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

Tata AIA iRaksha Supreme

18 / 70 Years

80

10-40 years

Annually, Semi-Annual, 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).

TATA AIA Life Insurance

  • Plan Name – Tata AIA Life I Raksha Supreme Online Term Insurance Plan
  • Age group – 18 to 70
  • Maturity period – up to 80 years
  • Sum Assured – the minimum is Rs.75 Lakhs and maximum no limits.
  • Riders – Not available.
  • Claim settlement Ratio: have catered to 98% of claims
  • Premium payment – the minimum is Rs.8000/- (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.