Planning to buy your first term Insurance plan online? Are you looking for the best term plan in India for 2018? Then you are the right place as I am going to share my journey of buying the term insurance plan and also help you to take the first & most important step of your financial planning, that is buying a term plan.
Although I am writing here about Best Term Insurance Plan in India 2018, but the fact here is that it is impossible to rank a policy in such criteria. But I know that most users are looking for the best financial products before buying and this is actually good to start as you will be able to find some good sources to start getting knowledge about the product.
Anyway, the policy which suits your financial need is definitely be the best insurance for you. But it is not necessary to be the best term plan for another person. In this article, I will in fact list out all the top term insurance plans available in Indian market right now so that you can find them at one place and start your own analysis before buying the first term insurance plan online.
How to choose the Best Online Term Insurance Plan In India 2018
Although I am mentioning here the list of all term plans available online, but still I am also sharing a list of top 5s where I will compare couple of key parameters to decide which insurance company is best as per that criteria. By the way you can read various factors to keep in mind while choosing term insurance plan.
Here is the list of term insurance plans available in India right now.
- LIC e term plan
- ICICI Pru iProtect
- HDFC Click 2 Protect
- SBI Life Smart Shield
- Max Life Online term plan
- Kotak Life Preferred e Term
- Bharati Axa eProtect
- Bajaj Allianz iSecure
- Canara HSBC eSmart
- Aviva iLife term plan
- Reliance life Online Term Plan
- Tata AIA Life iRaksha
- Aegon Religare iTerm
- Birla Sun Life Term Plan
- IDBI Federal term Plan
- PNB Met Life Term Plan
- DHFL Pramerica Term Insurance
- Edelweiss Tokio Term Insurance
- Exide Life Term Insurance
- Future Generali Term Insurance
- Kotak Mahindra Term Insurance
- Indiafirst Term Insurance
- Sahara Term Insurance
- Shriram Life Term Insurance
- Star Union Dai-ichi Term Insurance
- Tata Aia Term Insurance
List of Best Insurance Company in India As Per Claim Settlement Ratio 2015-16
In simple terms, claim settlement ratio is the measurement through which one can understand how many claims were raised and against that how many of them were Paid or settled. This ratio is called as claim settlement ratio and without any doubt the more this number means the good the company is, in general perception.
Let’s check out some more data for each term insurance policies with claim settlement ratio and min sum assured value. We will talk about more in our blog about each term insurance plan and also review term plans regularly in all upcoming posts. Keep a track of our website for all future updates.
This data I have collected from policybazaar website and approximately we can see that LIC of India is having a huge market and that’s why the number of policy subscription, number of claims raised and settled is huge compared to any other insurance company.
But that doesn’t force me to buy my first term plan from LIC of India. I am not promoting any of the insurance policy here, but just sharing my personal view only which may or may not match with your opinion. But that’s absolutely fine I think.
I bought HDFC Click 2 Protect term plan 4 years back and I will share my reasons about why I liked that policy compared to the other online term plans in India in the later part of this article.
Anyway, let’s explore the below table first and try to understand where are the insurance companies stand in current market as per claim settlement ratio.
| Insurance Provider |
Death claims received |
Claim settlement ratio |
Death Claims Paid |
Claims Pending |
| LIC |
7,55,901 |
98.33% |
7,42,243 |
0.50% |
| Max Life |
9,223 |
96.95% |
8,804 |
0.10% |
| Birla Sunlife |
8,436 |
88.45% |
8,055 |
1.70% |
| Tata AIA Life |
3,873 |
96.80% |
3,659 |
1.00% |
| Star Union Daichi |
1,266 |
80.73% |
1,191 |
0.30% |
| ICICI Prulife |
12,309 |
96.20% |
11,546 |
0.80% |
| PNB MetLife |
2,466 |
85.36% |
2,290 |
1.50% |
| Bajaj Allianz |
20,661 |
91.30% |
18,978 |
3.00% |
| Kotak Mahindra Life |
2,686 |
89.09% |
2,437 |
3.20% |
| HDFC Std |
12,189 |
95.02% |
11,031 |
2.30% |
| SBI Life |
14,876 |
93.39% |
13,303 |
3.20% |
| Sahara Life |
778 |
90.30% |
700 |
3.60% |
| Aegon Life |
460 |
95.31% |
413 |
0.20% |
| Canara HSBC |
576 |
92.99% |
516 |
3.10% |
| Exide Life |
3,432 |
89.36% |
2,955 |
1.60% |
| Reliance Life |
18,142 |
93.82% |
15,211 |
5.80% |
| Future Generali |
2,160 |
90.26% |
1,808 |
1.80% |
| Aviva Life |
1,690 |
81.97% |
1,396 |
0.50% |
| Bharti AXA Life |
1,112 |
80.02% |
900 |
2.90% |
| IDBI Federal Life |
1,017 |
84.79% |
736 |
4.30% |
| India First Life |
1,655 |
71.87% |
1,195 |
5.00% |
| Shriram Life |
1,960 |
60.24% |
1,307 |
11.20% |
| DHFL Pramerica |
953 |
83.64% |
545 |
6.50% |
| Edelweiss Tokio |
119 |
85.11% |
68 |
5.00% |
**Claim settlement ratio for the year 2015-16
In simple thumb rule, the company who sells more policies and settle more claims has earn a good reputation. And people also tend to trust that as well. Anyway, let’s explore few more facts.
Best Term Insurance Plans in 2018 with Rider Benefits
The plain vanilla term insurance plans in market from long time, but they were failed to attract customers as mostly people doesn’t like the concept of not getting back the premium paid in case survival, agents are not interested to sell policies due to less earning potential etc reasons.
Then companies come up with various types of term insurance policies which will give some additional features like term plan with return of premiums, with additional rider benefit etc.
Let’s explore few of such policies in current market and find out what are the additional rider benefit they are offering besides life cover. This data is also covered from policybazaar site.
|
Term Plan |
Entry Age (Min-Max) |
Policy Term (Min-Max) |
Accidental Death Benefits |
Critical Illness Benefit |
Waiver of Premium |
Terminal Illness |
| ICICI Prudential iProtect Smart | 18 – 60 Years | 5 – 40 years | Paid | N/A | Free | Free |
| HDFC Life click2Protect Plus | 18-65 years | 10 – 40 years | Paid | Paid | N/A | N/A |
| Max Life Online term Plan Plus | 18-60 years | 10 – 40 years | Paid | N/A | Included | N/A |
| Aegon Life iterm Plan | 18-65 years | 5 – 40 years (or upto 80 Years) | Paid | N/A | Paid | Free |
| PNB MetLife Mera Term plan | 18-65 years | 5 – 40 years | Paid | Paid | N/A | N/A |
| Birla Sun Life Protect @Ease Income Lump Sum | 18-65 Years | 5-40 years | Paid | Paid | N/A | Free |
| Canara HSBC OBC iSelect Lumpsum | 18-70 Years | 5 – 40 years | Paid | N/A | N/A | Free |
| Edelweiss Tokio Life TotalSecure+ | 18-65 years | 80 years | Paid | Paid | Paid | N/A |
| Future Generali Flexi Online term | 18-55 years | 10 – 65 years (non-smoker)- 75 years(smoker) | Paid | N/A | N/A | N/A |
| Aviva iLife Plan | 18- 55 years | 10 – 35 years | N/A | N/A | N/A | N/A |
| TATA AIA iraksha Supreme | 18 – 70 years | 10 – 40 years | N/A | N/A | N/A | N/A |
| IDBI Federal iSurance Flexi Lump Sum Plan | 18 – 60 Years | 10 – 62 years | Paid | Free | N/A | N/A |
| Bajaj Allianz eTouch Lumpsum | 18 – 65 years | 10 – 40 years | Paid | Paid | Free | N/A |
| SBI Life eShield Plan | 18 – 65 years | 5 – 30 years | Paid | N/A | N/A | N/A |
| LIC E-term Plan | 18 – 60 years | 10 – 35 years | N/A | N/A | N/A | N/A |
**Note: The above plans require mandatory medical proofs.
Top 5 Term Plans in 2018 which you can buy Online
So, after reading various facts finally we are here to conclude the list of 5 best term plan in India which you can consider for your financial planning. Well, when we say financial planning, the very first step is to secure your future and for that you have to calculate your insurance need to secure your future financials liabilities & targets.
In that context a typical pure term plan only can give you the necessary cover. Other than that, it will be very difficult with the traditional insurance policies with return on investment. I hope you have understood this difference by now after reading various articles on insurance from my blog.
Here is the criteria according to which I picked them.
- Off course the claim settlement ratio plays the big role which choosing a term plan. The data always matter and it is the key criteria to judge how good or bad an insurance company is performing. And more importantly when it is insurance, the claim process matters the most as you are actually buying this product for the benefit of your family.
- The next factor is the company reputation and market reach. We generally consider this factor for almost everything we purchase and the same apply here also.
- And the last one is the premium rate. When similar features are offering by couple of good companies, then I think better to save some money by choosing the cheapest premium term plan.
Anyway, Here is the list of 5 term plans as per my understanding which will help you to decide your
LIC’s eTerm Plan
This is LIC’s online term insurance policy which has been launched by LIC of India to be available in the market of online term insurance policies. Without any doubt this policy is having the maximum premium for a particular sum assured value compared to other policies. The highlight of this policy is the brand name behind this policy, which is LIC of India.
Click Here to Buy LIC Term Plan Online.
ICICI Pru iProtect Smart Plan
ICICI iProtect Smart policy provide 360- degree coverage to your life at a very reasonable price. ICICI iProtect Smart term plan offers additional features of accident rider, premium waiver, critical illness and terminal illness benefits. ICICI Pru is doing good in insurance sector in India and they have good claim settlement ratio as well.
Click Here to Buy ICICI Pru Term Plan Online.
HDFC Click2Protect Plus
I have purchased this policy and the simple reason behind that is the various kind of options it provides. Although I have purchased the old Click 2 Protect policy, which I am planning to switch to Click 2 Protect Plus plan with any of the four different options namely Life, Extra Life, Income and Income Plus option. Although it is better to buy pure term plan only, but I will study the options first and then only decide.
Click Here to Buy HDFC Life Term Plan Online.
SBI Life eShield term Plan
SBI is another well known brand in India and without any doubt their term plan is backed by their brand name only. Although this policy offer some cool features like additional accidental rider benefit and increasing cover benefit. However, a premium of SBI e-Shield plan is high compared to any other term plan.
Click Here to Buy SBI Life Term Plan Online.
Max Life Online Term Plan
Max life term plan offers basic life cover plus monthly Income and Increasing monthly income option with its pure term plan. Max’s online term plan provides optional Accidental Death Benefit rider.
Click Here to Buy Max Life Term Plan Online.
So, these are the few of the term plans which is good to study and choose. You can do complete analysis and share your knowledge here with your reasons to buy the term plan. This will help our readers to understand this topic better. I will try to make this article more worthy in coming days with more information.
General FAQs Related To Term Insurance Plans
Question: Best online term plan considering IRDA claim settlement ratio 2015-16
As per the claim settlement ratio shared above in the table, LIC E Term is the best term plan.
Question: What is the best term insurance plan with return of premium or best term insurance plan with maturity benefit
You can check out the Max Life Premium Return Protection Plan, a premium return policy with comprehensive life cover.
Question: What is the best term insurance plan lowest premium
This could be tricky to answer as the premium will always depend up on various factors like are you a smoker or non-smoker, how much sum assured you need and your age. You can use any term insurance calculator online and compare term plans to find out the cheapest online term plans in India.
Question: What is the best term insurance plan increasing sum assured
You can check out SBI Life’s Smart Shield plan where a 5% increase each year can be possible and also Birla Sun Life’s Protector Plus plan for this kind of term plans.
Question: What is the best term insurance plan income protection
HDFC Life Click 2 Protect Plus is a good option with various income option facility.
Question: What is the best term insurance plans with accident rider
I think have to ask your insurer about additional rider facility or not. All top companies like HDFC Life, ICICI Prudential, LIC should have such facilities to add riders. There are similar questions I have found are like best term insurance with permanent disability rider or with critical illness rider etc.
But if you ask me how to decide the best term insurance plan? Then I will say that just go for a pure term insurance plan with any additional feature. Because the more feature you will add the premium amount will increase for the same sum assured value or other way. Just make the purpose of term insurance clean and go for a pure term plan with only death benefit, even if you don’t get your paid premiums better.
What do you think about this list of Best Online Term Insurance Plan In India 2018? Do you think a pure term plan is not a good option? I would love to hear about your reasons regarding this. Please write a simple comment below to share your feedback or query.
Latest update : As per the recent amendment to Section 45 of the Insurance Act, If your policy is 3 years old, no matter what happens, the life insurance company will not be able to deny the claims. So, your life insurance company has only 3 years in hand to reject the policy based on any misrepresentation or misstatement. Once 3 policy years are completed then the life insurance company has to settle the claims and can not reject them.
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