10 Best Term Insurance Plans in India 2019

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With the booming inflation rate and with the changing lifestyle of people, having a life insurance policy has become a necessity for every individual. Irrespective of being young or old or whether an individual belongs to a low or high-income group, everyone can choose to buy a term insurance plan as per their needs and suitability.

In today’s day and age, there are around 24 life insurance companies in India, which offers an extensive range of comprehensive term insurance plans. Thus, in order to provide best to our customers here we have shortlisted 10 best term insurance plans among them.

What is Term Insurance Plan?

As one of the most common and simplest forms of insurance policy, the term insurance plans offer financial backup to the policyholder’s family as a death benefit in case of decease of the insured person. Moreover, one of the biggest advantages of a term insurance policy is that one can avail a maximum coverage up to Rs.1 crore or more in most affordable premium rates. Any individuals who are the sole breadwinner of the family or young individuals between the age group of 30-35 years, who have more earning years left can consider purchasing a term insurance policy with high insurance cover.

10 Best Term Insurance Plans in India

Let us take a look at the best term insurance plans to invest in year 2019.

Plans Entry Age Policy Term Premium Paying Mode Sum Assured Incurred Claim ratio
LIC e-Term Insurance Plan Minimum- 18 years

Maximum- 60 years

10-35 years Annually Minimum-Rs.50 lakh

Maximum-no upper limit

98.31%
Max Life Term Insurance Plan Plus Minimum- 18 years

Maximum-60 years

10-40 years Yearly, half-yearly quarterly, monthly Minimum-Rs25.lakh

Maximum-Rs.100 Cr

97.81%
HDFC Click to Protect Plus Term Insurance Plan Minimum-18 years

Maximum- 60 years

10-40 years Yearly, half-yearly quarterly, monthly Minimum-Rs10 Lakh

Maximum-No upper limit

 

97.62%
Aegon Religare iTerm Insurance Plan Minimum-18 years

Maximum- 65 years

5-62 years Single, Yearly, half-yearly quarterly, monthly Minimum-Rs.25 lakh

Maximum- No Upper Limit

97.11%
ICICI Pru iProtect Smart Minimum- 18 years

Maximum-65 years

5-40 years Limited, Single, yearly, half-yearly, monthly Minimum-Subject to minimum premium

Maximum – No upper limit

96.68%
Future Generali Flexi Online Term Plan Minimum- 18 years

Maximum- 35 years

10-75 years Annually Minimum- Rs.50, Lakhs

Maximum- No upper limit

93.2%
TATA AIA Sampoorna Raksha Minimum-18 years

Maximum-65 years

10-30 years Annually or half-yearly Minimum- Rs.50 lakhs

Maximum- No upper limit

98.0%
SBI Life e-Shield Minimum- 18 years

Maximum- 65 years

5,10-30 years Annually Minimum- Rs,20 lakhs

Maximum- No upper limit

96.7%
India First e-Term Plan Minimum- 18 years

Maximum- 60 years

5- 40 years Annually, half-yearly or monthly Minimum-Rs.10 lakhs

Maximum-Rs.50 crore

92.0%
Birla Sun life Digi Shield Plan Minimum- 18 years

Maximum- 65 years

5- 30 years Annually, half-yearly, quarterly or monthly Minimum- Rs.30 lakhs

Maximum- Np upper limit

96.4%

Here we are explaining above 10 best term insurance plans in India 2019

LIC e-Term Insurance Plan

This is a pure term insurance non-participating without bonus plan which can be bought online. LIC e- Term plan provides a fixed sum assured amount to the beneficiary of the policy in case of unfortunate death of the policyholder. As the best term insurance plans in India, the process of policy purchase is very simple and hassle-free. Some of the important features of the policy are:

  • LIC e-Term Plan is a pure term insurance plan without bonus facility.
  • The plan offered different premium rates for non-smokers and smokers.
  • The plan offers add-on benefit as term assurance rider.
  • The policy does not offer any surrender benefit
  • The tax benefit is available up to a maximum limit of Rs.1.5 lakh on the premium paid under section 80C and maturity proceeds under section 10(10D) of Income Tax Act.

Max Life Term Insurance Plan Plus

This is a comprehensive protection plan which offers insurance protection to the policyholder’s family in case of unfortunate death of the policyholder. The plan can be purchased online in a simple and hassle free-way. Some of the key features of the policy are:

  • The insured can choose from the 3 options of coverage offered by the policy.
  • Basic life cover
  • Basic life cover + monthly cover
  • Basic cover + increasing monthly income
  • The plan provides optional add-on benefit as accidental death benefit rider.
  • The tax benefit is available up to a maximum limit of Rs.1.5 lakh on the premium paid under section 80C and maturity proceeds under section 10(10D) of Income Tax Act.
  • The plan does not offer any maturity benefit or surrender benefit.
  • Free-look period of 15 days is provided under the plan.

HDFC Click to Protect Plus Term Insurance Plan

As a pure term insurance policy, HDFC clicks to protect plus offers best term insurance coverage to the insured at a very affordable premium rate. Some of the other key features of the policy are:

  • The policy provides an option to increase the coverage on major events of life like childbirth and marriage.
  • The policy provides an option to avail the payouts either in lump-sum or as monthly installments.
  • The policy provides additional benefits as an accidental death benefit rider.
  • The tax benefit is available up to a maximum limit of Rs.1.5 lakh on the premium paid under section 80C and maturity proceeds under section 10(10D) of Income Tax Act.

Aegon Religare I Term Insurance Plan

This is a single premium payment online term insurance policy, that provides financial security to the family of the insured so that they can maintain a good lifestyle even in the event of the demise of the insured person. Some of the key features of the policy are:

  • As one of the best term insurance plans in India, Aegon Religare I term insurance plan offers a simple and hassle-free process of purchase.
  • The plan offers inbuilt terminal illness benefit. In case the insured is diagnosed with any type of terminal illness then all the future premium of the policy is waived off and the beneficiary of the policy receives 25% of the sum assured.
  • The tax benefit is available up to a maximum limit of Rs.1.5 lakh on the premium paid under section 80C and maturity proceeds under section 10(10D) of Income Tax Act.

ICICI Prudential iProtect Plus

This is a non-participating pure term insurance plan that provides comprehensive insurance coverage to the family of the insured at a very affordable premium rate. Some of the key features offered by the policy are:

    • The insured can choose from the available option of coverage offered by the policy.
    • Life Option
    • Life Plus Option
    • Life & health option
    • All in one option
    • The life option and life plus option has inbuilt accidental death rider benefit.
    • The tax benefit is available up to a maximum limit of Rs.1.5 lakh on the premium paid under section 80C and maturity proceeds under section 10(10D) of Income Tax Act.
    • Free-look period of 15 days is offered by the policy.
    • Add-on benefit as critical illness benefit and premium waiver benefit is offered by the policy.

Future Generali Flexi Online Term Insurance Plan

As one of the best term insurance plans in India, Future Generali Flexi Online term plan is a pure term insurance plan which financially safeguards the family of the insurance holder from any type of unfortunate eventualities. As an online term insurance plan, one can purchase the plan online in an easy way. Let’s take a look at some of the features offered by the policy.

    • An individual can purchase the plan online by visiting the company website.
    • Future Generali Flexi Online Term Plan offers two options of life cover i.e. basic life cover and income protection.
    • As a traditional term insurance plan, the only death benefit offered by the policy.
    • The tax benefit is offered U/C 80C of Income Tax Act 1961.
    • The plan offers a discount on premium rates for non-smokers and female insurance buyers.
    • Add-on rider benefits are offered by the plan in order to grow the policy coverage.

TATA AIA Sampoorna Raksha Term Insurance Plan

This is a non-linked comprehensive term insurance plan which offers insurance coverage to the policyholder’s family in case of unfortunate demise of the insured person. The company offers a CSR of 98.0%.  Let’s take a look at some of the important features of the policy.

    • The plan offers higher insurance coverage at a lower premium rate.
    • One can purchase the plan online in an easy and hassle-free way.
    • The tax benefit is offered U/S 80C of Income Tax Act 1961.
    • The policy offers a rebate on the premium rate for higher sum assured and for female policy buyers.

SBI Life e-Shield Term Insurance Plan

This is a comprehensive online term insurance plan which provides life coverage to the insured’s family and loved ones from any type of eventuality. With a CSR of 96.7%, the plan offers a plethora of benefits to the insurance holders. Let’s take a look at some of the key features of the policy.

    • As an online term insurance plan, it offers a very simple and easy process of policy purchase.
    • The policy provides 4 options of life cover to choose from.
    • Add-on rider benefits are offered by the plan in order to grow the coverage of the policy.
    • The plan offers a premium rebate for female policy buyers and non-smokers. Moreover, the policy provides premium discounts for higher insurance coverage.
    • Tax benefit can be availed U/S 80C and 10(10D) of Income Tax Act 1961.

India First e-Term Insurance Plan

As the best term insurance plan, India First provides a CSR of 92.0% and is rated as one of the leading term insurance providers in the country. As an online term insurance plan, India First e-Term Plan offers comprehensive coverage to the family at an affordable premium rate. Let’s take a look at the key features of the policy.

  • In case of the unfortunate decease of the policyholder, 100% of the sum assured amount is paid to the nominee of the plan.
  • 30 days free look period is offered by the policy, from the date of policy initiation, in order to cancel the policy if the insurance holder is dissatisfied with the terms and conditions of the policy.
  • Add-on rider benefits are offered to increase the coverage of the policy.
  • The policy buyers are offered the facility to choose the tenure of the policy as per their own requirement.
  • The plan comes with 3 different option of payout.
  • Tax benefit can be availed U/S 80C and 10(10D) of Income Tax Act 1961.

Birla Sun Life Digi Shield Plan

As the best term insurance plan in India, Birla Sun Life provides a CSR of 96.4%. This is a basic term insurance plan which provides financial security to the insurance holder’s family in the event unfortunate death of the policyholder.  One can buy the plan online in an easy and simple way. Here are the important features offered by the policy.

  • The plan offers higher insurance coverage at a lower premium amount.
  • The plan offers a rebate in premium amount for maintaining a healthy lifestyle and for female policy buyers.
  • Tax benefit can be availed U/ S 10(10D) and 80C of Income Tax Act 1961.
  • The plan also offers a discount for non-smokers.

These are the best term insurance plans that offer the best insurance coverage. The insurance buyers can buy these plans online in a very simple and hassle freeway. Moreover, insurance seekers can compare the plans online and choose the most affordable plan according to their suitability.

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