intervals for the whole policy term or for a limited time. Premium rates vary on the basis of the type of premium payment mode opted by the insurance buyer.
Financial protection to family against unfortunate events
Easy to buy
Long policy term
High cover at low premium rates
Low entry age
Premium return on survival (TROP)
Coverage against life-threatening diseases
Financial cover for disabilities and critical illnesses
Safety for dependents from liabilities and loans
High maturity age
Tax Benefits u/s 80C and 80D of the ITA, 1961
Buying term plans for dear ones is a significant financial decision in everyone’s life that includes a right selection of policy term, sum assured, entry and maturity age. In terms of purchase mode, it is significant to know that the plan is offered via online mode or offline mode. Purchasing term insurance online is the most cost-effective and convenient way. Below is a list of best rated term life insurance plans in India 2022 from top insurance companies:
|Best Rated Term Life Insurance Plans Offered by Different Insurers||CSR 2020-21||Entry Age (Min-Max)||Maturity Age (Max.)||Policy Term (Min-Max)||Sum Assured (in Rs.)|
|Aditya Birla Sun Life Insurance|
|ABSLI Life Shield Plan||98.04%||18 -65 years||85 years||10– 55 years||Min.: 25 Lakhs Max.: No Limit|
|ABSLI DigiShield Plan||18-65 years||100 years||5-55 years||Min: 30 Lakhs Max: No Limit|
|ABSLI Saral Jeevan Bima Yojana||18 -65 years||70 years||5– 40 years||Min: 5 Lakhs Max: 25 Lakhs|
|Aditya Birla Sun Life Protector Plus Plan||18 – 65 years||65 years||5-70 years||Min: 30 Lakhs Max: No Limit|
|Aegon Life Insurance|
|Aegon Life Saral Jeevan Bima||99.25%||18 -65 years||70 years||5– 40 years||Min: 5 Lakhs Max: 25 Lakhs|
|Aegon Life iTerm Plan||18 -65 years||80 years||5– 62 years||Min: 25 Lakhs Max: No Limit|
|Aegon Life Easy Protect||20-50 years||60 years||10 years||12 Lakhs|
|Aegon Life iTermForever||18-65 years||-||Whole of life||Min: 12 Lakhs Max: No Limit|
|Aegon Life iReturn||18 to 65 years||75 years||5 -20 years||Min: 30 Lakhs Max: 4 Crores|
|Aviva Life Insurance|
|Aviva Jana Suraksha||98.01%||18 – 45 years||50/55 years||5/10 years||-|
|Aviva Saral Jeevan Bima||18-65 years||70 years||40 years||Min: 5 Lakhs Max: 25 Lakhs|
|Aviva Life Shield Advantage Plan||18 -55 years||65 years||10 -30 years||Min: 35 Lakhs Max: For A: No Limit For B: 50 Lakhs|
|Bajaj Allianz Life Insurance|
|Bajaj Allianz Life Smart Goal||98.48%||18 – 65 years||99 years||5– 40 years||Min: 50 Lakhs|
|Bajaj Allianz Life Saral Jeevan Bima||18 – 65 years||70 years||5– 40 years||Min: 5 Lakhs Max: 25 Lakhs|
|Bajaj Allianz Life eTouch Online Term||18 – 65 years||99 years||10– 67 years||Min: 25 Lakhs Max: No Limit|
|Bharti AXA Life Insurance|
|Bharti AXA Life POS Saral Jeevan Bima||99.05%||18 – 55 years||65 years||10/15/20/25 years||Min: 50,000 Max: No Limit|
|Bharti AXA Life Saral Jeevan Bima||18 – 65 years||70 years||5– 40 years||Min: 5 Lakhs Max: 50 Lakhs|
|Bharti AXA Life Flexi Term Pro||18 – 65 years||99 years||-||Min: 25 Lakhs Max: No Limit|
|Bharti AXA Life Premier Protect Plan||18 – 65 years||75 years||10– 57 years||Min: 50 Lakhs Max: No Limit|
|Bharti AXA Life Flexi Term Plan||18 – 65 years||85 years||5/10/15/20||Min: 10 Lakhs Max: 25 Lakhs|
|Bharti AXA Life Grameen Jeevan Bima Yojana||18 -60 years||65 years||5/10 years||Min: 10,000 Max: 2 Lakhs|
|Bharti AXA Life Smart Jeevan||18 – 50 years||62 years||12 years||Min: 50,000 Max: 5 Lakhs|
|Canara HSBC OBC Life Insurance|
|Canara HSBC Saral Jeevan Bima||97.10%||18 – 65 years||70 years||5– 40 years||Min: 5 Lakhs Max: 50 Lakhs|
|iSelect Star Term Plan||18 – 65 years||65 years||5– 62 years||Min: 15 Lakhs Max: 3 Crores|
|Edelweiss Tokio Life Insurance|
|Zindagi Plus||97.01%||18 – 65 years||80 years||10 - 80 years (Age at entry years)||Min: 50 Lakhs Max: No Limit|
|Edelweiss Tokio Saral Jeevan Bima||18 – 65 years||70 years||5– 40 years||Min: 5 Lakhs Max: 25 Lakhs|
|Exide Life Insurance|
|Exide Life Saral Jeevan Bima||98.54%||18 – 65 years||70 years||5 -40 years||Min: 5 Lakhs Max: 25 Lakhs|
|Exide Life Smart Term Pro||18 – 60 years||80 years||15 -40 years||Max: 50 Lakhs|
|Exide Life Smart Term Edge||18 -60 years||75 years||12– 30 years||Min: 5 Lakhs|
|Exide Life Term with Return of Premium||18 -50 years||-||10– 30 years||Min: 5 Lakhs Max: 25 Lakhs|
|Exide Life Term Rider||18-60 years||70 years||5 -40 years||Min: 50,000 Max: Lower of 50 Lakhs or SA of base policy|
|Future Generali India Life Insurance|
|Future Generali Care Plus||94.86%||18 – 65 years||85 years||5 -85 years||Min: 25 Lakhs|
|Future Generali Saral Jeevan Bima||18- 65 years||70 years||5– 40 years||Min: 5 Lakhs Max: 25 Lakhs|
|Future Generali Express Term Life Plan||18 – 65 years||85 years||5/10/15/20/25/30/(85 less entry age)||Min: 25 Lakhs Max: No Limit|
|Future Generali Flexi Online Term Plan||18-55 years||75 years||10– 75 years||Max: No Limit|
|Future Generali Jan Suraksha||18 – 50 years||-||8 years||-|
|HDFC Life Insurance|
|Click 2 Protect Life||98.01%||18- 65 Years||85 years||10– 30 years||Min: 20 Lakhs Max: No Limit|
|HDFC Life Click 2 Protect 3D Plus||18-65 years||85 years||5-40 years||Min: 50,000 Max: No Limit|
|HDFC Saral Jeevan Bima||18-65 years||70 years||5 -40 years||Min: 5 Lakhs Maximum: No Limit|
|ICICI Prudential Life Insurance|
|ICICI iProtect Smart||97.90%||18 – 65 years||75 years||5– 20 years||Min: Subject to Minimum Premium Max: No Limit|
|iProtect Return of Premium||18 -65 years||85 years||5– 40 years||-|
|Ageas Federal Life Insurance|
|Ageas Saral Jeevan Bima||95.07%||18 -65 years||70 years||5– 40 years||Min: 5 Lakhs Max: 25 Lakhs|
|MyLife Protection Plan||21 – 65 years||85 years||10– 85 years||Min: 50 Lakhs Max: No Limit|
|Income Protect Plan||25 – 60 years||70 years||10– 30 years||-|
|Termsurance Life Protection Plan||18 – 60 years||70 years||10-30 years||Min: 5 Lakhs Max: No Limit|
|Ageas Federal iSurance Flexi Term Plan||18-60 years||80 years||10 -62 years||Min: 50 Lakhs Max: 30 Crores|
|IndiaFirst Life Insurance|
|IndiaFirst Life Plan||96.81%||18 – 60 years||70 years||5 – 40 years||Min: 1 Lakh Max: 50 Crores|
|e-Term Plus Plan||18-65 years||-||5 -50 years||Min: 50 Lakhs|
|Kotak Mahindra Life Insurance|
|Kotak e-term Plan||98.50%||18-65 years||75 years||5-40 years||Min:25 Lakhs|
|LIC Tech-Term Plan||98.62%||18-65 years||80 years||10-40 years||Min: 50 Lakhs Max: No Limit|
|Max Life Insurance|
|Max Life Super Term Plan||99.35%||18-65 years||75 years||10-35 years||Min: 25 Lakhs Max: No Limit|
|Max Life Online Term Plan Plus||18 -60 years||85 years||10-35 years||Min: 25 Lakhs Max: 100 Crores|
|Max Life Smart Secure Plus Plan||18-65 years||85 years||5-67 years||Min: 50,000 Max: No Limit|
|PNB MetLife Insurance|
|PNB Mera Term Plan Plus||98.17%||18 – 60 years||75 years||10-99 minus entry age years||Min: 25 Lakhs Max: No Limit|
|PNB MetLife Mera Term Plan||18 – 65 years||99 years||10-81 years||Min: 5 Lakhs|
|Pramerica Life Insurance|
|Pramerica Saral Jeevan Bima||98.61%||18 -65 years||70 years||5 – 40 years||Min: 5 Lakhs Max: 25 Lakhs|
|Pramerica Life Trushield||18 – 55 years||65 years||7/10/12/15/20 years||Min: 5 Lakhs Max: 50 Crores|
|Pramerica Life U-Protect||18-55 years||65 years||10 – 30 years||Min: 25 Lakhs Max: No Limit|
|Reliance Nippon Life Insurance|
|Reliance Life Protection Plus||98.49%||18-60 years||75 years||10- 40 years||Min: 25 Lakhs Max: No Limit|
|Digi-term Insurance Plan||18 -60 years||80 years||15-40 years||Min: 25 Lakhs Max: Np Limit|
|Saral Jeevan Bima||18-65 years||70 years||-||Min: 5 Lakhs Max: 25 Lakhs|
|SUD Life Insurance|
|SUD Life Abhay||95.96%||18-65 years||80 years||15-40 years||Min: 50 Lakhs Max: 100 Crores|
|SUD Life Saral Jeevan Bima||18-65 years||70 years||5 -40 years||Min: 5 Lakhs Max: 25 Lakhs|
|SBI Life Insurance|
|SBI Life e-Shield Next||93.09%||18 – 65 years||100 years||5 -85 less entry age||Min: 50,000 Max: No Limit|
|SBI Life Saral Jeevan Bima||18 – 65 years||70 years||5 – 40 years||Min: 5 Lakhs Max: 25 Lakhs|
|SBI Life – Poorna Suraksha||18 – 65 years||75 years||10/15/20/25/30 years||-|
|Sahara Life Insurance|
|Sahara Life Kavach||97.18%||18-50 years||65 years||15 – 20 years||Min: 5 Lakhs Max: No Limit|
|Shriram Life Insurance|
|Shriram Life Cash Back Term Plan||95.12%||12-50 years||70 years||10/15/20/25 years||Min: 2 Lakhs Max: 20 Lakhs|
|Tata AIA Life Insurance|
|Sampoorna Raksha Supreme Plan||98.02%||18 – 65 years||65 years||-||Min: 1 Lakh Max: No Limit|
|Tata AIA Maha Raksha Supreme||18 – 65 years||100 years||-||Min: 50 Lakhs Max: No Limit|
Information Sourced from IRDAI and Insurer’s official Website
While choosing a term insurance plan, you need to check for the following factors and make sure that your family has the best financial protection under the term life insurance plan:
The first and foremost step for choosing a best rated term life insurance is to assess your life when purchasing insurance. When you secure a life cover, your financial condition and your age set the groundwork for selecting the right plan. It affects the policy term and subsequently, the life cover amount that is more suitable.
It is important to understand how to choose best rated term life insurance plans based on your lifestyle requirements. Your lifestyle involves spending habits and a general living standard. So, when you have a clear picture of your lifestyle needs, you can protect your family more efficiently. Moreover, they don’t have to compromise on their living standard even in your absence.
It is important to calculate the financial needs of your family so that you do not overestimate life coverage. If your current income is not able to meet the premium rate, you can end up over-burdening your financial condition.
Liabilities and Debt are the other important parameters while choosing the best rated term life insurance. Sometimes, people have to repay loans over an extended time period. In case the policy tenure does not cover the time of repayment or if the amount is not enough, it can be financially difficult for your dependents.
Riders are additional benefits provided by insurance companies to increase the coverage of an insurance plan. They can be attached to a base plan at the time of purchase by paying a substantial amount of premium
Some of the standard term riders available with term plans are accidental death and disability rider, critical illness, and waiver of premium rider. You have the option to enhance the scope of a term policy by knowing how to choose the best rated term insurance plans.
The claim settlement ratio is the percentage of claims paid out of total claims registered in a financial year and revised by IRDAI. The higher the CSR, the easier it will be for your dependents to claim the insurance policy in your absence. This means a consistently good CSR or claims paid ratio reflects a quick and robust settlement process for claims filed under term insurance plans.
The solvency ratio of an insurer informs you whether the insurance company you select will be financially or fiscally capable of claim settlement if the requirement arises. IRDAI i.e., Insurance Regulatory and Development Authority of India mandates that each life insurance company should uphold a solvency ratio of at least 1.5. By checking the solvency ratio, you can easily identify whether the insurer has sufficient funds to settle claims in both the short and long term.
Term insurance plans offer an option to choose a variant that offers regular income options along with the lump sum so that they can look after their instant requirements while investing the lump sum amount for future objectives. Thus, choosing a regular income payout option while purchasing a term insurance plan may save a lot of financial difficulties for your dependents in the future.
Another important parameter is the policy term for which the buyer is buying a term insurance plan. There are different types of term insurance plans that can provide coverage up to whole life. It is important to know how to choose the right policy term, based on your life stage and other important factors.
Assess the sum assured to be chosen as it will cover the financial requirements of the family in the absence of life assured
Quality Service is another factor that you should consider while choosing an insurance company to buy a term insurance plan. Moreover, you should also check the online availability of the customer assistance team of an insurance company for faster query resolution.
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