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Best Term Insurance Plans

The COVID-19 crisis has made a significant impact on the economical structure of individuals, societies, and businesses across the globe. The insurance sector has not escaped its impact but insurers and insurance aggregators have responded efficiently to the crisis. As the broader economy recovers and responds to the pandemic, professionals from all economic sections have realized the importance of insurance. The financial impact of the pandemic has led to people valuing the protection and fallback offered by insurance in tough times. Insurance is now deemed as an "essential commodity"by most. The availability of personalized insurance, affordability, and simplicity of term plans has given people an array to choose from the best "Term insurance policy" for their family. There are a lot of different factors to keep in mind before you choose the best term insurance plan for your family. With a vast number of insurers in the country, it is confusing to choose the best term insurance plan in India. PolicyX has accumulated all the necessary information in this article to help you make an informed decision about the best Term Insurance Policy.

In a constantly evolving market of insurance, organizations are offering several plans and policies ranging from protection to wealth creation. All these plans offer financial security however the essence of providing security is different.

Term Insurance is also known as pure life insurance, a type of life insurance that guarantees payment of a stated death benefit if the covered individual dies during a specified time. It is essential to have clarity regarding Term insurance and Life insurance in order to make an informed decision when buying the Best term plan in India. Read on further to know more about the distinct features of Term insurance plans and benefits so that you can select the best Term insurance plans.

10 Best Term Insurance Plans in India 2022

PolicyX has shortlisted the Top 10 best term insurance plans for you. These plans are selected on a combination of various factors including affordable premiums, flexible premium payout options, wide-coverage, reliable insurance providers, etc.

S.No.PlanClaim settlement Ratio(2020-2021)Sum AssuredSample Annual Premium*
1.HDFC Life Click 2 Protect Life98.01%50 Lakhs - UnlimitedINR 7,185
2.ICICI Pru iProtect Smart97.90%50 Lakhs - UnlimitedINR 8,021
3.Max Life Smart Secure Plus Plan99.35%25 Lakhs to 3.5 CrINR 6,095
4.Tata AIA Life Insurance Sampoorna Raksha Supreme98.02%50 Lakhs to No LimitINR 6,844
5.Aditya Birla Life Shield Plan98.04%50 Lakhs to UnlimitedINR 5,591
6.PNB MetLife Mera Term Plan Plus98.17%25 Lakhs to 2 CrINR 6,490
7.SBI e-Shield Next93.09%50 Lakhs - UnlimitedINR 7,519
8.Bajaj Allianz Smart Protect Goal98.48%50 Lakhs to 10 CrINR 7,348
9.Kotak e-Term Plan98.50%25 Lakhs to No LimitINR 5,250
10.Edelweiss Tokio Total Protect Plus97.01%25 Lakhs to No LimitINR 4,902

*The sample premium is calculated for 30 year old male, earning 5 lakhs per annum. Sum assured taken is 50 Lakhs for 30 year of policy term.

**CSR data sourced from IRDAI Annual Report 2019-2020

Disclaimer: The sequence of plans in the table does not define their ranking.

Specifically covers you and protects your spouse, children, or other nominees financially in case of your sudden death. Also, covers 34 critical illnesses at a very reasonable premium amount.

Unique Features

  • Accidental death cover up to 2 Cr
  • Coverage till 99 years of age
  • Terminal illnesses covered
  • Entry Age: 18-65 Years
Claim Settlement Ratio97.90%

Offers financial security and a support system to the policyholder in an emergency. Provides a 5% (up to 200% of the base SA) increment in sum assured after every anniversary of the policy.

Unique Features

  • Terminal Illness cover
  • Premium Payment Choice
  • Joint Life Benefit
  • Entry Age: 18-60 Years
Claim Settlement Ratio99.35%

A perfect term plan that fulfills your needs at every stage of life. Offers all-around protection to the policyholder as it protects against 36 critical illnesses, accidental death benefits, etc.

Unique Features

  • Return of Premium
  • Offers coverage for whole life
  • Regular monthly income
  • Entry Age: 18-65 Years
Claim Settlement Ratio99.07%

Tata AIA Life Insurance Sampoorna Raksha Supreme

Provides comprehensive financial protection to the family of policyholders and offers the flexibility to customize the plan to best suit your needs.

Unique Features

  • Low premiums for women
  • Life cover up to 100 years
  • 24x7 online medical consultation
  • Entry Age: 18-65 Years
Claim Settlement Ratio99.06%

Aditya Birla Life Shield Plan

Offers 8 different plan options to provide comprehensive financial protection for you and your family.

Unique Features

  • Return of Premium
  • Premiums Waiver off
  • Terminal illness Benefit
  • Entry Age: 18-65 Years
Claim Settlement Ratio97.54%

PNB MetLife Mera Term Plan Plus

Offers financial protection to your loved ones and gives the flexibility to customize the plan according to your needs.

Unique Features

  • Tax Benefits
  • Joint Life Cover
  • Critical illness benefit
  • Entry Age: 18-65 years
Claim Settlement Ratio97.18%

Bajaj Allianz Smart Protect Goal

It is a complete term plan with all the modern-day features that can help you in every stage of life. It offers multiple variants to accommodate the different needs of different customers.

Unique Features

  • Maturity Benefit
  • Retired Life Income
  • Tax Benefits
  • Entry Age: 18-65 Years
Claim Settlement Ratio98.02%

SBI e-Shield Next

Carefully crafted to fulfill your present requirement but also take care of future responsibilities of your family. It offers 3 types of plan options for the customer to choose the best suitable plan for them.

Unique Features

  • Life Stage Protection.
  • Payment Flexibility.
  • Terminal illness benefits.
  • Entry Age: 18-65 Years
Claim Settlement Ratio94.52%

Kotak e-Term Plan

Carefully designed to provide financial assurance to your family. It has the option to enhance your coverage against accidental death, total and permanent disability.

Unique Features

  • Multiple Plan Options
  • Flexible-Premium payment options
  • Multiple Payout Options
  • Entry Age: 18-65 Years
Claim Settlement Ratio96.38%

Edelweiss Tokio Total Protect Plus

Provides all-round financial protection to your family in your absence. It also provides coverage to your better half in the same plan at a little extra cost.

Unique Features

  • Child Future Protection Benefit
  • Discounted Premiums
  • Tax Benefits
  • Entry Age: 18-55 Years
Claim Settlement Ratio83.44%

Term Insurance Companies

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

How to Choose the Best Term Insurance Plan in India?

It is essential to select the best for your loved ones, and as individuals, we try and find the best for our family in all aspects of life. Keeping your loved ones protected against unprecedented circumstances is everyone's first priority. PolicyX has compiled a list of factors to understand term insurance better and make the best choice.

  • Consider your life stage and dependants:The primary step to buying the best term insurance plan is to assess your life when buying insurance. When you finalize insurance, your age and financial situation set the groundwork for choosing the right policy. These factors decide policy duration along with the amount of coverage that is suitable. You need to consider who needs life coverage and how to choose term insurance appropriately for the dependants in your life.
  • Assess your current lifestyle:Choose your term insurance based on your lifestyle needs, your lifestyle includes spending habits and a general standard of living. Once you have clarity of your lifestyle needs, you can secure your loved ones more efficiently. Consequently, they will not have to compromise on their standard of living, even in your absence.
  • Analyze Your Income:A common concern among people is how to decide term insurance amount that will be enough for their family. It is advisable to analyze your income to get a more practical picture of it. It is important to calculate the financial requirements of your family so as to not overestimate the life cover.
  • Look at existing liabilities:Debts and liabilities are other important factors in the process of how to choose term insurance. Often, people have loans to repay over an extended period. In case the policy term does not cover the repayment period or if the amount falls short, it can be financially dreadful for your dependents.

Set a cover amount

Estimate a suitable cover amount based on your age, financial responsibilities, family's future requirements, current debts while keeping potential inflation in mind. For example, if you are 20-30 years old then the ideal cover for you should be 20x your annual income. " The lesser the age, the more the cover amount. "

Buy from a trustworthy insurer

Many companies in the insurance market are providing term insurance plans. Ensure buying term insurance from a reliable company with: A high claim settlement Solvency ratio above the minimum mandate constantly Good financial background and market reputation

Select a policy term

You get various options to choose a policy term. Determine the term based on your age. For example, if you are in your early 20s, go for a policy term of around 40 years.

Choose a convenient payout option

The payout option you choose affects the premium amount, therefore, select a suitable payout option that is feasible to pay.

Add a rider

For better financial protection, choose add-on riders carefully to fulfil your goals in case of disability, loss of occupation, life-threatening diseases, etc.

Check reviews of existing customer

Scroll through the customer reviews on the company's website and social media accounts to know the experience of current policyholders with the company and its products.

Benefits of Best Term Insurance Plan

You may find a huge list of best term insurance in India if you search online. But a term plan is best for you only if it offers added advantages that are not offered by every plan in general. Have a look at the benefits of having the best term plan in India:

Higher financial protection at a lower premium Multiple payout options Tax exemptions Adjustable cover amount
Coverage for critical illness Additional financial security in terms of riders Survival benefits with Return of Premium Term Plans Value for money

Calculate Term Insurance Premium

When buying a term plan, evaluate the cover that would meet your financial goals and personal responsibilities altogether. The insurance premium that you will pay for the decided cover is calculated on the basis of your:

  • Age & Gender
  • Cover & Policy Term
  • Lifestyle
  • Medical history of yourself and dependents
  • Occupation

To give a better idea of how a premium is calculated for a term plan based on various factors, we have shown 4 sample premiums for different coverage amounts with constant age and policy term.

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

How to Buy Best Term Insurance Plan?

You can purchase your preferred term policy offline and online. An offline policy can be bought from the company or its agents. Buy the best term insurance in India online either through the insurer's official website or PolicyX.

Explore the process below:

Buy from insurer

  • Visit the brand website of your preferred insurer.
  • Select a term plan.
  • Fill in the required details and check premium.
  • Make online payment and receive the policy on your registered email ID.

Buy from PolicyX

  • Go to the 'Compare Term Insurance Online' form at top of the page.
  • Fill in the required details and click on 'Continue'.
  • Submit your income and city, and click on 'Proceed'.
  • Check term plans and choose your preferred plan.
  • Click on 'Buy' to purchase the desired plan.
  • Make payment and you will receive the policy on your registered Email ID.
Best Term Insurance Plans Banners

Our Methodology to Choose Best Term Plans

  • Maximum flexibility of premium payout options
  • Wide-range of coverage options
  • Trustworthy insurance company with high CSR
  • Availability of major riders
  • Affordable premiums
  • Positive feedback from customers on plans and insurers

Conclusion

Term insurance plans provide sufficient coverage at reasonable prices and there are multiple options that are tailored to fit your requirements. It is however necessary for you to analyze your requirements according to your age, financial situation, future needs of your family, and cover.

Best Term Insurance Plans: FAQ's

1. Do Term Plans Have Maturity Benefits?

No, term insurance does not offer maturity benefits. However, few companies return the total premium paid by the policyholder after the policy gets matured.

2. What mandatory documents are required to buy Best Term Plans?

Following is the list of documents that are required to buy the term insurance online:

  • Income Proof
  • Age Proof
  • Education Certificates
  • Address Proof - residence and correspondence
  • Identity Proof
  • Photograph
  • PAN Card

3. Will I get tax benefits from the best Term Insurance Plans?

The policyholder with a term insurance plan can avail of the tax benefits under section 80D. If the policyholder has availed a term insurance policy with health riders, then he/she can claim the premiums on his/her health riders under Section 80D.

4. Am I allowed to add riders to my existing best-term insurance plan?

Well, the answer to this differs from insurance company to company. Some insurance companies allow riders to be added only at the inception of the policy. However, few insurance companies may allow them to be added only at the policy anniversary.

5. I am an NRI, can I avail the benefits of the best Term Plan in India?

If you are a non-resident Indian (NRI), you can purchase term insurance plans designed specifically for people who reside outside India. You can purchase a plan which would secure the future of your loved ones and protect them in your absence. Term insurance is offered to the NRIs.

6. What will happen to my Term Insurance if my nominee will die before me?

In such a case where the nominee of your Term Insurance is dead, you need to intimidate your insurance company and then can change your nominee.

7. Why should I add riders to my Best Term Life Insurance?

A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy to provide additional coverage. Riders tailor insurance coverage to meet the needs of the policyholder. Riders come at an extra cost—on top of the premiums an insured party pays.

8. Do I need to mention that I am a smoker if I only smoke occasionally?

Yes, it is important for you to not hide any information from your insurer that is mandated by them. If you hide your occasional smoking habits and the information is later found, the chances are that the insurer may consider the policy as null and void, and you will not get any benefits

9. What are the key features of the best Term Insurance plan?

To choose best term insurance plans you need to consider factors like

  • Budget Friendliness
  • Long-term life protection
  • Availability of riders
  • Easy to Purchase
  • Availability of whole life protection

10. What are the minimum and maximum entry age to purchase Best Term Insurance Plans?

While the minimum entry age to buy a term insurance plan is 18 years, the maximum entry age is 65 years.

11. Are housewives eligible to buy Best Term Insurance Plans?

Most insurance companies in India do not provide term insurance options to homemakers. Since term insurance options are limited, it is advisable to invest in pension plans, ULIPs, endowment policies, and money-back plans.

12. What kinds of death are not covered in Term Insurance Plans?

Deaths due to preexisting conditions, driving under the influence of alcohol, participation in adventurous activities, pregnancy, and childbirth are among a few deaths that a term insurance plan does not cover.

What Our Customers Have to Say

Customer Review Image

Prerna Kumari

Mumbai

July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

Customer Review Image

Priya Sangwan

Mumbai

July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan

Hyderabad

July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSBC Term Insur...

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Rishabh Kumar

Delhi

July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

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Samarth Gaur

Chennai

July 6, 2022

I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.

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Vipul Bhardwaj

Coimbatore

June 9, 2022

Bharti AXA is a good life insurance company, and I am sure if something ha[opens to me, the company will look after my family s needs.

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Karan Veer

Mumbai

June 6, 2022

Kotak Mahindra company has fast customer service and sells good life insurance policies. I suggest all my friends and family also buy a life cover policy from Kotak Mahindra company.

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Urvashi R

Delhi

May 31, 2022

Hey everyone, just wanted to say that Kotak Mahindra Life Insurance is one of the best life insurance companies. You can even you should go for this company if you want to secure your family s future.

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.