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Term insurance is the type of life insurance plan in which if any unfortunate death occurs during the policy term, then the policyholder’s nominee/beneficiary will receive the sum assured amount. Term plans provide large coverage at low premium rates. Let’s discuss the best term insurance plan in India, understand their benefits, and know how to buy the plans from Policybazaar.
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Below is a list of the Best Term Insurance in India 2024 from some of the top term insurance companies, along with their Claim Settlement Ratios for FY 2022-23. These plans offer different life cover options for different annual incomes. You can go through the following list and select the best term insurance in India.
| Insurance Company | Best Term Plan in India | Claim Settlement Ratio (CSR) | Entry Age (Min-Max) | Maturity Age (Min-Max) | Sum Assured (Min-Max) | |
| ICICI Prudential Life Insurance | ICICI Prudential iProtect Smart | 98.14% | 18 - 65 years | 99 years | 50 Lacs - 20 Cr | |
| HDFC Standard Life Insurance | HDFC Life Click 2 Protect Super | 99.39% | 18 - 65 years | 85 years | 50 Lacs - 20 Cr | |
| Axis Max Life Insurance | Max Life Smart Secure Plus | 99.51% | 18 - 60 years | 85 years | 25 Lacs - 10 Cr | |
| TATA AIA Life Insurance | TATA AIA SRS Vitality Protect | 99.01% | 18 - 60 years | 85 years | 50 Lacs - 2 Cr | |
| Bajaj Allianz Life Insurance | Bajaj Allianz eTouch Lumpsum | 99.04% | 18 - 55 years | 99 years | 50 Lacs - 10 Cr | |
| PNB MetLife India Insurance | PNB MetLife Mera Term Plan Plus | 97.33% | 18 - 50 years | 80 years | 50 Lacs - 1 Cr | |
| Canara HSBC OBC Life Insurance | Canara HSBC Young Term Plan | 99.01% | 18 - 60 years | 99 years | 25 Lacs - 20 Cr | |
| Kotak Mahindra Life Insurance | Kotak e-Term Plan | 98.82% | 18 - 65 years | 85 years | 50 Lacs - 10 Cr | |
| Aegon Life Insurance | Aegon Life iTerm Comfort | 99.37% | 18 - 65 years | 70 years | 25 Lacs - 1.25 Cr | |
| SBI Life Insurance | SBI Life eShield Next | 97.05% | 18 - 65 years | 85 years | 50 Lacs - 10 Cr | |
| Aditya Birla Sun Life Insurance | Aditya Birla Sun Life Insurance DigiShield Plan | 98.12% | 18 - 60 years | 85 years | 50 Lacs - No limit | |
| Life Insurance Corporation of India | LIC Tech Term Insurance Plan | 98.60% | 18 - 65 years | 80 years | 50 Lacs - No limit |
Note: The above table shows the list of best term insurance plan for 1 crore life cover for the profile of an 18-year-old, non-smoking male.
Term Plans
Following is a list of the 12 best term insurance in India 2024 offered by top term life insurance companies.
This is amongst the best term insurance in India, which can be purchased online simply and hassle-free.
The plan provides comprehensive coverage against terminal illness, death, and disability.
There are also special premium rates offered for non-tobacco users.
You can opt to pay the premiums in a single payment, regular payment, or limited payment, as you choose.
The life assured can choose from three benefit payout options: monthly income, lump sum, or a combination.
The plan provides financial protection to the family of the life assured in case of any eventualities.
You can return all the premiums paid as maturity with the Return of Premium option.
The insurance holders can choose from 3 different plan options, as per their requirements and suitability.
You can include a Waiver of Premium Benefits for Critical Illness and Total and Permanent Disability.
This is an affordable term plan, which can be purchased online simply and easily.
The plan offers different premium paying terms like regular pay, single pay, and limited pay.
The plan comes with extra rider benefits, to enhance the coverage of the policy.
This is the term plan as it offers a free-look period of 30 days.
This plan offers life cover for future financial protection for your family in case of terminal illness or death
You can receive the benefits of the plan’s wellness program and improve your health
Guaranteed premium rate discount in the first year
Free healthy check-ups are available
This is one of the best term insurance policies in India, and it can be purchased online in a simple and hassle-free way.
In case of the insured's demise, the policy offers a guaranteed annual payout to the family for 15 years.
The plan offers two different options for payouts.
The maximum maturity age of the policy is 70 years.
This is a comprehensive term insurance plan, which can be purchased online.
The policy offers additional coverage to the spouse under the same plan.
The plan provides the flexibility to enhance the coverage of the policy under Step-Up Benefit, Life Stage Benefit, and Child Education Support Benefit.
The plan comes with a maximum maturity age of 75 years.
The policy offers 3 life benefit options with additional riders in the base plan.
The plan offers a return of premiums on the survival of the policy term.
You can exit the plan early and receive all the premiums paid during the policy.
The plan waives off future premiums on the diagnosis of a covered critical illness or an accidental total permanent disability during the policy term.
You can block your premium rate at the time of policy purchase and increase the cover up to 100% of the base sum assured.
The plan allows you to cover your spouse within the same plan.
It is a low-cost insurance policy, which offers high coverage at a pocket-friendly price.
The cover can be enhanced at special life events through the step-up option.
Offers three pay-out options to choose from and three plan options.
Choose rider benefit options such as accidental death benefit, total permanent disability, and critical illness.
The plan provides life cover with lump sum payout on demise
Affordable premium rates throughout your earning time
Option to receive all your premiums back if in case you no longer need life coverage through special exit feature
Flexible premium payment modes
Option to select add-ons/riders for Critical Illness or Accidental death to increase the policy coverage.
Tax benefits on premium amount paid and payouts received as per the prevailing laws of the ITA, 1961.
This is a term insurance plan in India that offers premium-paying options like single pay, regular pay, or limited pay.
SBI Life eSheild Next is the term plan that provides comprehensive coverage at an affordable premium rate.
The insured can choose from three different options of coverage.
The plan can be customized using the Death Benefit Payment Mode and Better Half Benefit Option.
The plan provides complete financial protection at a minimum premium rate.
Offers 10 plan options to fit your requirements.
The plan comes with an inbuilt terminal illness benefit along with the option of including an Accelerated Critical Illness Benefit to enhance the coverage of the policy.
The beneficiary can receive the death benefit as lump-sum, monthly income, or a combination of both.
Policy offers the option to receive survival benefits as monthly income after the age of 60 to maintain financial independence.
The plan offers rider options to enhance the coverage of the policy.
LIC e-Term insurance plan is a non-participating, pure life insurance plan
You can choose from two benefit options: Level or Increasing Sum Assured.
LIC Tech Term offers the flexibility to choose
Regular, Limited, or Single premium payment.
Benefit payout in installments
Policy and premium paying term
The plan offers special rates for women and non-smokers.
You can also enhance your coverage by including the Accidental Benefit Rider in your base plan.
But before learning how you can select the best term insurance plan for yourself, let’s first understand the meaning of term insurance, term insurance benefits, and its definition:
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The following are the benefits of buying the best term insurance in India:
Higher Coverage at Lower Premiums: The best term insurance plans provide high life cover at really low premium rates.
Whole Life Cover: Various best term insurance in India offer a whole life cover, through which case your family will be financially protected against an eventuality for a long time.
Payout Options: Several best term plan in India provide the option of selecting the payout option for the sum assured, which can serve as regular income.
Return of Premium: Term Plan often offers the option of receiving the paid premiums back at the end of the policy term as a maturity benefit.
Additional Rider Benefit: There are several important term insurance riders available in the best term insurance in India. You can include any of the available riders in the best term insurance plan to get enhanced coverage.
Easy to Understand: Term plans are very easy to understand as they provide cover for the policy term as long as you are up-to-date with your premium payment.
Premium Frequency: You can select the premium payment mode and frequency at your convenience, as a lot of insurers provide single, regular, or limited payment options.
Online/Offline: You can easily purchase the best term insurance plan online or offline. However, various insurers offer special deals on online purchases. There are many benefits of buying insurance online.
Tax Benefits: Get term insurance tax benefits as per the prevailing laws of the Income Tax Act, 1961.
You must consider the factors suitable when buying a term insurance plan. It is also better to purchase term plans online as it saves time and money since no middlemen are involved. Here is a list of all the steps you should follow to choose the best term insurance plan in India 2024:
Here is a step-by-step guide to choose the best term insurance plan in India in 2025:
The sum assured amount of your best term insurance plan should be sufficient to meet your family’s financial goals in your absence. In order to determine the adequate amount, you should consider your current income, existing liabilities such as loans, number of dependents, funds needed to meet the family’s lifestyle, inflation rate, and the amount invested each month for achieving financial goals.
The best term plan in India provides a death benefit to the family in case of the policyholder’s untimely death. This way, the term insurance plans cover the risk of the family’s financial instability in the absence of the main income earner.
Insurance providers in India offer a variety of best term insurance plans for you to choose from. You can select the type of term plan that best fits your needs from the regular term plans, term return of premium plans, 100% refund of premium at no-cost term plans, and whole life insurance policies.
Before purchasing the best term insurance plan in India you should select a reliable insurer based on their:
Claim Settlement Ratio: The Claim Settlement Ratio of Term Insurance describes the number of claims a company settles against the total number of claims made. The higher the CSR, the better the chances of your claim getting settled. You can check the CSR of each insurer from the IRDA annual report that they release every financial year. The formula used to calculate CSR for buying best term insurance in India is as follows:
Claim Settlement Ratio: Total Number of Claims Settled /Total number of Claims Made x 100
Let us understand with the help of an example:
If an insurance company received 5000 claims in a financial year and settled 4800 claims within the same year. Then the CSR according to the above formula will be 96%, indicating a good claim settlement ratio, which means the claims made with the insurer will be settled quickly.
CSR ⇒ 4800/5000 x 100 = 96%
Solvency Ratio: The Solvency Ratio of Term Insurance determines the ability of the insurer to meet their financial obligations to customers. Make sure the solvency ratio of the insurers offering the best term insurance plan should be over 1.5.
After selecting a suitable insurer, go through the list of available plans from the companies of your choice, and select the best term insurance in India. You can compare term plans based on their premium rates, CSR values, policy term, sum assured, critical illness coverage, loan facility, and other benefits offered.
When it comes to the best term insurance in India, riders play a significant role in enhancing the coverage and customization of your policy. Riders are add-on benefits that offer additional protection beyond the basic coverage of a term insurance plan. Best term insurance plan in India allow you to include following riders in your base plan to enhance the policy coverage in unfortunate circumstances:
Waiver of Premium: With this rider, your remaining premiums will be waived off in case of a job or income loss.
Accidental Death Benefit: Under this rider, your family will receive an increased amount as a death benefit in case of the death of the policyholder due to an accident.
Critical Illness Rider: In this rider, you will receive an extra amount on the diagnosis of a critical illness listed under the rider to deal with the treatment expenses.
Hospicare Benefit: By including this rider, you will receive a percentage of the sum assured to take care of the hospital bills and medical costs.
Accidental Total and Permanent Disability: With this rider, you will receive a percentage of the sum assured in case of accidental total permanent disability.
Terminal Illness Benefit: With this rider, in case the policyholder is diagnosed with a terminal illness, a part or the entire sum assured is paid to the policyholder in advance, which provides an early payout on terminal illness.
After going through all the above-mentioned points, you must evaluate the premium required and purchase the best term insurance plan that fits your needs. You can use an online term insurance calculator to determine the premium you are required to pay for your desired sum assured amount.
Here are a few reasons why you should buy the best term insurance plan in India from Policybazaar:
Dedicated claim assistance to family for Free
Get discounts upto 10% on buying term plans online
Advisors available in your city
Compare and buy plans at low premiums
100% recorded calls to reduce mis-selling
You can buy best term insurance plan in India online by following the below steps:
Step 1: Go to Term Insurance
Step 2: Enter basic details like Name, DOB, and Phone no. and click on ‘view plans’
Step 3: Submit details about your occupation type, annual income, educational qualifications, and smoking habits
Step 4: Compare the policy details of the different plans available
Step 5: Select the term insurance plan that fits your requirements the best
Step 6: Proceed to pay via net banking, debit or credit card.
| Best Term Insurance Plan for 1 Crore 2024 | Entry Age | Maturity Age |
| Max Life Smart Secure Plus | 18-60 years | 85 years |
| ICICI Prudential iProtect Smart | 18-65 years | 99 years |
| HDFC Life Click 2 Protect Super | 18-65 years | 85 years |
| Bajaj Allianz e-Touch | 18-55 years | 99 years |
| Tata AIA Sampoorna Raksha Supreme | 18-60 years | 100 years |
†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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