Searching for the best term plan in India has never been easy, but you can find a good one by analyzing some factors like CSR, solvency ratio, range of products, benefits offered, affordability of premiums, and customer reviews.
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As we know, major diseases come with increasing age. Therefore, it is important to invest in a good term life insurance policy at the right time. Buying a term plan is the most effective way to secure your family's future when you
wouldn't be around.
Thus, a term plan that considers your needs provides a suitable life coverage amount, offers flexible PPT (Premium Payment Term), and additional benefits, and secures your family's future while being in your budget is the best term
plan
What is a Term Insurance Policy?
Term insurance is a protection-oriented plan. Under this plan, the nominee will receive a death benefit in case of the policyholder's unfortunate death during the policy term. This single financial tool can help your
family provide a steady income source and a non-compromise lifestyle in your absence.
You can even enhance your base cover with in-built optional riders in exchange for extra premiums. Apart from a death or rider benefit, flexible PPT (Premium Payment Term), policy tenure, payout options, premium break,
life stage benefits, joint life cover, Etc.
One wise decision can make a lot of difference, so buy a term plan for your family's well-being. However, premiums are determined
as per the key factors tailored to your profile. Meanwhile, a ₹1 crore term life cover can be purchased at just ₹1,300 per month.
List of Top Term Insurance Plans In India 2024 ( IRDAI-Approved )
Here, we've listed the IRDAI-approved best term insurance plans in India 2024 from the top term life insurance providers.
Best Term Plans
Claim Settlement Ratio (CSR)
Entry Age
Maturity Age
View Plan
Bajaj Allianz Life eTouch Plan
99.04%
18 to 60 years
99 years
TATA AIA SRS Vitality Protect
99.01%
18 to 65 years
100 years
Aegon Life iTerm Prime
99.03%
18 to 65 years
70 years
Kotak e-Term Plan
98.82%
18 to 65 years
75 years
Edelweiss Tokio Zindagi Protect Plan
99.2%
18 to 65 years
100 years
Canara HSBC Young Term Plan - Life Secure
99.01%
18 to 45 years
99 years
Max Life Smart Secure Plus Plan
99.51%
18 to 65 years
85 years
ICICI Pru iProtect Smart
97.8%
18 to 65 years
75 years
Aditya Birla DigiShield Plan
98.12%
18 to 65 years
85 years
HDFC Life Click 2 Protect Super
99.39%
18 to 65 years
85 years
Aviva Signature 3D Term Plan
98.39%
18 to 65 years
80 years
Bharti AXA Life Flexi Term Pro
99.01%
18 to 65 years
99 years
Pramerica Life RockSolid Term Insurance
98.8%
18 to 65 years
85 years
Future Generali Express Term Life Plan
95.04%
18 to 65 years
80 years
Ageas Federal Life Insurance iSecure Plan
96.06%
21 to 65 years
85 years
IndiaFirst Life e-Term Plus Plan
97.04%
18 to 55 years
60 years
LIC New Jeevan Amar
98.6%
18 to 65 years
80 years
PNB MetLife Mera Term Plan Plus
99.06%
18 to 65 years
99 years
Reliance Nippon Life Protection Plus
98.6%
18 to 60 years
75 years
SBI Life – eShield Next
98.39%
18 to 65 years
100 years
Shriram Life Family Protection Plan
97.4%
18 to 60 years
75 years
SUD Life Protect Sheild Plus
97.42%
18 to 60 years
80 years
Best Term Insurance Plans In India: Overview
The Indian Insurance market has so many plans to offer, and choosing one that can work for you can be difficult. Each plan features and benefits are designed to serve different objectives of life. Therefore, we've got your back with the key features of best-term insurance plans, which sets them apart from one another.
Bajaj Allianz Life eTouch Term Plan
Bajaj Allianz Life eTouch Term Plan is a pure protection plan. The plan is designed to offer cover for different
stages of life and offers three plan options:
Life Shield
Life Shield Plus and
Life Shield ROP
Key Features
The plan offers coverage for death and death due to terminal illness & disability.
Offers flexible premium payment terms such as regular pay, limited pay, or till your retirement (Age 60).
Under the ROP plan option, get back 105% or 120% of your total premiums paid as a maturity benefit.
Get additional payout in the event of death due to an accident.
Flexibility to select payout option, as a lump sum or a combination of lump sum & monthly income.
With the Exit Early option, you can surrender the policy once your need of life cover is done and get back your paid premiums as Early Exit Value.
The Premium Holiday option comes in handy when you're not able to pay premiums for 1, 2 or 3 years due to financial issues.
Tata AIA SRS Vitality Protect Term Plan
Tata AIA SRS Vitality Protect term plan is a pure protection plan with an in-built Wellness Program. Apart from a death
benefit, it also offers rewards in more ways, including:
Get a 7% discount on first-year premium
Get up to 30% annual discount on rider premium
Free annual health check-up
Key Features
The plan offers a premium discount of up to 30% on rider premiums from 2nd Year onwards.
Under this plan, you'll get a guaranteed discount of 10% on your first year's premium and up to 10% on the first-year premiums of riders.
Based on your health status, your rider sum assured amount can be increased.
Get free health checkups every year under the inbuilt Wellness Program and earn rewards as per your wellness status.
Under this plan, you can get back 105% of your total premiums paid as a maturity benefit.
Aegon Life iTerm Prime
Aegon Life iTerm Prime is a pure protection-oriented plan. It offers financial security for your family and lets you live
tension-free. However, the plan is available online and offers a 5% discount on first-year premium.
Key Features
Get life cover at a very reasonable premium through your earning years.
Surrender your policy voluntarily and get all your premiums paid back as a special exit value.
Flexible premium payment terms allow you to pay a premium at your convenience.
The plan offers two inbuilt optional riders, including Accidental Death and Critical Illness Rider.
Kotak e-Term Plan
Kotak e-Term Plan is a pure risk cover plan that offers a high level of protection at very reasonable premiums. It offers three
plan options, allowing policyholders to select the protection level by choosing one benefit option.
Life
Life Plus
Life Secure
Key Features
With a special exit option, a special exit value will be payable to you when you surrender the policy.
The plan offers flexible payout options, including Immediate Payout, Level Recurring Payout, and Increasing Recurring Payout.
Increase your life cover at specific important stages in your life under the Step-Up option.
The plan comes with an optional Accidental Death, Critical Illness and Total Permanent Disability Riders.
The plan offers special premium rates for women and non-tobacco users.
Edelweiss Tokio Zindagi Protect
Edelweiss Tokio Zindagi Protect term plan is an all-round protection plan that offers multiple benefits. It allows
you to skip your premium 8 times and still be covered and enjoy all the exclusive policy benefits. However, the plan offers two coverage options, including:
Coverage Options
Whole Life Cover Option
Return of Premium Option
Key Features
Option to get whole-life coverage until the age of 100 years.
Add your spouse to a single plan with a better half benefit by paying additional premiums.
Protect your child's future with the Child's Future Protect Benefit and enhance your life cover till your child turns 25 years old.
Under the Premium Break benefit, you can skip your premium 8 times and still be covered and enjoy all the exclusive policy benefits.
Get a guaranteed discount of 6% on your first year's premium.
Flexibility to choose premium payment term amongst limited pay or regular pay premium payment options.
Get your premium back at a specific point during the policy tenure with a Special Exit benefit.
Canara HSBC Young Term Plan
Canara HSBC Young Term Plan is an online available pure protection term insurance plan. It provides financial security
to the life insured as per their financial requirements. It offers two plan options, allowing policyholders to select the protection level.
Life Secure
Life Secure with Return of Premium (ROP)
Key Features
Get your premium back on voluntary policy surrender under Special Exit Value.
Get your total premium paid back as a maturity benefit in case of no claim.
Protect your child's future with the Child Care Benefit option and enhance your life cover till your child turns 25 years old.
Future premium will be waived off if you are diagnosed with covered Critical Illness or in the event of Accidental Total & Permanent Disability, as per optional rider.
Get an additional sum assured amount in case of Critical Illness, Accidental Total & Permanent Disability or Accidental Death, as per optional rider.
Enhance your sum assured amount up to 100% in 5 years from the policy inception, and the premium remains the same.
Max Life Smart Secure Plus Term Plan
Max Life Smart Secure Plus plan is a one-shop stop designed to serve different needs of life. It is a non-linked &
non-participating term insurance plan that offers multiple inbuilt benefits.
Key Features
Flexible premium payment terms allow you to pay a premium at your convenience.
The plan offers life cover until the age of 85 years.
Skip your premium and still enjoy all the exclusive policy benefits with premium break benefits.
Add your wife or husband under a single policy with a joint life option in exchange for extra premiums.
With optional in-built riders, you get additional protection against accidental death, critical illness, total permanent disability, and terminal illness.
ICICI Pru iProtect Smart Term Plan
ICICI Pru iProtect Smart term plan is a special protection plan that comes with an option to design your plan based
on your needs. The plan offers two optional benefits and allows policyholders to select the protection by choosing one benefit option.
Accidental Death Option
Critical Illness Benefit
Key Features
The plan offers coverage against death, terminal illness and disability.
It offers special premium rates to non-tobacco users and women.
Get a guaranteed discount on your first year's premium if you're a salaried customer.
Flexibility to select payout option, as a lump sum, as a monthly income for 10/ 20/ 30 years, or a combination of lump sum & monthly income.
Flexible premium payment term regular pay or limited pay.
Aditya Birla DigiShield Plan
Aditya Birla DigiShield Plan offers 10 plan options, allowing policyholders to select the protection level. However, the plan option selected in the policy cannot be changed, and the premium may vary depending on the option chosen.
Key Features
Under the ROP plan option, turn your protection tool into savings and get back all premiums paid as a maturity benefit in case of outliving the entire policy..
Get life coverage until the age of 100 years.
Flexible payout options - as a lump sum, monthly income or a combination of both.
Cover your wife or husband under the same policy with a joint life option in exchange for extra premiums.
Avail your maturity benefit as a monthly income on attaining age 60 to ensure a work-free retired life.
HDFC Life Click 2 Protect Super Term Plan
HDFC Life Click 2 Protect Super plan is a reliable term plan that provides multiple benefits with your changing lifestyle
and also helps your loved ones stay secure. It offers three plan options, allowing policyholders to select the protection level.
Life Secure
Life Plus
Life Goal
Key Features
With the ROP plan option, get back all premiums paid as a maturity benefit in case of no claim during the entire policy tenure.
Provides acceleration of death benefit on diagnosis of covered terminal illness till 80 years.
Enhance your sum assured amount by up to 200% under the 'Life Option'.
Future premium will be waived off if you are diagnosed with covered Critical Illness or in the event of Accidental Total & Permanent Disability, as per optional rider.
Cover your spouse to a single plan by paying additional premiums.
Flexibility to select the payout option as a monthly instalment.
Aviva Signature 3D Term Plan
Aviva Signature 3D Term Plan is a comprehensive protection plan that covers you against – Death, Disability, and Disease. It offers four plan options, allowing policyholders to select the protection level by choosing one benefit option.
3D-Pure Term
3D-Accelerated
3D-Family plus
3D-TROP
Key Features
The plan covers death, disability, and disease and offers comprehensive financial protection to your family.
With the TROP plan option, you can get back all premiums paid once you outlive the policy term.
Get additional payout in the event of death due to an accident.
Under the critical/terminal illness rider, if you are diagnosed with any covered illnesses, your future premium will be waived off.
Get an extra payout upon the first diagnosis of any critical illness.
The plan offers special premium rates for women and non-tobacco users for a sum assured of more than 50.50 lacs.
Get up to ₹1 Cr/- of life coverage upon diagnosis of any terminal illness.
Bharti AXA Life Flexi Term Pro
Bharti AXA Life Flexi Term Pro is a pure risk cover plan offering multiple options and features at reasonable premiums. It offers two plan options: Without the return of Premium and With the return of Premium.
Key Features
The joint Life Cover optional benefit allows you to add your spouse under the same policy but can only be attained under the Without Return of Premium variant.
Flexible premium payment terms allow you to pay a premium at your convenience.
Option to get whole-life coverage until the age of 99 years.
The plan offers four add-on riders to enhance your base life cover: Accidental Death Benefit Rider, Hospi Cash Rider, Premium Waiver Rider, and Total and Permanent Disability Rider.
Pramerica Life RockSolid Term Insurance
Pramerica Life RockSolid plan is a tailor-made pure protection plan. It offers flexibilities that help you design your term plan based on your family’s financial needs, such as Flexible PPT, Life Stage Cover Enhancement, and Smart Exit options.
Key Features
Flexible premium payment terms allow you to pay a premium once, for a limited period, or throughout the policy term.
Under Increasing Life Cover, a sum assured amount grows over time automatically to take care of increasing responsibilities.
Add your spouse under the same policy and get extended life coverage.
With Life Stage Cover Enhancement, you can enhance your sum assured amount at certain life stage events.
The plan offers additional benefits through add-on riders against death, disease, and disability.
The plan comes with Smart Exit value, which allows you to surrender the policy once your need for cover is over and receive all the premiums paid.
Future Generali Express Term Life Plan
Future Generali Express Term Life Plan is a one-stop shop that allows you to tailor your plan based on your preferences and choices. It offers four plan options as per your protection needs; you can choose from any one of the following options:
Life Cover
Extra Life Cover
Life plus Health
All-in-One Cover
Key Features
Flexibility to choose premium payment terms amongst limited pay or regular pay premium payment options.
The plan offers special premium rates for women and non-tobacco users.
Under different plan options, the plan covers death, disability, and disease.
In the event of Accidental Total and Permanent Disability (ATPD), the future premium shall be waived, and the policy will continue until the maturity date.
Get an extra payout upon the diagnosis of any critical/ terminal illness.
Ageas Federal Life Insurance's iSecure Plan
Ageas Federal Life Insurance's iSecure Plan is a pure protection plan with optional savings benefits and TROP options. The plan has plenty of features that align with your payment preferences. It offers two plan options - Life Cover and Life Cover with the return of Premium.
Key Features
Get high life cover at reasonable premiums and a return of premium option.
Get the flexibility to choose your policy tenure based on your responsibilities.
Select a premium payment option to pay a premium at your convenience.
Select the protection level by choosing one benefit option that best suits your needs.
With the Life Stage Cover option, you can enhance your Sum assured amount at certain life stage events.
Get additional payout in the event of death due to an accident.
The plan offers special premium rates for women and non-tobacco users.
IndiaFirst Life e-Term Plus Plan
IndiaFirst Life e-Term Plus Plan is a protection-oriented plan that offers financial stability in case of challenging events like disability, critical illnesses, and death. It provides eight plan options, allowing policyholders to tailor plans based on their needs.
Key Features
The plan covers death, disability, and disease and offers high life cover at affordable premiums.
The plan offers multiple coverage options, allowing you to design your safety net as needed.
Flexibility to select payout options, such as lump sum or monthly income.
With a life stage benefit, you can increase your sum assured amount at certain events like marriage, taking a home loan, and childbirth (in selected coverage options).
Flexible premium payment terms allow you to pay monthly, quarterly, half-yearly, yearly premium, or a single premium in the policy.
LIC New Jeevan Amar
LIC New Jeevan Amar is a reliable term plan that allows you to create a safety net for your family in your absence. It offers two coverage options - Level Sum Assured and Increasing Sum Assured.
Key Features
The plan offers special premium rates for women and non-tobacco users.
Choose your policy tenure based on your responsibilities.
Flexibility to choose premium payment terms amongst limited pay or regular pay options.
Flexibility to select payout options, such as lump sum or monthly income.
Get an additional discount on premium for a high sum assured amount.
Under the Accident Benefit add-on rider, get an additional payout in the event of death due to an accident.
PNB MetLife Mera Term Plan Plus
PNB MetLife Mera Term Plan Plus is a protection plan that allows you to get whole-life coverage till 99 years. It offers you the flexibility to choose from 4 death benefit payout options.
Option 1 - Full Lump Sum Payout
Option 2 - Lump Sum + Level Monthly Income
Option 3 - Lump Sum + Increasing Monthly Income
Option 4 - Lump Sum + Level Monthly Income till Child ages 21 years
Key Features
Get whole-life coverage until the age of 99 and more extended protection.
The plan offers special premium rates for women and non-tobacco users.
The Joint Life Cover optional benefit allows you to add your spouse under the same policy.
Under Joint Life Cover, upon the policyholder's death, the sum assured amount shall be paid to the spouse, and all future premiums will be waived.
PNB MetLife Mera Term Plan Plus premiums can be paid as a Single, Regular, or Limited pay.
The plan offers plenty of Cover Enhancement Options:
Step-Up Benefit
Life Stage Benefit
Child Education Support Benefit
The plan includes four add-on riders to enhance your base life cover: Accidental Death Benefit Rider Plus, Serious Illness Rider, Accidental Disability Benefit Rider, and Critical Illness Rider.
Reliance Nippon Life Protection Plus
Reliance Nippon Life Protection Plus is an all-round protection plan that offers multiple benefits. It offers four plan options as per your protection needs; you can choose from any one of the following options:
Life Cover
Increasing Cover
Level Cover Plus Income
Whole Life Cover
Key Features
Flexibility to choose from multiple plan options according to your needs.
With Life Stage Cover Enhancement, you can enhance your sum assured amount at certain life stage events.
Get special premium rates for healthier lifestyles.
Get tailor-made term insurance plans at affordable premiums.
The plan offers special premium rates for women and non-tobacco users.
Surrender value can only be paid under whole life cover options. The calculation of the Surrender Value is as follows: Surrender Value = 70% of Total Premiums Paid multiplied by (Maximum of 0 and (100 less Age at surrender) divided by (100 less Age at Entry))
SBI Life – eShield Next
SBI Life – eShield Next plan, a recently launched new age-term insurance plan, allows you to design your plan based on your needs. It offers three plan options, allowing policyholders to select the protection level.
Level Cover
Increasing Cover
Level Cover with Future-Proofing Benefit
Key Features
Flexibility to choose from the three plan options.
Flexibility to select payout options, such as lump sum or monthly income.
Under the Better Half Benefit Option, you can add your spouse under the same policy.
Get an extra payout upon the diagnosis of any critical/ terminal illness.
Flexible premium payment terms allow you to pay a premium once, for a limited period, or throughout the policy term.
The plan comes with two optional in-built riders.
Shriram Life Family Protection Plan
Shriram Life Family Protection Plan is a cost-effective pure protection plan designed to cater to a family's needs in the absence of a policyholder. However, the death benefit can be paid in a lump sum or monthly installment.
Key Features
The Premium rates apply to female life and will be based on the premium rate of 3-year-old males.
The plan covers natural death and offers high life cover at affordable premiums.
Flexibility to select payout options, such as lump sum or monthly income.
Shriram Life Family Protection Plan premiums can be paid monthly or annually.
Get an additional discount on premium for a high sum assured amount as follows:
Sum Assured Band (in Rs)
Rebate (in Rs.) per Rs.1000 sum assured
15 -18 lacs
Nil
18 - 25 lacs
Rs.0.20
25 - 40 lacs
Rs.0.30
40 - 65 lacs
Rs.0.40
65 lacs - 1 crore
Rs.0.50
1 crore - above
Rs.0.55
SUD Life Protect Shield Plus
SUD Life Protect Shield Plus is an online available pure protection term insurance plan. It is a non-linked & non-participating term insurance plan that offers multiple inbuilt benefits.
Key Features
Get more extended protection with life coverage until the age of 80 years.
Flexible premium payment terms allow you to pay a premium once, for a limited period, or throughout the policy term.
The plan offers special premium rates for women and non-tobacco users.
Flexible premium payment modes allow you to pay monthly, quarterly, half-yearly, yearly premium, or a single premium in the policy.
Who Should Buy a Term Plan?
Salaried or self-employed persons are eligible to buy term insurance based on the product's terms and conditions. These can include parents, married couples, self-employed or businessmen, new parents, taxpayers, and, in some cases,
even retirees. However, the minimum or maximum age to be eligible for term insurance falls in the bracket of 18 to 65. Let's understand how each type of person would benefit from buying a term life insurance plan.
Parents
Parents play an irreplaceable part in their children's lives and provide them with the care they need, whether emotional or financial. However, if something happens to you, it surely can jeopardise your children's future.
Therefore, it would be best if you secure your child's future with a term insurance plan. It'll give you peace of mind that your children will be taken care of in the event of any mishap happening to you.
Newly Married Couple
Once, a wise man said, you can't buy love with money, but you can provide security for your partner with it. Yes, you heard me right: with term insurance, you can give your spouse more than just a momentary joy. Under
a single plan, you can secure both husband and wife in case one of the policyholders dies; the sum assured is paid to the other policyholder.
Working Women
Over the past few years, there has been a shift in women's social role in India. Nowadays, women are on an equal footing with men, whether in work life or household life. Therefore, the need of buying a term insurance
plan for yourself is a wise decision. To make sure that your parents/spouse/children are financially secured even in your absence.
Young Professionals
It is always advisable to buy a term life insurance plan at an early stage of life because premiums are less expensive when you are younger and healthier. In the starting phase of careers, many of you are not married
or have few financial dependents. Therefore, the sooner you opt for a term plan, the more money you can save over time.
Taxpayers
With a term insurance plan, you can easily enjoy a few tax benefits and claim deductions under sections 80C, 10(10D), and 80D of the Income Tax Act 1961.
Under Section 80C of the Income Tax Act, you can claim a tax deduction of up to ₹1.5 lakhs annually for the premiums paid towards the term plan.
Under Section 80D of the Income Tax Act, you can avail of a maximum tax exemption of up to ₹25,000 annually for premiums paid towards health riders in the financial year.
Under section 10 (10D) of the Income Tax Act, the death benefit and maturity benefit is tax-free.
Self-Employed
Self-employed people are truly living the dream! But with the price of an unsteady income, if something happens to them, their families could face financial hardships. Hence, buying a term insurance plan to protect
your family becomes even more important. You can even show proof of business income, as it gives them the confidence that you have the financial capacity to pay premiums comfortably.
SIP Investors
It is beneficial for those who invest in a mutual fund, SIP (Systematic Investment Plan) for wealth creation to buy a term insurance plan to protect SIP. As you know, to keep your SIP active, you've to invest in a fixed
stream of regular instalments. What if something happens to you? Hence, your SIP will lapse due to pending regular instalments. With term insurance, you can easily secure the SIP by providing your dependents with
the funds to continue the SIP.
Why Should You Buy a Term Insurance Plan?
To Secure Your Family's Future
As the sole earning member of the family, you should make a wise decision for your family's well-being. With a term insurance plan, you can easily secure your family's future in your absence.
To Clear Your Debts
Are you sacred to pass on your outstanding liabilities to your family? A term insurance plan comes in handy in this situation. Not only does the insurance payout help them pay their dues, but it also helps them maintain living
standards.
To Reduce Lifestyle Risks
Apart from the emotional loss, the death of the breadwinner is likely to result in financial loss for the family, and it'll be hard for family members to carry on with their lives. With a term insurance plan, you can support
your family financially at a hard time.
To Be Ready for Uncertaintys
Death is inevitable, but you can prepare for it with a term insurance plan. With a term plan, you can create a safety net for your family to rely on.
High Coverage at Low Premiums
Term insurance is a non-linked & non-participating plan and is considered the cheapest life insurance product. It is a protection-oriented plan that offers high coverage in exchange for very low premiums.
How Term Insurance Works
Meet Kabir
Kabir is a 25-year-old healthy and non-smoker male.
Purchased a Term Plan
Kabir buys a ₹2 crore Term Insurance plan with optional accidental riders and a policy term of 40 years to secure his parents financially.
Unfortunate Death
During the policy tenure, Kabir suffered an unfortunate death due to an accident.
Death Claim
His nominee received ₹2 Crore as a death benefit and an extra 10 lakhs due to a covered accident from the insurer.
After Claim
His dependents can use the payout amount to maintain their living standards.
What Factors Need to be Considered While Buying a Term Insurance Plan?
People always tend to be confused about how to compare the best Term Life Insurance Plan. Therefore, we've listed some parameters that may help you compare the plans online and get yourself the best term plan:
Claim Settlement Ratio (CSR)
The claim settlement ratio (CSR) is essential for choosing the right term plan. It is a percentage of claims an insurer settles in a financial year out of the total claims received. It is an ideal way to check the insurer's
credibility and reliability.
Solvency Ratio
The solvency ratio is the parameter by which you can determine whether your insurer is financially capable of settling your claim if the need arises. It is often referred to as the leverage ratio, and as per the IRDAI,
every life insurer should maintain a solvency ratio of at least 1.5.
Consider the Benefits
Each term plan comes with an extra benefit that sets it apart from other plans. So, it would be best to look for a plan that offers higher benefits.
Find Flexible Payout Options
Flexible payout options allow you to select the payout option that best suits your needs, whether you want a death benefit in monthly instalments, a lump sum at once, or a combination of both.
Research Online Availability
Before you make a final decision, check whether your insurer offers 24/7 customer assistance online, so you can get quick assistance when you needed. It would be best if you read the customer reviews of their claim to check
whether the insurer settles the claim quickly or not.
How to Choose the Best Term Insurance Plan?
Finding a suitable term insurance plan can be challenging because it involves comparing multiple plans until you find the ideal one. Before making any decision you must check the insurer claim settlement ratio, solvency ratio, added
benefits, and rider to check their credibility. Check out the steps below that can help you choose the right term plan:
Estimate your family's financial needs and future goals.
Research and compare online term plan premiums and any added features.
Check our insurer's claim settlement ratio to know their reliability.
Read customer reviews to know the existing customers' experience.
Add relevant optional riders to enhance your base cover.
Select a plan that offers multiple payout options.
Can NRIs Buy Term Insurance in India?
Surely, NRIs can buy term life insurance policies in India. However, you must check whether their insurer provides its services in your residence country.
Here are a few factors you must understand before buying NRI term insurance in India:
To buy a term insurance plan minimum education qualification required is graduation.
To buy a term insurance plan, you need an income of at least 10 lakh INR.
It would be best if you were fully vaccinated against COVID-19.
Medical underwriting will be held via video call.
Receive an additional 5% discount on your first-year premiums.
Get an 18% GST waiver based on the prevailing tax laws.
You've to bear the medical examination expenses.
When is the Right Time to Buy Term Insurance?
It is always advisable to buy a term plan at an early stage of life because premiums are less expensive when you are younger and healthier. As you grow older, your health risk increases, which may lead to an increase in your premiums.
However, buying a term plan early means your premium remains fixed for the entire tenure, and you'll get longer coverage.
What are the Factors That Affect Term Plan Premiums?
Some factors can affect your term insurance plan premiums. Therefore, while you buy term insurance for yourself, carefully consider the aspects mentioned below:
Age
Buying a term plan at an early stage of life means you've to pay less expensive premiums and a lesser risk for underwriting.
Gender
Generally, insurers offer special premium rates for women.
Health
Your family medical history can impact the premium cost.
Lifestyle habits
Smoking, drinking, or risky activities can lead to expensive premiums due to the health risks.
Occupation
If the risk factor associated with your occupation is higher, it may affect your premiums.
Policy Duration
how long protection you need or how much coverage you seek can also affect the premium.
Choose the Best Term Insurance Plan with the Right Sum-Assured Option
When it comes to buying a best-term insurance plan, it is always advisable to estimate your sum assured amount thoroughly before buying a costly plan so that you can be adequately insured. Below are the options available for sum assured
amounts that are best for you:
There are multiple benefits associated with buying a term insurance plan online, such as less expensive premiums, no mediators commissions, easy comparison, easy premium payment, Etc. Let's understand them:
Easy Comparison: Compare term plans free of cost and choose a plan that best fits you.
Swift & Hassle-free: Buy a term plan online and get confirmation & documents instantly.
Customer Convenience: Buy a term plan hassle-free from the comfort of your home and even get dedicated claim support guidance.
Easy Premium Payment & Renewal: Easily pay the premium without hassle and renew your policy online.
Reasons to Buy Term Insurance Online
Buying a term plan is considered more beneficial since there are no mediator's commissions to pay, and the insurance policy online is often less expensive. You can even compare term plans and get the expert's advice free of cost, which
may help you find the best term plan for yourself.
How Can PolicyX Help You To Buy a Term Plan?
PolicyX is among India's one of the most trusted online portals for buying term insurance plans online. We offer additional services like free-of-cost term policy comparison, dedicated claims support & guidance, that set them apart from
their competitors. Our team of experts helps you find a plan that best suits you by providing live quotes, insurance-related videos, and infographics in the blink of an eye.
PolicyX Advantages
Dedicated Claims Support & Guidance Free of Cost
Same Price As Directly From Brands
Free Advice From Insurance Experts Via WhatsApp, Email or Call
IRDAI Approved - India's #1 Web Aggregator
Steps to Buy a Term Life Insurance Plan From PolicyX?
Follow the Steps Below to Buy the Best Term Insurance Plan Hassle-free on PolicyX.com
Step 1
Open the Browser & Go to the PolicyX Website.
Step 2
Click on the "Buy Now Option" at the top of the page.
Step 3
Select the "Term Plans" Option & Fill Out Basic Details Like Name, DOB, and Phone Number.
Step 4
Enter the required details and click on 'Continue'.
Step 5
Compare the Policy Details of the Different Term Plans available.
Step 6
Select the Plan That Best Suits Your Requirement.
Step 7
Proceed to Pay Via Net Banking, Debit, or Credit Card.
Step 8
Receive the Policy on your Registered Email ID.
Best Term Insurance Plans in India: FAQ's
1. What is a term insurance plan?
Term insurance is a type of life insurance that offers life coverage for a particular term
2. Is undergoing a medical examination important for purchasing term life insurance?
Yes, as per IRDAI, a medical examination test is mandatory to purchase term insurance.
3. What is the maximum policy tenure available under a term life insurance?
100 years is the maximum policy tenure available in term insurance.
4. how much tax benefit can I get in a term insurance plan, and in which section?
Yes, you can get tax benefits up to 1.5 lacs under section 80c of the Income Tax Act 1961.
5. Who is the best insurance aggregator to purchase term life insurance?
Policyx.com is the best insurance web aggregator to purchase term life insurance in India.
6. Do all term insurance plans provide a return of premium option?
No, only plans with Trop will return all of your premiums.
7. What is the minimum age to purchase term life insurance?
The minimum age to purchase term life insurance is 18 years.
8. How much sum assured is good to purchase a term life insurance?
You can choose a sum assured that suits and fulfills your requirements. However, a sum assured between 1 crore and 5 crore is considered good.
9. Are term insurance plans affordable to purchase?
Yes, term insurance plans are affordable. For more information, you can contact Policyx.com for better financial planning.
10. What is the minimum qualification to purchase a term insurance plan?
In normal-term insurance plans, qualification above graduation is considered acceptable, but in Grameen Bima plans, qualification is not that important.
11. How Much Term Insurance Cover Do You Need?
You can easily check how much coverage you need through out Human Life Value Calculator. HLV calculator is used to calculate the individual's financial value in life based on factors such as age, income, and potential earnings.
Term Insurance Companies
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
Review: HDFC Life Insurance Term Policy
HDFC Life Insurance Term Policy stands out as a beacon of financial security and peace of mind in the ever-changing landscape of life insurance offering...
Shreya Chaudhary
Allahabad
April 8, 2024
I am very grateful to the insurance experts of PolicyX and Mr. Ankur, who kindly helped me settle the claim of Aegon Life Insurance. Thanks again, I& 039;ll always remember this favor.
Prerna Negi
Chennai
April 8, 2024
I bought a Bajaj Allianz Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.
Preety Kamat
Bhopal
April 8, 2024
Got ICICI Pru iProtect Smart term insurance plan via PolicyX; so far, I& 039;ve hassle-free renewal service and have not faced any kind of nuisance.
Sahani Kaur
Gandhinagar
April 8, 2024
The PNB MetLife Mera Term Plan Plus I& 039;ve bought it at a low premium, and it is fully satisfactory to me. The insurance expert of PolicyX is too polite, and their online buying facility red...
Sneha Nath
Mumbai
March 28, 2024
I would like to inform you that my maturity claims have been settled by SBI Life Insurance on 04.15.2024 and thanks all of you for helping me throughout the claim process.
Khushi Kaur
Chennai
March 28, 2024
I& 039;m writing this review to let you all know that I& 039;m very satisfied because I got my kotak mahindra life insurance policy today as a result of your team effort.
kartik saxena
Goa
March 18, 2024
I had to add some riders to my Sbi life insurance, policy.com team helps to me to understand which rider is more important and which is not. Resulting helps me to save lots of money. Happy with...
Priya has been in the content writing industry for over 8 years. She has been religiously following the insurance sector since the start of her career which makes her an avid insurance expert. Her forte lies in health, term, and life insurance writing, along with her knowledge of the latest developments in the insurance sector.
