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Best Term Insurance Plans in India 2024

Term Insurance Plans have grown to be very popular in India for a few years. Before purchasing a term insurance plan you should know that there are several categories of term insurance that you can choose from. And, your choice can be affected by an ample number of factors, with coverage requirements and budget, being the top ones.

Term Insurance Plan

Entry Age

Policy Tenure

HDFC Click 2 Life Protect Plan

18-65 years

10-30 years

Kotak Saral Jeevan Bima

18-65 years

5-40 years

Max Life Smart Secure Plus Plan

18-65 years

10-67 years

Bajaj Allianz Life eTouch Plan

18-65 years

10-85 years

LIC Jeevan Amar Plan

18-65 years

10-40 years

Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

Find the right term insurance for you

Best Term Insurance Plans

1 Crore
1.5 Crore
2 Crore
2.5 Crore
    Tax Free
    1 Cr
Starting From 697/Month
Claim Settlement 4hr Claim Settlement
Key Features:
  • Right Green Tick Annual Health Checkup
  • Right Green Tick Terminal illness
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Term Insurance Premium Calculator


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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Term Insurance Plans

Term insurance, also known as ‘Pure Risk’ insurance, offers financial protection to your family in case of your unfortunate demise. Term insurance plans offer a sum assured to the beneficiary of the life assured in case of the life assured’s unfortunate demise during the policy term. These plans offer life cover for a specific term of the policy and are available at affordable premiums.

Key Features of Term Insurance Plans

A term insurance plan is a type of life insurance that provides coverage for a specified term or period. Here are the key features of term insurance plans:

  • Death Benefit: The primary purpose of term insurance is to provide a death benefit to the beneficiary in the event of the policyholder's death during the term of the policy. This benefit is usually paid out as a lump sum.
  • Affordability: Term insurance is typically more affordable than other types of life insurance because it does not accumulate cash value over time.
  • Fixed Premiums: Many term insurance plans offer fixed premiums throughout the term of the policy. This allows policyholders to budget and plan for their insurance costs.
  • Flexibility: Term insurance plans offer flexibility in terms of choosing the coverage amount i.e. sum assured and the policy term. Policyholders can select a coverage amount and term that aligns with their financial needs and responsibilities.
  • Riders and Add-ons: Policyholders can enhance their coverage by adding riders or additional benefits to the base term insurance policy. Common riders include an accidental death benefit rider, critical illness rider, and waiver of premium rider.

How Should I Decide on the Premium Paying Term of the Term Insurance?

There are different premium paying terms that you can choose while buying a term insurance plan: Regular Pay and Limited Pay. A Limited Pay is one where the policyholder pays the premium for a limited period unlike Regular Pay, where they are supposed to pay the premium for the entire policy term.

Term insurance with a Limited Pay option is recommended for the following:

  • If you know that your business may suffer loss in the next few years
  • If you work in a non-stable organisation where
  • If you have an unstable source of income
  • If you are nearing your retirement and want to clear the term insurance premiums before that

So, based on your financial liabilities, choose the premium paying model accordingly.

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Types of Term Insurance Plans

Following are the different categories of term insurance plans available in India.

  1. Increasing Term Plan: Increasing Term Plan allows the policyholder to increase the value of the sum assured on a yearly basis while keeping the amount of term insurance premium the same. Due to the benefit of increasing the sum assured, these plans feature a relatively higher premium than level-term plans.
  2. Decreasing Term Plan: Decreasing Term Plans are those term plans where the sum assured keeps decreasing every year to match the life assured’s decreasing insurance needs. This type of term plan is useful for those who have already taken a personal loan or a home loan and need to pay EMIs. The sum assured under this plan decreases at the decided frequency along with the EMI payment. Thus, these plans help life assured to meet their financial liabilities.
  3. Level Term Plan: Level Term Plans are the most basic type of term plan. In these plans, the sum assured is fixed throughout the entire policy term and the plan benefits are payable to the nominee in case of an untimely demise of the life assured.
  4. Term Plan With Return of Premium (TROP): A term plan with inbuilt return of premium benefit is a type of plan which provides a sum assured in case of an unfortunate demise of the life assured, but if the life assured survives the entire policy tenure he/she is provided with a maturity benefit amount i.e. equivalent to all the premiums till the date of plan maturity. This is the only term plan that offers maturity benefits.
  5. Convertible Term Plan: Under this plan, the policyholder has the liberty to change their existing term plan into any other type of plan in the future. For instance, if you have purchased a convertible term plan with a policy tenure of 20 years and you wish to convert it into a pension plan after 7 years, you can do the same without any hassle.

How to Choose the Right Term Insurance Plan?

Following are some tips that can help you choose a right term insurance plan:

  1. Recognise the Type of Term Insurance Plan You Need: As mentioned above, there are different categories of term insurance plans that one can choose from. Before selecting and purchasing a term insurance you must understand your insurance requirements and which type of term plan best suits your requirements. Everybody has different requirements, a person can choose to purchase a term insurance plan with a return of premium to ensure financial resources to fulfil financial goals or choose a decreasing term plan which helps a person fulfil their financial liabilities.
  2. Claim Settlement Ratio: The claim settlement ratio is one of the biggest factors to be considered while purchasing a term insurance policy. It is advised to purchase a term insurance plan from an insurance company that has featured a high claim settlement ratio. The claim settlement ratio of an insurance company depicts the number of claims approved and settled against the total number of claims received. Choosing an insurance company with a high claim settlement ratio means fully relying on the insurance company to settle the claim as quickly as possible and without any hassles.
  3. Coverage Amount: Before purchasing a term insurance plan, you calculate the coverage amount for the term insurance policy. It is advised to choose a coverage amount i.e. the sum assured, which is 10-15 times of your annual income. You should always consider a sum assured keeping in mind the number of your financial dependents, financial liabilities, your current lifestyle, etc. Remember that, your sum assured should be enough to cover your family’s daily expenses, help them maintain a healthy lifestyle, and fulfill their dreams in your absence.
  4. Compare Term Insurance Plans: Many insurance companies offer term insurance plans. It is very important to browse through different types of term insurance plans offered by different insurance companies to analyse which plan best suits your requirements and fits your budget. You must have information about the different term insurance plans and what they offer. You should consider term insurance that will act as a shield in difficult times and provide financial security within your budget.
  5. Avoid Cheaper Premiums: Always avoid cheaper premiums, or check the terms and conditions of the term insurance policy that has cheaper premiums to confirm what is covered and what is not. Sometimes cheap premium term insurance policies do not cover some instances which could cause trouble when you file for a claim. Therefore, it is advisable to purchase a term insurance policy that fits into the budget but isn’t underpriced or overpriced.

Top Reasons to Buy Term Insurance Plan

The top five reasons to buy a term insurance plan are as follows:

  • Affordable Premiums: Term insurance plans are budget-friendly and ensure financial support for your family if you pass away. Since it doesn't involve investments, the premiums are lower, especially for younger, healthier individuals. This means you can get significant coverage for your family without spending too much money.
  • Protection Against Illness: Term insurance plans often give enough coverage to help your family if you get sick, including severe or terminal illnesses. It offers financial support during medical emergencies and may provide a percentage of the sum assured for terminal illness.
  • Flexible Payout Options: If something happens to you, term insurance pays your family the assured sum. You can choose to get it as a lump sum, monthly income, or a mix, making it easier for your family to manage finances without you.
  • Enhanced Coverage with Riders: Term life insurance provides basic protection, but you can add extra coverage through riders for specific situations like critical illness or disability. Though you have to pay more for these benefits but they act as a financial safety net during tough times.
  • Survival Benefits: While regular term plans usually don't pay anything if you survive the policy term, some insurers give back a portion of your premiums. This can be helpful if nothing unfortunate happens during the policy period, providing extra financial support.

Who Should Purchase a Term Insurance Plan?

Any individual who has financial dependents can purchase a term insurance plan to ensure financial protection is provided to his family if he is not around anymore. Moreover, if you are the primary breadwinner of your family and your family members solely depend on your income and their daily requirements then a term insurance plan can be a crucial financial safety net. This way you can ensure that your financial goals like a dream venture, house, or your kid’s higher education or marriage are not disrupted because of a lack of financial resources in your absence.

In addition to this, if you have financial liabilities like home loans or other loans that need to be repaid over a certain period, you consider term insurance, to ensure that your family is not saddled with the payment of the liability in case of your unforeseen demise.

How to Buy a Term Insurance Plan from InsuranceDekho?

It’s quite straightforward to buy a term insurance plan from the InsuranceDekho website. Here’s a step-by-step guide for the same:

Step 1: Go to the InsuranceDekho website and select the "Term Insurance" option.

Step 2: Enter your personal details, including name, mobile number, gender, and date of birth. Now, proceed by clicking on "View Plans for Free."

Step 3: Based on the information you provided, the website will present various term insurance quotes. Compare these quotes to identify the term plan that aligns with your specific needs.

Step 4: Upon choosing the most suitable term plan, customise the sum assured and policy term as per your preferences.

Step 5: Once all the plan details are confirmed, proceed to make the premium payment. You can complete the payment using net banking or debit/credit card options.

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FAQ About Best Term Insurance Plans in India 2024

  • Why are the types of term insurance plans available?

    There are many types of term insurance plans available in India such as Increasing Term Plan, Decreasing Term Plan, Level Term Plan, Term Plan With Return of Premium (TROP) and Convertible Term Plan.

  • How does a term insurance plan work for policyholders?

    Term insurance plans offer a good amount in lump-sum based on the policy in terms of sum assured to the family of the policyholders in case of death of the insured person. The term insurance plans are designed to cover your family from the unforeseen risk of death for a limited period of time and tend to look after them in such unfortunate times by providing financial assistance.

  • Is it beneficial to buy a term insurance plan online?

    Yes, purchasing a term insurance plan is beneficial and you can buy it directly from your insurance company’s website within a few minutes. Buying the term insurance plan online helps you purchase it in much less time when compared to offline purchase. In addition to a faster purchase process, the term insurance plans turn up to be more economical when purchased online due to fewer distribution costs, no agent's commissions, and so on. Also, online purchase of term insurance plans allows you to make payment through fast and secured payment options such as net banking, debit cards, credit cards, etc.

  • Do term Insurance plans offer tax benefits to the policyholders?

    A term insurance policy offers you tax benefits as per section 80C of the Income Tax Act, 1961. The tax deduction is imposed on the amount of premium paid for which you can get a tax deduction for a maximum of up to Rs 1.5 Lakh. On the other hand, when it comes to critical illness benefits, you can earn tax benefits under Section 80D.

  • How much of the sum assured should I opt for my term insurance plan?

    The limit of the sum assured amount which you should opt for your term plan completely depends on several factors such as your annual income, your age, etc. Ideally, the term insurance cover should be 10 to 20 times your annual income to get adequate coverage to cope up with unforeseen situations.

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