Term Insurance : Best Term Life Insurance Policy in India
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If you are planning for term insurance then you are at right place. This article will guide you in selection of best term life insurance policy in India.
Term life insurance is consider as one of best way to secure your family future needs that depends upon you.
It provides nominees of policy holder with sum assured amount as death benefit in event of insured’s death within policy term.
What is Term Insurance means?
Term insurance is your life insurance policy that protects your family if in case insured dies. Term life insurance plans comes with low cost and higher sum assurance benefits. Thus, providing added financial security to your family future.
However, there are plenty of term insurance plans in the market but many of us are confused while selecting the best term life insurance policy in India.
But, you need to to worry! After detailed research I have listed the best term life insurance policies for you. Before we list insurance policies lets check what are benefits of having term insurance.
Benefits of Term Insurance
- Provides financial security for your family.
- Supplementary income on accidental disability or illness.
- Lump sum amount to nominees on sudden death within the policy term.
- Get lump sum amount if diagnosed with critical illnesses.
- Additional sum assured in the event of accidental death.
- See off all your loans and liabilities without putting any burden on your family.
- Added tax benefits under section 80C and section 10 (10D) of income tax act 1961.
Lets list out best term life insurance policy in India,
10 Best Term Life Insurance Policy in India
| Term Life Insurance Plan | Claimed Settlement Ratio | Max Maturity Age | Premium for 1 Crore Life Cover |
|---|---|---|---|
| Tata Aia - Tata Sampoorna Raksha Lumpsum | 99.1% | 100 Years | Rs. 1003 per month |
| HDFC Life - Click2 Protect 3D Plus | 99% | 85 Years | Rs. 1025 per month |
| Max Life- Online Term Plus Onetime Lumpsum Plan | 98.7% | 85 Years | Rs. 915 per month |
| ICICI Prudential - iProtect Smart Lumpsum | 98.6% | 85 Years | Rs. 1020 per month |
| Edelweiss Tokio - Zindagi Plus+ Lumpsum | 97.8% | 80 Years | Rs. 780 per month |
| Reliance Nippon Life Insurance - Digi Term | 97.7% | 75 Years | Rs. 890 per month |
| Kotak Life - Kotak eTerm Plan | 97.4% | 75 Years | Rs. 980 per month |
| Bharti Axa - Online Term+ Lumpsum | 97.3% | 85 Years | Rs. 900 per month |
| Adity Birla Sun Life Insurance - ABSLI DigiSheild Plan | 97.1% | 85 Years | Rs. 1040 per month |
| Aegon Life - iTerm Life Protect | 96.5% | 100 Years | Rs. 760 per month |
You have flexibility in selection of policy term, sum assured and payment options.
What is CSR in term life insurance policy plans?
CSR is claim settlement ratio. Its one among important factor in selection of best term insurance policy in India.
CSR = percentage of claim settled over total insurance claims received by the insurance company during the year.
CSR gives policy buyer an idea on numbers of claim settled and rejected by the company. In future, your family should not fall pray to such rejected claims.
Also read article on mutual fund: best future investment option.
Eligibility criteria for term life insurance
Minimum policy term is 5 years with maximum varying from 25 years to whole life span.
Entry age for term insurance is 18 years while maximum age limit is 65 years.
Conclusion
We checked what are best term life insurance policies in India.
No one can decide which insurance company is best. However, I have filtered best life insurance policy in India based on company past reputation and claim settlement ratio.
You can choice that suits best for your needs. If you like my article don’t forget to like share and comment.
Thanks 🙂
