Term insurance is important for your family's financial future, so that you can keep them secure during all uncertainties of life. It's a simple and affordable type of life insurance that gives a lump sum to your loved ones if something unfortunate happens to you during the policy period.
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NRIs, Foreign Nationals, PIOs, and OCI cardholders can easily get these plans online with a simple tele/video medical test. Indian insurance companies have special plans for Indians living abroad. Let’s learn more about term life insurance plans in India and how to easily buy them online.
Term Plans
Term insurance (Risikolebensversicherung/RLV) acts like a financial safety net for your loved ones. It's like an income replacement that offers financial protection for a specific period in the case of you sudden death. If something unfortunate happens to the policyholder during this period, their nominee or beneficiary receives a lump sum amount, ensuring a secure future. This insurance offers comprehensive coverage at a very reasonable premium rate, making it a practical and affordable way to care for your loved ones.
For example, Ramesh, a 30-year-old non-smoker with a yearly income of Rs. 50 Lakhs, can buy term plan of life cover Rs. 1 Crore for his family for the next 30 years. By paying just Rs. 930 per month for this coverage, Ramesh ensures that his family can maintain their current lifestyle without any hassle in case of his untimely demise.
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 | |
| Axis 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:Â 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.
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 providing a large chunk of money if you unexpectedly die during the policy duration. This payout helps them maintain their current lifestyle, cover expenses like rent, your child's fees, and handle any medical emergencies.
Flexible Policy Issuance: Term insurance plans in India are simpler than international ones, with easier documentation and tele/video medical tests available. You can quickly compare and buy term plan online from the comfort of your home.
Easily Accessible: Your family can visit the nearest insurance branch in their city to start the hassle-free claim settlement process.
Larger Life Cover: In India, you can get a life cover of up to Rs. 20+ Crores with a term insurance plan, ensuring your loved ones' financial security. Buying a term plan with comprehensive and high life cover is fairly simple because of ease of purchase from Policybazaar.
Debts and Loans: Term life insurance provides a payout that helps your family settle outstanding loans, like home or car loans, and manage financial responsibilities. It's crucial to buy term plan with sufficient life cover to meet your family's needs.
Affordable Premium Rates: Term insurance premiums in India are lower compared to international plans. NRIs, Foreign Nationals, PIOs, and OCIs can enjoy much more affordable level term life insurance rates.
Extra Discount: Opting for yearly premium payment mode offers an additional 5% discount, and buying term insurance from Indian insurers comes with an 18% GST waiver.
Special Exit Option: Choose term insurance plans in India with a special exit option, allowing you to conclude the plan at a specific time and receive a full refund of all paid premiums.
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You should buy term insurance from Indian insurance companies because of the reasons mentioned below:
More Insurer Choices: In India, you can choose from a larger pool of insurers offering term life insurance plans with flexible options such as premium payments, policy term duration, and affordable premiums. Opt for an Indian insurer for added benefits like a higher sum assured and different payout options.
Claim Settlement Ratio (CSR): CSR, or Claim Settlement Ratio, is the percentage of claims paid by an insurance company compared to the total claims settled in a year. Choose an insurer with a consistently high CSR value, ideally over 95%, for better reliability.
GST Waiver: Buying a term or life insurance plan from India using a non-residential external bank can get you an 18% GST waiver on the premiums.
Video or Tele Medical Test: Buying a term plan from Indian insurers is now simpler with the option of tele/video medical tests, making it hassle-free to find the plan for you.
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: Visit the Policybazaar's website and then click on 'Term Insurance.'
Step 2: Enter all necessary information like name, email, gender, and contact details.
Step 3: Fill in details regarding your occupation, educational qualification, yearly income, and habits regarding smoking and drinking.
Step 4: Now, compare and then choose the term plan and move on to payment.
Step 5: Complete the payment process by paying using your preferred method.
Here are a few things to keep in mind before buying term life insurance from India:
 Determine Coverage Needs: Calculate the coverage you need, and always aim for 8-10 times your gross annual income. Consider factors like pre-tax income, dependents' needs, and age. Use the Human Life Value Calculator for an accurate estimate.
Assess Needs and Budget: Ensure the sum assured can meet future family requirements, considering inflation. You can use the Term Insurance Calculator to determine your premium.
Choose the Right Insurer: Select an Indian insurer with a high Claim Settlement Ratio, ensuring efficient claim settlements. Check the Solvency Ratio for the insurer's financial strength and ability to handle debts. Go for an insurer with a strong financial position.
Here is a list of documents required to purchase term insurance from India:
Front and back side of the Passport
Proof of Employment IDÂ
Last entry-exit stamp
Copy of Valid Visa
Foreign Address Proof
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
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