Top 10 Term Insurance Plans
  • List of Top 10 Term Plans
  • Compare Best Term Plans
  • Features & Benefits of Plans
Top Term Insurance Plans
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List Of Top 10 Term Insurance Plans In India 2024

Below, we've listed the IRDAI-approved Best Term Insurance in India 2024 from the top term insurance providers based on their latest Claim Settlement Ratios for 2022-2023. These plans offer special benefits and different life cover options that set them apart from other term insurance plans.

Check out the following list and choose a plan that best suits your requirements:

Sr. No.
Best Term Plans
Claim Settlement Ratio (CSR)
Entry Age
Maturity Age Check Plans
1ICICI Pru iProtect Smart 97.82% 18 to 65 years 99 years
2 HDFC Life Click 2 Protect Super 98.66% 18 to 65 years 85 years
3 Mera Term Plan Plus 97.33% 18 to 60 years 99 years
4 TATA AIA Sampoorna Raksha Supreme 98.53% 18 to 65 years 100 years
5Bajaj Allianz Life eTouch Plan 99.02% 18 to 65 years 99 years
6Max Life Smart Secure Plus Plan 99.34% 18 to 65 years 85 years
7iSelect Smart 360 Term Plan 98.44% 18 to 65 years 99 years
8Kotak e-Term Plan 98.82% 18 to 65 years 75 years
9 Zindagi Protect Plan 98.09% 18 to 65 years 100 years
10 Bandhan Life iTerm Prime 99.37% 18 to 65 years 65 years
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.

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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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.

Term Insurance Companies ( IRDAI Approved )

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

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.

Top 10 Term Insurance Plans: FAQ's

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

Here, we've listed the top 5 term insurance plans in India based on Claim Settlement Ratio (CSR) 2022-2023.

  • Max Life Smart Secure Plus Plan
  • Bandhan Life iTerm Prime
  • Bajaj Allianz Life eTouch Plan
  • Kotak e-Term Plan
  • HDFC Life Click 2 Protect Super

2. How many years of policy tenure is best for term insurance?

Buyers who are in their 20s can select at least a 40-year policy tenure or opt for life protection till the age of 99.

3. Which is the best, life insurance or term insurance?

Life insurance provides life covers you and your loved ones in the event of your demise. At the same time, term insurance offers life coverage throughout a selective tenure and is more affordable than life insurance.

4. Which is the purest form of life insurance?

Term insurance is the purest form of life insurance and offers financial protection to your family at affordable premiums.

5. Which is the most trusted term insurance company in India?

Here, we've listed the IRDAI-approved most trusted term insurance companies based on their Claim Settlement Ratio for 2022-23.

  • Max Life Insurance (99.34%)
  • Bandhan Life Insurance (99.37%)
  • Bajaj Allianz Life Insurance (99.02%)
  • Kotak Life Insurance (98.82%)
  • HDFC Life Insurance (98.66%)

6. Can I take 2 term insurance plans?

Yes, you can take a multiple-term insurance plan, but it may depend on your income.

7. Can I trust HDFC Life Insurance?

Yes, HDFC Life Insurance is among India's best-term insurance providers, with a claim settlement ratio of (98.66%) in 2022-2023

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.

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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.

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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.

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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...

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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.

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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.

Sahil Singh Kathait

Written By: Sahil Singh Kathait

Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.