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Covid-19 pandemic situation has made a significant impact on the socio-economical structures of individuals, societies & business across the glob. The insurance sector is also not escaped it’s impact, but insurance companies & their aggregators have responded efficiently to the crisis faced by everyone. As an outcome, the availability of customized insurance plans, affordability & simplified plans have been given to the people an array to choose the best term insurance plan in India for individuals & their family.
Looking to buy best term insurance plan in India? Find complete details in one go!!
What is Term Insurance?
A term insurance plan is a type of life insurance plan that provides compensation to the beneficiary for the unfortunate loss of the life assured during the policy tenure. The sum assured amount known as death benefit is provided to the nominee or family member of the life assured in case of an unforeseen demise of the life assured during the policy tenure. Term insurance is the most simplest form of life insurance which helps an individual to financially secure your loved ones in their absence. Term insurance plans are very affordable, an individual can get a high coverage amount at the minimum affordable premiums.
11 Best Term Insurance Plan in India 2022
Here is the list of the 11 best term insurance plan in India from some of the top-rated term insurance companies here, along with their salient features, for you to choose and buy in the year 2022.
| Plan Name | Entry Age (Min/ Max) in years | Policy Tenure (Min-Max) in years | Sum assured (minimum) | Claim Settlement Ratio (CSR) |
| LIC Tech Term | 18 -65 | 10 – 40 | ₹ 50 lakhs | 96.69% |
| HDFC Click2Protect Plus | 25 – 65 | 5 – 85 | ₹ 10 lakhs | 99.07% |
| Max Life Smart Secure Plus Plan | 18 – 65 | 10 – 67 | ₹ 20 lakhs | 99.35% |
| SBI Life eShield | 18 – 65 | 5 – 80 | ₹ 35 lakhs | 94.52% |
| Tata AIA Sampoorna Raksha Supreme | 18 – 65 | 10 – 40 | ₹ 50 lakhs | 99.06% |
| ICICI Prudential iProtect Smart Term Plan | 18 – 65 | 5 to 40 | subject to minimum premium | 97.84% |
| Bajaj Allianz Smart Protect Goal Term Plan | 18 – 65 | 5 to 40 | ₹ 50 lakhs | 98.02% |
| PNB MetLife Mera Term Plan Plus | 18 – 65 | 10 to 65 | ₹ 10 lakhs | 97.18% |
| Kotak e-Term Plan | 18 – 65 | 5 to 40 | ₹ 25 lakhs | 96.38% |
| Aviva LifeShield Advantage Plan | 18 – 55 | 10 to 65 | ₹ 35 lakhs | 97.54% |
| Bharti AXA Life Flexi Term Plan | 18 – 65 | 5 to 60 | ₹ 10 lakhs | 98.12% |
#1. LIC of India : Best Term Insurance Plan in India
LIC of India is one of the best term insurance plan in India in largest government insurer with a widespread network and reach. LIC has two categories of premium rates
- Smoker rates
- Non-smoker rates
Non-smoker rates shall be based on the findings of the Urinary Cotinine test.
LIC of India Term Insurance Individual Death Claims Paid Ratio – 94.45%
LIC of India Term Insurance Policy Terms
| Minimum age at entry | 18 years |
| Maximum age at entry | 65 years |
| Max. Maturity age | 80 years |
| Min. Sum Assured | Rs. 25 Lacs |
| Max. Sum Assured | No limit |
| Policy term | Min. 10 years Max. 40 years |
| Premium payment term | Regular at annual, semi-annual, quarterly or monthly For e-Term only annually |
Riders:
- LIC of India accidental death benefit rider
- LIC of India accidental death and disability benefit rider
- LIC of India New Critical Illness Benefit Rider
Best Term Insurance Plan in India from LICI
- LIC’s Jeevan Amar Term Plan
- LIC’s TECH-Term Plan
Pros:
- Widespread reach and largest network of offices.
Cons:
- Slow processing of applications & claims
#2. HDFC Standard Life : Best Term Insurance Plan in India
HDFC Life is another best term insurance plan in India and they have term plan has nine plan options to choose as per the requirement to cover death, disability and disease.
- Life Option – lumpsum benefit on death
- 3D Life option – waiver of premium on detection of 34 critical illness
- Extra Life option – Additional sum assured
- Return of premium – On survival
- Long life protection option – Benefits under life option for whole life
- 3D Life Long protection option – Benefits under Long life protection option along with the waiver of premium on detection of 34 critical illness
- Income Option – Lumpsum plus monthly income (level or increasing)
- Extra Life Income option – Extension to the Income option
- Income replacement option – In case of death or diagnosis of terminal illness, the nominee will receive 12 times the monthly income as a lump sum as well as level/ increasing monthly income.
HDFC Life gives 5% discount on premium for a policy purchased online.
HDFC Term Life Insurance Individual Death Claims Paid Ratio – 88.63%
HDFC Life Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
Up to 65 years |
| Max. Maturity age | 85 years/ Whole of Life |
| Min. Sum Assured | Rs. 10 Lacs |
| Max. Sum Assured | No limit Subject to underwriting policy |
| Policy term | Min. 5 years Max. 40 years/ Whole Life (85 years – age at entry) |
| Premium payment term | Regular at annual, semi-annual, quarterly or monthly |
Riders:
- HDFC Life Income Benefit on Accident Disability rider
- HDFC Life Critical Illness Plus rider
Best Term Insurance Plan in India from HDFC Life
- HDFC Life Click 2 Protect 3D Plus Term Plan
- HDFC Life Click 2 Protect Plus Term Plan
- HDFC Life Click 2 Protect Health Plan
- HDFC Life Click 2 Protect Corona Kavach Plan
Pros:
- Nine flexible options to choose
- Up to 5% discount on premium for online policy purchase
Cons:
- Comparatively lower claims paid ratio
#3. Max Life Smart : Best Term Insurance Plan in India
Max life insurance is one of the most preferred insurance company which has best term insurance plan in India due to its high claim settlement ratio. The company has a 99.22% claim settlement ratio for the year 2019-20.
You would get the option to customized the term plans based on your needs. You can have a term plan cover till the age of 85 years.
Max term insurance charge less premium for term plans as compared to other company plans.
For example, if you are 30 years old, you can get coverage of Rs 1 crore by paying a premium of approximately Rs 1000 per month.
A new addition, COVID-19 Rider – Max offer a COVID rider plan which offers benefit on both diagnoses and death.
For example, you take the rider plan with 10 lakh coverage. You would get a lump sum of Rs 2 lakh in case you diagnosed with COVID, even cured at home. In case of death, up to 10 lakh additional lump sum would be added in the coverage of your base term plan.
You can get the COVID rider plan by paying only Rs 270 per lakh coverage additional to your basic coverage plan. You can get maximum coverage of 10 lakh for the COVID-19 rider plan.
Max Term Life Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
60 years |
| Max. maturity age | 85 years |
| Min. Sum Assured | Rs. 25 Lacs |
| Max. Sum Assured | No limit |
| Policy term | Min. 10 years Max. 50 years |
| Premium payment term | Regular at annual, semi-annual, quarterly or monthly |
Riders:
- COVID 19 rider – additional protection on diagnosing and death due to COVID-19.
- Waiver of Premium Plus rider – get waiver of all future premiums in case of critical illness/ dismemberment/ death.
- Accidental death & Disbursement rider – get additional protection cover in case of accidental death or disability.
- Critical illness benefit – benefit on diagnosed with a critical illness.
Best Term Insurance Plan in India from Max Life
- Max Life Smart Term Plan
- Max Life Premium Return Protection Plan
- Max Life Super Term Plan
Pros:
- Lowest premium
- Higher 99.22% claim settlement ratio
- COVID-19 rider plan
- Option to customize plan for premium & settlement terms.
Cons:
- No inbuilt riders
#4. SBI Life : Best Term Insurance Plan in India
SBI Life has a unique micro-insurance term plan which is also one of the best term insurance plan in India for below the poverty line persons with a maximum premium amount of Rs. 2000 and maximum sum assured of Rs. 50,000.
But their regular term plan is SBI- Life Smart Shield that comes with two structures –
Increasing Term Assurance
Under which the sum assured automatically increases by a simple rate of 5%.
Level Cover Benefit
The sum assured remains the same throughout the policy term.
SBI allows the surrender of term policy with surrender benefits up to 80% for single premium cases.
SBI Life offers a special premium discount of up to 30% on large sum assured. However, there is a premium frequency loading up to 8.5% on monthly premium payments.
SBI Term Life Insurance Individual Death Claims Paid Ratio – 92.13%
SBI Life Insurance Policy Terms
| Minimum age at entry | 18 years |
| Maximum age at entry | Up to 60 years |
| Max. Maturity age | 80 years |
| Min. Sum Assured | Rs. 25 Lacs |
| Max. Sum Assured | No limit Subject to underwriting policy |
| Policy term | Min. 5 years Max. (80 less age at entry) years |
| Premium payment term | Regular at annual, semi-annual, quarterly or monthly |
Riders:
- SBI Life Accidental Death Benefit rider
- SBI Life Accidental Total and Permanent Disability Benefit rider
Best Term Insurance Plan in India from SBI Life
- SBI Life Smart Shield Plan
- SBI Life eShield Plan
- SBI Life Saral Shield Plan
- SBI Life Poorna Suraksha Plan
- SBI Life Grameen Plan
Pros:
- Term plans for below poverty line persons
- Up to 30% discounts on premium for a large sum assured
- Surrender allowed for single premium cases
Cons:
- 60 years as max age of entry
- 80 years as max maturity age
- Premium frequency loading
#5. TATA AIA Life : Best Term Insurance Plan in India
TATA AIA has one of the best term insurance plan in India which give longer life cover of up to 85 years of age or for whole life coverage which is till the age of 100 years.
You have the flexibility to choose four death benefit options
- Option 1 – “Sum Assured on Death” as Lump Sum benefit on Death
- Option 2 – “Sum Assured on Death” as Lump Sum benefit on Death & Monthly Income for next 10 years
- Option 3 – “Enhanced Sum Assured on Death” as Lump Sum benefit on Death
- Option 4 – “Enhanced Sum Assured on Death” as Lump Sum benefit on Death & Monthly Income for next 10 years.
TATA AIA offers higher protection discount of up to 25% for sum assured of over Rs. 75 Lacs.
The drawback is the loadings of up to 6% on premiums paid on monthly basis.
TATA AIA Term Life Insurance Individual Death Claims Paid Ratio – 94%
TATA AIA Life Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
Up to 70 years |
| Max. Maturity age | 85 years Whole Life cover 100 years |
| Min. Sum Assured | Rs. 50 Lacs |
| Max. Sum Assured | No limit Subject to underwriting policy |
| Policy term | Min. 10 years Max. 85 years OR 100 less age at entry years |
| Premium payment term | Annual, semi-annual, quarterly or monthly |
Riders
- TATA AIA accidental death and dismemberment rider
- TATA AIA waiver of premium plus rider
Best Term Insurance Plan in India from TATA AIA Life
- TATA AIA Life Sampoorna Raksha Plan
- TATA AIA Life Sampoorna Raksha+ Plan
- TATA AIA Life iRaksha TROP Plan
- TATA AIA Life Maha Raksha Supreme Plan
Pros:
- Whole life cover up to 100 years
- Higher protection premium discount on Rs. 75 Lacs+ sum assured
Cons:
- Loading on monthly premium payments
#6. ICICI Prudential Life : Best Term Insurance Plan in India
ICICI Prudential has the best term insurance plan in India with a cover for COVID-19 claims. The iProtect Smart term plan has four benefit options
- Life Option – Death Benefit + Terminal Illness + Waiver of premium on permanent disability
- Life Plus – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accidental Death benefit
- Life & Health – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accelerated Critical Illness benefit
- All in One – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accidental Death benefit + Accelerated Critical Illness benefit
Further, ICICI Pru pays term benefits on the first diagnosis of 34 critical illness. The death / terminal illness benefit include Cancer, Heart disease, Brain and nervous system related disease.
ICICI Prudential Term Life Insurance claim settlement ratio – 97.80%
ICICI Prudential Term Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
Up to 65 years |
| Max. Maturity age | up to Whole Life (99 years less age at entry) |
| Min. Sum Assured | As per premium |
| Max. Sum Assured | Unlimited |
| Policy term | 8 – 81 years |
| Premium payment term | Regular at annual, semi-annual, or monthly |
Riders
- ICICI Pru Accidental death benefit rider plus
- ICICI Pru Critical Illness rider
Best Term Insurance Plan in India from ICICI Prudential Life
- ICICI Pru iProtect Smart Term Plan
- ICICI Pru POS iProtect Smart Term Plan
- ICICI Pru iProtect Smart Money Back Term Plan
Pros:
- Long whole life cover till 99 years of age
- 34 Critical illness benefit
Cons:
- No rebate on premium for higher sum assured
#7. Bajaj Allianz Life : Best Term Insurance Plan in India
Bajaj Allianz has also the best term insurance plan in India to choose from with unique benefits like the plan on joint life basis along with spouse, business partner or child.
The joint-life term policy continues even after the death of one person. On the first death, the insurer pays the sum assured and on the second an additional sum assured is paid.
Bajaj Allianz term insurance life cover is up to the age of 99 years and has a surrender benefit.
Bajaj Allianz Term Life Insurance Individual Death Claims Paid Ratio – 83.94%
Bajaj Allianz Life Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
Up to 65 years |
| Max. Maturity age | up to (99 minus age at entry) years |
| Min. Sum Assured | Rs. 20 Lacs |
| Max. Sum Assured | No limit Subject to underwriting policy |
| Policy term | Min. 5 years Max. 40 years/ Whole Life (99 minus age at entry) years |
| Premium payment term | Regular at annual, semi-annual, quarterly or monthly |
Riders
Bajaj Allianz does not have additional riders to pick from. The common riders like accidental death benefit, accelerated critical illness and waiver of premium benefit have been clubbed with term policy as options.
Best Term Insurance Plan in India from Bajaj Allianz Life
- Bajaj Allianz Life Smart Protect Goal Term Plan
- Bajaj Allianz Life eTouch Online Term Plan
- Bajaj Allianz iSecure Term Plan
- Bajaj Allianz iSecure More Term Plan
- Bajaj Allianz iSecure Loan Term Plan
- Bajaj Allianz Life Secure Term Plan
- Bajaj Allianz LifeStyle Secure Term Plan
Pros:
- The term policy can be purchased jointly along with spouse
- Whole life cover (up to 99 years)
- Surrender benefits available
Cons:
- Comparatively lower claims paid ratio
#8. PNB Metlife POS Suraksha : Best Term Insurance Plan in India
PNB Metlife POS Suraksha TROP is also the best term insurance plan in India which allows for repayment of 100% of total premiums paid on the survival of the policyholder at the end of the policy terms.
The unique benefit is the flexibility to pay premiums as under
- For premium payment term of 5 years with a Policy term = 10 years
- For premium payment term of 10 years with Policy term = 10 or 15 years
- For premium payment term of 15 years with Policy term = 15 years
PNB Metlife Term Life Insurance Individual Death Claims Paid Ratio – 82.40%
PNB Metlife Term Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
Up to 55 years |
| Max. Maturity age | 65 years |
| Min. Sum Assured | Rs. 50,000 |
| Max. Sum Assured | Up to Rs. 25 Lacs |
| Policy term | For PPT* of 5 – Policy term of 10 years For PPT of 10 – Policy term of 10 or 15 years For PPT of 15 – Policy term of 15 years |
| Premium payment term | Regular at annual, semi-annual, or monthly |
*Premium payment term
Riders:
- PNB Metlife Accidental death benefit rider plus
- PNB Metlife Serious illness rider
- PNB Metlife Critical illness rider
- PNB Metlife Accidental disability benefit rider
Best Term Insurance Plan in India from PNB Metlife Life
- PNB Metlife POS Suraksha TROP
- PNB Metlife Mera Term Plan
- PNB Metlife Family Income Protector Plus
Pros:
- 7000+ PNB branch network
- Flexibility to pay premiums for 5,10 or 15 years
Cons:
- The lower sum assured of Rs. 25 Lacs only
- Comparatively lower claims paid ratio
#9. Kotak Mahindra Life : Best Term Insurance Plan in India
Kotak Mahindra Life has also the best term insurance plan in India which gives the flexibility to convert a term plan (only Kotak Term Plan) to a policy of any other plan offered by Kotak Life Insurance.
Kotak e-Term plan also provides flexibility to increase or decrease life covers with step-up/down options. Like a 50% increase in sum assured at events like marriage and purchase of the house.
The step-up option can be exercised only up to 45 years of age while step down can be exercised anytime during the policy term.
Kotak Mahindra Life has three payout options
Immediate payout – 100% lump sum
Level recurring payout – 10% at claim settlement and 6% payable every year for 15 years
Increasing recurring payout – 10% at the time of claim settlement and 6% at the end of the first year after which the payout increases by 10% every year for 15 years.
However, the insurer charges up to 8.8% loading on premium for monthly payments
Kotak Mahindra Term Life Insurance Individual Death Claims Paid Ratio – 88.88%
Kotak Mahindra Life Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
Up to 65 years |
| Max. Maturity age | 75 years |
| Min. Sum Assured | Rs. 25 Lacs |
| Max. Sum Assured | No limit Subject to underwriting policy |
| Policy term | Min. 5 years Max. 40 years or (75 – age of entry) |
| Premium payment term | Regular at annual, semi-annual, quarterly or monthly |
Riders
- Kotak Permanent Disability Benefit rider
- Kotak Critical Illness Plus Benefit rider
Best Term Insurance Plan in India from Kotak Mahindra Life
- Kotak Term Plan
- Kotak e-Term Plan
Pros:
- Flexibility to convert term policy to any other policy
- Sum Assured step up or down option
Cons:
- 8.8% loading on monthly premium payment
- Comparatively lower claims paid ratio
#10. Aviva Life Shield Advantage : Best Term Insurance Plan in India
On survival of the policy period Aviva Life Shield Advantage, the best term insurance plan in India, pays you the maturity sum assured equal to the sum of total premiums paid without interest.
The term insurance offers a flexible assured death benefit option when an insured individual dies.
Option A (Life protection ) – Death Sum assured is paid
Option B (Life cum disability protection along with the return of premium) – Death Sum assured along with the sum of total premiums paid.
The term insurance comes with surrender benefit after completion of the first two years of policy which is greater of the guaranteed surrender value or special surrender value.
Aviva Life allows to alter the payment frequency among annual, semi-annual, quarterly or monthly on policy anniversary for a nominal fee of Rs.100.
Aviva Term Life Insurance Individual Death Claims Paid Ratio – 92.25%
Aviva Term Life Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
Up to 55 years |
| Max. Maturity age | 65 years |
| Min. Sum Assured | Rs. 35 Lacs |
| Max. Sum Assured | Rs. 50 Lacs |
| Policy term | Minimum 10 years to 30 years |
| Premium payment term | Regular at annual, semi-annual, quarterly or monthly |
Best Term Insurance Plan in India from Aviva Life
- Aviva Life Shield Advantage Term Plan
- Aviva Jana Suraksha Term Plan
Pros:
- Flexible assured death benefit option
- Life cum disability protection along with return of premium
Cons:
- Higher minimum policy term of 10 years
- Comparatively lower claims paid ratio
#11. Bharti Axa : Best Term Insurance Plan in India
Bharti Axa Flexi Life has one of the best term insurance plan two types of term insurance plans to match individual needs.
First, regular death benefit term insurance plan with life cover. Second is the regular term life plan with added coverage for critical illnesses at an additional cost.
Both the plans have a maximum coverage term of up to age 85 years. The two variants for a term plan with critical illness cover are
- Comprehensive cover – 34 illness
- Major illness cover – 15 illness
All the term plans have a flexible benefit payout option
- Lumpsum
- Increasing monthly income – the death benefit will be paid out as a monthly income increasing annually by 10% at the simple rate for a period of 15 years.
- Lump sum plus increasing monthly income – Half of the death benefit will be paid out as lump sum and the remaining half in the form of monthly income increasing annually by 10% at the simple rate for a period of 15 years.
The payout option and critical illness option chosen at inception cannot be modified at a later date.
However, in case of surrender, the policy gets terminated and no surrender value is payable.
Bharti Axa Life Insurance Individual Death Claims Paid Ratio – 97.4% for FY 2019-20.
Bharti Axa Flexi Life Term Insurance Policy Terms
| Minimum age at entry |
18 years |
| Maximum age at entry |
65 years |
| Max. maturity age | 85 years |
| Min. Sum Assured | Rs. 10 Lacs |
| Max. Sum Assured | Life Cover – Rs. 25 Lakh LIfe Cover with Critical Illness – Rs. 25 Lakh |
| Policy term | Fixed -10, 15, 20, 25 years To age – 60, 65, 70, 75, 85 years |
| Premium payment term |
Regular at annual, semi-annual, quarterly or monthly |
Riders
- Accidental death benefit rider
Best Term Insurance Plan in India from Bharti Axa Life Flexi
- Bharti Axa Flexi Term life cover with comprehensive cover
- Bharti Axa Flexi Term life cover with Heart & Cancer cover
- Bharti Axa Flexi Term life cover with major illnesses cover
- Bharti Axa Flexi Term life cover
Pros:
- Three flexible payout options
- Critical illness cover
Cons:
- Restriction on modification in critical illness cover
- Low sum assured
Reasons To Buy Best Term Insurance Plan in India
Term insurance plans are the basic type of life insurance policy which are very cost effective and help a person in securing a financially protected future for their loved ones. Below mentioned are some reasons why you should invest in a term insurance policy:
Affordable Premiums:
According to the nature of the coverage provided under a term insurance policy the premiums of a term insurance policy are quite affordable. An individual can avail high coverage at nominal premiums rates. It is also advised to purchase a term insurance policy at a young age because older people are more prone to diseases and require more coverage which increases the premium.
Helps in Tax Savings:
A major advantage of purchasing a term insurance plan is that it can help you save taxes. Premium paid for a term insurance policy qualify for tax benefits under Section 80C of the Income Tax Act for up to Rs. 1.5 Lakh. Death/Maturity under a term insurance policy are also tax free according to the Section 10(10D) of the Income Tax Act.
Option to Add Riders:
Under a term insurance policy you can add additional coverages known as riders which help in increasing the scope of coverage under a term insurance policy. The riders can be added to the term insurance policy in exchange of additional premium. Some commonly opted life insurance riders are Accidental Death Benefit, Accidental Total and Permanent Disability, Critical Illness Rider, Waiver of Premium Rider etc.
Provides Financial Security:
A term insurance policy is known as pure protection plans which help in providing financial security to the family of the life assured in case of an unforeseen demise of the life assured during the coverage period. The death benefit shall be provided to the nominee in case of untimely demise of the life assured which can help the family members of the life assured to fulfil their financial requirements in case the life assured is not around.
Why To Buy best Term Insurance plan in India Online?
The insurance sector has evolved over the years in India. There are several insurance companies who provide different term plans to cater to diverse needs of people. Most insurance providers now offer best term insurance plan in India online utilizing the benefits of online platforms to reach different potential buyers: Before you proceed to purchase a term insurance plans you should know why purchasing a term insurance policy online is worth it:
Hassle Free Comparisons:
One major reason you should consider purchasing a term insurance plan online hassle-free comparisons of several term insurance plans using the premium calculator tool online. The main objective here is to purchase the best term insurance plan in India after comparing several term plans and while purchasing a term plan online you can easily compare several term plans at once.
Lower Premiums Rates:
While purchasing the best term insurance plan in India online you eliminate the need to deal to agents or advisors who can influence your purchasing decisions. Some insurance providers offer attractive premium rates when you choose to purchase a term insurance plan online.
Easy and Safe Purchase:
When you choose to purchase best term insurance plan in India online you can easily purchase from the comfort of your home anytime you want to. You need not run from one insurance provider’s office to another in search of a good term plan. Purchasing term insurance online is quite safe; the payment gateways are encrypted and saves a lot of time.
Benefits of Best Term Insurance Plan in India
Term insurance is a kind of life insurance policy that provides life cover to the life assured at an affordable premium rate. This is the most basic type of life cover that one can get. You can ensure financial security for your loved ones in case anything unforeseen happens to you during the policy tenure as this policy provides a death benefit in case of an untimely demise of the life assured during the policy tenure. Some term plans also provide maturity benefits in case the life assured survives the entire policy tenure, helping the life assured to fulfil their long-term financial goals. Term insurance can also help you save taxes and provide you a sense of peace of mind.
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Death Benefit
Term insurance provides a death sum assured (death benefit) to the nominee in the event of an unforeseen demise of the life assured during the policy term. This benefit helps your family remain financially sound in the time of emotional grief and meet financial liabilities, if any.
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Peace of Mind
Best Term Insurance plan in India help you maintain your peace of mind by securing the future of your loved ones financially in your absence. They give you enough assurance that the standard of living of your family and their dreams will not be compromised when you’re not around them.
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Financial Stability
The best term insurance plan in India helps you maintain financial stability of your family in case of your untimely demise. Also, if you opt for term insurance with return of premiums (TROP), you are eligible to receive a sum assured on plan maturity if you survive the entire policy term.
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Tax Benefits
Life insurance premiums qualify for a tax deduction under Section 80C of the Income Tax Act. Also, as per Section 10(10D), the sum assured (SA) received on death or plan maturity is eligible for tax exemption if the premium is up to 10% of the SA or SA is at least 10X of premium amount.
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Pocket Friendly
Best term insurance plan in India is known for providing high insurance coverage at affordable premiums. They help you secure the future of your family with amounts as high as Rs. 10 Crore or more against nominal premium amounts. Term plans’ affordability, make them a preferred choice.
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Whole Life Cover Benefit
Some of the life insurance providers offer a whole life cover with their standard term plans. This helps you to enjoy the benefits of a life cover till 99 years of age. This benefit enhances your peace of mind and helps you live your life to the fullest without worries.
Features Of Best Term Insurance Plan in India
Following are the features of different best term insurance plan in India available here:Type Of Term Insurance Policy
Features
Level Term Plans This is the basic term insurance policy under which the sum assured is fixed and shall be provided in case of an unforeseen demise of the life assured. Term Plans With Return Of Premium (TROP) Term plan with returns of premium also known as TROP provide a maturity benefit at the end of the policy term in case the life assured survives the entire policy tenure. Increasing Term Plan Increasing term plan allows the life assured to increase the sum assured of the term insurance policy on a yearly basis keeping the premium of the policy the same, but premiums of this type of term insurance policies are expensive. Decreasing Term Plan Decreasing term insurance plans allow the life insurance to decrease the sum assured amount on a yearly basis according to your changing insurance requirements. This type of term insurance policy is ideal for people who have to pay off debts. Convertible Term Plan Convertible term plan is a type of term insurance policy which can be converted into any other life insurance policy after a certain period of time.
Conclusion
Finally, analyzing the details you may choice your best term insurance plan in India according to you need. Unlike you can pick HDFC Life Term Insurance Plan For family protection as it has the highest individual death claim ratio.
HDFC Life has the smoothest claim processing service with flexible benefit payout options.
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