Top 10 Term Insurance Plans in India 2020

July 21, 2021
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Everyone is seeking to secure the financial future of the family and to fulfill this objective, it would be a wise decision to buy a term life insurance plan.

A term assures a life insured to pay his/ her nominee in case of unfortunate demise during the term of the policy. With the ever-changing needs of the customers, insurance companies have started offering a custom range of term life insurance plans.

You thus need to choose a Term Insurance Plans in India with the right coverage amount to meet the financial needs of the family. Let’s check the top 10 Term Insurance Plans in India.

Top Online Term Insurance Plans in India 2020

  1. Max Life OTP Plus Plan
  2. TATA AIA Life iRaksha Supreme Plan
  3. ICICI Pru iProtect Smart Plan
  4. HDFC Life Click2Protect 3D Plus Plan
  5. Bharti AXA Life eProtect Plan
  6. Aegon Life iTerm Plan
  7. SBI Life eShield Plan
  8. Aviva iLife Plan
  9. PNB Met Life Mera Term Plan
  10. Canara HSBC Life iSelect Term Plan

Snapshot of Term Insurance Plans in India

Term Plan Entry Age Maturity Age (max.) Policy Term Riders Company CSR (2018-19)
Max Life OTP Plus Plan 18-60 years 75 years 10-40 years Waiver of Premium, Accidental Benefit 98.74%
TATA AIA Life iRaksha Supreme Plan 18-70 years 80 years 10-40 years N/A 99.07%
ICICI Pru iProtect Smart Plan 18-65 years 75 years 5-40 years Waiver of Premium, Accidental Death, Critical Illness 98.58%
HDFC Life Click2Protect 3D Plus Plan 18-65 years 85 years 5-50 years Top-up, Life Stage protection 99.04%
Bharti AXA Life eProtect Plan 18-65 years 75 years 10-30 years Accidental Death Benefit, Hospi Cash 97.28%
Aegon Life iTerm Plan 18-65 years 75 years 5-65 years Waiver of Premium on critical illnesses 96.45%
SBI Life eShield Plan

 

18-65 years 80 years  5-80 years less age at entry Accidental death, Accidental total & permanent disability 95.03%
Aviva iLife Plan 18-55 years 70 years 10-35 years N/A 96.06%
PNB MetLife Mera Term Plan 18-65 years 75 years 10-40 years Accidental death benefit, Accidental disability, critical illness, serious illness 96.21%
Canara HSBC iSelect Term Plan 18-70 years 80 years 5-40 years Terminal illness, Accidental Death, Accidental Total & Permanent Disability 94.04%

Let’s discuss in detail the top Online Term Insurance Plans in India.

1. Max Life OTP Plus Plan

Max Life OTP Plus Plan ensures financial security for your family, in case of your death, disease, and disability. This term plan comes with variants including basic life cover, monthly income & increasing monthly income. By buying this term plan, you will get the comprehensive life cover till 85 years of age.

Max Life has a claim settlement ratio of 98.74% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In the event of the death of the life insured, the sum assured chosen will be paid to the nominee/ beneficiary as a lump sum and monthly income.
  • Life stage Benefit: Option to increase the sum assured at key life stage events like marriage, childbirth, etc.
  • Critical Illness Cover: Coverage against 40 critical illnesses.
  • It comes with various features like Choice of 3 death benefit options, High Sum assured discount, Low rates for female lives, Enhanced protection by adding CAB & WOP Plus Rider.
  • Tax benefits u/s 80C & 10(10D) of IT Act, 1961.

2. TATA AIA Life iRaksha Supreme Plan

Tata AIA iRaksha Supreme is a term insurance plan that offers life cover at a nominal premium. This online term plan provides comprehensive protection to ensures your family’s dreams are not compromised. This plan comes with the flexibility to choose the premium payment mode as per your convenience. This policy provides the life cover till the age of 80 years. TATA AIA Life has a claim settlement ratio of 99.07% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In the event of the unfortunate demise of the life insured, the death benefit will be payable to the nominee.
  • Surrender Benefit: Under Tata AIA Life iRaksha Supreme, surrender value is payable.
  • This plan comes with Discounted premium rates for choosing 75 lacs and above sum assured, Preferential premium rates for non-smokers, and Special premium rates for female policyholders.

3. ICICI Pru iProtect Smart Plan

ICICI Pru iProtect Smart is an online pure term insurance plan that secures your family’s financial well-being in your absence.

Under this term plan, you will get coverage against 34 listed critical illnesses. With this plan, you will have an option to get coverage against accidental death as an additional benefit. ICICI Prudential Life has a claim settlement ratio of 98.58% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In the event of the death of the life insured, the death benefit will be payable to the nominee, depending on the death benefit option chosen while buying the policy.
  • Life Stage Protection: It provides the option to increase the life cover at key life stages like marriage and childbirth.
  • Surrender Benefit: Surrender value is available only for Single Pay policies.
  • This plan comes with features like 4 death benefit options, boost cover for death, disability & terminal illness, etc.

4. HDFC Life Click2Protect 3D Plus Plan

HDFC Life Click2Protect 3D Plus is an online term insurance plan that ensures comprehensive financial protection for your family at an affordable premium.

With this plan, you will get protection against death, disease, disability, etc. Upon buying this plan online, you will get a special discount on the premium amount. HDFC Life has a claim settlement ratio of 99.04% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In the event of the death of the life insured, the death benefit is payable to the nominee/ beneficiary.
  • Life stage and Top-up option to enhance the life cover available on payment of additional applicable premium.
  • Choose death benefit as per option chosen, Waiver of future premium on Accidental Total Permanent Disability, Tax benefits available.

5. Bharti AXA Life eProtect Plan

Bharti AXA Life eProtect term plan provides customized protection for your family when you are not around.

With this term plan, you can choose to opt for additional coverage such as accidental death benefit and hospital cash benefit. Bharti AXA Life has a claim settlement ratio of 97.28% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In the event of your unfortunate demise during the policy term, a payout equal to Sum Assured will be payable.
  • Family Care Benefit: It is an inbuilt feature where in case of the death of the life insured, the insurance company will pay 1,00,000 within 48 hours of claim intimation and submission of the related documents.
  • You may choose riders such as Accidental death benefit and hospital cash rider.
  • This plan comes with various features like life insurance benefit, 100% sum assured paid to the nominee, Inbuilt feature of family care benefit.

6. Aegon Life iTerm Plan

Aegon Life iTerm Plan provides comprehensive protection with life coverage till 100 years of age. This term plan comes with 3 different plan options to suit your protection needs. This plan offers the death benefit as a lump sum or monthly income benefit.

This plan comes with WoP on CI Joint Life Rider that provides a waiver of premium on the diagnosis of one of the covered critical illnesses. Aegon Life has a claim settlement ratio of 96.45% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In the event of the death of one of the insured spouses during the policy term, the death benefits are paid to the surviving life insured, subject to the acceptance of the claim.
  • Monthly Income Benefit: The monthly payment of 1.75% of the sum assured for a period of 60 months commencing from the next monthly policy anniversary is paid.
  • Accidental Death Benefit: In the event of accidental death of either of the insured person, 50% of the sum assured is payable to the surviving life along with the death benefit.
  • Terminal Illness Benefit: Upon diagnosis of one of the covered terminal illnesses, 25% of the sum assured is paid to the life insured and the death benefit will be payable after deducting the amount already paid to the insured.
  • You can opt for Waiver of Premium on CI Joint Life rider to enhance protection under this term plan.

7. SBI Life eShield Plan

SBI Life eShield is a non-linked pure term insurance plan that provides the life insurance cover as level cover and increasing cover. This plan comes with an in-built Accelerated terminal illness benefit. You can also choose from Accidental death benefit and Accidental total & permanent disability rider. You can choose a customized life insurance coverage to ensure financial protection for your family. SBI Life has a claim settlement ratio of 95.03% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In case of your unfortunate demise during the policy term, the nominee/beneficiary will receive the Sum Assured on Death.
  • Terminal Illness Benefit: In the event of your diagnosis with the terminal illness, a benefit amount equal to death benefit will be paid and the policy then terminates.
  • Flexibility to choose from two death benefit payout options, second medical opinion, and rewards for a healthy lifestyle.
  • You can choose riders such as Accidental Death Benefit Rider and Accidental Total & Permanent Disability Benefit Rider.

8. Aviva i-Life Plan

Aviva i-Life is a life insurance plan that offers pure risk cover to your loved ones at a nominal cost. In the event of your unfortunate demise, your family is financially secured as the insurance company will pay the sum assured to your family.

You only need to pick the right life cover to assure protection for your family. Aviva Life has a claim settlement ratio of 96.06% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In the event of the demise of the life insured under the plan, the Sum Assured will be paid to the nominee.
  • This plan brings several other features including affordable life cover, covers death by any reason, rebate on high sum assured, etc.
  • You can avail of tax benefits under section 80C & 10(10D) of IT Act, 1961.

9. PNB MetLife Mera Term Plan

PNB MetLife Mera Term Plan offers a pure life risk cover and it comes with various additional coverage options that ensure financial protection for your loved ones.

This term plan provides life coverage till age 99 years and the life stage protection helps to fulfill your family’s protection needs. Under this plan, you have 4 different pay-out options which include the variants of lump sum and monthly income. PNB MetLife has a claim settlement ratio of 96.21% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: Under this plan, you have 4 different options to ensure the financial security of your family. In case of your demise during the policy term, your family will receive the sum assured.
  • With this plan, you can opt for additional protection with covers like life stage benefit, joint life cover.
  • You can also choose an accidental death benefit rider, an accidental disability rider, critical illness rider, and serious illness rider.
  • This term plan is available with several features including life cover till 75 years of age, increase life cover, discount on premium for a non-smoker, etc.

10. Canara HSBC iSelect Term Plan

Canara HSBC OBC Life iSelect Term Plan is a pure term insurance plan that helps your family to get comprehensive protection when you are not around. With this term plan, you will get the inbuilt terminal illness cover.

To enhance the coverage, you can choose the additional coverage against accidental death & disability. Canara HSBC Life has a claim settlement ratio of 94.04% in FY 2018-19.

Key Benefits & Features

  • Death Benefit: In the event of the demise of the life assured during the term of the policy, the sum assured is payable depending on the benefit payout options chosen in the policy.
  • You can choose in-built covers that include accidental death and accidental disability.
  • This plan is available with various features including Life cover till 80 years of age, level/ increasing cover option, need-based payout options, option to cover the spouse, etc.
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