Term Insurance Companies in India

Term Insurance Companies in India

Buying an insurance plan was never easy until the digital revolution made shopping online very easy. Many Term Insurance plans are made readily available online by various companies. To make it easy and customer friendly the online portal has made buying term insurance easier and hassle-free. Just a few clicks can give us different companies catering to the customer and providing the best. In this article let us see the best Term Insurance companies and the best term plan given by the insurer.

What is Term Insurance?

Term insurance is one of the most affordable insurance policies, which can be opted by any individual. Term insurance is normally for a fixed duration or only for a certain period of years.

This policy is less expensive compared to the other policies as they do not have cash value or maturity benefits.

Owning a term plan can benefit your loved ones in the event of the death of the policyholder, hence the nominee will benefit from the policy.

Types of Term Plans

Below are the best Term Plans one can opt for:

  1. LIC e-term Insurance plan
  2. ICIC Pru iProtect Smart
  3. SBI Life eShield
  4. HDFC Life Click 2 protect 3d Plus
  5. SBI Smart Shield
  6. Aegon Life iTerm Plan
  7. Aviva iLife Plan
  8. Bajaj Allianz eTouch Online Term Plan
  9. PNB Metlife era Term PlanB

List of Term Life Insurance Companies in India

Below are few listed Term life Insurance companies in India.

 

LIC Term Insurance

Aegon Life Term Insurance

Aviva Term Insurance

PNB Metlife Mera Term Insurance

Bajaj Allianz Term Insurance

Tata AIA Term Insurance

SBI Term Insurance

Aegon Life Term Insurance

Bharti Axa Term Insurance

DHFL Pramerica Term Insurance

IndiaFirst Term Insurance

Birla Sun Life Term Insurance

Exide life Term Insurance

Kotak Term Insurance

Sahara Term Insurance

Best Term Plans Offered by Term Insurance Companies in India
Term Plans Age Maturity Policy Term Premium Payment Minimum sum assured Payment Type
LIC’s Term 18 / 60 75 10 – 35 Annually Rs.25,00,000/- Aggregate Rs.50,00,00/- Non smoker LumpSum
Max life Online Term plan 18 /60 70 10 – 35 Annuallly Rs.25,00,000/- Lumpsum and income options
BSLI Protect@Ease 18 / 55 Years 80 5-30 years Monthly (ECS), Annually & Single Rs. 50,00,000 LumpSum Only
ICICI Prudential – iProtect Smart Plan 18 / 65 Years 75 5-40 years Monthly, Halfyearly, Annually & Single Subject to the minimum premium paid Lumpsum & Income Options
PNB Metlife – Mera Term Plan 18 / 65 Years 75 10-40 years Monthly & Annually Rs. 10,00,000 Lumpsum & Income Options
Bajaj Allianz iSecure 18 / 60 Years 70 10 | 15 | 20 | 25 | 30 years Monthly, Quarterly, Semi-Annually, Annual Rs.250,000 for general category Rs.20,00,000 for the categories split by Preferred Non-Smoker1 , Non-Smoker1 & Smoker LumpSum Only
Kotak Preferred e Term Plan 18 / 65 Years 75 10-40years Monthly, Yearly, Single Rs 25,00,000 LumpSum Only
HDFC Life Click 2 Protect Plus 18 / 65 Years 75 10 – 40 years Monthly, Quarterly, Semi-Annually, Annually Rs 25,00,000 Lumpsum & Income Options
AEGON Life iTerm Plan 18 / 65 Years 75 5 – 40 years; or upto 75years Annually Rs10,00,000 LumpSum Only
SBI Life – eShield  18 / 65 years 70 5 / 30 years Annually Rs. 20,00,000/ LumpSum Only
Reliance Online Term 18 / 55 Years 75 10 | 15 | 20 | 25 | 30 | 35 years Annually Rs 25,00,000 LumpSum Only
Future Generali – Flexi Term Plan 18 / 55 Years Min: 10 years , Max: Smoker: 65 years minus Entry Age, Non-smoker: 75 years minus Entry Age Annually Rs. 50,00,000 Lumpsum & Income Options
Aviva I Life 18 / 55 Years 70 10 – 35 years Half-Yearly, Yearly Rs 25,00,000 LumpSum Only
Bharti Axa Life – eProtect 18 / 65 Years 75 Minimum – 10 years, Maximum – to 75 years Annually Rs. 25,00,000 LumpSum Only
IDBI Federal – iSurance 18 / 50 Years 75 10-25 years Annually Rs 50,00,000 LumpSum Only
IndiaFirst Life – Anytime Plan 18 / 60 Years 70 5-40 years Monthly (ECS), Semi annually, Annually, Single Rs. 10,00,000 LumpSum Only
Edelweiss Tokio – MyLife+ 18 / 60 Years 80 10 | 15 | 20 | 25 | 30 | 35 | 40 years; & 80years minus Age at Entry Annually Rs. 25,00,000 Lumpsum & Income Options

Top Term Insurance Companies in India

Below are some of the Top term insurance companies in India along with their plans.

Max life Term Insurance

  • Plan Name – Maxlife Term Insurance Plan Plus
  • Age group – 18 to 60
  • Maturity period – up to 70 years
  • Sum Assuruance – the minimum coverage is Rs.25 lakhs and the maximum is Rs.1 crore
  • Riders – It comes with additional comprehensive Accident benefit rider.
  • Claim settlement Ratio – have catered to 98.26% of claims.
  • Premium payment- The minimum is Rs. 8000/- and maximum is Rs. 13000/- (excluding taxes).

LIC Tech

  • Plan Name – LIC Tech term Insurance Plan
  • Age group – 18 to 65
  • Maturity period – up to 80 years
  • Sum Assurnace – the minimum is Rs.50 lakhs and maximum no limits.
  • Riders – comes with additional
  • Accidental death benefit rider.
  • Calim settlement Ratio: have catered to 98.04% of claims
  • Premium payment – The minimum is Rs.5000/- and the maximum is Rs. 14000/- (excluding taxes).

ICICI Pru

  • Plan Name – ICICI iProtect Term Insurance Plan
  • Age group – 18 to 65
  • Maturity period – up to 99 years
  • Sum assured – the minimum is Rs.2400/- and maximum no limits.
  • Riders – comes with add on benefit.
  • Claim settlement Ratio: have catered to 97.88% of claims.
  • Premium payment – the minimum is Rs.8000/- and the maximum is Rs. 16000/- (excluding taxes).

HDFC Life Insurance

  • Plan Name – HDFC Click 2 Protect Plus Term Plan
  • Age group – 18 to 65
  • Maturity period – up to 85 years
  • Sum Assurance – the minimum is Rs.100000/- and maximum no limits.
  • Riders – comes with add-on benefits.
  • Claim Settlemnt Ratio: have catered to 97.8% of claims
  • Premium payments – the minimum is Rs.9000/- and the maximum is Rs. 11000/- (excluding taxes).

SBI Life Insurance

  • Plan Name – SBI Life eShield Term Insurance Plan
  • Age group – 18 to 65
  • Maturity period – up to 80 years
  • Sum Assured – the minimum is Rs.30,00,000/- and maximum no limits.
  • Riders – comes with add on benefit.
  • Claim Settlement Ratio: have catered to 96.76% of claims
  • Premium payments – the minimum is Rs.9000/- and the maximum is Rs. 12000/- (excluding taxes).

Aditya Birla Sun Life Insurance

  • Plan Name – Adhitya Birla Sun Life DigiShield Plan
  • Age group – 18 to 65
  • Maturity period – up to 85 years
  • Sum assuraed – minimum is Rs.30 lakhs and maximum no limits.
  • Riders – comes with add on benefit.
  • Claim settlement Ratio: have catered to 96.38% of claims
  • Premium payment – the minimum is Rs.8000/- and the maximum is Rs. 15000/- (excluding taxes).

How to Choose a Term Plan Online in 2020?

The most important reason to choose a term plan over other insurance plans is that Terms Plans are very affordable and best suit a customer’s needs.

Coming to a term plan one can choose or decides which term plans to choose as term plans differ from individual to individual.

Whilst choosing the term plan one needs to note the following:

  • Liabilities: can come from different sources such as loans or mortgages that are to be paid in time to avoid any penalties or fines. Always consider the time required to pay off your liabilities before choosing a term plan.
  • Obligations and Dependents: Considering children as they are dependents there is a great obligation. You need to cover yourself until the children are independent and are not financially dependent on you. In such a scenario you need to be covered with financial security for your family.
  • Affordability: Considering the duration of the term plan, one needs to be comfortable to pay the premiums. As a general norm, a long term plan will be more expensive than the short term. Check the affordability of the term plan and choose the right plan that will be easily affordable not only today but till the tenure of the term plan.
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