Best Term Insurance Plans

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 2024

Buying the best term insurance plan for themselves is everyone's priority because the family's well-being is what we all seek. However, selecting and buying the best term insurance plan in India 2024 is tricky. Several factors can help you decide whether a term plan is accurate for you or not.

  • CSR (Claim Settlement Ratio)
  • Lower Premiums
  • Additional Benefits
  • Flexibility to customize the plan
  • Riders
  • Insurers Reviews

No doubt, customer feedback gives you hands-on experience and plays a key role when buying the best term life insurance. To help you find the best term plan for yourself, we've listed the top term insurance plans based on different factors so that you can buy the most fitting term plan for yourself.

Best Term Insurance Plans in India

Which is the Best Term Insurance Plan in India in 2024?

We've customized the list of the best term insurance plans for you from the top insurance providers based on following factors:

Brand value - The brand value refers to how well known the brand is based on brand recognition and the annual premiums of the company declared by the IRDAI in the 2022-23 annual report.

CSR - Claim Settlement Ratio indicates the percentage of claims the insurer has settled during the financial year against the ones they received

Affordability - It refers to how budget friendly the plan is.

Indicators:

Happy
Good

Average
Average

Sad
Not so good

Company Name Plan Name What makes it best?  CSR Affordability  Brand Value Final Rating 
Max Life Insurance Smart Secure Plus - Life Cover Premium Break
Joint Life Option
Voluntary Sum Assured Top-up 
99.51% Happy Rs. 1017/- per month Average
Happy

Happy
HDFC Life Insurance  Click 2 Protect Super Return of Premium Option
Waiver of Premium
Joint Life Option
99.39% Happy Rs. 1181/- per month Average
Happy

Happy
PNB MetLife India Insurance  Mera Term Plan Plus Step Up Benefit
Joint Life Option
Life Stage Benefit
99.06% Happy Rs. 1,013/- per month Average
Happy

Happy
Bajaj Allianz Life Insurance E-Touch Online Term Discount on High Sum Assured
Flexible Payout
Covers Terminal Illness and Disability.
99.04% Happy Rs. 873/- per month Happy
Happy

Happy
TATA AIA Life Insurance  Sampoorna Raksha Supreme Whole Life Option
Life Stage Option
Surrender Benefit 
99.01% Happy Rs. 1053/- per month Average
Happy

Happy
Bharti AXA Life Insurance  Life Flexi Term Pro Joint Life Cover
Whole Life Cover Option
Life Stage Option 
99.1% Happy Rs. 941/- per month Happy
Average

Happy
LIC New Jeevan Amar Two Plan Options
High Sum Assured Rebate
Special Rates for Women
98.6%
Average
Rs. 761/- per month Happy
Happy

Happy
ICICI Prudential Life Insurance  iProtect Smart Lump Sum Plan Life Stage Protection
Smart Exit Benefit
Whole Life Option 
97.8% Sad Rs. 1083/- per month Average
Happy

Average
Bandhan Life Insurance iTerm Prime 5% Discount on Premiums
Special Exit Value
Flexible Premium Payment Term
99.37%
Happy
Rs. 992/- per month Happy
Sad

Average
Edelweiss Tokio Life Insurance  Zindagi Protect Premium Break Benefit
Whole Life Cover Option
Return of Premium Option 
99.2%
Happy
Rs. 1014/- per month Average
Sad

Average
SBI Life Insurance eShield Next Better Half Benefit
Cover Terminal Illness
Paid-up Benefit
98.39%
Average
Rs. 1258/- per month Sad
Happy

Average
Kotak Mahindra Life Insurance  e-Term Plan Three Payout Options
Step-Up Option
Waiver of Premium Benefit
98.82% Average Rs. 1495/- per month Sad
Happy

Average
Shriram Life Insurance  Family Protection Plan Three Payout Options
Special Rates for Women
Flexible-Premium Payment term
97.4% Sad Rs. 984/- per month Happy
Average

Average
Aditya Birla Sun Life Insurance DigiShield Plan Whole Life Cover Option
Cover Terminal Illness
Survival Benefit
98.12% Average Rs. 1651/- per month Average
Happy

Average
Canara HSBC OBC Life Insurance Young Term Plan Special Exit Value
Cover Critical or Terminal Illness
Child Care Benefit
99.01% Happy Rs. 1283/- per month Sad
Average

Sad
Reliance Nippon Life Insurance Life Protection Plus  Life Stage Cover
Whole Life Cover Option
Special Exit Value
98.6% Average Rs. 1271/- per month Sad
Average

Sad
IndiaFirst Life Insurance e-Term Plus Life Stage Benefit
Voluntary Exit Advantage
Premium Break option
97.94% Sad Rs. 1050/- per month Average
Average

Sad
Ageas Federal Life Insurance iSecure Plan Life Stage Cover
Optional Accidental Death Benefit
Return of Premium Options
96.06% Sad Rs. 1220/- per month Sad
Average

Sad
Star Union Dai-ichi Life Insurance  Life Protect Shield Plus Get Death Benefit as Lump Sum
Special Rates for Women
Flexible-Premium Payment term
97.42% Sad Rs. 1168/- per month Average
Average

Sad
Pramerica Life Insurance RockSolid plan Special Exit Value
Life Stage Cover
Joint Life Cover
98.8% Average Rs. 1083/- per month Average
Sad

Sad
Aviva Life Insurance  Signature 3D Term Plan TROP plan option
Covers Accidental Death
Cover Critical or Terminal Illness
98.39% Average Rs. 1062/- per month Average
Sad

Sad
Future Generali Life Insurance Express Term Life Plan Flexible-Premium Payment term
Cover Critical or Terminal Illness
Waiver of Premium on ATPD
95.04% sad Rs. 871/- per month Happy
Sad

Sad

The sample premium is calculated for a 30-year-old male earning 10 - 15 lakhs annually who is looking for insurance coverage of 1 crore till 60 years.

Short Overview of the Best Term Plans

  1. Max Life Smart Secure Plus

    Max Life Smart Secure Plus is a pure risk protection plan offering several in-built benefits, such as a Special Exit Value, Joint Life Cover, Voluntary Sum Assured Top-up, etc. It allows you to skip your premium, still be covered, and enjoy exclusive policy benefits. The plan comes in 2 plan options:

    hand gif
    • Base Life Cover
    • Increasing Life Cover

    Key Features

    • Flexible premium payment terms allow you to pay premiums at your convenience. Also, decide your own death benefit payout: Lump Sum, monthly or both.
    • The plan offers life cover until the age of 85 years.
    • Skip your premium and still enjoy all the exclusive policy benefits with the Premium Break Option.
    • Add your wife or husband under a single policy with Joint Life Option in exchange for extra premiums.
    • With 2 optional riders, you get additional protection against accidental death, critical illness, total permanent disability, and terminal illness.
  2. HDFC Life Click 2 Protect Super

    HDFC Life Click 2 Protect Super plan is a one-shop stop for all your needs, whether you want a maturity benefit or to increase your life coverage at certain life stages. It offers multiple built-in benefits, such as an Increased Death Benefit option, a Waiver of Premium on critical illness diagnosis, Joint Life option, a Life Stage Option, etc. It offers three plan options, allowing policyholders to select the protection level.

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    • 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 installment.
  3. 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.
    • 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 4 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.
  4. Bajaj Allianz Life eTouch Online Term Plan

    Bajaj Allianz Life eTouch Online Term Plan 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:

    hand gif
    • Sheild
    • Sheild Plus
    • Sheild Super
    • Sheild Supreme

    Key Features

    • You've the flexibility to select payout options, such as lump sum or monthly income.
    • The plan comes with two add-on riders: Accidental Death Benefit Rider and a Total and Permanent Disability Rider.
    • The plan offers special premium rates to non-tobacco users.
    • In the event of Accidental Total and Permanent Disability (ATPD), the future premium shall be waived, and the policy will continue until maturity.
    • Get an extra payout upon the diagnosis of any critical/ terminal illness.
    • Flexible premium payment frequency allows you to pay monthly, quarterly, half-yearly, and yearly premiums.
  5. TATA AIA Sampoorna Raksha Supreme

    TATA AIA Sampoorna Raksha Supreme is a comprehensive protection plan offering multiple options and features at reasonable premiums. Its value-added services, such as guaranteed 4-hour claim settlement, inbuilt riders, and special premium rates, set it apart from its competitors. The plan comes in 4 plan options:

    hand gif
    • Life Option
    • Life Plus Option
    • Life Income Option
    • Credit Protect Option

    Key Features

    • Option to get whole-life coverage until the age of 100 years.
    • Flexibility to select payout options, such as lump sum or monthly income.
    • Increase your basic sum assured amount at important milestones with the Life Stage Option.
    • Enhance your base cover and avail additional protection with add-on riders.
    • Get back all your premiums paid on maturity with a return of premium option.
    • Flexible premium payment frequency allows you to pay single, monthly, half-yearly, quarterly, and yearly premiums.
    • The plan offers special premium rates for women.
  6. 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:

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    • Without the return of premium
    • 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, HospiCash Rider, Premium Waiver Rider, and Total and Permanent Disability Rider.
  7. 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:

    hand gif
    • Level Sum Assured
    • 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.
  8. ICICI Pru iProtect Smart

    ICICI Pru iProtect Smart 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.

    hand gif
    • 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.
  9. Bandhan Life iTerm Prime

    Bandhan 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 premiums.

    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, Accidental Death and Critical Illness Rider.
  10. Edelweiss Tokio Zindagi Protect

    Edelweiss Tokio Zindagi Protect 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:

    hand gif
    • 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.
  11. SBI Life – eShield Next

    SBI Life – eShield Next, 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.

    hand gif
    • Level Cover
    • Increasing Cover
    • Level Cover with Future-Proofing Benefit

    Key Features

    • 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.
  12. Kotak e-Term Plan

    The 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.

    hand gif
    • 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.
  13. 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.

    Key Features

    • The special discount on premium rates for females.
    • 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
  14. 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.

    The plan options are:

    hand gif
    • Level Cover Option
    • Increasing Cover Option
    • Sum Assured Reduction Option
    • Whole Life Option (Level Cover)
    • Whole Life Option (Sum Assured Reduction Cover)
    • Income Benefit
    • Level Cover Plus Income Benefit
    • Low Cover Option
    • Level Cover With Survival Benefit
    • Return of Premium (ROP)

    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.
  15. 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.

    hand gif
    • 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.
  16. 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:

    hand gif
    • Life Cover
    • Increasing Cover
    • Level Cover Plus Income
    • Whole Life Cover

    Key Features

    • 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-smokers.
    • Surrender value available under whole life cover options.
  17. 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.
  18. Ageas Federal Life Insurance 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:

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    • Life Cover
    • 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.
  19. 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.
  20. 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.
  21. 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.

    hand gif
    • 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 Crore of life coverage upon diagnosis of any terminal illness.
  22. 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:

    hand gif
    • 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-smoking 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.

What are the Benefits of Buying the Best Term Insurance Plan in India?

Financial Security for the Family

Financial Security for the Family

Being an earning member of the family, it's your responsibility to look after the well-being of your family. Buying term insurance is a wise decision to ensure that your family will be taken care of, even in your absence.

Death Benefit

Death Benefit

With a term insurance plan, you'll get a guaranteed death benefit payout. However, the life cover is given to the beneficiaries and typically paid out within 30 days of the claim being made.

Affordable Plans

Affordable Plans

Term insurance is the most cost-effective life insurance product, offering a high life cover in exchange for an affordable premium rate. However, the sum assured amount shall be payable to your nominee in the event of your unfortunate demise.

Protection from Critical Illnesses

Protection from Critical Illnesses

Generally, term insurance providers offer coverage for critical illness to help you gain financial security against various life-threatening health conditions without worrying about hospital bills.

Maturity Benefits

Maturity Benefits

A basic term insurance is a pure protection plan and does not provide any maturity benefits. However, a term plan with a return of premium plan level up the plan perks beyond your expectations. Under this variant, the insurer pays back the premium paid towards the plan to the policyholder at the end of the policy tenure if they outive the term.

Coverage Against Permanent Disability

Coverage Against Permanent Disability

Uncertainties can happen to anyone, anywhere, and may even lead to greater consequences, like permanent disability. With an accidental total and permanent disability rider in term insurance, you can get financial protection against total and permanent disability caused by an accident during the policy term.

Premium Breaks

Premium Breaks

With the premium break option, you can take a break from paying premiums for a specific period without canceling the policy. Throughout the premium break option, the policy remains active, and you can still get coverage benefits.

Joint Life Option

Joint Life Option

Under the joint-life option, you can add a husband or wife to a single plan. Upon the unfortunate death of one partner, the other will get a lump sum death benefit. However, the death payout can be used to maintain household expenses.

Life Stage Benefit

Life Stage Benefit

It is an additional benefit that allows you to enhance life coverage at certain life stages. This benefit is designed to address the evolving financial needs of your over time.

Voluntary Sum Assured Top-up

Voluntary Sum Assured Top-up

With Voluntary Sum Assured Top-up, you can increase your life coverage at any time during the policy term. This benefit is ideal for young investors to upgrade their life cover without repeated documentation or paperwork.

Long Term Cover

Long Term Cover

With a term plan, you can get long-term coverage for 99/100 years at a nominal premium to leave an inheritance for your family.

Tax Benefits

Tax Benefits

Under Section 80C, you can avail of a tax deduction of up to ₹1.5 lakhs annually for the premiums paid towards a term plan.Under Section 80D, you can avail of a tax exemption for premiums paid toward health riders in the financial year.

Smart Exit Option

Smart Exit Option

Under this option, you can surrender your plan during a specified period and get back all premiums paid against the death benefit during the policy's duration. Remember that no additional premiums are payable for this option.

Riders

Riders

With add-on riders, you can enhance your base cover by paying a nominal premium. These add-ons provide additional financial support to the nominee beyond the base policy if an unfortunate event occurs, such as an accidental death, disability, or critical illness diagnosis.

How to Choose The Best Term Insurance Plan In India 2024?

Finding the best term insurance plan can be challenging, so you must consider the following factors. Here is a list of all the steps to choose the best term insurance plan in India in 2024:

01

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.

02

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.

03

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 need it. It is also advisable to buy term plans online, as it saves time and may give you an extra discount.

04

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 installments, a lump sum at once, or a combination of both.

05

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.

What are the Factors that Affects Term Insurance Premium?

When buying the best-term plan, choose a plan that best fits your financial goals and personal responsibilities altogether. The insurance premium that you will pay is calculated on the basis of your:

Age

Buying a term plan at an early stage of life means you've to pay less expensive premiums.

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.

Gender

Generally, insurers offer special premium rates for women.

For instance, we've listed below 4 sample premiums for different coverage amounts with constant age (30 year old male) and policy term (30 years of policy term) to give you a better idea of how a premium is calculated.

Calculate Term Insurance Premium

50 Lakhs

AgePolicy TermCoverage AmountMonthly Premiums
30 years/Male30 years 50 lacs Rs. 777/- per month

Why Buy the Best Term Plan From PolicyX?

Here, we've listed a few reasons why you should buy the best term insurance plan in India from PolicyX.

Why Choose PolicyX.Com
  • Dedicated claim support and guidance to family for free.
  • The best prices from top life insurance companies in India.
  • Get an extra discount on buying term plans online.
  • Online free helpdesk.
  • Free-of-cost policy comparison.
  • 100% recorded calls to reduce misselling

How to Buy the Best Term Insurance Plan?

To buy the best term insurance plan for yourself, you can either do it online through their website or PolicyX and offline by visiting their nearest branch office.

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. Which company has the highest claim settlement ratio?

According to the IRDAI report for 2022-2023, Max Life Insurance has the highest claim settlement ratio, 99.51%.

2. Is Bajaj Allianz Insurance good?

Yes, Bajaj Allianz Life Insurance is among India's top life insurers. With a claim settlement ratio of 99.04%, it provides the best life insurance policies at reasonable premiums.

3. What documents are required to buy the best term insurance plan online?

Listed below are the documents required to buy the best term insurance plan online:

  • Identity Proof - Passport, Voter ID, Adhaar Card, PAN Card
  • Income Proof - Last 3 months salary slips and bank statements.
  • Address Proof - Adhaar Card, Rent Agreement, Electricity Bill
  • Medical Proof - Latest medical test reports allocated by the insurer

4. Is HDFC Life better than Max Life Insurance?

HDFC and Max Life Insurance are top-term insurance providers, both in the top 10 based on Assets Under Management. However, Max Life has a slightly better track record of settling claims than HDFC Life.

5. Which term plans based on CSR is best in India?

These are the best term plans based on CSR is best in India:

  • Max Life Smart Term Plan (99.51%)
  • HDFC Click 2 Protect Life (99.39%)
  • PNB MetLife Mera Term Plan Plus (99.06%)
  • Bajaj Allianz Life eTouch Term Plan (99.04%)
  • Bandhan Life iTerm Prime (99.37%)

6. Are there any term plans that are highly recommended?

Max Life's Smart Secure Plus plan is one of the best-selling term plans, offering multiple inbuilt benefits, such as a premium break, joint life, and Sum Assured Top-up.

7. How can I find the best term insurance plan for me?

To find the best term plan for yourself, you must consider factors such as claim settlement ratio, solvency ratio, customer reviews, flexible payout options, and multiple benefits.

8. Is term insurance good or bad?

It's wise to buy term life insurance as early as possible. In fact, with an affordable premium, you can easily ensure a safe and protected financial future for your loved ones.

9. What is the age limit for buying the best term insurance plan in India?

The maximum age limit to buy the best term plan is 60, while the minimum age to buy term insurance is 18.

10. What are the types of term plans available in India 2024?

These are the basic types of term plans in India 2024:

  • Basic Term plan: It is a pure protection plan that offers death benefits to the nominee upon the policyholder's unfortunate death.
  • Return of Premium - Under this plan, you can get back all your premium paid at the maturity of the policy.
  • Whole Life Plan - A term insurance policy offers coverage for a specific time, but some policies allow you to purchase coverage for a lifetime.

11. Is LIC term insurance better than private?

Private life insurance providers are better than LIC because they offer upgraded plans, higher claim settlement ratios, and free in-built benefits. LIC's term plan still needs to be upgraded, and it has a slightly lower claim settlement ratio.

12. What is the difference between term insurance and whole life insurance?

Term insurance covers you for a certain period, whether whole life insurance is a permanent life plan that provides coverage throughout your entire life.

13. Do Term plans offer maturity benefits?

No, basic term insurance does not offer any maturity benefits. On the other hand, with a Term Return of premium (TROP) option, you can get back all your premium paid once you outlive the policy term.

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

It would be best to buy the best term insurance plan in your 20s because premiums are less expensive when you are younger and healthier.

15. As an NRI, can I buy the best term insurance plan in India?

Yes, NRIs can buy term life insurance plans in India. You can do so through video/telemedial examination from their residential country.

Term Insurance Companies

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

What Our Customers Have to Say

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Sanjeev

Hyderabad

May 20, 2024

SUD Life term plan truly stands out my expectations as I got SUD Life term plan along with additional riders at very affordable premiums.

Customer Review Image

Sumit

Coimbatore

May 20, 2024

I am impresses with the hassle free and quick claim settlement process of SUD Life. Thanks to PolicyX who guided me to get my claim settled.

Customer Review Image

Barkha

Delhi

May 20, 2024

Bought SUD Life Family Income Benefit Rider plan to secure the future of my plan financially even in my absence.

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Geetanjali

Kolkata

May 20, 2024

I was looking for a term plan to secure the future of my family. So I contacted PolicyX and one of their representatives Mr. Vaibhav helped me choose SUD Life term plan.

Customer Review Image

Armaan khan

Agra

May 17, 2024

I recently purchased a Pramerica term insurance policy from Policyx.com. The customer service team was very helpful in answering all my queries and guiding me through the application process. I...

Customer Review Image

Rahul Yadav

Indore

May 17, 2024

PolicyX’s dedicated support made renewing my Bandhan Life Insurance policy easy. I’m absolutely delighted with the service offered by PolicyX Insurance Advisor.

Customer Review Image

Priyanshu Sharma

Delhi

May 17, 2024

I bought a Bandhan Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.

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Yash Tomar

Bhopal

May 17, 2024

After getting advice from the PolicyX experts, I chose a Bandhan Life Insurance term plan. Thank you, PolicyX, for helping me buy a term plan at such a low premium.

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.