Term insurance plans or term life insurance are a type of life insurance plans that provide coverage for a limited period, or a certain ‘term’. After the ‘expiry’ of the term, the policy also expires and the policyholder has to forgo the coverage or can obtain further term insurance coverage with different conditions and payments. However, if the policyholder dies during the policy term or while the policy is active, then the death benefits are given to the beneficiary of the insured.
When we compare term insurance plans, they are less expensive than permanent life insurance policies provided term insurance does not have any cash value.
There are different types of best-term insurance plans in India. Some term policies provide level premiums during the policy term, like for 10, 20, and 30 years, and hence are known as ‘level term’ policies. In these term insurance plans, the premiums remain level for a fixed number of years and after completing this period, the premium gets increased at a significant level.
Some term insurance plans in India provide a built-in facility to convert a term plan to a permanent policy despite the changes in the health of the policyholder.
Best Term Insurance Plans in India
Today in this article, we are going to discuss a complete list of best-term insurance plans in India:
| S. No | Insurance Company & Product | Entry Age | Maturity Age | Claim Settlement Ratio | Premium ( For Term 30 Years, SA 1Crore & Non-Smoker |
| 1 | LIC Term Plan | Min:18 years
Max:60 years
|
70 years
|
98.19% | Rs.26, 180 |
| 2 | HDFC Term Plan
|
Min:18 years
Max:65 years |
75 years
|
95.02% | Rs.11, 910 |
| 3 | ICICI Term Plan
|
Min:18 years
Max:65 years
|
75 years | 96.20% | Rs.15, 506 |
| 4 | SBI Term Plan | Min:18 years
Max:65 years |
75 years
|
75.70% | Rs.13, 135 |
| 5 | Kotak Term Plans | Min:18 years
Max:65 years
|
75 years
|
90.73% | Rs.12, 921 |
| 6 | Max Life Online Term Option I | Min: 18 years
Max: 60 years |
70 years | 96.23% | Rs.8, 315 |
| 7 | Star Union Dai-ichi Life Premier Protection Plan | Min:18 years
Max: 60 years |
70 years | 94.08% | Rs.16, 180 |
| 8 | Bajaj Allianz iSecure | Min:18 years
Max:60 years |
70 years | 91.30% | Rs.13, 438 |
| 9 | Bharti AXA protect | Min:18years
Max:65 years |
75 years | 80.00% | Rs.8, 202 |
| 10 | Canara HSBC | Min:18 years
Max:70 years |
80 years | 92.99% | Rs.8, 740 |
| 11 | Reliance e-Term | Min:18 years
Max:55 years |
75 years | 95.01% | Rs.11, 012 |
| 12 | Aviva iLife | Min:18 years
Max:55 years |
70 years | 82.00% | Rs.8, 279 |
| 13 | Sahara Kavach | Min:18 years
Max:50 years |
65 years | 89.97% | N/A |
| 14 | PNB MetlifeMera Term Plan | Min:18 years
Max:60 years |
70 years | 92.90% | Rs.13, 304 |
| 15 | TATA AIA Life Insurance MahaRaksha Supreme | Min:18 years
Max:70 years |
80 years | 94.47% | Rs.14, 606 |
| 16 | IDBI Federal Life Insurance | Min:18 years
Max:50 years |
70 years | 84.79% | N/A |
| 17 | Birla Sun Life Easy Protection Plan | Min:18 years
Max:55 years |
80 years | 88.45% | N/A |
| 18 | IndiaFirst Anytime Plan | Min:18 years
Max:60 years |
70 years | 72.21% | Rs,9, 214 |
| 19 | Future Generali Smart Life | Min:18 years
Max:60 years |
68 years | 90.61% | N/A |
| 20 | Aegon Religare iTerm | Min:18 years
Max:65 years |
75 years | 95.30% | Rs.8, 203 |
| 21 | Shriram Life | Min:18 years
Max:55 years |
75 years | 65.66% | N/A |
| 22 | Edelweiss Tokio Protection | Min:18 years
Max:60 years |
80 years | 85.10% | Rs.12, 922 |
| 23 | Exide Life | Min:18 years
Max:65 years |
75 years | 86.10% | N/A |
| 24 | DHFL Pramerica U-Protect | Min:18 years
Max:55 years |
65 years | 57.19% | Rs.15, 506 |
Here are the details of above best term insurance plans in India.
1. LIC Term Plans
LIC of India offers the three best term insurance plans, which are:
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LIC Anmol Jeevan II
A term insurance plan of LIC that offers a lump sum amount to the nominee as a sum assured in case of the policyholder’s death. Anyone falling in the age group of 18 years to 56 years can opt for this policy.
-
LIC Amulya Jeevan
It is a pure-term insurance plan of the LIC of India that provides financial stability to the policyholder’s family when he/she is no more to help. Anyone falling in the age group of 18 years to 60 years can take this plan.
-
LIC e-Term Plan
As the name of this plan suggests, it is an online term plan of LIC. Being one of the pure-term insurance plans of India, it pays the sum assured to the nominee in case of the death of the policyholder. The minimum age to take this plan is 18 years and the maximum is 60 years.
2. HDFC Term Plans
The HDFC Life Insurance Company offers three best-term insurance plans by considering the requirements of its customers. A brief of these plans is mentioned below:
-
HDFC Life Click 2 Protect 3D Plus
A pure-term insurance plan which can be purchased online at very affordable rates. The term HDFC life click 2 protect 3D plus in the plan denotes three uncertainties of life –Disease, Death, and Disability covered by this plan. The plan offers nine options to select from.
-
HDFC CSC Suraksha Plan
This term insurance plan is designed for the people of rural India. The CSC stands for Common Services Centre and hence this plan helps rural India to get the benefit of life insurance.
-
HDFC Life Click 2 Protect Plus
This plan safeguards the future of the policyholder at a very affordable premium. A policyholder always has the option to get the sum assured as monthly payouts or lump sum.
3. ICICI Term Insurance Plans
The best term insurance plans offered by ICICI Prudential Life Insurance Plans Company are:
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ICICI Pru iProtect Smart
A pure-term insurance plan provides protection not only against the demise of the policyholder but against critical illness, accidents, and even the inability to pay the premiums.
-
ICICI Pru iCare II
Another pure-term insurance plan offered by ICICI Prudential Life Insurance Company is ICICI Pru iCare II.
-
ICICI Pru Life Raksha
A term insurance plan that offers lump sum benefit to the insured’s nominee, if the insured dies within the policy term.
Also read: How To Check SBI Account Balance Online
4. SBI Term Insurance Plans
The best term insurance plans offered by SBI Life Insurance Company are:
-
SBI Life eShield
It is one of the basic term insurance plans provided by the SBI Life Insurance Company that provides optional accidental death cover.
-
SBI Life Poorna Suraksha
It is a term insurance plan that provides increasing ‘Critical Illness Cover’. If the insured is diagnosed with a critical illness, he/she gets the premium waiver advantage.
-
SBI Life Income Shield
A pure-term insurance plan of SBI to provide regular income to the family of the policyholder in case of his/her unfortunate demise.
-
SBI Life Smart Shield
One of the basic term insurance plans of SBI provides rider benefits to its customers.
Features of SBI Life Smart Shield:
The features and benefits of this plan are:
- An insured can opt for either regular premium payment or single premium payment.
- The Level Term Assurance and Increasing Term Assurance – are two plan options that are offered.
- The death benefit can be paid as a sum assured of having a fixed annual income and a sum assured of having an increasing annual income.
- The tax benefits are also provided.
- The rider option offered in this plan – Accidental Permanent and Total Disability Rider, Accidental Death Advantage Rider, and Critical Illness Rider.
-
SBI Life Saral Shield
This is one of the most affordable and simple term insurance plans of SBI Life.
-
SBI Life Saral Sawadhan Plus
A term insurance plan that provides additional benefits to get premiums back at maturity.
-
SBI Life Grameen Bima
A term plan that is designed to offer the benefits of life insurance to economically below and socially deprived people.
Also read: Kotak Junior Savings Account
5. Kotak Term Insurance Plans
The best term insurance plans offered by Kotak Life Insurance Company are:
-
Kotak Income Protection Plan
One can purchase this plan online through the Website of Kotak Life Insurance Company.
-
Kotak Saral Suraksha
The premiums of this plan are very low.
-
Kotak Preferred e-Term Plan
Features of Kotak Preferred e-Term Plan:
One can purchase this plan online. The basic features and benefits of this plan are:
- For premium payment, the plan provides two options.
- The death benefits can be taken either in the recurring payout or immediate payout.
- The life cover is available with inbuilt riders that can be availed at lower rates.
- The sum assured is paid to the policyholder in case of the demise of the policyholder during the policy term.
Also read: Max Life Cancer Insurance Plan
6. Max Life Term Plans
The best term insurance plans offered by Max Life Insurance Company are:
-
Basic Life Cover
It is a pure-term insurance plan that pays a fixed amount of the sum assured to the nominee/ family of the policyholder in case of his/her demise during the policy term. The life stage benefits are also provided.
-
Basic Life Cover + Monthly Income
It is also one of the pure-term insurance plans offered by the Max Life Insurance Company that provides a fixed amount to the nominee and a fixed monthly income every month.
-
Basic Term Life Cover + Increasing Monthly Income
A plan that pays a fixed amount to the family of the policyholder and a fixed income every month that is paid for ten years that increases every year at the rate of 10% keeping an increase in living cost in mind.
7. Star Union Dai-ichi Term Insurance Plans
The best-term insurance plans offered by this company are:
-
SUD Life Premier Protection Plan
One of the most affordable term insurance plans that provides financial protection to the family of the insured in case of unfortunate demise.
-
SUD Life Family Income Benefit Rider Traditional
A rider plan that offers financial protection to the family in case of the unfortunate demise of the policyholder.
-
SUD Life Accidental Death and Total & Permanent Disability Benefit Rider
A rider plan that offers additional protection in the situation of unfortunate situations like an accident.
-
SUD Life Abhay
A non-participating and non-linked term insurance plan that provides financial protection to the family policyholder in case of his/her unfortunate demise.
8. Bajaj Allianz Term Insurance Plans
The best term insurance plans offered by Bajaj Allianz Life Insurance Company are:
-
Bajaj Allianz eTouch Online Term
It is a term insurance plan with a regular premium payment option. The plan offers life insurance with the advantages of accidental total permanent disability, accidental death, and critical illness coverage.
-
Bajaj Allianz i-Secure Term Insurance Policy
A type of term insurance plan that provides life insurance for the term finalized between the insurance provider and policyholder.
-
Bajaj Allianz iSecureMore
This is an increasing cover term insurance plan that increases the cover by 5% annually at every anniversary of the policy.
-
Bajaj Allianz iSecure Loan
This plan protects a policyholder from various loan liabilities.
-
Bajaj Allianz Life Secure
It is a term insurance policy of Bajaj Allianz that comes with a unique feature to protect the policyholder in all stages of life. It protects an insured until his/her 100th
-
Bajaj Allianz Life Style Secure
To provide the same lifestyle to the family of the policyholder in case of his/her demise, this plan is launched by the Bajaj Allianz Life Insurance Company.
9. Bharti AXA Term Insurance Plans
The best term insurance plans provided by Bharti AXA Life Insurance Company are:
-
Bharti AXA Life e-Protect
It is a pure-term insurance plan that offers death benefits to the nominee in case of the death of the policyholder during the tenure of the policy. The plan also offers a Family Care Benefit wherein a cheque of Rs.1 Lakh is paid to the insured within 48 hours of making the claim.
-
Bharti AXA Life e-Protect +
A ‘Sum Assured’ as a death benefit is paid to the nominee in case of the demise of the insured during the policy term. One can opt for either a monthly payment of the sum assured or a 50% payment (lump sum) after making the claim and rest as the installments for the ten years.
-
Bharti AXA Life Elite Secure
A term insurance plan that protects the policyholder reaches the age of 75 years. The plan is provided with affordable premiums and offers additional riders to improve coverage.
-
Bharti AXA Life Secure Confident
It is a pure-term insurance plan that is available at affordable premiums. The plan protects against financial risks like mortgages and debts taken by the policyholder.
-
Bharti AXA Life Income Protection Plan
A term insurance policy that has the return of premium option. The plan also offers two maturity benefits and two death benefits.
10. Canara HSBC Term Insurance Plans
The best-term insurance plans offered by this company are:
-
Canara HSBC iSelect Term Plan
A pure term insurance plan that also provides life insurance but also covers terminal illness. The nominee gets the sum assured as compensation on the demise of the insured during the policy term.
-
Canara HSBC Smart Suraksha Plan
It is a non-participating and non-linked term insurance plan. The sum assured provided under this plan can be Rs.20 Lakh and above.
-
Canara HSBC eSmart Term Plan
This plan is available online and provides accidental death benefits with death benefits.
11. Reliance Term Insurance Plans
The best-term insurance plans offered by Reliance are:
-
Reliance Online Income Protect
A term insurance plan that provides a lump sum amount when some eventuality occurs as well as offers regular income to the family of the policyholder.
-
Reliance E-Term Plan
An online term insurance plan of Reliance that provides large life insurance coverage at affordable rates of premium.
-
Reliance Term Plan
A pure-term insurance plan offered by Reliance to provide financial protection to the family of the policyholder when he/she dies during the policy term.
-
Reliance Online Term
An ideal term insurance plan for the people of this generation as it allows purchasing this plan online at really affordable rates.
12. Aviva Term Insurance Plans
-
Aviva iLife Term Insurance
One of its pure-term insurance plans Aviva is available online. The insurance provider offers a rebate on the premiums of higher sum assured ranges.
-
Aviva i-Shield Term Insurance
The best feature of this term insurance plan apart from death benefit is a premium return on maturity.
-
Aviva Life Shield Advantage
Another reliable term insurance plan of Aviva provides comprehensive coverage at affordable premiums and also offers a premium return on maturity.
-
Aviva Life Shield Platinum
One of the most comprehensive term insurance plans provides three major features – income protection, life cover, and loan protection apart from other term insurance benefits.
-
Aviva Sampoorna Suraksha
A non-participating and non-linked term insurance plan to provide financial security to the family of the policyholder when he/she dies during the policy’s term. The return of premium is another good feature of this plan.
-
Aviva Extra Cover
This plan is a special combination of the Aviva Health Secure Plan and the Aviva i-Life Term Plan to provide complete protection to the policyholder. This plan also provides choice to the policy seeker to buy more products as per his/her requirement.
-
Aviva i-Life Total
It is a non-participating and non-linked term insurance plan that has inbuilt terminal illness advantages.
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Aviva i-Term Smart
A smart way to provide financial security to the family of the policyholder when he/she is not around. The plan also covers some critical illnesses and disabilities.
13. Sahara Term Insurance Plans
The Sahara India Life Insurance Company offers two best term insurance plans in India:
-
Sahara Kavach Term Plan
A pure term insurance plan of Sahara India Life Insurance Company that offers death benefits to the family of the policyholder, if he/she dies during the policy term.
-
Sahara Samooh Suraksha Term Plan
A group term insurance plan offered by Sahara India Company is Sahara Samooh Suraksha.
14. PNB MetLife Term Insurance Plans
The term plan offered by PNB MetLife Company is:
-
PNB MetLife Mera Term Plan
A term insurance plan of PNB MetLife Company that gives flexibility to the insured to select from 4 options of payouts and offers protection for the policyholder’s spouse.
15. TATA AIA Term Insurance Plans
The best term insurance plans offered by TATA AIA Life Insurance Company are:
-
TATA AIA Life Insurance Sampoorna Raksha
It is a non-participating and non-linked term insurance plan offered by the TATA AIA Life Insurance Company. The plan provides financial safety to the family of the policyholder if he/she dies during the policy tenure. The plan gives different options to choose death benefits.
-
TATA AIA Life Insurance Sampoorna Raksha +
This term insurance plan of TATA AIA Company safeguards the financial future of the family of the policyholder. Moreover, it also returns the premium on the maturity of the policy.
-
TATA AIA Life Insurance i-Raksha TROP
Another non-linked and non-participating term insurance plan of TATA AIA can be purchased online. The plan not only takes care of the family of the insured in case of the unfortunate demise of the policyholder but also makes sure that the family of the policyholder gets all the premiums that he/she has paid in case of the end of the policy term.
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TATA AIA Life Insurance i-Raksha Supreme
A pure-term insurance plan that offers financial protection to the family of the policyholder in case of his/her unfortunate demise during the policy term.
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TATA AIA Life Insurance Maha Raksha Supreme
It is a limited premium payment endowment assurance plan. A plan with a non-linked and non-participating nature helps a policyholder to plan future financial needs carefully.
16. IDBI Federal Life Insurance
The best term insurance plans offered by IDBI Federal Life Insurance Company are:
-
IDBI Federal Life Insurance Income Protect Plan
The term insurance company of the IDBI Federal Life Insurance plan provides an option to take death benefits as a lump sum to fulfill the immediate requirements.
-
IDBI Federal Life Insurance i-Surance Flexi Term Plan
Another beneficial term insurance plan that gives conversion options for heart attack, cancer, or heart stroke of various severities.
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IDBI Federal Life Insurance Termsurance Sampoorn Suraksha Micro-insurance Plan
This plan provides life cover at an affordable rate and pays additional money in a situation of the accidental death of the insured.
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IDBI Federal Life Insurance Termsurance Life Protection Insurance Plan
It is a plan that returns the premium upon maturity. The insurance provider offers good discounts on the plans with a high sum assured.
17. Birla Sun Life Term Insurance Plans
The types of term insurance plans offered by Birla Sun Life Insurance Company are:
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BSLI Protector Plus Plan
A pure term insurance plan of Birla Sun Life Insurance Company that provides inbuilt benefits for permanent and total disability.
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BSLI Future Guard Plan
This plan offers a return of premium feature wherein the paid premiums are returned to the policyholder upon maturity.
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BSLI – Easy Protect Plan
Another pure-term insurance plan of Birla Sun Life Insurance Company that offers regular or single-pay options.
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BSLI –Protect @ Ease Plan
An insurance plan that provides high insurance coverage at very affordable rates.
18. IndiaFirst Anytime Plan
The best term insurance plans offered by IndiaFirstLife Insurance Company are:
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IndiaFirst Anytime Plan
An online term insurance plan that provides comprehensive coverage at an affordable rate.
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IndiaFirst Life Plan
This term insurance plan assures to provide a lump sum death benefit in case of the untimely demise of the policyholder during the policy term.
19. Future Generali Term Insurance Plans
The best term insurance plans offered by Future Generali Life are:
-
Future Generali Flexi Online Term Plan:
An online term insurance plan that provides comprehensive protection at the most affordable rates.
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Future Generali Care Plus
Another term insurance plan that offers high coverage at a low price is Future Generali’s Care Plus plan.
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Future Generali Express Term Life Plan
It is a non-participating and non-linked term insurance plan that provides death benefits to the family of the policyholder in case of his/her death during the policy term.
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Future Generali Term with Return of Premium
As the name of this plan says, it is a term insurance policy that is designed for financially savvy people and returns the premiums upon maturity if the insured survives.
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Future Generali POS Term with Return of Premium
Another term insurance plan with a return of premium option upon maturity. This plan gives the policyholder an advisor and handholds the insured as well.
20. Aegon Religare Term Insurance Plans
The best term insurance plans offered by Aegon Religare Life Insurance Company are:
-
Aegon Life iTerm Plus Insurance Plan
A complete term insurance plan that provides insurance coverage for 36 critical diseases.
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Aegon Life i-Return Insurance Plan
A term insurance policy that offers life insurance coverage for a specific term and pays back the complete premium, if everything goes well.
-
Aegon Life iTerm Insurance Plan
Another term insurance plan of Aegon Life Insurance Company is to provide the family of the policyholder financial protection against the unfortunate demise of the insured at a very affordable rate.
-
Aegon Life Term Insurance Plan
To provide the same lifestyle to the policyholder’s family as they were enjoying with the insured in case of his/her demise, this plan is recommended.
-
Aegon Life iTerm Forever Insurance Plan
A non-participating and non-linked term insurance plan that provides insurance coverage for whole life.
-
Aegon Life Easy Protect Insurance Plan
This term insurance plan is suggested to those who want to provide their families with the same lifestyle without them as they are having with them.
21. ShriramLife Term Insurance Plans
The best-term insurance plans offered by Shriram Life Insurance Company are:
-
Shriram Life Cash Back Term Plan
It is a term plan that is non-participating and non-linked and returns the premium upon maturity of the policy.
-
Shriram Life Secure Plus Plan
A non-linked and non-participating term insurance plan that promises to provide financial security to the family of the policyholder in case of his/her unfortunate demise during the policy term. The policy also returns all the premiums paid upon maturity of the plan.
22. Edelweiss Tokio Life Term Insurance Plans
The best term insurance plans provided by Edelweiss Tokio Life Insurance Company are:
-
Edelweiss Tokio Life Simply Protect
A term insurance plan that waives off the premiums upon critical illness and disability.
-
Edelweiss Tokio Life MyLife+
An online term insurance plan that provides life insurance coverage up to the age of 80 years at a low premium. An insured can opt for any of the three death benefits – monthly, lump sum, or a combination of both.
-
Edelweiss Tokio Life Total Secure+
An online term insurance plan that is comprehensive not only provides life cover but also protects 35 critical illnesses.
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Edelweiss Tokio Life Zindagi+
A comprehensive term insurance plan that provides an option to customize the life cover. With life cover for the policyholder, this plan also offers life cover for the spouse of the insured.
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Edelweiss Tokio Income Replacement
An income replacement plan that offers contentious monthly income to the family of the policyholder in case of his/her demise.
23. Exide Life Term Insurance Plans
The best term insurance plans offered by Exide Life Insurance Company are:
-
Exide Life Smart Term Plan
A pure-term insurance plan that pays back the premiums on the maturity of the policy is the Exide Life Smart Term Plan.
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Exide Life Elite Term Insurance Plan
A unique term insurance plan of Exide Life Insurance Company that offers high death benefits at reasonable premium rates as well as rewards a policyholder for living a healthy lifestyle.
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Exide Life Term Rider
A rider or add-on can be used to improve life insurance coverage at a very affordable rate.
24. DHFL Pramerica Term Insurance Plans
The best term insurance plans offered by DHFL Pramerica Life Insurance Company are:
-
DHFL Pramerica TruShield
A term insurance plan that takes care of the financial needs of the policyholder’s family when he/she is not around to help. Apart from term insurance benefits, this plan also returns the premium at maturity.
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DHFL Pramerica U-Protect
This term insurance plan is designed for those who want financial security for their family when they are no more.
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DHFL Pramerica Family Income
As the name of this plan suggests, it takes care of the monthly income of the policyholder’s family in his/her absence.
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DHFL Pramerica Family First
To provide financial support to the family of the insured. This is a monthly benefit policy that caters to the requirements of the policyholder’s family.
Conclusion
These are the top 24 term insurance providers and their best term insurance plans in brief. One can select a plan as per his/her requirement and by comparing different plans of the same category.
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