Best Term Insurance Plans in India 2019

Term insurance plans or term life insurance are a type of life insurance plans that provide coverage for a limited period of time, or for a certain ‘term’. After ‘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. There are some term policies that 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 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 eProtect 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 eTerm 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.

LIC Term Plans

LIC if India offers three best term insurance plans, which are:.

LIC Anmol Jeevan II:

A term insurance plan of LIC that offers a lump sum amount to the nominee as sum assured in case of 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 lie 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 death of the policyholder. The minimum age to take this plan is 18 years and the maximum is 60 years.

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 3D 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.

ICICI Term Insurance Plans

The best term insurance plans offered by ICICI Prudential Life Insurance Company are:

ICICI Pru iProtect Smart:

A pure term insurance plan which provides protection not only against the demise of the policyholder but against critical illness, accidents, and even 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 nominee of the insured, if the insured dies within the policy term.

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 eIncome 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 that 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 – two plan options are offered.
  • The death benefit can be paid as sum assured having fixed annual income and sum assured having 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 the SBI Life.

SBI Life Saral Sawadhan Plus:

A term insurance plan that provides additional benefit 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.

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 demise of the policyholder during the policy term.

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 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 increase in living cost in mind.

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 provide 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 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.

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 the regular premium payment option. The plan offers life insurance with the advantages of accidental total permanent disability, accidental death, and critical illness cover.

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 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 the unique feature to provide protection to the policyholder in all stages of life. It protects am 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.

Bharti AXA Term Insurance Plans

The best term insurance plans provided by Bharti AXA Life Insurance Company are:

Bharti AXA Life eProtect:

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 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 eProtect + :

A ‘Sum Assured’ as a death benefit is paid to the nominee in case of demise of the insured during the policy term. One can opt for either monthly payment of the sum assured or 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 provides protection till the policyholder reaches at 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 in affordable premiums. The plan provides protection 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.

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.

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 cover 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 gives an opportunity to purchase this plan online at really affordable rates.

Aviva Term Insurance Plans

Aviva iLife Term Insurance:

One of the pure term insurance plans of Aviva that 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 that 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 that provide 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 Aviva Health Secure Plan and Aviva i-Life Term Plan for providing 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.

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.

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.

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 as well offers provides protection for policyholder’s spouse.

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 benefit.

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 iRaksha 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 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 policy term.

TATA AIA Life Insurance iRaksha 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.

TATA AIA Life Insurance Maha Raksha Supreme:

It is a limited premium payment endowment assurance plan. The plan with non-linked and non-participating nature helps a policyholder to plan future financial needs carefully.

IDBI Federal Life Insurance

The best term insurance plans offered by IDBI Federal Life Insurance Company are:

IDBI Federal Life Insurance Income Protect Plan:

A term insurance plan of IDBI Federal Life Insurance Company that provides an option to take death benefit as a lump sum to fulfill the immediate requirements.

IDBI Federal Life Insurance iSurance Flexi Term Plan:

Another beneficial term insurance plan that gives conversion option for heart attack, cancer, or heart stroke of various severities.

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.

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 high sum assured.

Birla Sun Life Term Insurance Plans

The types of term insurance plans offered by Birla Sun Life Insurance Company are:

BSLI Protector Plus Plan:

A pure term insurance plan of Birla Sun Life Insurance Company that provides inbuilt benefit for permanent and total disability.

BSLI Future Guard Plan:

This plan offers a return of premium feature wherein the paid premiums are returned to the policyholder upon maturity.

BSLI – Easy Protect Plan:

Another pure term insurance plan of Birla Sun Life Insurance Company that offers regular or single pay option.

BSLI –Protect @ Ease Plan:

An insurance plan that provides high insurance coverage at very affordable rates.

IndiaFirst Anytime Plan

The best term insurance plans offered by IndiaFirstLife Insurance Company are:

IndiaFirst Anytime Plan:

An online term insurance plan that provides comprehensive coverage at an affordable rate.

IndiaFirst Life Plan:

This term insurance plan assures to provide lump sum death benefit in case of the untimely demise of the policyholder during the policy term.

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 most affordable rates.

Future Generali Care Plus:

Another term insurance plan that offers high coverage at a low price is Future Generali’s Care Plus plan.

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.

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.

Future Generali POS Term with Return of Premium:

Another term insurance plan with return of premium option upon maturity. This plan gives policyholder an advisor and handhold the insured as well.

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.

Aegon Life iReturn 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 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.

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 in non-participating and non-linked in nature 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.

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 cover 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 in nature that not only provides life cover but also provides protection for 35 critical illnesses.

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.

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.

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.

Exide Life Elite Term Insurance Plan:

A unique term insurance plan of Exide Life Insurance Company that offers high death benefits in reasonable premium rates as well as rewards a policyholder for living a healthy lifestyle.

Exide Life Term Rider:

A rider or add-on that can be used to improve the life insurance covers at a very affordable rate.

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 the maturity.

DHFL Pramerica U-Protect:

This term insurance plan is designed for those who want financial security for their family when they are no more.

DHFL Pramerica Family Income:

As the name of this plan suggests, it takes care of the monthly income of policyholder’s family in his/her absence.

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 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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About Geet Sharma

My Name is Geet Sharma Financial Blogger & Founder of Paisabank.org. We are a personal finance blog dedicated to finance & financial planners. The main aim of this blog is to help people to informed about financial decisions.
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3 thoughts on “Best Term Insurance Plans in India 2019

  1. In India, people are getting aware and started feeling the importance of financial investments nowadays. It is a responsibility of the financial industry to support and spread the proper awareness and guidance among people across the country.

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