Best Term Insurance Company in India

Best Term Insurance Company 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 the 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 Companies

Plan Name	Term Plan	Policy Term	Entry Age.	Maturity Age. (Max.)
HDFC Life Insurance	Click2Protect 3D Plus Plan	5-50 years	18/25-65 years	85 years, the whole life
LIC	Tech Term Plan	10-40 years	18-65 years	80 years
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
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
Kotak Life Insurance	E-Term	5-40 years	18-65 years	75 years
ICICI Prudential Life Insurance	iProtect Smart Term Plan	5-50 years	18-65 years	85,99 years
Bajaj Allianz Life Insurance	Smart Protect Goal	5-67 years	18-65 years	99 years
Tata AIA Life Insurance	Maharaksha Supreme Plan	10-40 years	18-70 years	100 years

India’s Best 10 Term Insurance Plans

1. HDFC Life Insurance
2. LIC
3. Max Life Insurance
4. SBI Life Insurance
5. PNB Metlife Insurance
6. Birla Sun Life Insurance
7. Kotak Life Insurance
8. ICICI Prudential Life Insurance
9. Bajaj Allianz Life Insurance
10. Tata AIA Life Insurance

Let’s take a closer look at the best online term insurance plans in India.

1. 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 2022.

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.

Key Features & 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.

2. 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, which is the highest percentage rate of any insurance company in this financial year.

Features

• There is a no-cost trial period.
• Women’s rates are discounted.
• Variety of options to choose from
• Single-Premium,
• Regular Premium and Premium Plus
• Premium Payments Are Limited
• Choose to pay your benefit in installments.

Benefits

• Benefits on Death
• Rider Advantage
• The Advantage of Maturity

3. 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 covers 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

• There will be 40 different Critical Illnesses covered.
• 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.

Benefits

• 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.

4. 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, which is the high percentage rate of any insurance company in this fiscal year.

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 from Maturity

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.

Key Features & 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, which is the sixth-highest percentage rate of any insurance company in this fiscal year.

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.
• The premium option is back.

Benefits

• Benefit in case of death.
• Benefits for people who are dying.
• Premium is refunded.
• Benefits that can be customized.

7. 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, which is the 7th highest percentage rate of any insurance company in this fiscal year.

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.

8. 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.

Key Features & 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.

9. 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, which is the high percentage rate of any insurance company in this financial year.

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

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.

Key Features & 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.

Best Term Insurance Company in India

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