List Of Top 10 Term Insurance Plans In India 2024

10 Best Term Insurance Plans In India: Overview

Choosing the best term life insurance plans is essential for any successful financial planning. Hence, as a policyholder, you must comprehend the key features and benefits of the term insurance plan you wish to buy. However, the features, benefits, inclusions, and exclusions may vary from insurer to insurer.

1. ICICI Prudential iProtect Smart Term Plan

   ICICI Prudential iProtect Smart is on the list of India's top 10 best-term life insurance plans. Since its launch, it has been one of the top-selling online term insurance plans. However, the plan has four variants, allowing policyholders to select the protection level by choosing one benefit option.

   Plan Options

   • Life
   • Life Plus
   • Life Plus Health
   • All in One

   Key Features

   • The plan provides coverage against accidental death, terminal illness, and disability.
   • The plan comes with an optional Accidental Death Benefit and Accelerated Critical Illness Benefit rider.
   • The premium charges for smokers and non-smokers will be different.
   • The insurer allows policyholders to select the death benefits payout options. It includes a lump sum payment, monthly income for 10/ 20/ 30 years, or a combination.
   • Policyholders can pay the entire premiums at once, for a limited period, or throughout the policy tenure.
   • Under the Income Tax Act of 1961, tax benefits will be applicable on premium paid and death benefits.
   • The insurer offers special premiums for women's life cover and accelerated critical illness benefits.
   • Under accelerated critical illness benefits, the rider covers female organ cancers such as breast cancer and cervical cancer.

2. HDFC Life Click 2 Protect Super Term Plan

   HDFC Life Click 2 Protect Super is one of the popular plans offering comprehensive protection at a low premium based on policyholders' evolving needs. There are three different protection options available under the plan.

   Plan Options

   • Life
   • Life Plus
   • Life Goal

   Key Features

   • With the return of premium option, get your premium paid towards the policy back once you outlive the policy tenure.
   • The plan comes with an optional accidental death benefits rider.
   • If you are diagnosed with critical illness till the age of 80, you'll get an acceleration of death benefit.
   • Flexibility to select increasing death benefits up to 200% under the Life option
   • Under the Life Goal Option, the plan allows policyholders to select the death benefits payout options.
   • Option to choose additional cover for a spouse.
   • Waiver of premium on diagnosis of critical illness and total and permanent disability.

3. PNB Metlife Mera Term Plan Plus

   PNB Metlife Mera Term Plan Plus is a pure protection plan that provides comprehensive protection with additional benefits. There are three different protection options available under the plan.

   Plan Options

   • Life
   • Life Plus
   • Life Plus Health

   Key Features

   • Policyholders can pay the premiums for a limited period, throughout the policy tenure, or the entire premium in a single pay based on their need.
   • The plan offers you the flexibility to choose coverage terms such as staying protected for the whole of your life or up to 99 years.
   • Option to select the level of protection against death, disability, and disease.
   • You can customize your base plan with a choice of add-on riders such as return of premiums, waiver of premium, accelerated critical illness benefit, terminal illness benefit, Etc.
   • Increase your life cover with coverage enhancement options.
   • The plan allows policyholders to select the death benefits payout options.
   • Under the prevailing tax laws, tax benefits will be applicable on premium paid and death benefits.

4. TATA AIA Life Insurance Sampoorna Raksha Supreme Term Plan

   TATA AIA Life Insurance Sampoorna Raksha Supreme Plan is a protection plan designed to cater to the needs of policyholders. Four different protection options are available under the plan.

   Plan Options

   • Life
   • Life Plus
   • Life Income
   • Credit Protect

   Key Features

   • The plan offers you the option to choose whole-life coverage until the age of 100 years.
   • Policyholders can choose the death benefits payout options as a Lump sum, regular Income of up to 60 months, or a combination of both.
   • Under the life stage option, you can increase your life coverage at important milestones.
   • With the Accelerator benefit rider, your basic sum assured will be increased up to 50% if you are diagnosed with a terminal illness.
   • The plan offers you income payouts at age 55, 60, or 65.
   • The premium charges for non-smokers and women will be cheaper.
   • Under the prevailing tax laws, tax benefits will be applicable.

5. Bajaj Allianz Life e-Touch Term Plan

   Bajaj Allianz Life eTouch Online Term Plan is among the top term insurance plans in India. However, the plan comes with 15-day free look period, along with three levels of protection options.

   Plan Options

   • Life Shield
   • Life Shield Plus
   • Life Shield ROP

   Key Features

   • The plan offers coverage against accidental death, terminal illness, and disability.
   • The plan allows policyholders to pay a premium during the policy tenure, for a limited period, or until they retire.
   • With the return of premium benefit, you can get back up to 100% of your premium paid throughout the policy tenure minus service charges as a Maturity benefit.
   • Under the death benefit rider, your beneficiaries get an extra payout in case of death due to an accident.
   • The plan comes with an Exit early option in which once your need for cover is over, you can surrender your policy and get back your paid premiums as Early Exit Value.
   • Premium Holiday allows you to skip your premiums for 1, 2, or 3 years throughout the premium payment term.

6. Max Life Smart Secure Plus Term Plan

   Max Life Smart Plus Plan is a reliable term plan designed to help policyholders create an inclusive financial plan. The plan ensures that it caters to the financial needs of policyholders in the event of emergencies. It is a non-linked term insurance plan that offers several impressive benefits.

   Key Features

   • It allows you to select the longer coverage tenure available, up to 85 years.
   • The plan allows policyholders to choose their own desired premium payment option.
   • Under the premium break option, you can skip your premiums for 1, 2, or 3 years.
   • The plan comes with a joint life option to add your spouse to the same policy.
   • The plan has inbuilt accelerated critical illness benefits and provides accident cover.
   • The plan comes with an Exit early option.
   • With the return of the premium benefit, you can get back up to 100% of the premium paid during the policy term.

7. Canara HSBC iSelect Smart 360 Term Plan

   Canara HSBC iSelect Smart360 term plan is a special protection plan designed to fulfill the needs of policyholders with additional benefits and wide coverage options. It offers to choose policyholders the death benefits payout options as per their needs. The plan comes with three variants.

   Plan Options

   • Life Secure
   • Life Secure with Income
   • Life Secure with Return of Premium

   Key Features

   • The plan offers life cover until the age of 99.
   • With the return of total premiums, if your claim gets rejected, you'll get all your premiums back.
   • Waiver of premium on diagnosis of critical illness and total and permanent disability.
   • The plan includes a child care benefit option with an additional Sum Assured until the child reaches 21.
   • Flexibility to avail of steady income benefits after your retirement at the age of 60 Years.

8. Kotak e-term plan

   Kotak e-term plan offers special life coverage options that provide a high level of protection at affordable premiums. The term insurance plan has three variants.

   Plan Options

   • Life Option
   • Life Plus Option
   • Life Secure Options

   Key Features

   • With the life stage option, you can increase your life coverage at specific events.
   • With an optional in-built cover, enhance your protection against accidental death, critical illness, and total permanent disability.
   • The plan offers the option to choose your own desired payout options.
   • The plan provides comprehensive life cover at affordable premiums.
   • Waiver of premium on diagnosis of critical illness and total and permanent disability.
   • With the Special Exit Value option, policyholders get the flexibility of special exit value at age 60.

9. Edelweiss Tokio Zindagi Protect Term Plan

   Edelweiss Tokio Zindagi Protect Plan is among India's top term insurance plan provided by Edelweiss Insurance. The insurer allows you to customize your plan based on your requirements by selecting an adequate premium paying term and death benefit payout mode.

   Key Features

   • With the Premium Break benefit, you can pay an additional premium that allows you to skip some premiums based on the payment term.
   • The plan offers life cover until the age of 100.
   • Flexibility to select your desired premium payment option between regular or limited pay options.
   • With the Better Half benefit, you can avail life cover for the spouse by paying additional premiums.
   • The plan includes a childcare benefit option. By paying additional premiums, you can avail of life cover for your child till they turn 25 years old.
   • With the Special Exit Value option, policyholders get the flexibility to receive all their premiums paid back at a specific point.

10. Bandhan Life iTerm Prime Term Plan

    Bandhan Life iTerm Prime plan is a top-notch term insurance plan. It is an ideal plan for those who travel regularly due to work and are prone to accidents. However, the plan can be applied online without the hassle of paperwork. Under the plan, the insurer offers a special 10% discount on first-year premiums.

    Key Features

    • Beneficiaries receive the death benefit with a lump sum payout on the policyholder's demise.
    • The plan offers high life cover at affordable premiums through earning years.
    • Under Special Exit Value, you can get all your premiums back in case you don't need coverage.
    • Flexibility to choose your own desired premium payment term.
    • Under the Income Tax Act of 1961, tax benefits will be applicable on premium paid and death benefits.
    • With optional inbuilt covers, you can enhance your life cover.

Conclusion

Term life insurance is a top choice for prospective policy buyers. While it becomes a basic necessity, it still takes a lot of research to choose the best term insurance plan. Therefore, we've curated a list of the top 10 term insurance plans in India from the best term insurance providers. Before making any decision, first understand the key features and benefits of the plan to select the perfect term insurance for yourself.