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Term Insurance In India

Term life insurance is crucial for anyone wishing to protect their family. It's a simple type of life insurance that pays out a death benefit if the life assured passes away during the policy term. NRIs, foreign nationals, PIOs, and OCI card holders can buy term plan online with ease, undergoing a simple medical test via tele/video mode. Indian insurance companies offer term plans designed specifically for Indian customers. Let's understand India's top term insurance plans, their key features, and how to purchase them.

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What is Term Insurance?

Term insurance is a simple and cost-effective life insurance plan that provides financial protection to the policyholder’s loved ones (nominees) for a fixed duration (policy term). If the life assured unfortunately passes away during this policy term, the policy pays out a lump sum amount (death benefit) to the beneficiaries/nominee. Moreover, term insurance offers high coverage at low premiums.

For example, a healthy, non-smoking 30-year-old earning Rs. 15 Lakhs annually can secure a Rs. 1 Crore cover for 30 years by paying just Rs. 930 per month. This ensures that their family can maintain their lifestyle in case of the policyholder’s untimely demise.

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: The Term Insurance For NRI Premium Calculator can help you determine the premium amount payable for the desired cover amount.

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Why Should You Buy Term Insurance?

Here are some of the reasons why you should buy term plan in India:

Financial Security: Term insurance in India provides financial security to your family by offering a benefit amount if you pass away, helping them maintain their lifestyle, cover expenses like rent, child's fees, and handle medical emergencies.
Flexible Policy Issuance: Buying a term insurance policy in India is easier for NRIs due to simpler documentation and formalities. You can compare and purchase term plans online within minutes from the comfort of your home.
Easily Accessible: Claim settlement for term insurance is easily accessible for your family, who can visit the insurer’s nearest office/branch in their residential city to initiate the process without hassle.
Larger Life Cover: NRIs can secure a larger life cover of up to Rs. 20+ Crores by buying term insurance in India, ensuring their family's financial stability in their absence.
Debts and Loans: Term life insurance provides a life cover payout to help your family settle any outstanding debts, such as home or car loans, ensuring their financial security. Buying a term plan with sufficient life cover is crucial to meet your family’s needs.
Affordable Premium Rates: For NRIs, Foreign Nationals, PIOs, and OCIs, level-term life insurance rates in India are more budget-friendly than international premium rates, making it a cost-effective option for securing your family's future.
Additional Discount: Opting for the yearly premium payment mode when purchasing term life insurance from Indian insurers can earn you an additional 5% discount and an 18% GST waiver, further reducing the overall cost.
Special Exit Option: Indian term insurance plans offer a special exit option, allowing you to terminate the plan at a specific time and receive a full refund of all paid premiums. This feature provides flexibility 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, there's a wide range of insurers offering term plans for Indian expats, allowing you to compare options easily. This means you can choose the plan that suits your needs from a variety of insurers. Benefits of buying from an Indian insurer include flexible premium payment options, choice of policy term, high sum assured, multiple payout options, and affordable premiums.
Claim Settlement Ratio (CSR): The Claim Settlement Ratio (CSR) is the percentage of claims settled by an insurance company compared to the total claims filed in a year. The Insurance Regulatory and Development Authority of India (IRDAI) publishes CSR values for all insurers annually. It's wise to select an insurer with a consistently high CSR, preferably above 95%, when purchasing a term plan, as this indicates reliable claim settlement practices.
GST Waiver: If you buy term plan or life insurance plan 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 buy term plan of your preference.

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:Visit Policybazaar’s official website and click on ‘TTerm 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.

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

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

FAQ's

Q: Who can buy term insurance from India?

Ans: These people can buy term insurance from India – Indian citizens, NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders.
Q: What is term insurance?

Ans: Term insurance is a type of life insurance plan that offers financial protection to your family for a fixed duration, known as the policy term. If the policyholder passes away during this term, a lump sum amount (death benefit) is paid to the nominees.
Q: Why should you consider buying term insurance from India?

Ans: Buying term insurance from India offers benefits such as a wider pool of insurance companies, better claim settlement ratios, GST waiver on premiums, and convenient video or telemedical options for medical assessments.
Q: How can I buy term insurance from Indian insurers with Policybazaar?

Ans: You can easily purchase term insurance from Indian insurers through Policybazaar's online platform. Simply visit the website, fill in your details, select the most suitable plan, and complete the payment process.
Q: What documents are required to buy term insurance from India?

Ans: You will need documents such as the front and back side of your passport, a copy of a valid visa, foreign address proof, proof of employment ID, last entry-exit stamp, photo of the policyholder, and recent salary slips and bank statements.