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	97.10%	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	97.01%	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	97.90%	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	96.81%	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	98.17%	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	95.96%	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	98.02%	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:

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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.