Best Term Insurance Plans In India 2024

Buying the best term insurance plans in India in 2024 is an important decision, especially for those responsible for their family's financial well-being. It offers a crucial layer of protection and financial stability, ensuring that loved ones are secured from life's uncertainties. Choosing the right plan that aligns with your specific requirements and protects your family during challenging times is not a small task.

Best Term Insurance Plans In India 2024

Here is the list of the top 10 best term insurance plans in India 2024 that you can look up to buy one for yourself:

Note: Table illustrates the 18-year male, a non-smoking individual opts for a life cover of Rs. 1 Crore. The above table shows the list of the best term insurance plans for 1 crore. The plans mentioned above provide various life coverage choices for diverse annual income levels.
 

Top 10 Best Term Insurance Plans In India 2024

Here is a detailed overview of the top ten term insurance plans in India 2024 which are mentioned above.

1. ICICI Prudential iProtect Smart

ICICI Prudential iProtect Smart is a popular term insurance plan in India offered by ICICI Prudential Life Insurance Company. It is designed to provide comprehensive financial protection to your loved ones in case of your unfortunate demise.

• Wide Range of Cover Options: This plan offers various cover options, including Life Cover, Life Plus Cover, Life & Health Cover, and All in One Cover. You can select the one that aligns most effectively with your requirements.

• Accidental Death Benefit Rider: You can enhance your coverage by opting for the Accidental Death Benefit Rider, which provides an additional payout in case of accidental death.

• Flexibility in Premium Payment: You have the flexibility to choose between regular premium payment and limited premium payment options.

2. HDFC Life Click 2 Protect Super

HDFC Life Click 2 Protect Super is a popular term insurance plan offered by HDFC Life, one of India's leading insurance providers. This plan is designed to offer comprehensive financial protection and peace of mind to policyholders and their families.

• Flexible Plan Options: This plan provides various options to cater to different insurance needs, including Life Option, 3D Life Option, Extra Life Option, Income Option, and Income Plus Option.

• Affordable Premiums: It offers a high life cover at affordable premium rates, ensuring that you get maximum coverage for your investment.

• Accidental Death Benefit: You can enhance your coverage by adding the Accidental Death Benefit rider, which provides an additional payout in case of death due to an accident.

3. Max Life Smart Secure Plus

Max Life Smart Secure Plus is a well-regarded term insurance plan offered by Max Life Insurance, a trusted name in the insurance industry. This policy aims to provide policyholders and their families with complete financial security and peace of mind.

• Multiple Plan Options: This plan offers various coverage options to cater to diverse insurance needs, including Basic Life Cover, Life Cover with Monthly Income, and Life Cover with Increasing Monthly Income.

• High Life Coverage: This plan offers a substantial sum assured, ensuring that your family is financially secure in your absence.

• Tax Benefits: Premiums paid for the Max Life Smart Secure Plus plan are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

4. TATA AIA SRS Vitality Protect

TATA AIA Sampoorna Raksha Supreme, also known as TATA AIA SRS Vitality Protect, is a term insurance plan that offers comprehensive life coverage. TATA AIA Life Insurance, a well-respected name in the insurance sector, provides this plan to safeguard the financial future of policyholders and their loved ones. 

• Customizable Coverage: This plan allows you to customize your coverage as per your specific insurance requirements. You can choose from multiple life coverage options and enhance your protection with riders.

• Accidental Death Benefit: An additional payout is provided in the case of death due to an accident, enhancing overall protection.

• Tax Benefits: Premiums paid for the TATA AIA SRS Vitality Protect plan are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

5. Bajaj Allianz eTouch Lumpsum

The Bajaj Allianz eTouch Lumpsum is a term insurance plan offered by Bajaj Allianz Life Insurance Company. The intention behind this plan is to grant policyholders and their families a sense of security and peace of mind through robust financial protection.

• High Sum Assured: The plan offers a high sum assured, ensuring that the family is adequately protected from financial uncertainties.

• Waiver of Premium on Disability: If the policyholder becomes totally and permanently disabled during the policy term, the future premiums are waived off, and the coverage continues.

• Tax Benefits: Premiums paid for the Bajaj Allianz eTouch Lumpsum plan are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

6. PNB MetLife Mera Term Plan Plus

The PNB MetLife Mera Term Plan Plus is a comprehensive term insurance plan offered by PNB MetLife Insurance Company. With a focus on policyholders and their families, this plan is designed to provide comprehensive financial security and peace of mind.

• Premium Payment Flexibility: The plan provides flexibility in premium payment modes, including regular, limited pay, and single pay options, allowing policyholders to choose what suits them best.

• Premium Discounts: Non-smokers and policyholders choosing a higher sum assured may be eligible for premium discounts.

• Tax Benefits: Premiums paid for the PNB MetLife Mera Term Plan Plus are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

7. Canara HSBC Young Term Plan

The Canara HSBC Young Term Plan is a specialized term insurance policy designed to provide financial protection and security to the policyholder's loved ones. 

• Comprehensive Coverage: The plan offers a high sum assured to ensure that your family's financial future is well-protected in case of an unfortunate event.

• Additional Riders: You can enhance your coverage by opting for riders like accidental death benefit, critical illness benefit, or waiver of premium, providing extra financial protection.

• Tax Benefits: The premiums paid under the Canara HSBC Young Term Plan are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

8. Kotak e-Term Plan

The Kotak e-Term Plan is a specialized online term insurance policy offered by Kotak Mahindra Life Insurance Company. This plan is structured to ensure policyholders and their loved ones enjoy complete financial security and a worry-free existence.

• High Sum Assured: The plan offers a high sum assured, ensuring that your family is protected from financial uncertainties.

• Regular Income Option: Policyholders have the flexibility to choose a regular monthly income option for their family in addition to the lump sum, ensuring steady financial support.

• Tax Benefits: Premiums paid for the Kotak e-Term Plan are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

9. Aegon Life iTerm Comfort

The Aegon Life iTerm Comfort is a comprehensive online term insurance plan offered by Aegon Life Insurance Company. Designed with the well-being of policyholders and their families in mind, this plan offers extensive financial security.

• Premium Discounts: Non-smokers and individuals choosing a higher sum assured may qualify for premium discounts, making the plan more cost-effective.

• Additional Riders: You can enhance your coverage by adding riders like accidental death benefit, critical illness benefit, or waiver of premium, providing extra financial protection.

• Tax Benefits: Premiums paid for the Aegon Life iTerm Comfort plan are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

10. SBI Life eShield Next

The SBI Life eShield Next is a comprehensive online term insurance plan offered by SBI Life Insurance Company. This plan is structured to ensure policyholders and their loved ones enjoy complete financial security and a worry-free existence.

• Efficient Claims Process: SBI Life Insurance is known for its customer-friendly and efficient claims settlement process, ensuring that your nominee receives the death benefit without complications.

• Premium Payment Flexibility: The plan provides flexibility in premium payment modes, including regular, limited pay, and single pay options, allowing policyholders to choose what suits them best.

• Tax Benefits: Premiums paid for the SBI Life eShield Next plan are eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is tax-free under Section 10(10D).

Benefits To Buy The Best Term Insurance Plans In India

Buying the best term insurance plans in India comes with lots of benefits, making it a necessary financial decision for individuals with dependents. 

Let's see some of the primary benefits:

• Financial Security: Term insurance offers financial security to your family in case of your unfortunate demise. The sum assured is paid out to your nominee or beneficiary, ensuring they are financially protected.

• Affordability: Term plans are known for their cost-effectiveness. You can secure a substantial coverage amount for a relatively low premium, making it accessible to many individuals.

• Income Replacement: The sum assured from a term insurance plan acts as an important income replacement source. It helps replace the lost income that the policyholder would have generated. This is especially crucial for families heavily reliant on a single earning member.

• Tax Benefits: Term insurance also provides tax benefits. The premiums paid for a term insurance plan are eligible for tax deductions under Section 80C of the Income Tax Act. The payout received by the nominee is typically tax-free under Section 10(10D).

• Flexible Policy Terms: Term insurance policies offer flexibility in choosing the policy term. You can align the policy duration with your specific needs and financial goals. This flexibility allows you to select a term that covers you during the most financially vulnerable years.

Features Of The Best Term Insurance Plans In India

Term insurance is a popular and straightforward form of life insurance, primarily designed to provide financial safety for your loved ones in case of your untimely demise. Here are the key features of term insurance:

• Death Benefit: The primary purpose of term insurance is to provide a death benefit to the nominee or beneficiaries if the policyholder passes away during the policy term. This benefit is usually paid as a lump sum and is tax-free.

• Flexible Premium Payment Options: Most term insurance plans offer flexibility in premium payment. You can opt for regular premium payment throughout the policy term or choose limited premium payment options.

• Riders and Add-Ons: Policyholders can enhance their term insurance coverage by adding riders or additional benefits, such as accidental death benefits, critical illness riders, waiver of premium, etc., for an extra premium.

Types Of Term Insurance Plans In India

Term insurance is a versatile life insurance product, and it comes in various forms to cater to different needs and preferences.

Here are the common types of term insurance:

• Level Term Insurance: In this type of term insurance, the sum assured or death benefit remains constant throughout the policy term. It offers a fixed payout to the nominee in case of the policyholder's demise.

• Increasing Term Insurance: With increasing term insurance, the sum assured gradually increases over the policy term. This is typically to account for inflation and the growing financial needs of the insured's family.

• Decreasing Term Insurance: Unlike level term insurance, the sum assured in decreasing term insurance decreases over time. This type of policy is often used to cover specific financial liabilities like a home loan. As the outstanding loan amount decreases, so does the coverage.

• Convertible Term Insurance: Convertible term insurance plans provide the option to convert the policy into a permanent life insurance plan, such as whole life or endowment insurance, at a later date without the need for a medical exam.

• Return of Premium (ROP) Term Insurance: ROP term insurance policies refund the total premiums paid by the policyholder if they survive the policy term. It provides a death benefit in the event of the insured's passing during the term.

Factors Affecting The Term Insurance Premiums

The premium for a term insurance policy is determined based on several factors such as age, the policy term, and many more.
 

Here are the key factors that influence the cost of a term insurance premium:

• Age: Your age is one of the most significant factors affecting the premium. Premiums tend to be lower when you buy a policy at a younger age because the risk of mortality is lower.

• Sum Assured (Coverage Amount): The amount of coverage you choose, known as the sum assured, directly impacts the premium. Higher coverage leads to higher premiums.

• Policy Term: The duration for which you want coverage plays a role in premium calculation. Extended policy durations often lead to increased premium costs.

• Health and Medical History: Insurers often require medical examinations to assess your health and determine the risk. Any pre-existing health conditions may lead to higher premiums.

• Riders: Opting for additional riders, such as critical illness or accidental death benefits, will increase the premium.

How To Choose The Best Term Insurance Plans In India?

Choosing the best term insurance plans in India in 2024 requires careful consideration of specific factors. 

Here's how to choose the right plan by focusing on the given points in detail:

• Claim Settlement Ratio: Prioritize insurers with a high claim settlement ratio. This ratio signifies the portion of claims resolved by the insurance company. A higher ratio implies a smoother claims process, ensuring your beneficiaries receive the sum assured promptly.

• Existing Customer Experience: Investigate the experiences of existing policyholders. Look for customer reviews and testimonials to understand how satisfied customers are with the insurance company's services. 

• Regular Income Payout of Term Insurance Plan: Consider whether you prefer a lump-sum payout or a regular income option for your beneficiaries. Some term insurance plans offer monthly payouts, which can provide financial stability to your loved ones. 

• Service Quality: Identify the quality of service provided by the insurance company. Check their responsiveness, the ease of policy purchase, and the efficiency of the claims process. A company with a strong focus on customer service is likely to offer a smoother and more reliable experience throughout the policy term.

• Online Availability: Determine whether the term insurance plan is available for purchase online. Online plans often offer competitive premiums, convenient application processes, and easy access to policy-related information. 

Confused about term insurance? Ask our experts today!

Why Buy The Term Insurance Plan From Okbima?  

Buying the best term insurance plans in India from Okbima is a wise choice for several reasons. Okbima offers an easy and user-friendly platform that allows you to explore, compare, and buy term insurance policies. 

Here's why buying insurance from Okbima is a preferred option:

• Easy comparisons: Okbima.com provides a comprehensive range of insurance policies, enabling you to compare multiple options from various leading insurance providers.

• Online accessibility: With Okbima.com, you can conveniently access and secure insurance coverage online, anytime and anywhere.

• Customer support: The platform features a dedicated customer support team to assist you throughout your insurance journey, from selection to claim support.