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Best Life Insurance Policy for 5-year Term

Life insurance is one of the most important financial decisions that you will make in your lifetime. It is a good idea to take a look at what's happening in the market to get the best life insurance policy for you. Term life insurance can be a great investment for your future. The 5-year term life insurance is a type of policy that offers coverage for up to five years, which is a pretty long period. In this article, we will talk about the 5-year term life insurance, why it is important for your future and how it will help to protect you and your loved ones.

Best Life Insurance Policy for 5-year Term

What is a 5-Year Term Life Insurance Policy?

Term life insurance is a type of life insurance that offers a fixed amount of coverage for a specific period. A 5-year term life insurance policy is the most common and affordable type of term life insurance. It usually offers coverage for five years and it's the most widely available option. Term life insurance is designed to protect in the event of premature death by providing financial security to beneficiaries or survivors.

Key Features & Benefits of 5-year Term Life Insurance Policy

A 5-year term life insurance policy is a product that provides coverage for 5 years. It is a temporary insurance plan with the benefits of a permanent policy. Term life insurance policies are typically cheaper than permanent plans because they don't offer any guarantees about their renewal. They are also less restrictive in terms of what medical conditions they cover and how much income they need to be covered by them.
The key features of a 5-year term life insurance policy are:

  • Coverage for five years
  • Provides tax benefits
  • Provides Surrender benefit
  • You can avail loan facility
  • Gives peace of mind
  • Lower premiums than permanent policies
  • Low restrictions on medical conditions and income requirements
  • Provides death benefits if something happens to the policyholder
  • You can enhance protection by opting for additional riders
  • Protects against unexpected financial losses
  • You can borrow money against your policy for emergencies

Eligibility Criteria for 5-year Term Life Insurance

Minimum Age 18 years
Maximum Age 65 years
Policy Term 5 to 100 years
Maturity Age Based on Policy
Premium Payment Term Regular Pay, Limited Pay, Single Pay
Premium Payment Frequency Single, Yearly, Half-Yearly, Quarterly, Monthly
Sum Assured Based on Policy

Best Life Insurance Policies with 5 years Policy Term

Life insurance is one of the most important financial decisions that you will make. It can be a costly decision, so it is important to understand the features and benefits of the best life insurance policy. The best life insurance policies with a 5-year term are those that offer high benefits, low premiums, and a good return on your investment. Below are the best5 year term life insurance plans in India.

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. Let us understand the Features, Benefits, Terms, and conditions linked to the plan:

Entry Age Minimum 18 years to Maximum 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

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.

Entry Age Minimum 18 years to 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

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.

Entry Age Minimum 18 years to 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

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.

Entry Age Minimum 18 years to 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

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.


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

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 as per the requirements of the customer 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.


Entry Age
Minimum 18 years to Maximum 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

Aegon Life iTerm Insurance Plan:

AEGON Life iTerm Insurance Plan is an inexpensive protection plan with an add-on to choose from 3 different plan options basis your protection needs. The best thing about this plan is that you can get an additional payout on the diagnosis of 36 Critical Illnesses including cancer, heart attack, and kidney failure. AEGON Life iTerm insurance plan also covers Covid-19 death claims.


Entry Age
Minimum 18 years to Maximum 65 years
Maximum age at Maturity Maximum 100 years
Sum Assured 25 Lacs to No Limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Half-yearly, and Yearly, Single

SBI Life eShield Plan:

SBI Life eShield Plan is a protection plan that provides financial support to present needs and also covers the changes of life to the daily needs.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 80 years
Sum Assured 35 Lacs to No Limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

How Much Does a 5-Year Term Policy Cost?

A 5-year term policy is one of the most popular types of insurance policies. It offers an easy way for consumers to save money and invest in their future. When it comes to choosing a policy, there are a few factors that need to be considered. These include

  • Age
  • Gender
  • Benefits
  • Length of Time
  • Health History
  • Location
  • Tobacco Use
  • Family History
  • Death Benefit Amount
  • And Many Other Factors

A 5-year term policy is relatively affordable compared to other 10-year or 20-year policies because it only covers five years of coverage at a time. However, this does not mean that you should not consider a longer-term policy.  5-year term insurance is the best option for people with health coverage needs. This type of policy provides an affordable way to save up for the future. You can usually find this type of policy at around Rs. 4000 to Rs. 7000 per year, but it can vary depending on your age and health condition, and many other factors.

Premium Table of 5-year Term Life Insurance Policies

Company Plan Name Total Payout Premium
Bajaj Allianz Life Insurance Bajaj Allianz Smart Protect Plan Rs. 50 Lacs 4287/- Buy
HDFC Life Insurance HDFC Life Protect Plan Rs. 50 Lacs 6358/- Buy
PNB MetLife Insurance PNB MetLife Mera Term Plan Plus Rs. 50 Lacs 4365/- Buy
TATA AIA Life Insurance TATA AIA Sampoorna Raksha Supreme Rs. 50 Lacs 6895/- Buy
ICICI Prudential Life Insurance ICICI Prudential iProtectSmart Plan Rs. 50 Lacs 6745/- Buy
Aditya Birla Sun Life Insurance Aditya Birla Sun Digi Shield Plan Rs. 50 Lacs 4658/- Buy
AEGON Life Insurance Aegon Life iTerm Insurance Plan Rs. 50 Lacs 5478/- Buy
SBI Life Insurance SBI Life eShield Plan Rs. 50 Lacs 5468/- Buy

*The above-mentioned values are for reference purposes only * Refer to our website for exact values.

How to Buy 5-Year Term Life Insurance Policy

Buying a life insurance policy can be a daunting process. There are a lot of factors to consider and it can be hard to find the right company. To purchase the best 5-year term life insurance policy from the best life insurance company follow the below steps.

  • Go to PolicyBachat Website. Click on Life Tab
  • Provide the required information such as name, date of birth, etc.
  • Compare premium rates from the list of companies provided
  • Select the plan which suits your requirement
  • Make payment via online payments.

Exclusions for 5-Year Term Life Insurance Policy

  • Death due to suicide is not covered in the first year but only 80% of the premium may be paid as the Death Claim.
  • If the nominee is involved in the Murder, the claim is not payable to the nominee and if the Policyholder is involved in his/her murder plan, the claim is not payable.
  • Deaths due to Intoxication, self-injury, and HIV/AIDS are not covered under a life Insurance policy.
  • Deaths due to consumption of alcohol and drugs
  •  Death due to participation in a racing activity or a hazardous activity.

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