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Keeping your family financially protected against unfortunate events is everyone’s priority. When you have a steady source of income, you can create a good financial plan. One of the first steps is to buy the right term life insurance plan. You can do that by understanding some of the term life insurance plans to secure your family’s future in your absence.
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Term insurance is a pure life insurance product that provides coverage for a fixed time or years i.e., term. This type of life insurance offers a death benefit to the nominee in case of the unforeseen demise of the policyholder during the policy tenure. Term insurance plans provide high life coverage at lower premium rates.
For Example, Premium rates for Rs. 1 Crore Term insurance cover could be as minimum as Rs. 449 per month. These fixed amounts of premium can be paid one time or at regular time intervals for the whole policy term or for a limited time. Premium rates vary on the basis of the type of premium payment mode opted by the insurance buyer.
Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.
Financial protection to family against unfortunate events
Easy to buy
Online availability
Long policy term
High cover at low premium rates
Low entry age
Premium return on survival (TROP)
Coverage against life-threatening diseases
Financial cover for disabilities and critical illnesses
Safety for dependents from liabilities and loans
High maturity age
Tax Benefits u/s 80C and 80D of the ITA, 1961
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Term Plans
Buying term plans for dear ones is a significant financial decision in everyone’s life that includes a right selection of policy term, sum assured, entry and maturity age. In terms of purchase mode, it is significant to know that the plan is offered via online mode or offline mode. Purchasing term insurance online is the most cost-effective and convenient way. Below is a list of rated term life insurance plans in India 2022 from insurance companies:
| Name of the Insurer | Term Life Insurance Plans Offered by Different Insurers | 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
Information Sourced from IRDAI and Insurer’s official Website
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While choosing a term insurance plan, you need to check for the following factors and make sure that your family has the financial protection under the term life insurance plan:
The first and foremost step for choosing a term life insurance is to assess your life when purchasing insurance. When you secure a life cover, your financial condition and your age set the groundwork for selecting the right plan. It affects the policy term and subsequently, the life cover amount that is more suitable.
It is important to understand how to choose term life insurance plans based on your lifestyle requirements. Your lifestyle involves spending habits and a general living standard. So, when you have a clear picture of your lifestyle needs, you can protect your family more efficiently. Moreover, they don’t have to compromise on their living standard even in your absence.
It is important to calculate the financial needs of your family so that you do not overestimate life coverage. If your current income is not able to meet the premium rate, you can end up over-burdening your financial condition.
Liabilities and Debt are the other important parameters while choosing the term life insurance. Sometimes, people have to repay loans over an extended time period. In case the policy tenure does not cover the time of repayment or if the amount is not enough, it can be financially difficult for your dependents.
Riders are additional benefits provided by insurance companies to increase the coverage of an insurance plan. They can be attached to a base plan at the time of purchase by paying a substantial amount of premium
Some of the standard term riders available with term plans are accidental death and disability rider, critical illness, and waiver of premium rider. You have the option to enhance the scope of a term policy by knowing how to choose the term insurance plans.
The claim settlement ratio is the percentage of claims paid out of total claims registered in a financial year and revised by IRDAI. The higher the CSR, the easier it will be for your dependents to claim the insurance policy in your absence. This means a consistently good CSR or claims paid ratio reflects a quick and robust settlement process for claims filed under term insurance plans.
The solvency ratio of an insurer informs you whether the insurance company you select will be financially or fiscally capable of claim settlement if the requirement arises. IRDAI i.e., Insurance Regulatory and Development Authority of India mandates that each life insurance company should uphold a solvency ratio of at least 1.5. By checking the solvency ratio, you can easily identify whether the insurer has sufficient funds to settle claims in both the short and long term.
Term insurance plans offer an option to choose a variant that offers regular income options along with the lump sum so that they can look after their instant requirements while investing the lump sum amount for future objectives. Thus, choosing a regular income payout option while purchasing a term insurance plan may save a lot of financial difficulties for your dependents in the future.
Another important parameter is the policy term for which the buyer is buying a term insurance plan. There are different types of term insurance plans that can provide coverage up to whole life. It is important to know how to choose the right policy term, based on your life stage and other important factors.
Assess the sum assured to be chosen as it will cover the financial requirements of the family in the absence of life assured
Quality Service is another factor that you should consider while choosing an insurance company to buy a term insurance plan. Moreover, you should also check the online availability of the customer assistance team of an insurance company for faster query resolution.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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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