Top Term Insurance Plans In India

Published On Mar 02, 2021 12:00 AM By Shrida Gulati

Finding and investing money in the right insurance plan is an essential part of an individual’s decision. Term insurance plans are said to be the most basic and pure type of life insurance plans wherein a sum assured is provided to the family members of the policyholder in the event of unforeseen demise of the policyholder. Term insurance plans offer death benefits and it does not offer any survival/maturity benefits. 

There are various options available for affordable term insurance. Mostly term insurance plans only offer death benefits, but some insurance providers offer different features and benefits along with the term insurance plans. One can look for term insurance plans online and choose a comprehensive plan that will satisfy one’s insurance requirements. Let's put light on some of the top term insurance plans in India 2021.

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Top 10 Term Insurance Plans in India 2021

Following are the best term insurance plans that a person can choose to invest their money into:

Best Top Term Plans

Insurance Provider

Claim Settlement Ratio FY20

Max Life Smart Term plan

Max Life Insurance

99.22%

Click 2 Protect Life Plan

HDFC Life Insurance

99.07%

Life Insurance Sampoorna Raksh+

Tata AIA Life Insurance

99.06%

Smart Protect Goal

Bajaj Allianz Life Insurance

98.02%

iTerm Insurance Plans

Aegon Life Insurance

98.01%

iProtect Smart Plan

ICICI Prudential Life Insurance

97.84%

Life Shield Plan

Aditya Birla Sun Life Insurance

97.54%

Flexi Term Plan

Bharti AXA Life Insurance

97.35%

Mera Term Plan

PNB MetLife India Insurance

97.18%

Jeevan Amar Plan

Life Insurance Corporation of India

96.69%

(Source: IRDAI Annual Report - Claim Settlement Ratio for the year 2019-20)

1. Max Life Smart Term Plan

Max Life Smart Term plan is a comprehensive and flexible plan that caters to people from different stages of their life and age groups. You can customize your Max Life Term plan according to your own needs and convenience. Max Life Term Insurance plan offers protection against critical illness such as heart attack, cancer, kidney failure etc. This term plan provides financial protection to your family in your absence. Max Life Smart Term Plan offers multiple death benefit options, a free look period of 15 days and coverage for smokers.

Features and Benefits

  • Availability of Multiple Death Benefit Option
  • Availability of Life Cover Upto 85 Years of Age
  • Availability of Critical Illness Cover

2. HDFC Life Click 2 Protect Life Plan

HDFC Life Click 2 Protect Life plan is an affordable comprehensive term plan which provides financial protection to the policyholder and his/her family members. This plan has 3 plan variants that are Life and Critical Illness Rebalance, Life Protect and Income Plus. 

Features and Benefits

  • Availability of 3 Plans Option
  • Availability of Whole Life Cover
  • Availability of Return of Premium Option
  • Availability of Waiver of Premium on Diagnosis of Critical Illness

3. Tata AIA Life Insurance Sampoorna Raksh+ Plan

Tata AIA Life Insurance Sampoorna Raksh+ provides financial security to the policyholder's family but also provides the return of premiums as maturity benefits on survival. This plan offers to choose between two death benefits that are Lump Sum amount on death and Lump Sum amount + monthly income for a decade.

Features and Benefits

  • Flexibility to Choose Between 2 Death Benefits Option
  • Availability of Return Of Premium Option
  • Availability of Life Cover Upto 100 Years of Age
  • Flexibility to Choose Premium Payment Term 

4. Bajaj Allianz Life Smart Protect Goal Plan

Bajaj Allianz Life Smart Protect Goal plan is a term insurance plan that provides life cover at a budget friendly price. This plan offers maturity benefit that allows the policyholder to retrieve the total premiums paid at the time of maturity. This plan also offers financial protection at the time of diagnosis of any listed critical illness. Bajaj Allianz Life Smart Protect Goal plan is customizable that serves the purpose of fulfilling the insurance requirements of an individual. 

Features and Benefits

  • Availability of Return of Premium at the time of maturity.
  • Availability of cover till 99 years of age.
  • Availability of optional riders.
  • Availability of cover for 55 critical illnesses listed in terms and conditions mentioned by the insurance provider.

5. Aegon Life iTerm Insurance Plan

Aegon Life iTerm Insurance Plan is a comprehensive online plan that offers life coverage until the age of 100 years. Under this plan, the policyholder gets the flexibility to choose from 3 various plan options as per the life assured protection needs. Aegon Life iTerm Insurance Plan comes with an inbuilt Aegon Life Critical Care Rider that gives payout on a diagnosis of 36 listed critical illnesses in the terms and conditions of the insurance company.

Features and Benefits

  • Availability of life cover till the age of 100 years.
  • Lump Sum payout on the diagnosis of critical illness (listed in the terms and conditions of the insurance company) upto 80 years of age.
  • Option to choose from two death benefit payout i.e. as a lump sum amount or as monthly income.
  • Availability of Accidental Death Rider.
  • Low premiums for non smokers and women.

6. ICICI Pru iProtect Smart Plan

ICICI Pru iProtect Smart is the bestseller plan of the ICICI Prudential Life insurance company. This term insurance plan offers the flexibility to choose your coverage based on individual requirements. The plan comes with different benefit options providing you comprehensive coverage at an affordable cost. The death benefit can be availed as a lump sum or monthly income. The maximum maturity age of this plan is 99 years.

Features and Benefits

  • Availability of coverage till 99 years of age.
  • Life cover at affordable premiums.
  • Availability of cover against 34 listed Critical Illness.
  • Availability of 4 different payout options that are Lump Sum, Regular Monthly Income, Increasing Income and Lump Sum plus Income.

7. ABSLI Life Shield Plan (Aditya Birla Sun Life Insurance)

Just like all term insurance plans this plan also promises to provide financial protection to policyholder’s family members in case of policyholder’s sudden death. ABSLI Life Shield Plan offers the applicant flexibility of making a combination from amongst 8 different policy plan options that are Level Term Assurance, Level Term Assurance with Waiver of Premium Benefits, Increasing Term Assurance, Increasing Term Assurance with Waiver of Premium Benefits, Decreasing Term Assurance, Decreasing Term Assurance with Waiver of Premium (WOP) Benefits, Return of Premium and Return of Premium with Waiver of Premium (WOP) Benefit.

Features and Benefits

  • Multiple plan options to choose from that suits your insurance requirements.
  • Availability to add your spouse for cover under the same insurance policy.
  • Availability of inbuilt terminal illness benefit.
  • Availability of multiple options for receiving death benefits.
  • Customisation available with options to enhance the insurance cover with optional additional riders.

8. Bharti AXA Life Flexi Term

Bharti AXA Life Flexi Term insurance provides financial protection to policyholder’s family members incase of an unfortunate event.  Besides securing the family's financial interests, this term insurance plan offers the flexibility to select from three pay-out options. The policyholder can also opt to claim the benefits of life insurance to cover critical illnesses up to the age of 75 years.

Features and Benefits

  • Availability of multiple death benefits payout options.
  • Availability of optional Critical Illness Benefit.

9. PNB Metlife Mera Term Plan

PNB Metlife Mera Term Plan is a protection plan that provides financial assistance to the policyholder family and loved ones. The policyholder can customize this plan according to his/her own needs. Under this plan, the spouse or partner of the life assured is also covered. This plan offers flexibility to choose from following options that are coverage against death, critical illness, terminal illness and disability.

Features and Benefits

  • Availability of whole life cover.
  • Availability to cover your spouse under the same insurance policy.
  • Availability of optional riders.
  • Availability of multiple death benefits payout.

10. LIC Jeevan Amar Plan

LIC Jeevan Amar Plan is pure protection and non linked without a profit plan. The plan provides the flexibility to choose from two death benefit options ( Increasing Sum Assured and Level Sum Assured). The family of the loved ones will get full payment on the sum assured on the death of the policyholder either in a lump sum or in annual income. This plan provides low premiums for customers who don’t smoke. Under LIC Jeevan Amar Plan, the policyholder gets the freedom to enhance your coverage on payment of additional premium for additional rider benefit.

Features and Benefits

  • Availability of two benefit options that are Level Sum Assured and Increasing Sum Assured.
  • Option to choose the policy term.
  • Option to choose the premium payment frequency.
  • Availability of optional additional riders.
  • Low premiums for women and non-smokers.

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