Best Term Insurance Plans in India 2024

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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Best Term Insurance Plans in India

Death is a part of life, totally inevitable, but you can plan for it financially. A term insurance plan is a precious gift you can leave behind for your family it can help them financially recover from devastating financial loss.

Therefore, you must find the best term insurance plan that caters to the needs of future goals you've decided for the sake of your family. However, the most common reason people remain uninsured is they struggle to pick the term insurance plan for themselves.

The Indian insurance market is filled with several insurers offering so many plans, and selecting the one that works best for you can be difficult. Hence, below, we've mentioned the list of the top term insurance plans in India in 2024, which are classified based on CSR, specifications, and special features.

List of Best Term Insurance Plans in India 2024

Following are some of the top term insurance plans in India in 2024. These are classified based on a person aged 30 years old, a non-smoker earning 5 lacs or above income annually, and looking for insurance cover of 1 Crore.

Best Term Plans
Claim Settlement Ratio (CSR)
Entry Age
Til Coverage Monthly or Annual premiums Check Plans
ICICI Pru iProtect Smart 97.8% 18 to 65 years 85 years Rs. 2,095/month
Rs. 24,525/year
HDFC Life Click 2 Protect Super 99.4% 18 to 65 years 85 years Rs. 1,837/month
Rs. 20,997/year
PNB Metlife Mera Term Plan Plus 99.1% 18 to 65 years 80 years Rs. 1,840/month
Rs. 20,768/year
TATA AIA Sampoorna Raksha Supreme 99.0% 18 to 60 years 85 years Rs. 1,549/month
Rs. 17,543/year
Bajaj Allianz Life eTouch Plan 99.0% 18 to 65 years 85 years Rs. 1,391/month
Rs. 15,899/year
Max Life Smart Secure Plus Plan 99.5% 18 to 65 years 85 years Rs. 1,693/month
Rs. 19,235/year
Canara HSBC iSelect Smart 360 Term Plan 99.0% 18 to 65 years 85 years Rs. 1,482/month
Rs. 16,469/year
Kotak e-Term Plan 98.5% 18 to 65 years 85 years Rs. 1,672/month
Rs. 18,998/year
Edelweiss Tokio Zindagi Protect Plan 99.2% 18 to 65 years 85 years Rs. 1,585/month
Rs. 18,002/year
Aegon Life iTerm Prime 99.4% 18 to 60 years 85 years Rs. 2,083/month
Rs. 23,946/year
Aditya Birla ABSLI DigiShield Plan 98.1% 18 to 45 years 85 years Rs. 1,081/month
Rs. 12,010/year
SBI eShield Next 95.0% 18 to 45 years 85 years Rs. 2,197/month
Rs. 25,826/year
What is Insurance Providers?

Any company that sells an insurance policy is the insurance provider. A good insurance provider has a high CSR, solvency ratio, good customer reviews, a vast product portfolio, and transparency towards its customers.

What is Best Term Plans?

A good term plan consists of various coverage options, flexibility to choose death payout, flexibility in premium payment terms, offers premium discounts, lets you add riders, comes with loaded inbuilt benefits, and is easy on your pocket.

What is Claim Settlement Ratio?

Claim Settlement Ratio is the percentage of claims settled by an insurer compared to the total claims received in a financial year. A good CSR lies somewhere between 95 to 99 percent.

What is Entry Age?

The age (last birthday) at which you buy an insurance policy is your entry age to that policy. Insurance policies usually come with a minimum and maximum age at entry which means that you must attain a specific age or should be less than the maximum age to buy a policy.

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What is the Term Insurance

Term insurance is a long-term pure risk protection plan that provides life cover at affordable premiums. It is a type of life insurance that offers a death benefit to the insured person's family or beneficiaries in case of the sudden demise of the insured person. However, you can get the best term insurance plan along with high life cover at lower premiums.

For instance, a healthy person can buy a term plan that offers ₹ 1 Crore term insurance cover, which could cost as low as ₹ 500 to ₹ 1,000 per month. In addition, policyholders have the flexibility to pay these fixed premiums yearly, half-yearly, or monthly for the entire policy tenure or a limited period.

To read more about the best term insurance plans in India, and their benefits, keep reading the subtopics below:

Let's Understand the Top Term Insurance Plans Briefly

Term insurance is the simplest form of life insurance that offers coverage to the policyholders. But when it comes to buying a term insurance plan, choosing the right one that best fits your budget can be a hassle.

Here, we've listed the IRDAI approved top-term insurance plans in India provided by well-known term life insurance companies.

  1. ICICI Prudential iProtect Smart

    • It is amongst the best term insurance in India, securing the life of an insured person by offering coverage on diagnosing any 34 critical illnesses.
    • This plan comes with four coverage options: life, life plus, life plus health, and all in one.
    • There are also two option benefits within plans, including the Accidental Death Option and Critical Illness Benefit.
    • It also comes with additional features and benefits designed to protect the insured's family financially.
    • Not just this, the ICICI Pru iProtect Smart plan offers whole life cover till the age of 99, with the eligibility age between 18 and 65 years.
  2. HDFC Life Click 2 Protect Super

    • It is among India's top versatile plans, along with flexible coverage options, and offers policyholders flexibility to choose from multiple premium payment options.
    • This plan can be purchased online hassle-free, and buyers even get a 5% discount when buying online.
    • This plan comes with three options providing extra perks and features within each variant: Life Option, Life Plus option, and Life Goal Option.
    • There are also add-on riders with additional features and benefits such as Return of Premium (ROP) and Waiver of Premium on Critical illness, Waiver of Premium on Total or Permanent Disability, and Spouse Cover Option.
    • The insurer offers policyholders flexibility to alter the premium frequency throughout the premium payment term.
  3. PNB Metlife Mera Term Plan Plus

    • PNB MetLife Mera Term Plan Plus is a protection plan known for its comprehensive coverage at affordable premiums.
    • This plan comes with three options providing extra perks and features within each variant: Life, Life Plus, and Life Plus Health.
    • If the insured person suffers any accidental total permanent disability or is diagnosed with the listed 50 critical illnesses, then the insurer will waive all future premiums.
    • This plan comes with additional benefits such as step-up benefit, life stage benefit, child education support benefit, and additional riders.
    • If you buy the term plan plus, you can customize your coverage under the cover enhancement options available.
    • Even the policyholder has the flexbility to select an option to get their benefits as a lump sum, monthly income over a certain period, or as a combination of both revenue and lumpsum.
  4. TATA AIA Life Insurance Sampoorna Raksha Supreme Plan

    • It is a well-known tailor-made protection plan that offers comprehensive coverage at a nominal premium.
    • TATA AIA Life Insurance Sampoorna Raksha Supreme plan offers whole life coverage up to 100 years of age, with the eligibility age between 18 and 65 years.
    • This plan comes with three options providing extra perks and features within each variant: life, life plus, life income, and credit protection.
    • This plan includes additional benefits such as rider benefits, multiple payment options, lower premium rates for women, maturity benefits, and more.
    • This plan comes with a "Life Stage" option, in which the insured person can increase the sum assured at any time by paying an additional premium for every increase.
  5. Bajaj Allianz Life e-Touch Term Plan

    • Under the Bajaj Allianz Life e-Touch Term Plan, an insured person gets 4 different plan options: Life Shield, Life Shield Plus, and Life Shield ROP.
    • This plan includes additional benefits such as death benefit, terminal illness, Waiver of Premium, maturity benefit, and Return of Premiums.
    • This plan offers the "Early Exit Value" option in which the insured person can exit the plan before its maturity and get all the premiums they have paid.
    • This plan also offers the "Premium Holiday" option in which the insured can skip paying a premium for 1 to 3 years throughout the policy term based on their need.
  6. Max Life SmartSecure Plus Term Plan

    • It is amongst the smart term insurance plans in India, designed to provide wide coverage for the insured person and their family, with protection features and multiple built-in features.
    • This plan offers insured persons additional covers such as premium breaks, death benefits, joint life cover, Etc.
    • This plan offers free-of-cost coverage against the diagnosis of terminal illness.
    • Max Life SmartSecure Plus Term Plan comes with 2 death benefits: terminal illness cover and an exit value.
  7. Canara HSBC iSelect Smart 360 Term Plan

    • This plan comes with three options providing extra perks and features within each variant: Life Secure, Life Secure with Income, and Life Secure with Return of Premium.
    • Canara HSBC iSelect Smart 360 Term Plan offers whole life cover till the age of 99, with the eligibility age between 18 and 65 years.
    • This plan comes with an adjustable coverage option in which policyholder can change their covеragе amount as their life changes.
    • Policyholders can avail special discounts on premums if they opt for higher coverage, and female buyers get a special discount.
  8. Kotak e-term plan

    • It is one of India's best pure risk cover term plans, known for providing a high level of protection.
    • Kotak's e-term plan offers a special discount on premiums to non-tobacco users and women.
    • This plan comes with three options providing extra perks and features within each variant: Life, Life Plus, and Life Secure.
    • This plan has three payout options: Intermediate, Level Recurring, or Increasing Recurring Payout.
    • Kotak E-term plan comes with two add-on riders: Kotak Critical Illness Plus Benefit Rider and Kotak Permanent Disability Benefit Rider.
  9. Edelweiss Tokio Zindagi Protect Term Insurance Plan

    • Edelweiss Tokio Zindagi Protect Term Insurance offers whole-life coverage up to 100 years of age, with the eligibility age between 18 and 65 years.
    • This plan offers an extra set of additional benefits and provides a discount on 1st-year premium.
    • This plan comes with a Special Exit Benefit in which the insured person can exit the plan before its maturity and get all the premiums they have paid.
    • It also comes with additional features and benefits designed to protect the policyholder's child's future.
  10. Aegon Life iTerm Prime Insurance Plan

    • It is one of the well-known term plans that offer coverage for 36 critical illnesses.
    • This plan offers policyholders the flexibility to increase the life coverage assured at any time by paying an additional premium.
    • The policyholders also have the flexibility to attach or detach riders, with a choice of 4 riders.
    • Aegon Life iTerm Prime Insurance Plan offers whole life cover till the age of 99, with the eligibility age between 18 and 65 years.
  11. Aditya Birla ABSLI DigiShield Plan

    • It is one of the top-selling pure-risk premium life term insurance plans in India and comes with the flexibility to customize plan, death benefit, or premium payout options.
    • The plan comes with 10 variants, allowing customers to select the level of protection by choosing one benefit option.
    • ABSLI DigiShield Plan comes with a joint life option to add your spouse to the same policy.
    • The plan offers affordable premium charges for non-smokers and women.
  12. SBI Life eShield Next

    • The plan has three variants: Level Cover, Increasing Cover, & Level Cover with Future Proofing Benefit, which allows policy buyers to select the level of protection that best suits their requirements.
    • The plan offers life coverage until the age of 100 years (Whole life) or 85 years (other than Whole Life).
    • The insurer allows the insured person to select a premium payment option–only once or for a limited period or the entire policy term.
    • Policyholders have the flexibility to enhance life cover with two rider options: Accidental Death Benefit Rider and Accidental Total & Permanent Disability Benefit Rider.

Steps To Choose the Best Term Plan in India

There are a few steps that you should follow to find a term plan that suits you the best. Follow the given steps and you will be able to narrow down an accurate plan for you.

  • Step-1: Company

    Look at the CSR of the company (should be more than 97%), solvency ratio of more than 1.5, product portfolio and company reviews.

  • Step-2: Coverage

    Consider monthly expenses of family, your liabilities, and milestones such as children's marriage and higher studies. Go for coverage of 15-20 times your annual income.

  • Step-3: Policy Tenure

    Choose whole life coverage if buying young for low premiums. Retirement age and loans should lie in the policy tenure for smooth repayment.

  • Step-4: Riders

    If you might suffer from a critical illness or terminal illness or if you have a risky job, add riders to your plan for extra benefits.

  • Step-5: Premiums

    A costly plan doesn't mean a good plan. Buy sufficient coverage and add riders only those you feel are necessary and choose premiums under your budget.

Benefits of Best Term Insurance Plans in India

Apart from riders, some of the best term plans in India offer a plethora of benefits that make them more holistic for the customers. All of these benefits should be looked out for when purchasing a term insurance policy for maximum benefits.

Life Stage Benefit

Life Stage Benefit or Increasing Life Cover

  • Sum assured that you chose once might not be adequate for you in the future.
  • Increasing Life Cover increases your sum assured up to some percentage at important stages of life without charging any extra premiums.
  • This means that the payout will keep on increasing with the crucial stages of your life.

Decreasing Life Cover or 'Life Goal Option'

  • Decrease your liabilities as your term insurance policy progresses.
  • The benefit helps if you have pending loans. A part of the premium paid goes to paying away your loan.

For e.g., if the decreasing rate of your term plan is 5%, every year the 5% of the sum assured will be reduced. This also means that as your policy comes to an end, your loan will be paid off too.

Decreasing Life Cover
Term Return of Premium

Term Return of Premium or Maturity Benefit

  • If you outlive your term plan, the insurer returns the premiums that you paid after deducting the taxes.
  • After the premiums are paid back, the policy terminates.

Option to Add Spouse or Joint Term Plan

  • The best term life insurance policies offer an option to add a spouse in your term plan.
  • Comes in handy when both partners wish to buy term insurance but do not want to pay for 2 term plans.
  • Add your partner at very little extra premium and provide them a separate sum assured.
  • If you pass away, they get the death benefit and their future premiums waive off while the coverage remains intact for the nominees.
Joint Term Plan
MWP Act

Term Insurance under MWP Act

  • Buy a term insurance policy under the Married Women Property Act and ensure that the death benefit is only entitled to your nominee.
  • This means that the death benefit cannot be claimed by any other relative or creditors.

Special Exit Value or Zero Cost Term Plan

  • Withdraw the plan between the policy term when you feel that there are not many liabilities to be taken care of.
  • The insurer gives you a bracket of years to exit the policy and receive the paid premiums after you have endured the policy for a certain number of years (which is usually 25-30 years).
  • A bracket of years is given to exit the policy and after the premiums are paid to you the coverage stops.
Special Exit Value
Riders

Term Insurance riders

Riders make your term plan more wholesome and mold it according to you. Term plans come with commonly 6 types of riders

Here, we've listed all the available term insurance riders that you can add to the base plan to enhance term plan benefits:

  • Terminal Illness Rider:

    offers a lump sum payout on the diagnosis of any of the listed terminal illnesses in the policy. The payout is paid after the policyholder outlives the surviving period of 30 days.

  • Accidental Death Benefit Rider:

    offers an extra death benefit if the policyholder dies due to an accident.

  • Waiver of Premium Rider:

    If the policyholder incurs a permanent disability due to an accident, this rider waives off the premiums of his term insurance policy after 180 days.

  • Accelerated Death Benefit Rider:

    the coverage of your term insurance policy increases every year up to a fixed percentage whereas your premiums remain fixed.

  • Accidental Disability Benefit Rider:

    when added to a base term plan waives the premiums of the policyholder if he goes through a disability. This too happens after 180 days.

Income Benefit

  • The best term insurance plans offer different options for death benefit payout, one of these options is the Income Benefit.
  • You can choose to get the sum assured as a monthly income over a period of 10 years
  • The insurer divides the sum assured for 120 months and provides one part of this on a monthly basis for the next 10 years.
Income Benefit
Premium Break

Premium Break or Premium Holiday

  • An amazing benefit offered by some of the best term plans. Take a break from paying the premiums for 1 or 2 years and the policy still remains active.
  • Comes in handy during financially weak periods.
  • This benefit comes at a very minimal extra cost but can serve a great purpose for an insured.

Factors That Affect Your Term Insurance Premiums

Term insurance plan premiums are calculated by carefully considering some aspects such as

  • Age Term insurance is best purchased when you are young and healthy. As you age, term insurance premiums increase as your health complications increase.
  • Monthly income The sum assured you will be offered largely depends on your annual income. A very high sum assured policy might not be offered to you if you do not fall into the income group of that policy.
  • Health Term insurance providers evaluate your health through a mandatory pre-policy medical check-up. There are some fixed tests that you have to go through and some additional ones if asked by the insurance provider. If your test results are favorable then the insurer bears the cost of these tests and offers you the policy. If you are detected as a high-risk individual they may offer you a policy with higher premiums. If the insurer is able to find a pre-existing disease that they do not cover, you are denied a policy and you have to bear the cost of the tests as well.
  • Lifestyle habits Term insurers take note of your lifestyle habits such as smoking and drinking and if you smoke, your premiums are affected and are on the higher side.
  • Geographical Location Some postal codes are blacklisted or considered high-risk zones by the term insurers. If you reside in these postal codes then you may get a term plan with higher premiums or might not get a policy at all.
  • Gender Usually the best term insurance plans offer discounts to female policyholders. Also, females have a high life expectancy rate as compared to males so the premiums for females are on the cheaper side.
  • Type of Occupation People with risky jobs are more likely to pay higher term insurance premiums as these individuals are considered high-risk by term insurance providers. Risky jobs include on-road services, working in factories, radiation labs, etc.

How Much Will The Best Term Insurance Plan Cost?

Given below are some of the sample premiums that a 30-year-old male has to pay for a policy bought for 30 years with a sum assured of 50 lakhs, 1 crore, 3 crores, and 5 crores.

Coverage Amount |50 Lakhs

AgePolicy TermCoverage AmountMonthly Premium (INR)
30/Male3050 lacs509

Coverage Amount |1 Crore

AgePolicy TermCoverage AmountMonthly Premium (INR)
30/Male301 Crore908

Coverage Amount |3 Crores

AgePolicy TermCoverage AmountMonthly Premium (INR)
30/Male303 Crore2,131

Coverage Amount |5 Crores

AgePolicy TermCoverage AmountMonthly Premium (INR)
30/Male305 Crore3,502

Check Your Premium

Mandatory Documents Required To Buy Term Insurance Plans

Following are the documents that you need to submit to the insurance company while buying a term plan are:

  • 1. Identity Proof.
  • 2. Address Proof.
  • 3. Income Proof:
    • If an employee - Last 3 months salary slips and bank statements having salary credit information.
    • If self employed - ITR of the last 3 years with Computation of Income (COI).
  • 4. 2 passport size photographs.
  • 5. Policy number and coverage of pre-existing insurance policies (if any).

Some Mistakes To Avoid While Buying The Best Term Plan For Yourself

There are a number of mistakes that you should avoid when you purchase the best term insurance for yourself:

  1. Not providing authentic information

    Always make sure to provide actual information to your insurer. The non-disclosure of your pre-existing diseases, not providing authentic proof of income, or any other documents, hiding your habits, or holding any other important information can straightaway lead to claim rejection. And since you will not be there to take care of the hassles then, it will directly impact the survival of your family.

  2. Underinsuring yourself

    Estimate very carefully how the medical costs, daily expenditures, and inflation in general are rising. The sum assured that you are choosing is not for the current time, it is meant to be for the future so it should match the needs of the future as well.

  3. Overinsuring yourself

    If you are healthy, have low liabilities, and do not have many children or dependents then you do not need to buy a very high sum assured term policy for yourself. Just buying sufficient coverage with a return of premium benefit would be enough.

  4. Not researching well

    It is very important that you research well before deciding on the best term insurance plan for yourself. Talk to people who already have a term plan, talk to insurance agents like those at PolicyX, read reviews online, and then only come to a decision.

  5. Falling for too-good-to-be-true policies

    Sometimes, the insurance providers can offer you some too-good-to-be-trusted deals. This might include the promise of a very high sum assured policy at very nominal prices, they might promise that they will not take any medical tests before the policy and will provide you with exclusive value-added benefits. Do not fall for such promises and trust your instincts well. Usually, when you feel that something is off with a deal, it usually is a scam.

  6. Only considering cheaper premiums

    Term insurance premiums are very competitive, There are many plans that come at very low prices. This does not mean that you should only consider these lower premiums and buy a policy which does not cover you well. Find a middle ground between sufficient coverage and budget-friendly premiums.

  7. Buying from low CSR companies

    CSR is an extremely important aspect to consider when buying the best term life insurance policy. A good CSR is equally proportional to the on-time, fast claim filing by the insurer. Always consider a term insurance provider who has a CSR higher than 95% for an actually safe future of your family.

  8. Delaying purchase

    Lastly, do not delay the purchase of a term insurance policy just because it takes a lot of effort to find. Delaying this purchase will only lead to higher premiums in the long run. So, follow the steps given on this page, and you will be able to find an accurate policy for yourself.

Conclusion

Finding the best term insurance plan in India that fulfills all your needs and provides enough coverage can be challenging, but it is possible. Buying a term insurance plan is essential for individuals with dependents in their families. Above, we've listed the top 10 term insurance plans from some of the top term insurance companies; compare and select the best one for yourself. For further details, you can always get in touch with PolicyX's customer representative.

Best Term Insurance Plans: FAQ's

1. What are the top 5 term insurance plans in India 2024?

The following are the top 5 term insurance plans in India based on the latest claim settlement ratio (CSR) for the year 2021–22:

  • Max Life Smart Secure Plus Plan (99.34%)
  • Bajaj Allianz Life eTouch Plan (99.02%)
  • ICICI Pru iProtect Smart (97.82%)
  • TATA AIA Sampoorna Raksha Supreme (98.53%)
  • HDFC Life Click 2 Protect Super (98.66%)

2. How to choose the best term insurance plan for myself?

Choose a term plan by considering the best term insurance providers in India on the basis of CSR, estimate your accurate coverage, choose the number of years you would like coverage for, look inbuilt benefits and riders that might customize your coverage.

3. Are expensive term plans the best term plans?

It is not necessary that an expensive term plan is best for you. You can choose an accurate coverage for yourself by comparing different plans and pay affordable premiums for it.

4. Do all best term plans come with maturity benefits?

Not all term plans come with maturity benefits. Only Term Return of Premium plans offer maturity benefit. There are many other good term plans available that do not come with Return of Premiums benefit and yet are considered as good options.

5. Is it necessary to add riders to a term policy?

No, add riders only when you require them. Riders make the term policy more buyer exclusive. So, you can only add riders if you want coverage for specific situations.

6. How much should be the coverage of a best term plan?

The coverage of your term plan should lie anywhere between 15-20 times of your annual income. Any plan that offers this coverage should be considered by you for buying.

7. Do the best term plans also offer tax benefits?

Yes, all term insurance plans come with tax benefits under section 80C of the Income Tax Act for up to 1.5 lakhs per annum.

8. What makes for a best term plan?

Some of the factors that make a term plan good are trustworthy insurance providers, death benefit payout options, affordable premiums, options for choosing policy tenure, sum assured options, and quick claim settling ability of the insurer.

9. Will my smoking affect buying the best term plan for myself?

Smokers do get to buy term insurance plans of their choice. They just pay higher premiums as compared to non-smokers.

10. I am diabetic, which is the best term plan for myself?

People with diabetes are usually considered as high risk individuals so not many insurers offer term plans to them. But, you can buy a term plan for Diabetes offered by Bajaj Allianz Life known as Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c.

11. I am a housewife, can I buy a term insurance plan for myself?

Many term insurers offer housewives term insurance plans based on the annual income of the husband. You can buy term plans for housewives from Max Life Insurance Company, ICICI Prudential Life Insurance Company, and PNB Life Insurance Company.

  • ID Proof
  • Address Proof
  • Income Proof - ast 3 month salary slip plus bank statement
  • Passport Size
  • If pre existing policy then policy no and cover amount

Eligibility is based on annual income

12. How will policyX.com help my family in getting the claim?

PolicyX customer support representatives will help you or your beneficiaries get a hassle-free claim free of cost. A personal claim handler will contact the insurer and let you know all the details or documents regarding claim settlement.

13. What is the right age to buy the best term insurance plan in India?

There is a golden rule of buying term insurance at the early stage of the list because you'll get cheaper premiums due to low life risk. Therefore, the right age to buy the best term insurance plan falls under the age bracket of 20 and 25 years age.

Term Insurance Companies

Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.

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Priya Singh

Written By: Priya Singh

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.