Choosing the best term insurance plan in India can be difficult as it involves taking into account a number of factors, such as your age, needs, financial situation, and financial goals. Some of the leading term insurance companies and their eligible plans are mentioned here, but you must evaluate them with the right criteria of reliability and offering based on your needs and budget.
What is term insurance?
Term insurance is a type of life insurance that provides coverage for a specific period or years, ie, term. This type of life insurance provides a financial benefit to the nominee in case of unfortunate death of the insured during the policy term. A term insurance policy offers higher life cover at lower premiums. Eg: The premium for a term insurance cover of ₹ 1 crore can be as low as ₹ 432* p.m. This fixed premium can be paid at one time or at regular intervals for the entire policy term or for a limited period. The premium amount varies depending on the type of premium payment method chosen by the buyer.
LIC (Life Insurance Corporation of India)
Life Insurance Corporation of India (LIC) is the most prominent insurance company in India and has a very long and respectable history. LIC offers a variety of different types of life insurance plans, including term insurance. LIC term insurance plans provide people with protection against a large sum of life insurance, and can also have many features and benefits, such as financial support to your family in case of an occasion, good insurance coverage, and other benefits of life insurance.
LIC term insurance plans benefits and features
- Large amount insurance coverage
- Tax benefits
- Ease of application
- Facility of regular premium payment
- Easy claims process
However, it is important that you choose the right plan as per your requirements by considering the features, premium rates, and policies of various LIC plans. LIC of India has a wide network and reach and is the largest insurer in India. You will find LIC offices in your city and even in small towns. LIC of India Individual Death Claims Paid Ratio is 94.45%. But the application and claim settlement process can be slow.
ICICI Prudential
ICICI Prudential Life Insurance Company is a trusted name that offers a wide range of insurance services in India. Its term insurance plan “iProtect Smart” is a popular choice. This plan offers you a large sum of money insurance coverage that can provide financial support to your family in case of your loss of existence.
ICICI Prudential’s iProtect Smart plan benefits
Business and personal life coverage: The plan offers a comprehensive range of business and personal life coverage.
Application process: The process of applying for the plan is simple and there is also the facility of online application.
Life insurance coverage: The plan provides you with financial support for your family along with your life insurance coverage.
Regular premium: You have the convenience of paying regular premiums under the plan.
Technological illiteracy benefit: The premium is low due to technical illiteracy.
Here too, you should check the plan based on your requirements and to understand the terms and policies of the plan.
HDFC Life Insurance
HDFC Life is also a very well known and trusted insurance company in India. Their term insurance plan “Click 2 Protect Plus” is a leading option that provides you with a large amount of life insurance coverage.
HDFC Life Insurance benefits and features
Return of Premiums paid : You can get back all the premiums you have paid2, in case of survival till maturity
Family coverage : You will get an option to choose additional cover for your spouse3
Comprehensive Protection :You can get protection against accidental death4 and disability5, critical illnesses6
Choose a plan as per your choice: This plan gives you the freedom to choose from various premium and coverage options as per your requirements and budget.
Return option: In some cases, the plan may offer the option to return the investment amount when required.
Job loss coverage: This plan can provide you protection against job loss, thereby providing financial support to your family. Easy premium payment: Paying premiums under this plan is easy, and various online and offline options are available.
SBI Life Insurance
SBI Life Insurance is an Indian autonomous life insurance company that is a major player in the Indian market. Their term insurance plan “Saral Life” is a popular choice.
SBI Life Insurance benefits and features
Easy premium: The premiums under this plan are easy to pay and affordable.
Business and personal coverage: This plan offers a wide range of business and personal life coverage.
Application process: The process of applying for the plan is simple and there is also the facility of online application.
Options: Various options can be selected under the plan, which may include job loss, abnormal death or disability coverage.
Job loss coverage: This plan may provide protection against job loss, thereby providing financial support to your family.
TATA AIA Life Insurance
Tata AIA Life Insurance Company is a leading insurance company in India that offers a wide range of different insurance products. Its term insurance plan “Saral Life” is a prominent option, which provides you with a large sum of life insurance coverage.
Tata AIA Life Insurance’s “Saral Life” plan benefits
Business and personal coverage: This plan offers a comprehensive range of business and personal life coverage.
Application process: The process of applying for the plan is simple and there is also the facility of online application.
Options: Various options can be selected under the plan, such as job loss, abnormal death or disability coverage.
Job loss coverage: This plan can provide protection against job loss, thereby providing financial support to your family.