Best Term Insurance Plans
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Best Term Insurance Plans
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Best Term Insurance

Best term life insurance plans secure the future of your family by supporting them financially in your absence. The best term insurance policy offers wider coverage along with additional benefits that help your dependent family members manage their finances not only after your demise but also if you are not able to earn due to disability or critical illness. The best term insurance plan provides a fixed sum assured to the nominee but does not provide survival benefits. Guaranteed claim, regular income payout, premium waiver, add-on riders, etc. design the best term life insurance.

10 Best Term Insurance Plans

PolicyX has shortlisted the 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(2019-2020)Sum AssuredSample Annual Premium*
1.HDFC Life Click 2 Protect Life99.0750 Lakhs - UnlimitedINR 7,185
2.ICICI Pru iProtect Smart97.8450 Lakhs - UnlimitedINR 8,021
3.Max Life Smart Secure Plus Plan99.2225 Lakhs to 3.5 CrINR 6,095
4.Tata AIA Life Insurance Sampoorna Raksha Supreme99.0650 Lakhs to No LimitINR 6,844
5.Aditya Birla Life Shield Plan97.5450 Lakhs to UnlimitedINR 5,591
6.PNB MetLife Mera Term Plan Plus97.1825 Lakhs to 2 CrINR 6,490
7.SBI e-Shield Next94.5250 Lakhs - UnlimitedINR 7,519
8.Bajaj Allianz Smart Protect Goal98.0250 Lakhs to 10 CrINR 7,348
9.Kotak e-Term Plan98.5025 Lakhs to No LimitINR 5,250
10.Edelweiss Tokio Total Protect Plus83.4425 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 Ratio97.84%

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: 18-65 Years
Claim Settlement Ratio99.22%

HDFC Life Click 2 Protect Life

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 Plan in India?

Along with major benefits, best term life insurance policies offer flexibility to customize plans to meet your needs. Evaluate the following factors to make the best term plan choice:

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.

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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?

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.

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

Term Insurance 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. Can I buy 2 term insurance from 2 different companies?

Yes, you can buy 2 term insurance from two separate companies.

3. How does term insurance differ from life insurance?

Term insurance is very different from life insurance as life insurance provides maturity benefits and term insurance only offers death benefits. For instance: if the policyholder dies during the policy tenure then the insurance company will give the whole sum assured to the nominee of the policy.

4. What mandatory documents are required to buy an Online Term Plan?

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
  • Xerox of PAN Card

5. Does term insurance have tax benefits?

Yes, policyholders can get a tax benefit of up to INR 1.5 lakhs as per Section 80C of the Income Tax Act, 1961.

What Our Customers Have to Say

Customer Review Image

Dinesh Chopra

Delhi

November 22, 2021

Amazing life insurance plans at very cheap prices. sales team is also very good. they explained the plan to me very well. I am very impressed.

Customer Review Image

Ramakant dubey

Hyderabad

November 17, 2021

Bahut achi company hai, mai bht khush hu iske plan leke. premium bhi kafi kam hai. customer care team bhi kafi achi hai aur bht ache se plan ko samjhati hai.

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Sakhu Wati

Kanpur

November 17, 2021

Very reliable company. I have bought PNB Metlife insurance, and I believe that this company will help me in my hard times.

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Veena Gehlot

Pune

November 12, 2021

HI, my name is Veena Gehlot. I am a widow and have 2 children. After my husband s death, Life was very difficult both emotionally and financially. Thanks to my husband s Exide Term Insurance policy, I am a...

Customer Review Image

Anayesha Siddqui

Hyderabad

October 29, 2021

Very good customer support from IDBI Team. I got the Death Befit of my husband s term insurance policy. With this money, I will fulfil my family s dreams.

Customer Review Image

Akshay Tripathi

Mumbai

October 29, 2021

Very good company IDBI is. I am happy that I choose to be their customer. Customer support is also very good.

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Vahisht Aggarwal

Delhi

October 18, 2021

Settled my claims within a month of my policy maturity. Super happy with the services and satisfied also.

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Vinayak Sharma

Kochi

October 12, 2021

Just got the money from my matured Shriram policy. Now I can spend my retirement years in peace without worrying about any financial crunch.

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.