Term insurance is essential for anyone looking to secure their loved ones. It is the most simple type of life insurance that provides death benefit to the policyholder’s loved ones in the unfortunate event of his/her death within the specific policy term. Non-resident Indians (NRIs), Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders can easily buy these plans online. The process is convenient, involving a simple and hassle-free medical test over the tele/video mode. Indian insurance companies offer term plans tailored to the needs of Indian customers.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Let us see the term insurance plans in India, their key features and the process of buying them.
Term insurance is the most simple and affordable type of life insurance plan that provides financial cover to the policyholder’s loved ones for a fixed policy duration, also called the ‘policy term’. This type of life insurance offers a death benefit to the nominee in the event of the unfortunate death of the life assured during the policy term. A term insurance plan provides high life cover at low premiums.
For example, a 30-year-old healthy, non-smoking male, with a salaried income of Rs. 12 Lakhs per annum, can buy a term cover of Rupees 1 Crore for his family for the next 30 years. And when he plans to buy term plan, he must pay only Rs. 818 per month. With this 1 crore cover, he can ensure that their family will be able to maintain their current lifestyle without any hassle in case of his untimely demise.
Term Plans
The insurance companies in India offer the following term insurance plans.
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz Life eTouch II | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Life Click 2 Protect Life | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Max Life Insurance Company Limited | Max Life Smart Secure Plus | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Supreme | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Note: The Term Insurance For NRI Premium Calculator can help you determine the premium amount payable for the desired cover amount.
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Here are some of the reasons why you should buy term plan in India:
Financial Security: Term insurance in India ensures your family's financial well-being by offering a benefit amount if you pass away. This payout helps them sustain their current lifestyle, cover rent, child's fees, and manage any medical emergencies.
Flexible Policy Issuance: Buying a term insurance policy in India is easier than international term plans due to simpler documentation and formalities for NRIs. You can compare and buy term plan online within minutes from the comfort of your home.
Easily Accessible: Your grieving family can visit the insurer’s nearest office/branch in their residential city to initiate the claim settlement without hassle.
Larger Life Cover: If an NRI buys term insurance in India, they can get a life cover of up to Rs. 20+ Crores. You can easily buy term plan with a large life cover to ensure your family is financially stable in your absence.
Debts and Loans: The life cover payout from term life insurance can help your family pay off any remaining loans like home or car loans and take care of their financial obligations. Therefore, it is important to buy term plan with a life cover enough to cover your family’s needs.
Affordable Premium Rates: The level term life insurance rates for NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders are more affordable than international term life insurance premium rates.
Extra Discount: You can receive an additional discount of 5% when opting for the yearly premium payment mode, along with an 18% GST waiver upon buying term life insurance from Indian insurers.
Special Exit Option: In India, you can select term insurance plans with a special exit option. This allows you to conclude the plan at a specific time, after which you will receive a full refund of all paid premiums. This feature is very similar to the zero cost term insurance and out of the plans mentioned above, HDFC Life Click 2 Protect Super, ICICI Pru iProtect Smart, and Max Life Smart Secure Plus are zero cost term plans.
You should buy term insurance from Indian insurance companies because of the reasons mentioned below:
Bigger Pool of Insurance Companies: In India, you can get a bigger pool of insurer offering term plans for Indian expats. This allows you to compare term plans from various insurers before buying the plan that fits your requirements the best. The benefits of buying term plans from an Indian insurer are as follows:
Premium payment options
Flexibility to choose policy term
Large sum assured
Various payout options
Affordable premiums
Claim Settlement Ratio (CSR): The CSR, or Claim Settlement Ratio, is the proportion of claims settled by an insurance company compared to the total claims submitted in a year. The IRDAI provides CSR values for all insurers in its annual report, helping customers make informed choices. It's recommended to choose an insurer with a consistently high CSR value, preferably over 95%, when buying a term plan.
GST Waiver: If you purchase term or life insurance from India, you will be eligible to receive a GST waiver of 18% on the premiums payable if the premiums are paid using a non-residential external bank with freely convertible currency.
Video or Tele Medical: Buying term insurance from Indian insurers has been made even easier through the video or tele medical option. You can conduct your medical sessions via video or telephone and purchase the term plan of your choice.
Now, you can easily buy term insurance from India in an online mode, from the comfort of your home, by following these steps:
Step 1: Go to Policybazaar’s official website and click on ‘ Term Insurance’
Step 2: Enter relevant information, ie.e your name, email address, gender, and contact information
Step 3: Fill in the information regarding your occupation type, educational background, yearly income, and smoking and drinking habits
Step 4: Select the most suitable term plan and proceed to pay
Step 5: Pay using your preferred payment method to complete the process.
Here is a list of documents required to purchase term insurance from India:
Front and back side of the Passport
Copy of Valid Visa
Foreign Address Proof
Proof of Employment ID
Last entry-exit stamp
Photo of the Policyholder
Last 3 Month salary slips & Last 6 months' bank statements
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Term insurance for NRI is a specially designed term insurance
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