Term insurance is important to protect your family for the unforeseeable future. It is the simplest type of life insurance that provides a lump sum payout to your loved ones if you die unexpectedly during the policy term. Non-resident Indians (NRIs), Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders can easily purchase term plans online with a convenient tele/video medical test. Indian insurance companies offer tailored term plans to meet the needs of Indian customers, even if they’re living abroad. Let’s explore the top term life insurance plans in India and understand their benefits.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Term insurance is the most affordable type of life insurance plan that offers financial cover to the policyholder’s loved ones for a certain policy term. This type of life insurance provides a death benefit to the nominee/beneficiary of the policyholder in the event of his/her unfortunate death. A term insurance plan provides a high life cover at affordable premiums so that securing your loved ones doesn’t become a task for you.
Let’s understand this with the help of an example.
Sandeep is a 30-year-old non-smoking male, with a salaried income of Rs. 22 Lakhs per year, 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. 870/month. With this 1 crore cover, Sandeep can ensure that their family can 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 | |
| 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: 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: In India, term life insurance ensures your family's financial security by providing a sum of money if you pass away unexpectedly. This payout helps them maintain their current lifestyle, cover expenses like rent, child's fees, and handle any medical emergencies.
Flexible Policy Issuance: Term insurance plans in India are simpler compared to international plans, as you can enjoy the benefit of easier documentation in India, along with tele/video medical test. You can quickly compare and buy term plan online from the convenience of your home.
Easily Accessible: Your grieving family can visit the insurance company’s nearest office/branch in their residential city to start the claim settlement without hassle.
Larger Life Cover: If you buy a term insurance plan in India, they can receive life cover of up to Rs. 20+ Crores. They can easily buy term plan with a large life cover to make sure that their loved ones are financially secure in their absence.
Debts and Loans: Term life insurance provides a payout that can help your family settle outstanding loans, such as home or car loans, and manage financial responsibilities. It's important to buy term plan with sufficient life cover to meet their family's needs.
Affordable Premium Rates: The premium rates of term insurance plans in India are lower compared to premium rates of international plans. This The level term life insurance rates for NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders are much affordable than any international term insurance premiums.
Extra Discount: You can get an additional discount of 5% when opting for the yearly premium payment mode, along with an 18% GST waiver upon buying term insurance from Indian insurers.
Special Exit Option: In India, you can select term insurance plans with a special exit option. The special exit option allows you to conclude the plan at a specific time, after which you will receive a full refund of all paid premiums.
You should buy term insurance from Indian insurance companies because of the reasons mentioned below:
Bigger Pool of Insurance Companies: In India, you have access to a wide range of insurers providing term insurance plans. This enables you to compare different plans from various insurers to find the one that suits their needs. The benefits of choosing an Indian insurer for term plans are:
Premium payment options
Flexibility to choose policy term
Affordable premiums
Large sum assured
Various payout options
Claim Settlement Ratio (CSR): The CSR (Claim Settlement Ratio) is the percentage of claims paid out by an insurance company compared to the total claims filed in a year. The IRDAI releases the CSR percentages for all Indian insurers in its annual report, thereby helping customers in making informed decisions. It is advisable to opt for an insurer with a consistently high CSR value, ideally over 95%, when buying term plan.
GST Waiver: If you buy a term or life insurance plan from India, he/she 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 plan from Indian insurers is now simpler with the option of tele/video medical tests. You can complete their medical assessments through video or phone calls and buy term plan that fits them without any hassle.
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
Proof of Employment ID
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
Term insurance for NRIs is a regular term plan designed with
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