Term insurance is a type of life insurance that offers a large life cover at affordable premiums and provides the death benefit to your family in the event of your untimely demise. This feature makes term life insurance an important aspect of everyone’s financial portfolio. You, too, can buy term plans from the comfort of your home if you are an NRI (Non-resident Indian), PIO (Person of Indian Origin), or Foreign National. Term insurance plans in India can be purchased hassle-free through tele/video medicals.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Let us take a look at the term life insurance plans in India, their key features and their benefits:
Following is the list of the term insurance plans in India that you can buy:
| 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: You can use the Term Insurance For NRI Premium Calculator to calculate the premium you would need to pay for the desired life cover.
Term Plans
You should buy term life insurance in India for the following reasons:
Death Benefits: Term insurance in India offers death benefits to the nominee of the policy in case of the policyholder’s unforeseen death during the policy term. This ensures your family’s financial security in the event of your absence.
Affordable Premiums: The premiums of term life insurance are much more affordable in India compared to international plans. For example: Term insurance in India is up to 50-60% more affordable than international term plans.
Easy Policy Issuance: The term life policy in India is issued in a much more hassle-free manner than international term life policy and the documentation is much more simplified. You can easily compare and buy term plans from the comfort of your home.
Easier Claim Settlements: If your family lives in India, they can easily get their claims settled from their home country rather than travelling all the way to your current residential country just to get their claims settled.
Pay off Loans/Debts: The large sum assured can help your family pay off any remaining loans and debts like business, student loans or credit card debts that may fall on the shoulders of your family in your absence.
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Term life insurance from Indian insurers can provide you with the following benefits:
Bigger Pool of Insurers: In India, you get the option of choosing the insurer you want to buy term plans from. You can get the following benefits by buying from India:
Flexible Premium Payment
Choose the Policy Term
Large Sum Assured
Various Payout Options
Low Premiums
Claim Settlement Ratio: Customers can easily refer to the Claim Settlement Ratios (CSR) of different insurers released by the IRDAI. You should ideally choose an insurer with a CSR of more than 95% as it indicates that the company is reliable.
GST Waiver and Discounts: With term life insurance in India, you can get an online discount of 5% on choosing the annual premium payment mode. You will also be eligible to claim a GST waiver on the premiums paid.
Tele/Video Medicals: The tele and video medical facility in India allows customers all around the world to buy term life insurance from their residential country without travelling all the way back to India, just to get their medicals cleared.
Large Sum Assured: In India, you can purchase a term life insurance of upto 20 Crores life cover. This large sum assured, ensures your family has enough amount to cover their financial needs.
Here is how you can buy term insurance from India online from the comfort of your home:
Step 1: Visit the term insurance for NRI page on Policybazaar’s official website
Step 2: Fill in your name, date of birth, gender, email, mobile number, and country of residence
Step 3: Select the right annual income, occupation type, educational background, and smoking habits
Step 4: Choose the most suitable plan and proceed to pay
Here is a list of documents required to purchase term insurance from India:
Last entry-exit stamp
Photo of the Policyholder
Last 3 Month salary slips
Last 6 months' bank statements
Front and back side of the Passport
Proof of Employment ID
Copy of Valid Visa
Foreign Address Proof
†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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