Get ₹1 crore Term Insurance plan starting from ₹16/day

What is Term Insurance?

Term insurance offers financial coverage to policyholder’s dependants if they meet an unfortunate demise during the policy term. Let us understand it with an example of two individuals, Ashok and Suraj. Ashok is 35 years old man who has a wife, dependent parents, and a child, on the other hand, there is Suraj who is 40 years old with dependent parents, spouse, child, and who has been diagnosed with a critical illness. Now, in the event that either Ashok meets an unfortunate demise or Suraj is diagnosed with a critical illness, this plan will financially replace them in both of these. Thus, term insurance will financially support your dependents even if you are not around. Scroll through the section to know all about term insurance plans.

Best Term Insurance Plans

The top 7 term insurance plans are as follows:

1. Axis Max Life Smart Secure Plus

The Axis Max Life Smart Secure Plus Plan is like a financial safety net for your family. This term insurance plan is made to meet your financial needs and provide reliable help during tough times.  The Smart Secure Plus Plan by Axis Max Life gives you two types of death benefits: one for terminal illness and another as an exit value. On top of that, you can choose extra benefits like breaks in premium payments, coverage for both partners and added payouts for accidental death. It's not just a term insurance plan; it is a solution to keep your finances secure and adapt to any unexpected changes.

2. ICICI iProtect Smart

The ICICI iProtect Smart Term Insurance Plan offers enhanced protection with coverage against death, terminal illness, and disability. It provides comprehensive additional benefits, allowing policyholders to choose options such as accidental death benefit and accelerated critical illness benefit. Special premium rates are available for non-tobacco users, making it an attractive choice for those who maintain a healthy lifestyle. 

One notable feature of this term insurance plan is the need-based benefit payout, allowing policyholders to receive the benefit amount as a lump sum, monthly income for 10 years, or a combination of both, providing flexibility to meet individual preferences. Moreover, the plan allows flexibility in premium payments, enabling policyholders to pay premiums once, for a limited period, or throughout the policy term. 

3. HDFC Life Click 2 Protect Super

HDFC Life Click 2 Protect Super is a versatile term insurance plan designed to cater to your changing needs, offering a dynamic life cover and comprehensive protection. This plan understands the evolving nature of your life and provides a range of coverage options tailored to your specific requirements. With the flexibility to choose from multiple coverage options, the plan ensures that your income is safeguarded. 

Moreover, the HDFC Life Click 2 Protect Super plan goes beyond basic life coverage, offering additional benefits such as a return of premium option, an extra amount in case of accidental death, and acceleration of death benefit on the diagnosis of specified terminal illnesses until age 80. 

4. Tata AIA Samporn Raksha Supreme

Tata AIA Samporn Raksha Supreme is a comprehensive term insurance plan offering various benefits to secure your family's financial future in your absence. One of the key advantages of this plan is the opportunity to avail tax benefits in accordance with applicable income tax laws. The plan also provides a flexible premium payment structure, allowing you to choose from various options such as single, monthly, half-yearly, quarterly, or yearly payments, ensuring convenience.

The plan offers four distinct options, namely Life Option, Life Plus Option, Life Income Option, and Credit Protect Option, each tailored to meet specific insurance needs. Women policyholders can enjoy preferential premium rates, providing an added advantage. 

5. TATA AIA Maharaksha Supreme

Tata AIA Samporn Raksha Supreme is a comprehensive 'Pure Protection Plan' designed to secure the financial future of your loved ones who depend on you. The policy offers insurance coverage for an extensive term, extending up to the age of 100 years. Not only this, but the plan also allows you to increase the cover at important milestones through the Life Stage Option. Moreover, with the Life Stage Plus Option of this term insurance plan, you can increase your life cover during important stages like marriage or childbirth. 

The Free-Look Period of Tata AIA Samporn Raksha Supreme allows you to review and cancel the policy within 30 days of online purchase or 15 days if purchased offline, with refunded premiums subject to company guidelines. You also have the flexibility to add optional riders to enhance the coverage according to your specific needs. 

6. Bajaj Allianz Life eTouch

Bajaj Allianz Life eTouch Online Term is a valuable term insurance plan designed to offer comprehensive protection for individuals. The plan falls under the category of non-linked, non-participating, life, regular premium payment, individual, and pure risk premium plans. This means it's a simple, easy-to-understand policy that focuses on providing coverage without any complicated financial components. The Bajaj Allianz Life eTouch Online Term plan not only offers life cover but also includes benefits for accidental death, accidental total permanent disability, and critical illness. What sets it apart is the flexibility it provides! 

You can choose from their four variant options to enhance your protection based on your specific needs. Another notable feature is the option for the nominee to receive the policy benefits either as a lump-sum amount or in convenient monthly installments. Furthermore, there's an added incentive for those leading a healthy lifestyle, as non-tobacco users can enjoy lower premium rates. 

7. Kotak E-term Plan

Kotak Life e-Term is one of the best term insurance plans from Kotak Life Insurance Company. Imagine securing substantial coverage for your loved ones with an affordable premium, almost a whopping 1000 times return on investment!  Kotak Life e-Term is not just a policy; it's a financial game-changer, especially if your family depends on your income. This means that if something were to happen to you during the policy term, your family would get a sum of money, which would be a real financial lifesaver.

Eligibility of Term Insurance

Before you proceed to buy a term insurance policy, it's essential to determine your eligibility. Given that various insurance companies offer different plans, the eligibility criteria can also differ accordingly.

Mentioned below are some general eligibility conditions that typically serve as standard requirements across most insurance providers:

• Age: To qualify for a term insurance plan, you need to be at least 18 years old. The maximum age limit depends on the specific policy and the life insurance company's terms.
• Citizenship: A term insurance policy generally requires the individual to be a citizen of India. Nevertheless, Persons of Indian Origin (PIOs) and Non-Resident Indians (NRIs) are also eligible to purchase a term plan.
• Medical Tests: In the majority of cases, undergoing a medical test is compulsory when buying term insurance. This test helps the insurance providers in identifying any potential health risks that could impact the policyholder. Moreover, the results of this medical test play a crucial role in determining the premium for the plan.
• Income: When it comes to income eligibility for term insurance, there isn't a specific bracket or limit. However, insurers typically request your income slips or bank account details as part of the evaluation process to determine the appropriate term cover.
• Smoking Habits: Whether you are a smoker or non-smoker plays a significant role in determining your premium. Premiums tend to be considerably higher for smokers, reflecting the higher health risks associated with smoking.

Benefits of Term Insurance

Term insurance is a kind of life insurance policy that provides life cover to the life assured at an affordable premium rate. This is the most basic type of life cover that one can get. You can ensure financial security for your loved ones in case anything unforeseen happens to you during the policy tenure as this policy provides a death benefit in case of an untimely demise of the life assured during the policy tenure. Some term plans also provide maturity benefits in case the life assured survives the entire policy tenure, helping the life assured to fulfil their long-term financial goals. Term insurance can also help you save taxes and provide you a sense of peace of mind.