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Term Insurance In India

Term insurance is an important financial step for anyone looking to secure their family's future. It's a simple and affordable life insurance product that provides a lump sum amount, called the death benefit, if the life assured suddenly passes away during the policy term. NRIs, foreign nationals, PIOs, and OCI cardholders can easily buy term plan online, undergoing a simple medical test via tele/video mode. Indian insurance companies customize term plans to meet the specific needs of customers. Let's explore the term insurance plans in India and how to buy them online.

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What is Term Insurance?

Term insurance is an affordable life insurance plan that provides financial security to the policyholder's beneficiaries for a chosen period. If the policyholder passes away during this time, the policy pays a lump sum, known as the death benefit, to the designated nominees. Moreover, term insurance offers significant coverage at lower premiums.

For example, Arjun, a non-smoking 32-year-old NRI living in Australia, and earns Rs. 18 Lakhs annually, can buy term plan of Rs. 1 Crore sum assured for a 30 years policy term by simply paying Rs. 930/month. Therefore, he can now ensure that his loved ones are able to maintain their lifestyle in case of his sudden death.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

What Are The Term Life Insurance Plans In India 2024?

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: Term Insurance For NRI Premium Calculator helps you estimate the premium amount of your chosen life cover.

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Why Should You Buy Term Insurance?

Here are some of the reasons why you should buy term plan from an Indian insurer:

Financial Protection To Family: Term insurance in India assists by providing financial protection to your family by offering death benefit if you pass away unfortunately while the policy is active, thereby helping them maintain their current lifestyle, cover expenses like house rent, children's education, medical costs, etc.
Flexible Policy Issuance: It is easy to buy term insurance in India because of simplified paperwork and procedures. Online comparison and purchasing options allow for quick selection from the comfort of home.
Easily Accessible: Claim settlement for term insurance is convenient for your family. They can visit the nearest office or branch to start the process without any hassle.
Larger Life Cover: You can secure a high life cover up to Rs. 20+ Crores in India, ensuring their family's financial security.
Debts and Loans: Term life insurance provides a payout to settle outstanding debts such as home or car loans, ensuring financial stability for your family. Sufficient coverage is crucial.
Affordable Premium Rates: Level term life insurance rates in India are more budget-friendly for NRIs, Foreign Nationals, PIOs, and OCI card holders compared to international rates, making it a cost-effective option.
Extra Discount: Choosing annual premium payments with Indian insurers can earn a 5% discount and an 18% GST waiver, reducing overall costs.
Special Exit Option: Term insurance plans bought from an Indian insurer offer a special exit benefit (applicable in some plans) allowing the life assured to exit his term insurance plan at a specific time period and receive back a full refund of all premiums that he had previously paid to keep the policy active. This special exit option provides flexibility which is similar to zero cost term insurance plans.

Why Should You Consider Buying Term Insurance From India?

You should buy term insurance from Indian insurance companies because of the reasons mentioned below:

Bigger Pool of Insurance Companies: In India, many insurers offer term plans for Indian expats, making it easy to compare options. This allows you to choose the best-suited term plan from multiple choices. Buying from an Indian insurer offers benefits like flexible premium payment, choice of policy term, high sum assured, various payout options, and affordable premiums.
Claim Settlement Ratio (CSR): The Claim Settlement Ratio (CSR) shows the percentage of claims settled by an insurance company out of the total filed in a year. IRDAI publishes CSR values annually. It's wise to select an insurer with a consistently high CSR, preferably above 95% for five consecutive years, ensuring reliable claim settlement practices.
GST Waiver: Buying a term plan or life insurance plan from India makes you eligible for an 18% GST waiver on premiums if paid using a non-residential external bank with freely convertible currency.
Video or Tele Medical: Buying a term insurance plan from an Indian insurer is now much easier with the introduction of the video or tele medical facility. You can conduct your medical tests via video or telephone and buy your preferred term plan.

How to buy Term Insurance from Indian Insurers with Policybazaar?

You can now buy term plan from India in an online mode, from the comfort of your home, by simply following the following steps:

Step 1: Go to Policybazaar's official website and select 'Term Insurance'.
Step 2: Enter necessary details such as your name, email address, gender, and contact information.
Step 3: Provide information about your occupation type, educational background, yearly income, and smoking and drinking habits.
Step 4: Choose the most appropriate term plan and proceed to payment.
Step 5: Use your preferred payment method to finalize the process.

What Are The Documents Required to Buy Term Insurance from India?

Here is a list of documents required to purchase term insurance from India:

Copy of Valid Visa
Photo of the Policyholder
Copy of the Policyholder’s Passport
Proof of Employment ID
Last entry-exit stamp
Last 3 Month salary slips & Last 6 months' bank statements
Foreign Address Proof

FAQ's

Q: What is Term Insurance and why is it important?

Ans: Term insurance provides financial security to your family by offering a lump sum amount, known as the death benefit, if you pass away during the policy term. It helps maintain your family's lifestyle and covers expenses like rent, education, and medical costs.
Q: What are some of the term insurance plans in India?

Ans: Some of the top term insurance plans in India include HDFC Click 2 Protect Super, Max Life Smart Secure Plus, and Tata AIA SRS Vitality Protect. These plans offer flexible coverage options and competitive premiums.
Q: Why should I buy term insurance from an Indian insurer?

Ans: Buying term insurance from an Indian insurer offers benefits such as a larger pool of insurance companies for comparison, high claim settlement ratios, GST waivers on premiums, and the convenience of video or tele medical facilities.
Q: What documents do I need to buy term insurance from India?

Ans: You'll need documents such as a copy of your valid visa, passport, proof of employment ID, salary slips, bank statements, and foreign address proof.
Q: How can I buy term insurance from Indian insurers through Policybazaar?

Ans: To buy term insurance through Policybazaar, follow these steps:
Visit Policybazaar's official website and select 'Term Insurance'.
Enter your personal and contact details.
Provide information about your occupation, income, and lifestyle habits.
Choose the most suitable term plan and proceed to payment using your preferred method.
Q: What is the special exit option in term insurance plans bought from Indian insurers?

Ans: Some term insurance plans from Indian insurers offer a special exit benefit, allowing you to exit the plan at a specific time and receive a full refund of premiums paid. This option provides flexibility similar to zero-cost term insurance plans.