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Best Term Insurance Plans in India

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Term insurance is a type of life insurance offering financial protection to the dependents of policyholders. These plans are designed to provide death benefits to the beneficiaries if the insured individual passes away during the policy term.

term insurance presents an economical way to secure one's family's financial future and have cover for their financial obligations such as mortgage payments, education expenses, and daily living costs. With flexible policy terms and several more features available, term insurance plans can help individuals meet their specific needs during uncertain times.

Which are the Best Term Insurance Plans in India for NRIs?

The following table enlists some of the available best term insurance plans in India -

Name of the Insurance Company Name of the Plan Minimum and Maximum Entry Age Minimum-Maximum Maturity Age Sum Assured (Minimum-Maximum)
life insurance Corporation of India LIC Tech Term Insurance Plan 18-65 years 80 years 50 Lacs - No limit
Aditya Birla Sun Life Insurance Aditya Birla Sun Life Insurance DigiShield Plan 18-65 years 85 years 30 Lacs - No limit
SBI Life Insurance SBI Life eShield Next 18-65 years 85 years 50 Lacs - No limit (For smokers - 99 Lacs)
Bharti AXA Life Insurance Bharti AXA Flexi Term Pro 18-65 years 99 years 24 Lacs - No Limit
IndiaFirst Life Insurance IndiaFirst e-Term Plus Plan 18-55 years 80 years 50 Lacs - No limit
Aegon Life Insurance Aegon Life iTerm Comfort 18-65 years 70 years 25 Lacs - 1.25 Cr
Edelweiss Tokio Life Insurance Edelweiss Tokio Total Protect Plus 18-55 years 100 years 25 Lacs - No limit
Kotak Mahindra Life Insurance Kotak e-Term Plan 18-65 years 75 years 25 Lacs - No limit
Canara HSBC OBC Life Insurance Canara HSBC iSelect Smart360 18-65 years 99 years Life Secure - 25 Lacs and 15 Lacs for ROP and Income benefit
PNB MetLife India Insurance PNB MetLife Mera Term Plan Plus 18-60 years 99 years 25 Lacs - No limit
Bajaj Allianz Life Insurance Bajaj Allianz eTouch Lumpsum 18-45 years 85 years 50 Lacs - 1 Cr (2 Cr with rider)
TATA AIA Life Insurance TATA AIA SRS Vitality Protect 18-60 years 100 years 50 Lacs - 20 Cr
Max Life Insurance Max Life Smart Secure Plus 18-65 years 85 years 20 Lacs - No limit
HDFC Standard Life Insurance HDFC Life Click 2 Protect Super 18-65 years 85 years 50 Lacs - 20 Cr
ICICI Prudential Life Insurance ICICI Prudential iProtect Smart 18-65 years 75 years 5- Lacs - 10 Cr

How to Choose the Best Term Insurance?

Here are some key points that you must take into account to select the best term insurance for you and your dependents -

Determine Your Financial Requirements

The first step here is to assess your current financial requirements when selecting term insurance. This is because the coverage should be sufficient to cater to one’s dependents’ financial requirements in case of the former’s unfortunate demise. 

As a thumb rule, your policy must provide sufficient financial protection to cover existing debts, future expenses such as children's education and marriage, and daily living expenses of dependents. If you determine your financial needs incorrectly, it may result in insufficient coverage amount, which can leave your dependents financially vulnerable in case of an unfortunate scenario. 

Check for the Claim Settlement Ratio

When looking for a term insurance plan, make sure to check the providers’ claim settlement ratios as it is a good indicator of the said providers’ ability to honour claims. CSR is fundamentally the percentage of claims settled by the insurance company against the total number of claims received. A higher claim settlement ratio indicates that the provider is efficient in settling claims and vice versa. 

Know the Coverage

It is always a wise choice to shortlist a few plans beforehand and look for the inclusions in each plan once done. Some of the features to look for include critical illness coverage, accidental death benefits, disability cover, and so on. These benefits offer additional financial protection to you and your loved ones in case of unforeseen events. 

Note: As term insurance plan inclusions vary across insurance providers, it is necessary to compare thoroughly and choose a plan that best suits your specific requirements. 

Go Through the Exclusions

Checking for plan exclusions is as important as understanding the inclusions as this can help you understand in which situations or circumstances your insurance provider will not cover your requested claims. 

Some of the common exclusions of term insurance include suicidal death, involvement in illegal activities, death due to pre-existing medical conditions, and so forth. It is advisable to be aware of the exclusions to avoid any hassle in the future. Additionally, with each insurance company and plan having different exclusions, make sure to read the policy documents carefully beforehand. 

Look for Add-On Plans

Add-ons are the coverage options that you can opt for as an additional cover with your primary policy. These plans offer enhanced financial protection to you and your dependents. Some of the add-on plans are accidental death benefits, critical illness cover, waiver of premium, disability cover, and others. 

What are the Benefits of Buying Term Insurance Plans?

Discussed below are the primary benefits of having a term insurance policy -  

  • Get Maximum Coverage at Affordable Rates - With term insurance plans from the leading providers, you can get excellent plans at economical rates that also provide high coverage.
  • Payout Options - Term insurance plans provide multiple payout options for policyholders. You can select any one of them as per your dependent’s requirements, as the payout can serve as a regular income for them in case of any unfortunate event.
  • Whole Life Cover - Several insurance companies offer term insurance coverage for the whole life. By availing of such a plan, you can ensure coverage for your family for the long term.
  • Return of Premium - Some term insurance plans offer ‘return’ benefits in the form of return of premium. With this feature, you can get your paid premiums back at the end of your policy term.
  • Avail of Riders - Insurance providers give you the option to add riders to your existing basic plan. Opting for riders can enhance the coverage of your plan for free (or at nominal costs) and provide extra coverage to you and your family.

How to Buy Term Insurance Plans From Policybazaarinsurance UAE?

You can easily use our digital platform - policybazaarinsurance.ae - to get the best term insurance plan in India. For this, simply follow the steps mentioned below -

  • On the homepage of our website, click on the ‘Term Insurance’ menu option.
  • Select all the relevant options and fill out the available lead form.
  • Once you submit the form, you will be taken to the term insurance quotes page.
  • You can use filters to search for specific plans or go through the plans already listed on the quotes page.
  • Select a plan and apply for it by following the on-screen instructions.

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