Best Rated Term Life Insurance

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.

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Term Insurance 

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. 

Features and Benefits of Term Insurance 

  • Financial protection to family against unfortunate events 

  • Easy to buy 

  • Online availability 

  • 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

Best Rated Term Life Insurance Plan 

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
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 

How to Choose the Best Rated Term Life Insurance Plans?

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: 

  1. Consider your dependents and life stages 

    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. 

  2. Assess current lifestyle 

    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. 

  3. Consider your income 

    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. 

    Five things to know before buying Term Plan Five things to know before buying Term Plan
  4. Assess your Existing Liabilities 

    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.  

  5. Add Riders to the Plan 

    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. 

  6. Check Claim Settlement Ratio 

    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. 

  7. Check Solvency Ratio 

    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. 

  8. Look for Regular Income payout option of term plan 

    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. 

    Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar
  9. Policy Term 

    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. 

  10. Sum Assured 

    Assess the sum assured to be chosen as it will cover the financial requirements of the family in the absence of life assured 

  11. Consider Quality Service and Online Availability 

    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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