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Life Insurance for 5 years

Buying the right life insurance is a crucial decision to make. You must choose the plan wisely to cater to your family's needs and protect them against financial distress. The life insurance benefit your family receives will help them survive in your absence, pay off existing debts and meet lifestyle expenses. Individuals who require short-term coverage can consider buying life insurance for 5 years. Let us look at some of the benefits and available plans in India.

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What is Life Insurance for 5 Years?

Life insurance for 5 years is a life insurance plan that covers the life assured for a fixed period of 5 years. These short-term life insurance plans are suited for individuals who want to financially secure their loved ones for a specific period, like short-term loans. Life insurance plans like term life for 5 years are highly affordable and offer large life cover.

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 Benefits of Buying Life Insurance for 5 Years?

Let’s take a look at the benefits of buying a life insurance for 5 years:

Low Premiums: Several types of life insurance plans, like term life 5 year policies, are available at highly affordable premiums. You can compare the available plans online and buy the most suitable one per your requirements.
Financial Security: Life insurance plans for 5 years offer your family financial security in your absence by providing them with the sum assured as a death benefit in the event of your unfortunate demise.
Wealth Creation: Various life insurance plans offer the chance to create wealth over time through bonuses or market-linked returns. You can choose the funds you want to invest in per your risk appetite.
Large Life Cover: With life insurance for 5 years, you can get a large life cover to secure your family at affordable premiums. For example, a 1 Crore term insurance starts at just Rs. 473 monthly.
Customisable: Life insurance plans for 5 years are customisable and allow customers to change the policy details as per their suitability like sum assured, premiums,

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What are the Life Insurance Plans for 5 Years?

Here is a list of the life insurance plans for 5 years in India in 2024:

Name of the Insurer	Life Insurance Plans for 5 Years	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 eTouch	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 Click 2 Protect Super	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 Total Elite Protection	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 Promise	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

* You can use the life insurance premium calculator to check the premiums applicable to your profile.

ICICI Pru iProtect Smart
- Cover against terminal illness, disability, and death fo of the policyholder
- Choose to get coverage against accidental death or accelerated critical illness
- Special premiums for non-smokers and female customers
- Select the most suitable payout options from lump sum, monthly, or a combination of both
- Special exit benefit returns the total premiums paid on the survival of the policy term
HDFC Click 2 Protect Super
- Choose from 3 plan options: Life, Life Plus, and Life Goal
- Select the increasing death benefit option to increase death benefits up to 200%
- Waiver of premium available on diagnosis of critical illness or total permanent disability
- Choose to cover your spouse under the same plan
- Select death benefit to be paid in installments as per your family’s needs
Max Life Smart Secure Plus
- This plan offers increasing and level life cover options
- You can take 1-year premium breaks every 10 years
- Opt for the Return of premium or special exit benefit to receive premiums back
- The plan offers special discounts on higher sum assured and lower premiums for female and non-smoking customers
- Increase the sum assured by 100% with the sum assured top-up facility
Tata AIA SRS Vitality Protect
- Get financial protection for family in case of death or disability
- Receive premiums back with early exit benefit or return of premium option
- The inbuilt wellness program helps you earn points or rewards to reduce premiums
- Enhance cover by 15% with the cover boosters acc. to your wellness status
- Get free medical checkups annually and applicable tax benefits
Bajaj Allianz Life eTouch
- Offers comprehensive cover for you and your family
- Choose the suitable cover option for enhanced protection
- Lower premiums for non-smokers and female customers
- Select the benefit payout as a lump sum or monthly installments
- Term insurance tax benefits applicable as per prevailing tax laws

Frequently Asked Questions

Q. What are the features of a 5-year term life insurance plan?
Ans: A 5-year term plan has the following features:
- A 5-term plan generally comes with lower premium rates and multiple payment options.
- The premiums paid are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
- It helps to plan for your future expenses in advance.
- One can also avail of loans against these policies.
- Benefits post-death: In the event of the policyholder's death, the nominee is entitled to a death benefit.
Q. How to select the life insurance policy?

Ans: You must consider multiple factors selecting an insurance plan. Gather complete information about the available policies, understand your financial needs and expectations, comprehend the claim settlement ratio, solvency ratio, premium payments, and other details. These parameters should help you select your suited life insurance policy
Q. What are the documents that shall be required to apply for a 5-year life insurance policy?

Ans: A set of KYC documents comprising your Aadhar card, PAN card, Passport, Voter Id, Utility Bills will be required.
Q. What is the eligibility to apply for a 5-year term Plan?

Ans: An Indian citizen within the age group of 18-65 can easily apply for a term plan.
Q. What are the exclusions in life insurance for 5 years?

Ans: Deaths by suicide or self-inflicted injuries are generally not covered by the policy. Similarly, death by HIV or AIDS or any other sexually transmitted diseases are also excluded.
How to calculate the term insurance premium online?

Ans: You can easily calculate the term insurance premium online by using the term plan calculator online tool
What are the benefits of term life insurance?
Ans: Here are 4 common benefits of term insurance:
- Low premium rates
- Tax Benefits
- Death Benefit
- Long term coverage
What are the benefits of term life insurance?
Ans: Below mentioned are the key features of a term insurance policy in India:
- Affordable premium rates
- Long-tenure life protection
- Easy to understand and buy
- Riders availability
- Whole life protection
- Tax benefits
What are the key features of a term insurance plan in India?

Ans: Let's understand what is term life policy here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.