Term insurance is a type of life insurance that protects the policyholder in the event of death, disability, or critical illness. The policyholder pays a fixed amount to the company and in return, they are guaranteed a lump sum payment in case of an unfortunate event.
Term insurance policies provide financial protection for individuals who are not financially stable enough to support their family and themselves in case of an unfortunate event. There are many types of term insurance plans available for Indian citizens which vary based on different features such as age, coverage amount, and duration.
In this article, we will discuss 10 top-rated term insurance plans in India with their pros and cons so that you can make an informed decision before buying one.
Top 10 Best Term Insurance Plans in India
1. Aegon Life iTerm Comfort Plan
Aegon Life iTerm Comfort Plan is a non-linked non-participating individual pure risk premium life insurance plan. It is an inexpensive protection plan with add-on covers to secure your family’s future and it covers major expenses.
Features & Eligibility:
| Minimum Entry Age |
18 years |
| Maximum Entry Age |
65 years |
| Minimum Maturity Age |
23 years |
| Maximum Maturity Age |
70 years |
| Policy Term |
(5 to 70)- entry age |
| Premium Payment Term |
Regular Pay, Limited Pay, Single Pay |
| Premium Payment Frequency |
Yearly, Half-Yearly, Monthly |
| Sum Assured |
Rs.25 lacs to No limit |
2. Aditya Birla Sun Digi Shield Plan
Aditya Birla Sun Life Insurance DigiShield Plan is a non-linked term insurance plan. This term life insurance policy has to be chosen per the customer’s requirements with reasonable premiums. Provides 10 different Aditya Birla Sun Life Insurance Policy options as per your family's needs so they need not compromise on their lifestyle, even in your absence.
Features & Eligibility:
| Minimum Entry Age |
18 years |
| Maximum Entry Age |
65 years |
| Maximum age at Maturity |
70 years |
| Sum Assured |
1 Lac to No limit |
| Premium Payment Term |
Single payment, Regular payment, or Limited payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
3. Bajaj Allianz Smart Protect Plan
Bajaj Allianz’s smart protect goal is an individual, life, non-linked, non-participating, single/limited/regular premium payment, savings (ROP), and pure risk term cover plan, providing protection and add-on covers.
Features & Eligibility:
| Minimum Entry Age |
18 years |
| Maximum Entry Age |
65 years |
| Maximum age at Maturity |
75 years |
| Sum Assured |
50 Lacs |
| Premium Payment Term |
Single payment, Regular payment, or Limited payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
4. Bharti AXA Life Flexi Term Pro Plan
Bharti AXA Life Flexi Term Pro Plan is a non-linked, non-participating, individual, pure risk premium life insurance plan that provides life insurance coverage and secures your family and financial needs.
Features & Eligibility:
| Minimum Entry Age |
18 years |
| Maximum Entry Age |
65 years |
| Maximum age at Maturity |
99 years |
| Policy Term |
5 to 50 years |
| Sum Assured |
25 Lacs to No limit |
| Premium Payment Term |
Single payment, Regular payment, or Limited payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
5. ICICI Prudential iProtectSmart Plan
ICICI Prudential iProtectSmart Plan gives protection for your family and critical illness cover. Life covers up to 99 years and the policy term starts from 40 years.
Features & Eligibility:
| Entry Age |
Minimum 25 years |
| Maximum age at Maturity |
70 years |
| Sum Assured |
1 Lac to No limit |
| Premium Payment Term |
Single payment, Regular payment, or Limited payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
6. HDFC Life Click 2 Protect Plan
An HDFC click 2 protect term plan is a non-linked, individual, pure risk premium/savings life insurance to give assurance of a 98.01% claim settlement ratio, additional sum assured on Accidental death, money-back all premiums paid on survival till maturity with the return of premium option, avail waiver of premium on the diagnosis of critical illness, and special premium rates for female lives and non-tobacco users.
Features & Eligibility:
|
Maximum Entry Age |
Minimum 18 years |
| Maximum Entry Age |
Maximum 65 years |
| Maximum age at Maturity |
85 years |
| Sum Assured |
25 Lacs |
| Premium Payment Term |
Single payment, Regular payment, or Limited payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
7. Kotak e-Term Insurance Plan
Kotak e- Term Plan is an online Term Insurance plan that provides financial security to the family of the insured person against any emergency. This plan provides financial protection in form of the death benefit to the beneficiary of the policy in the event of the unexpected death of the insured.
Features & Eligibility:
|
Minimum Entry Age |
Minimum 18 years |
| Maximum Entry Age |
Maximum 65 years |
| Maximum age at Maturity |
85 years |
| Sum Assured |
25 Lacs |
| Premium Payment Term |
Single payment, Regular payment, or Limited payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
8. PNB MetLife Mera Term Plan Plus
The plan offers you the flexibility to choose protection against Death, Critical Illness, Disability, and Terminal Illness along with various additional options like spouse coverage and whole life protection. You can also customize your coverage with various cover enhancement options available under the plan.
Features & Eligibility:
|
Minimum Entry Age |
Minimum 18 years |
| Maximum Entry Age |
Maximum 65 years |
| Maximum age at Maturity |
75 years |
| Sum Assured |
25 Lacs |
| Premium Payment Term |
Single payment, Regular payment, or Limited payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
9. TATA AIA Sampoorna Raksha Supreme Plan
Tata AIA Life Insurance Sampoorna Raksha Supreme Plan provides financial protection to your family and offers you the flexibility to choose the plan that suits your need.
Features & Eligibility:
|
Minimum Entry Age |
Minimum 18 years |
| Maximum Entry Age |
Maximum 65 years |
| Maximum age at Maturity |
65 years |
| Sum Assured |
1 Lac to No limit |
| Premium Payment Term |
Single payment, Regular payment, or Limited payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
10. Max Life Smart Secure Plus Plan
The Smart Secure plus plan is introduced to fulfill your financial security needs and provide support in case of any emergencies. Max Life Smart Secure plus plan offers two death benefits. You also get inbuilt benefits such as cover for terminal illness, joint life cover; premium breaks, and additional payout on accidental death these will fulfill your needs.
Features & Eligibility:
|
Minimum Entry Age |
Minimum 18 years |
| Maximum Entry Age |
Maximum 65 years |
| Maximum age at Maturity |
85 years |
| Sum Assured |
25 Lacs to 50 Lacs |
| Premium Payment Term |
Single payment, Regular payment |
| Premium Payment Frequency |
Monthly, Quarterly, Half-yearly, and Yearly |
Premium Table for the Best Term Insurance Plans
| Company |
Plan |
Total Payout |
Premium (Monthly) |
|
| AEGON Life Insurance |
Aegon Life iTerm Comfort Plan |
1 Crore |
669/- |
Buy |
| Aditya Birla Sun Life Insurance |
Aditya Birla Sun Digi Shield Plan |
1 Crore |
748/- |
Buy |
| Bajaj Allianz Life Insurance |
Bajaj Allianz Smart Protect Plan |
1 Crore |
658/- |
Buy |
| Bharti AXA Life Insurance |
Bharti AXA Life Flexi Term Pro Plan |
1 Crore |
748/- |
Buy |
| ICICI Prudential Life Insurance |
ICICI Prudential iProtectSmart Plan |
1 Crore |
687/- |
Buy |
| HDFC Life Insurance |
HDFC Life Click 2 Protect Plan |
1 Crore |
775/- |
Buy |
| Kotak Mahindra Life Insurance |
Kotak e-Term Insurance Plan |
1 Crore |
748/- |
Buy |
| PNB MetLife Insurance |
PNB MetLife Mera Term Plan Plus |
1 Crore |
784/- |
Buy |
| TATA AIA Life Insurance |
TATA AIA Sampoorna Raksha Supreme Plan |
1 Crore |
754/- |
Buy |
| Max Life Insurance |
Max Life Smart Secure Plus Plan |
1 Crore |
765/- |
Buy |
*The above-mentioned values are for reference purposes only * Please refer to our website for exact values.
How to Choose Best Term Life Insurance Plan
The best term life insurance policy is a type of life insurance that provides monetary coverage in the event of death. A life insurance policy is an agreement between two parties, one being the insurer and the other being the insured person, where the insurer promises to pay money in exchange for an agreed-upon premium.
To make the right decision on the best term life insurance policy follow the below points
- Compare different types of life insurance policies
- Choose an affordable plan by comparing the quotes from different insurers
- Consider age as a factor. Age plays a significant role while getting the right life insurance plan.
- Choose a plan with extensive coverage
- Check premiums of different insurers online and offline
- Choose a plan with a high policy term
How to Buy Term Insurance Plan Online?
The process of buying a term insurance policy online has become simple with PolicyBachat. For buying a term insurance plan online please visit Life Insurance Page and follow the below steps.
- Step1: Enter the details such as Gender, Annual income from all sources, Alcohol consumption and tobacco consumption, Salaries or Self-employed, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc., and submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step3: The next step is to select the best term insurance plan and pay the premium to the insurance company before proceeding to fill out the proposal form details.
Conclusion
When it comes to choosing the best term life insurance plan in India, you need to consider your needs and the type of coverage you would like. There are many plans available in the market that offer different features and benefits. You can compare these plans by taking a look at their features and benefits before making a decision. You should always research various types of life insurance before making a final decision. This will help you make an informed decision that is best for you.