Top Term Insurance Companies in India
Everyone wants to ensure their family’s financial future, and purchasing a term life Insurance policy is a good way to achieve this goal.
A term policy guarantees that if a life insured dies during the policy’s term, his or her nominee will be paid. Insurance companies have begun to offer a custom range of term life insurance plans in response to customers’ ever-changing needs.
As a result, you must select a Term Insurance Plan in India with the appropriate coverage amount to meet your family’s financial needs. Let’s take a look at India’s top ten term insurance plans.
A Snapshot of India’s Top 10 term Insurance Plans
| Insurer Name | Term Plan | Policy Term | Entry Age | Maturity Age (max.) |
|---|---|---|---|---|
| Max Life Insurance | Smart Term Plan | 5-50 years | 18-44/65 years | 75,85 years |
| SBI Life Insurance | Smart Shield | 5-80 years less age at entry | 18-60/65 years | 75/80 years |
| HDFC Life Insurance | Click2Protect 3D Plus Plan | 5-50 years | 18/25-65 years | 85 years, the whole life |
| Kotak Life Insurance | E-Term | 5-40 years | 18-65 years | 75 years |
| PNB Metlife Insurance | Mera Term Plan | 10-40 years | 18-65 years | 99 years |
| Birla Sun Life Insurance | Life Shield Plan | 10-55 years | 18-65 years | 85 years |
| Bajaj Allianz Life Insurance | Smart Protect Goal | 5-67 years | 18-65 years | 99 years |
| LIC | Tech Term Plan | 10-40 years | 18-65 years | 80 years |
| ICICI Prudential Life Insurance | iProtect Smart Term Plan | 5-50 years | 18-65 years | 85,99 years |
| Tata AIA Life Insurance | Maharaksha Supreme Plan | 10-40 years | 18-70 years | 100 years |
Top Term Insurance Companies in India
Let’s take a closer look at the best online term insurance plans in India.
1. Max Life Insurance
Max Life’s Smart Term Plan is a risk-based, non-linked, non-participating term insurance plan that covers you against 40 different critical illnesses. It’s one of the few term plans that cover you against so many critical illnesses, including kidney failure, heart attack, cancer, and disability. Max Life Insurance’s CSR percentage in FY 2019-20 is 99.22%, the highest percentage rate of any insurance company in this fiscal year.
Features and Benefits
Features
- For 40 different Critical Illnesses, the premium will be refunded in full.
- With the completion of the plan.
- Plan provides long-term coverage to their customers, up to the age of 85.
Benefites
Premium Payment Flexibility
Accelerated Critical Illness (ACI) is a term that refers to a (ACI).
After a certain amount of time has passed, the premium will be returned to you.
Increased deductions under sections 80C, 80D, and 10D of the tax code.
2. SBI Life Insurance
We never expect unforeseen circumstances, but we must be prepared for them, which may explain why people are interested in term plans. Individual, non-linked, non-participating, and pure risk term plan from SBI Life. SBI Life Insurance’s CSR percentage in FY 2019-20 is 94.52 percent.
Features and Benefits
Features
- There are two plan options.
- Term Assurance at a Certain Level
- Increasing the length of time that a policy is guaranteed Cost-effective Financial
- Security for a Lifetime at 5% Simple P.A.
Benefits
- Benefits on Death
- Advantages of Survival
- Riders Benefit
- Maturity
3. HDFC Life Insurance
HDFC Life Click2Protect 3D Plus is a low-cost online term insurance plan that provides comprehensive financial protection for your family. It is one of India’s top ten term insurance plans for FY 2021.
You will be protected against death, disease, disability, and other events if you purchase this plan. You will receive a special discount on the premium amount if you purchase this plan online. In FY 2019-20, HDFC Life had a claim settlement ratio of 99.07 percent.
Features and Benefits
- Death Benefit: The death benefit is paid to the nominee/beneficiary in the event of the life insured’s death.
- On payment of an additional applicable premium, life stage and top-up options to enhance the life cover are available.
- Choose a death benefit based on the option selected, waive future premiums on accidental total permanent disability, and take advantage of tax benefits.
4. Kotak Life Insurance
The Kotak e-Term Plan is a non-linked, pure protection life insurance plan for individuals. Kotak e-Term Plan has three different types of plans to choose from, depending on your needs and preferences. Kotak Life Insurance’s CSR percentage in FY 2019-20 is 96.38 percent.
Features and Benefits
Features
- There are three different ways to get paid.
- Level of immediate payment The amount of money paid out on a regular basis is increasing.
- Multiple Plan Options with Recurring Payments
Insurance at a Low Cost
Benefits
- Critical illness is covered by death benefits.
- On death, a certain amount is guaranteed.
5. PNB Metlife Insurance
The PNB MetLife Mera Term Plan provides a pure life risk cover as well as a variety of additional coverage options to protect your loved ones financially. It is one of India’s top ten term insurance plans for FY 2021.
This term plan offers life coverage up to the age of 99, as well as life stage protection to meet your family’s protection needs. You have four different pay-out options with this plan, including lump sum and monthly income options. In FY 2019-20, PNB MetLife has a claim settlement ratio of 97.18 percent.
Features and Benefits
- Death Benefit: Under this plan, you have four options for ensuring your family’s financial security. Your family will receive the sum assured if you die during the policy term.
- Additional protection is available with this plan, including life stage benefit and joint life cover.
- An accidental death benefit rider, an accidental disability rider, a critical illness rider, and a serious illness rider are also available.
- This term plan comes with a number of benefits, including life coverage up to 75 years old, increased life coverage, and a premium discount for non-smokers.
6. Birla Sun Life Insurance
Because Aditya Birla Life Shield Plan has 8 different plan options to choose from, you can customize your plan and coverage to fit your needs and preferences. It is one of the best term plans that anyone or anyone has ever heard of. Aditya Birla Sun Life Insurance’s CSR percentage in FY 2019-20 is 97.54 percent.
Features and Benefits
Features
- There are eight plan options to choose from to meet your various protection needs.
- You have the option of insuring your spouse under the same policy.
- Premium option is back.
Benefits
- Benefit in case of death.
- Benefits for people who are dying.
- Premium is refunded.
- Benefits that can be customised.
7. Bajaj Allianz Life Insurance
We all think about our futures and are concerned about them. We make plans for our future lives and expect things to go as planned, but we can’t ignore the possibility of unexpected twists and turns. So be cautious and purchase the Bajaj Allianz Smart Protect Goal term plan to safeguard your future against unexpected events. Smart Protect Goal by Bajaj Allianz is a comprehensive term plan with a low premium. Bajaj Allianz Life Insurance Co. Ltd. has a CSR percentage of 98.02 percent in FY 2019-20.
Features and Benefits
Features
- There will be 55 different Critical Illnesses covered.
- Additional Cover for Child’s Education Plan provides long-term coverage to their
- customers, up to the age of 99.
Benefits
- Premium refunded
- Accidental death insurance
- Benefits for Critical Illness
- Various Add-ons
8. LIC
According to its name, the LIC Tech Term plan is a pure term plan that is only available online. In FY 2019-20, the CSR percentage of Life Insurance Corporation of India is 96.69 percent.
Features and Benefits
Features
- There is a no-cost trial period.
- Women’s rates are discounted.
- Payment options include single-premium, regular premium, and limited premium.
- Choose to pay your benefit in instalments.
Benefits
- Benefits on Death
- Rider Advantage
- The Advantage of Maturity
9. ICICI Prudential Life Insurance
ICICI Pru iProtect Smart is an online pure term insurance plan that protects your family financially while you are away. It is one of India’s top ten term insurance plans for FY 2021.
You will be covered against 34 critical illnesses if you purchase this term plan. As an added Benefit, you will be able to purchase coverage against accidental death with this plan. In FY 2019-20, ICICI Prudential Life had a claim settlement ratio of 97.84 percent.
Features and Benefits
- Death Benefit: If the life insured dies, the death benefit will be paid to the nominee, depending on the death benefit option selected when the policy was purchased.
- Life Stage Protection: It allows you to increase your life insurance coverage at key life stages such as marriage and childbirth.
- Surrender Value: Only Single Pay policies are eligible for surrender value.
- This plan includes features such as four different death benefit options, boost coverage for death, disability, and terminal illness, and more.
10. Tata AIA Life Insurance
The TATA AIA Life Maha Raksha Supreme Plan is a term insurance policy that provides life insurance at a low cost. This online term plan offers comprehensive coverage to ensure that your family’s dreams are protected. This plan allows you to select the premium payment method that best suits your needs. This policy provides life insurance coverage up to the age of 80. In FY 2019-20, TATA AIA Life had a claim settlement ratio of 99.06 percent.
Features and Benefits
- Death Benefit: In the unfortunate event that the life insured passes away, the death benefit will be paid to the nominee.
- Surrender Benefit: Surrender value is payable under Tata AIA Life Maha Raksha Supreme.
- Discounted premium rates are available for sum assured of 75 lacs and above, as well as preferential premium rates for non-smokers and special premium rates for female policyholders.
Top Term Insurance Companies in India
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Which term insurance policy in India is the most suitable?
Max Life Insurance
HDFC Life Insurance
HDFC Life Insurance
Kotak Life Insurance. and more…
Are term plans beneficial?
A term insurance policy will assist the family in meeting day-to-day expenses as well as achieving long-term financial goals. Yes, regardless of the year, it is worthwhile to purchase a term insurance policy. A term insurance policy is far more advantageous than other types of life insurance products.
Which company has the highest rate of claim settlement?
The public insurance company LIC has the highest claim settlement ratio of 98.31%. According to the IRDAI report, the total benefit amount for the fiscal year 2016-17 is Rs. 13,850.62 crores.
What are the benefits of Tata AIA Life Insurance?
Death Benefit: In the unfortunate event that the life insured passes away, the death benefit will be paid to the nominee.
Surrender Benefit: Surrender value is payable under Tata AIA Life Maha Raksha Supreme.
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