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The Best term insurance plan in India ensures your family’s financial security when you’re no longer around. If the life assured survives until the end of the policy term, then he/she will not receive any maturity benefit. These plans are customized to cover essential expenses like rent, children's education, and other daily needs.Term insurance plans have low premiums and provide coverage for larger risks.
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Buy India best term insurance plan starting at just ₹16/ day of ₹1 Crore cover with 10% discount online and 100% dedicated claim assistance. With Policybazaar term life policy, you can easily compare, buy the best term insurance plan in India 2024 and choose the term plan that fits your needs. Here is a list of the best term insurance plans in India 2024 for you, based on various factors, including affordable term plan premium rates, flexible payout options, coverage, and reliability of term life insurance providers:
| Name of the Insurer | Best Term Life Insurance Plans | Claim Settled Amount (cr) | CSR | Entry Age | Maximum Maturity Age | Sum Assured |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 98.40% | 21 - 55 years | 70 years | 25 Lacs - 25 Crores |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 98.75% | 18-65 years | 80 years | 5 Lacs - no limit |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch Lumpsum | 603 | 99.23% | 18 - 55 years | 99 years | 50 Lacs - 10 Cr |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Comfort | 86 | 99.70% | 18 - 65 years | 70 years | 25 Lacs - 1.25 Cr |
| Bharti Axa Life Insurance Company Limited | Bharti AXA Flexi Term Pro | 148 | 99.01% | 18-65 years | 99 years | 25 Lacs - no limit |
| Canara HSBC Life Insurance Company Limited | Canara HSBC Young Term Plan | 186 | 99.23% | 18 - 60 years | 99 years | 25 Lacs - 20 Cr |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 99.23% | 18-65 years | 80 years | 25 Lacs - no limit |
| Future Generali India Life Insurance Company Limited | Future Generali Term Insurance | 33 | 96.08% | 18-60 years | 65 years | 50 Lacs to no limit |
| HDFC Life Insurance Company Limited | HDFC Life Click 2 Protect Super | 1,389 | 99.50% | 18 - 65 years | 85 years | 50 Lacs - 20 Cr |
| ICICI Prudential Life Insurance Company Limited | ICICI Prudential iProtect Smart | 1,950 | 99.17% | 18 - 65 years | 99 years | 50 Lacs - 20 Cr |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 98.04% | 18-60 years | 99 years | 1 Lacs - 5 Crore |
| Kotak Mahindra Life Insurance Company Limited | Kotak e-Term Plan | 321 | 98.74% | 18 - 65 years | 85 years | 50 Lacs - 10 Cr |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 98.50% | 18 - 65 years | 80 years | 50 Lacs - No limit |
| Axis Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 99.70% | 18 - 65 years | 85 years | 1 Crore - no limit |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 99.20% | 18 - 50 years | 80 years | 50 Lacs - 1 Cr |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Term Plan | 30 | 99.06% | 18-65 years | 85 years | 50 Lacs to no limit |
| SBI Life Insurance Company Limited | SBI Life eShield Next | 1,676 | 98.30% | 18 - 65 years | 85 years | 50 Lacs - 10 Cr |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 98.09% | 18-65 years | 75 years | 30,000 -. 14 Lacs |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 96.27% | 18-60 years | 80 years | 1 Crore - 2 Crore |
| Tata AIA Life Insurance Company Limited | TATA AIA Sampoorna Raksha Promise | 776 | 99.13% | 18 - 65 years | 100 years | 25 Lacs - no limit |
*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 above table shows the list of term insurance plans for 1 crore life cover for the profile of an 18-year-old, non-smoking male, cover upto 38 years.
Know what is term insurance first and then buy a term plan for your loved ones.
Term Plans
Following is a list of the best term insurance in India 2024 to buy.
Customise your coverage with two flexible income protection options and enjoy discounts for salaried buyers.
Choose from 2 plan options as per your suitability: Fixed Income Protection and Increasing Income Protection
Get discounts upto 11% - for salaried the first year 7% + 4% special online discount
Select the option to enhance cover at additional premiums with riders
Choose to pay the premiums in the most suitable premium pay mode
Personalize your term insurance cover protection with four plan choices, plus select to receive the return of premium at maturity.
Choose from 4 plan options that fits your needs
Enhance the base cover with the additional riders available
The return of premium option returns all the premiums paid at the maturity of the policy
Option to get covered under the MWP Act
Get tax benefits as per the prevailing tax laws
Secure your family’s financial future with term life cover and special exit value to get back premiums.
This best term plan provides life cover with lump sum payout on demise
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.
Hassle-free online purchase with guaranteed payouts for your family over 15 years.
This best term insurance plan can be purchased online in a simple and hassle-free way.
In case of the demise of the insured, the policy offers a guaranteed annual pay-out to the family for 15 years.
The plan offers two different options for payouts.
The maximum maturity age of the policy is 70 years.
Flexible life cover with the option to return premiums and cover your spouse under one plan.
Choose from 2 plan options
The return of premium option pays all the premiums paid at the maturity
Select for your spouse to be covered under the same plan
Choose to get covered under the policy till 100 years of age
Pay the premiums in suitable premium pay term and modes
Increase sum assured as per needs at different life stages
Enjoy early exit benefits and coverage for both you and your spouse with premium returns.
This best term plan in India 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.
Financial security for your family with easy premium payment and tax-saving benefits.
This best term life insurance in India provides financial stability to the family of the policyholder
Gives peace of mind to the policyholder
Provides tax benefits as per the prevailing tax laws
Choose from the suitable plan options
Pay premiums at your convenience
Choose flexible coverage options and save on taxes while ensuring your family's protection.
Select the most suitable plan option from the available options
Get financial protection for the family
Save on taxes as per the prevailing tax laws
Customize the policy term and sum assured as per your individual needs
Exit the plan early with the special exit benefits
Three plan options with premium returns and the option to add critical illness cover.
This best term plan in India provides financial protection to the family of the life assured in case of any eventualities.
You can get back 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.
Comprehensive coverage with special rates for non-tobacco users and flexible payout options.
This best term insurance in India can be purchased online in a simple and hassle-free way.
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 for the premiums to be paid in a single pay, regular pay, or limited pay, as per your choice.
The life assured can choose from the three different benefit payout options, which are monthly income, lump sum, or a combination of both.
Affordable life cover till age 99, with customizable payment options and payout flexibility.
Get long term coverage (till 99 years of age)
Receive large life cover at affordable premiums
Pay the premiums in a suitable premium pay mode and term
The death benefit can be paid in lump sum or regular installments
Receive tax benefits on the premium paid as per IT Act, 1961
Affordable protection with enhanced coverage at key life events and multiple payout choices.
It is a low-cost insurance policy, which offers high coverage at a pocket-friendly price.
Through the step-up option, the cover can be enhanced at special life events.
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.
Choose between level or increasing sum assured with flexible premium payment options.
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.
Choose between level or increasing sum assured with flexible premium payment options.
This best term plan in India offers flexible premium payment options
Get accelerated benefits on diagnosis of critical illness with the accelerated critical illness benefits
Receive all the premiums back on exiting the policy early with the special exit value benefits
Choose to delay premiums for up to 12 months without any late fees or interest
Comprehensive coverage with step-up and life stage benefits, plus additional coverage for your spouse.
This is a comprehensive term insurance plan, which can be purchased online.
This best term insurance plan in India 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 policy offers 3 life benefit options with different additional riders included in the base plan.
Lower premium rates are offered for non-smokers and female policy buyers.
Family protection with flexible death benefits, life stage enhancements, and smart exit features.
This best term plan in India offers financial protection for family
Flexibility to choose the type of cover, add spouse to the policy, or enhance life stage benefits
Exit the plan early with the smart exit benefits
Change the premium pay term from regular to limited during the policy term
Choose from several death benefit payout options
Affordable protection with multiple coverage options and customizable death benefit payment modes.
This is one of the best term insurance plan in India, which comes with premium paying options like single pay, regular pay, or limited pay.
SBI Life eShield Next is the term plan that provides comprehensive coverage at an affordable premium rate.
The life assured can choose from three different options of coverage.
This best term plan in India can be customized using the Death Benefit Payment Mode and Better Half Benefit Option.
Choose from three plans and enjoy affordable premiums with added riders for enhanced protection.
Choose from 3 plan options for different needs
Get affordable premiums for a large life cover
Get enhanced protection with the available riders
Claim term insurance tax benefits as per the prevailing tax laws
The family will receive additional death benefit with the accidental death cover
Customize your policy term and premium payments, with lump sum death benefits and tax benefits.
Get covered for the required policy term (max. till 80 years of age)
Choose sum assured, premium pay term, and policy term as per your needs
Affordable premiums remove strain on your pockets
The death benefit will be paid as a lumpsum
Claim tax benefits under sections 80C and 10(10D) of the IT Act, 1961
Receive 50% base sum assured for terminal illness with family benefits and flexible premium payments.
Choose the best term plan option from 4 options
Get 50% base sum assured as accelerated benefit in case of terminal illness diagnosis
Get FlexiPay benefits, and Family Plan benefits with this plan
Receive in-built waiver of premium in terminal illness diagnosis
*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
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Here is a step-by-step guide to choose the best term insurance plan in India in 2024:
The most important aspect of a term plan is its sum assured. Your coverage should be enough to cover your family’s future expenses, including education, home loans, and lifestyle needs, in your absence. A general rule is choosing a coverage amount 10-20 times your current annual income.
Policy term refers to the duration for which your insurance coverage will last. Ideally, the policy term should cover you until retirement or all your major financial responsibilities are settled. Consider opting for a term that lasts until 60-65 years of age to ensure protection during your earning years.
Term plans come with various premium payment options like regular, single, or limited pay. You should always choose an option that aligns with your financial situation and future goals:
A higher claim settlement ratio for life insurance company means the insurer has a good track record of settling claims. You should always look for insurers with a CSR above 95% to ensure smooth claim processing for your family.
Some term plans offer flexible options like increasing cover as your income rises, or decreasing cover when financial liabilities reduce. Term insurance riders also enhance your policy's protection and provide added security at a nominal cost.
The insurer provides you an option to give credit to the life assured. However, this option is only available only on selected term insurance plans.
Availing a term insurance plan allows an individual to receive tax benefits under section 80C of the Income Tax Act, 1961.
Term Plans are more Affordable than Other Types of Life Insurance
The best term insurance in India will have a much more affordable premium than most other types of life insurance, especially if the plan offers market-linked returns.
Younger the Age, Lower the Premium
Various insurance advisors suggest that you buy the best term plan in India as early as possible to secure a large life cover at highly affordable premiums.
Offers Long Term Protection till 99/100 years
With the best term insurance plan, you can get covered under the plan till you turn 99/100 years old and ensure the financial protection of your family.
Premiums Remain Constant
The premiums once selected remains constant for the entire policy tenure, unless you increase the life stage benefit at marriage, childbirth, or home loan.
Save up to 46,800 on Taxes
Claim up to ₹46,800 term insurance tax benefits on the premiums paid under section 80C of the Income Tax Act, 1961.
Comprehensive Protection
With add-on riders available with the best term insurance plan in India, you can get comprehensive protection against various eventualities.
Policybazaar has helped secure over 15 Lakh Families and assisted with 440 Crore worth of claims since April 2022. Here is how buying a 1 crore term insurance from Policybazaar can benefit you:
Up to 10% discount on online purchases
Free Dedicated Claim Support for Family
Policybazaar Advisors for insurance queries
100% recorded calls by IRDAI-certified agents
Walk-in stores provide offline support
For NRIs, having the right term life insurance is important to protecting and securing their financial future, especially while living abroad.
Best Term Insurance in India for NRIs in the UAE
NRIs in the UAE can benefit from buying the best term insurance plan from Indian insurers, who offer comprehensive coverage at competitive rates. These plans are tailored to meet NRIs' financial needs, with flexible premium payment options and a 5% discount for annual payments. Many plans also provide high coverage and easy claims for family members in India. Plus, the tax benefits under Indian laws make it an excellent long-term purchase.
Best Term Insurance in India for NRIs in the UK
For NRIs in the UK, best term insurance plans in India often have lower premiums compared to local UK options. These plans offer global coverage, ensuring that your family is protected no matter where you are. Indian insurers also have user-friendly online processes to purchase and manage policies. Additionally, the GST exemption under Indian law adds further value to the policy.
Best Term Insurance in India for NRIs in the USA
For NRIs in the USA, the best term insurance plan from India offers peace of mind with worldwide coverage and affordable premiums. Indian insurers make it easy to handle cross-border transactions and provide plans designed to meet NRIs' needs, ensuring that your family in India is well-covered. The plans also offer attractive tax benefits and features, making them a smart financial choice.
Best Term Insurance in India for NRIs in Canada
The best term insurance plans provide NRIs in Canada with global coverage, ensuring financial security for family members in India. These plans often come with lower premiums than Canadian options and offer flexible payment modes. The convenience of buying and managing policies online, along with the tax benefits under Indian law, makes these plans a great option for NRIs.
Best Term Insurance in India for NRIs in the Netherlands
NRIs in the Netherlands can opt for the best term insurance plans that offer extensive worldwide coverage, perfect for families with dependents in India. Indian insurers offer competitive premiums and strong customer support for NRIs. Many plans also include extras like terminal illness riders, providing complete protection. The easy online policy management makes these plans hassle-free to maintain.
Best Term Insurance in India for NRIs in New Zealand
Best term insurance plan offers NRIs in New Zealand affordable coverage, ensuring their families in India are well-protected. With the flexibility to pay premiums in INR or foreign currency, these policies are convenient and accessible. Some plans also offer added benefits like accidental death coverage. Tax advantages and the ability to manage policies online make Indian term insurance a practical choice for NRIs.
Best Term Insurance in India for NRIs in Qatar
For NRIs in Qatar, best term insurance plans in India are both affordable and comprehensive. Indian insurers understand the unique needs of NRIs and provide seamless online services for buying and maintaining policies. With options to pay premiums in INR or foreign currency and tax benefits under Indian laws, these policies offer great value. The global coverage ensures that families are financially secure, no matter where they are.
Best Term Insurance in India for NRIs in Singapore
NRIs in Singapore can benefit from the best term insurance plans in India that offer global protection at highly competitive rates. These plans are designed with NRIs in mind and provide coverage for dependents in India, with flexible options and additional benefits like critical illness riders. The simple online process and tax-saving benefits in India make these plans a strong choice for long-term financial security.
Ans: As per Reddit/Quora, the best term insurance with a return of premium in India are the following:
You can check and compare the available plans on Policybazaar and buy the best term insurance plan in India that fits your needs the best.
†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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