Compare Term Insurance Plans

 

The market is flooded with term insurance policy options, with varying policy terms, benefits and Sum Assured amounts. Navigating this maze of policies and making sure you choose the one that fits best and meets your requirements is a difficult task. The following points can be kept in mind when looking for a term insurance plan:

Claim settlement Ratio: The most important criteria of selecting any insurance policy including term plan is claim settlement ratio. Why we are buying life insurance? If I am not there my family will get the sum assured & have financial security. But what will happen if our claim gets denied – whole purpose of taking term plan will be defeated. So it’s better to check it rather than sorry.

Reputation of the company – there is no definition or cannot be easily explained as it depends on 2 factors working style/financial health of the company & your past experience. So it is very subjective & changes with the time but still will be considered to increase your confidence. Or take it other way round there are 10-15 good insurance companies & you are not having confidence on 2 of them you can eliminate them from total choices.

Low Premium – People think this is the most important criteria but actually it is least important. This criterion should be explored only when you have shortlisted polices on above 2 points.

Riders / Add-on covers:

The riders provided by the insurance company in addition to the regular policies are also to be considered. A policy that provides the basic coverage and also offers additional benefits and riders is seen as a secure one, and insurers who provide a wide range of riders are considered a good option. We at RupayaBazaar.com provide you all information regarding term insurance. Thus, we recommend our viewers COMPARE BEFORE TAKEN TERM INSURANCE.

Company Plan Name Entry Age Maturity Age Policy Term Sum Assured Premium Payment Term Premium Mode Download Brochur More Detail & Apply Online
  Aegon Life iTerm Insurance Plan Minimum - 18 years last birthday
Maximum - 65 years last birthday 
Maximum - 80 years last birthday  Minimum - 5 years
Maximum - 62 years 
Minimum - 25 lakhs
Maximum - No limit
Single Pay / Equal to Policy Term Single, Annual, Semi-Annually and Monthly Download  Apply
  Aviva i-Life Minimum: 18 years last birthday
Maximum: 55 years last birthday
Maximum: 70 years last birthday Minimum: 10 years
Maximum: 35 years
Minimum: 25,00,000
Maximum: No limit
Equal to the Policy Term Yearly, Half-Yearly   Download  Apply
  Bajaj Allianz iSecure Minimum: 18 years
Maximum: 60 years
Minimum: 28 years
Maximum: 70 years
10, 15, 20, 25 & 30 years Minimum: 2,00,000
Maximum: No Limi
Equal to the Policy Term Yearly
Half-Yearly
Quarterly
Monthly
 Download  Apply
  Bharti AXA Life eProtect Minimum: 18 years
Maximum: 65 years
  10,15,20,25 and 30 years
(Minimum policy term is 10
years)
Minimum 25,00,000 Equal to the Policy Term Annual or Semi-annual  Download  Apply
  Birla Sunlife Protect@Ease Minimum: 18 years
Maximum: 65 years
Minimum: 23 years
Maximum: 80 years
5 to 40 years;
subject to max. age of 80 years at the end of policy term
Min. Rs. 30,00,000
Max. No Limit 
Single Pay | Limited Pay – 5 | 7 years | Regular Pay Annual , Monthly  Download  Apply
  Canara HSBC iSelect Term Plan Minimum: Life Assured: 18 years
Spouse (if opted for): 18 years
Maximum: Life Assured: 70 years
Spouse (if opted for): 50 years
80 years
(If optional in-built cover/s have been chosen: 75 years)
5 years - 40 years Life Assured: Rs. 25,00,000 & above
Spouse: Rs. 25,00,000 (fixed)
Regular premium payment (Same as Policy Term) Yearly/monthly  Download  Apply
  Edelweiss Tokio Life – MyLife+ Minimum: 18 years
Maximum: 60 years
Minimum: 28 years
Maximum: 70 years
10, 15, 20, 25, 30, 35,40 and (80 minus entry age) Min. Rs. 25,00,000
Max. No Limit 
Regular pay Annual  Download  Apply
  Exide Life
Smart Term Plan
Minimum: 18 years
Maximum: 65 years
Minimum: 28 years
Maximum: 65 years
10 to 30 Years Min. Rs 5,00,000 Regular pay Monthly, Half Yearly and Annual  Download  Apply
  HDFC Life Click 2 Protect Plus Minimum: 18 years
Maximum: 65 years
75 Years   Minimum Sum Assured:
 Rs 25,00,000
Regular pay
Limited pay OR
Single pay
Single, annual, half-yearly, quarterly and monthly  Download  Apply
  iProtect Smart Minimum: 18 years
Maximum: 65 years
Minimum: 23 years
Maximum: 75 years
5 to 40 Years Min: Subject to the minimum premium
Max: Unlimited
Single Pay  Regular Pay
Limited Pay 
Single, Yearly, Half-Yearly and Monthly  Download  Apply
  iSurance Online T
erm Plan 
Minimum: 18 years
Maximum: 50 years
Minimum: 28 years
Maximum: 75 years
10 to 25 Years Min: 50 Lakh & Max: 30 Crore    It is the same as your policy term.  Annual  Download  Apply
  LIC's e-Term Minimum: 18 years
Maximum: 60 years
Minimum: 28 years
Maximum: 75 years
10 to 35 Years Min: Rs. 25,00,000
Max: No Limit
  It is the same as your policy term.  Annual  Download  Apply
  Max Life Online Term Plan Plus Minimum: 18 years
Maximum: 60 years
Minimum: 28 years
Maximum: 75 years
10 to 40 Years Minimum: Rs. 25 lacs,
Maximum: Rs. 100 crores
Equal to the Policy Term Annual, Semi – Annual, quarterly & monthly   Download  Apply
  Kotak Preferred e-Term Plan Minimum: 18 years
Maximum: 65 years
Minimum: 28 years
Maximum: 75 years
10 to 40 years
(in multiples of 1 year) 
Min – 25,00,000
Max – No limit, subject to Underwriting 
Regular Pay: Equal to Policy Term
Limited Pay:
• 5 pay to
• 10 pay
Single Pay: Single payment 
Regular, Limited & Single Pay  Download  Apply
  MetLife Mera Term Plan Minimum: 18 years
Maximum: 65 years
Minimum: 28 years
Maximum: 75 years
10 to 40 years Min – 10,00,000
Max – No limit, 
Equal to the Policy Term Yearly, Monthly  Download  Apply
  Reliance Nippon Life Term Plan Minimum: 21 years
Maximum: 60 years
Minimum: 26 years
Maximum: 65 years
5 to 30 years Min – 5,00,000
Max – No limit, 
Equal to the Policy Term Yearly, Half Yearly, Quarterly  Download  Apply
  Sahara Kavach Minimum: 18 years
Maximum: 50 years
Minimum: 33 years
Maximum: 65 years
15 to 20 years Min – 5,00,000
and then there after in multiples of 50,000
Equal to the Policy Term Yearly, Half Yearly, Quarterly, Monthly  Download  Apply
  SBI Life - eShield Minimum: 18 years
Maximum: 65 years
Minimum: 23 years
Maximum: 70 years
5 to 30 years Min – 2,00,000
Max – No limit
Equal to the Policy Term Annual  Download  Apply
  Tata AIA Life Insurance iRaksha Supreme Minimum: 18 years
Maximum: 70 years
Minimum: 28 years
Maximum: 80 years
Regular Pay
10 to 40
Single Pay
10 to 40
Limited Pay - 5 
to 10
Min: 50,00,000 &
Max: No Limit
Regular Pay
Single Pay
Limited Pay - 5 years
Limited Pay - 10 years 
Annual / Semi Annual  Download  Apply
  Future Generali Flexi Online Term Plan Minimum: 18 years
Maximum: 55 years
Minimum:  28 years 
Maximum:  75 years
Minimum:  10 years 
Maximum:  75 years minus Entry Age
Min: 50,00,000 &
Max: No Limit
Equal to the Policy Term for all options Monthly/Annual  Download  Apply

Eligibility criteria for purchasing a best term insurance policy

There is an eligibility criterion for buying a term insurance plan. However, it varies according to the insurance company. The minimum age for buying the plan is 18 years and the maximum is 65 years.

Documents Required for Term Insurance:

The following documents are to be submitted while applying for a term insurance policy:

  • PAN card.
  • Proof of age (passport/birth certificate/driving licence/PAN card etc.)
  • Proof of address (utility bills/ration card/bank account statement/voter’s ID card/passport).
  • Proof of identity (passport/voter’s ID card/Aadhaar card/driving licence/letter from a public servant or authority verifying identity).
  • Proof of income (Income tax return/employer’s certificate/Income Tax assessment order).
  • Recent passport sized photographs.

 

FAQ on Term Insurance

Deciding your sum assured amount depends on various factors. It varies on the number of dependents you have, your investment needs, affordability, the lifestyle you wish to provide to your family, and your children’s education. Try to analyze your needs by adding survivors living expenses. Subtract it with the saleable investments that are already available. The difference that you arrive at is the required sum assured that you must take.
You will not receive anything as there is no maturity under Term insurance. The only benefit you gain is the death benefit. Your loved ones can gain the sum assured if you pass away.
This needs to be done very calculatedly. If you feel you need to choose a policy with a tenure up to the age of 70 and 75 years, think about it! Will you really need it? You may fulfilled all your financial goals by then. The tenure of plans differ from insurer to another based on several factors. Most plans have you covered till the age of 60 years and that is an ideal tenure. Read your policy document carefully and be smart enough to understand the value of your policy and how it will benefit your family in case of death.
The duration of life cover cannot be changed once the policy is issued.
Once the policy is issued to you, the premium amount stays the same throughout the entire tenure of the policy. This also depends on the tax regulation declared by the Government of India.
A.The main benefit that insurers offer for healthy lifestyles is a discount on the premiums payable.
Yes. Term insurance has a free-look period of 15 days, from the day you receive the policy document, within which you can surrender the policy in case you are not satisfied with it and get the premium refunded. There may be some deductions involved.
Late payment policies may differ from one company to the other but generally if payments are made within the grace period then no interest is charged on the payment.
Accidental death benefit is a rider or add-on to term insurance policies by which the dependent will receive a pre-determined amount of money in the event of the policyholder’s death due to an accident.
No doubt accidental deaths are covered under base plans, but having an additional accidental death benefit cover serves as a great benefit. In case of an accident, an additional amount will be paid to you by your insurer along with the base life cover during the term of the policy.
If you wish to surrender your policy during the policy tenure, you remain at a loss! Remember that this is a term insurance plan. You won’t gain any benefits if you surrender your policy.
If you want to buy a term plan for yourself, you can do that on your own name. If you wish to cover your family members, you will have to buy individual term policies for them.
No it is not possible to switch your term plan from one term insurance company to another. This is applicable even if you are assured better benefits in another plan.
Your loved ones can stay hassle-free when it comes to claim settlement. The procedures vary from one insurer to another. The claim settlement can take anywhere from 8 – 15 days depending on the prevailing conditions of your medical claim.
Usually, once the policy is issued, even if death occurs within one year of purchasing the policy, the claim will still be settled. Once again, this depends on the terms and conditions of the insurance company. You will have to carefully note it in the policy document and clarify it with the insurer.
Usually the Insurance Company will send intimation attaching the discharge voucher to the policy holder at least 2 to 3 months in advance of the date of maturity of the policy intimating the claim amount payable. The policy bond and the discharge voucher duly signed and witnessed are to be returned to the insurance company immediately so that the insurance company will be able to make payment. If the policy is assigned in favour of any other person the claim amount will be paid only to the assignee who will give the discharge
Sometimes, it occurs that your claim a get rejected due to certain discrepancies in the policy document or due to any other specific reason. In such case, your nominee can re-apply for the same. The nominee can approach the grievance redressal cell of the insurer. If he/she does not get a valid response, then the IRDAI can be approached to resolve the claim.
such a situation you have three options: You can either accept the cover as it is with extra premium, or you can reduce the term of your plan, or you can reduce the cover.
Sometimes, you may have different needs. But, if you are planning to purchase different covers falling under various durations, you might as well buy multiple policies. However, it is always advised to avoid splitting your policy if you wish to have the desired life cover.
There are numerous underwriting factors that play a vital role in determining increase in premium. Some of them are aspects such as severity of health condition, changing family history, chosen term and life cover have an impact on your premium.
A list of documents are required to purchase term insurance online. They are listed below. • Proof of income/ employment • Proof of age • Proof of education • Proof of address - residence and correspondence • Proof of identity • Photograph • PAN Card copy
An endowment plan is a combination of insurance and investment. Any life insurance plan that has a saving component along with a lump sum benefit is called as an endowment plan. If you pass away during the term of your policy, your nominee will receive the benefits of the sum assured amount and guaranteed returns. However, since the biggest advantage of an endowment plan is that if you survive throughout the term of your policy, then at maturity you will be paid the sum assured along with the other benefits in the form of bonus. It is totally recommended to people. Just make sure you read the fine print before purchasing a policy.
If you have smoked in the last 12 months, you are required to declare yourself a smoker at the time of applying for a term insurance policy. If you do not and the insurer is made aware of this, you could risk losing your policy benefits.
No, policyholders are not eligible for loans as the policy doesn’t come with maturity benefits nor does it attain surrender value.