Top 10 Term Insurance Plans in India 2023-24
Everyone is seeking to secure the financial future of the family and to fulfill this objective, it would be a wise decision to buy a term life insurance plan. In this article, you will know, the Top 10 Term Insurance Plans in India 2023-24.
A term assures a life insured to pay his/ her nominee in case of unfortunate demise during the term of the policy. With the ever-changing needs of the customers, insurance companies have started offering a custom range of term life insurance plans.
You thus need to choose a Term Insurance Plan in India with the right coverage amount to meet the financial needs of the family. Let’s check the top 10 Term Insurance Plans in India.
Table Content
- 10 Best Online Term Insurance Plans in India 2021-22
- Snapshot of Top 10 Term Insurance Plans in India
- Let’s discuss in detail the top Online Term Insurance Plans in India.
- 1. Max Life Smart Term Plan
- Key Features
- Benefits
- 2. HDFC Life Click 2 Protect 3D Plus Plan
- Key Benefits & Features
- 3. TATA AIA Life Maha Raksha Supreme Plan
- Key Benefits & Features
- 4.Bajaj Allianz Smart Protect Goal
- Key Features
- Benefits
- 5. ICICI Pru iProtect Smart Plan
- Key Benefits & Features
- 6. Aditya Birla Life Shield Plan
- Key Features
- Benefits
- 7. PNB MetLife Mera Term Plan
- Key Benefits & Features
- 8. LIC Tech Term Plan
- Key Features
- Benefits
- 9. Kotak Life E-Term
- Key Features
- Benefits
- 10. SBI Life Smart Shield
- Key Features
- Benefits
- Related posts:
10 Best Online Term Insurance Plans in India 2021-22
- Max Life Smart Term Plan
- HDFC Click 2 Protect 3D Plus Term Plan
- TATA AIA Life Maha Raksha Supreme Plan
- Bajaj Allianz Smart Protect Goal
- ICICI Prudential iProtect Smart Plan
- Aditya Birla Life Shield Plan
- PNB Met Life Mera Term Plan
- LIC Tech Term
- Kotak Life E-Term
- SBI Life Smart Shield Plan
Snapshot of Top 10 Term Insurance Plans in India
| Term Plan | Entry Age | Maturity Age (max.) | Policy Term | Insurer Name | Company CSR (2023-24) |
|---|---|---|---|---|---|
| Smart Term Plan | 18-44/65 years | 75,85 years | 5-50 years | Max Life Insurance | 99.22% |
| Click2Protect 3D Plus Plan | 18/25-65 years | 85 years, the whole life | 5-50 years | HDFC Life Insurance | 99.07% |
| Maharaksha Supreme Plan | 18-70 years | 100 years | 10-40 years | Tata AIA Life Insurance | 99.06% |
| Smart Protect Goal | 18-65 years | 99 years | 5-67 years | Bajaj Allianz Life Insurance | 98.02% |
| iProtect Smart Term Plan | 18-65 years | 85,99 years | 5-50 years | ICICI Prudential Life Insurance | 97.84% |
| Life Shield Plan | 18-65 years | 85 years | 10-55 years | Birla Sun Life Insurance | 97.54% |
| Mera Term Plan
| 18-65 years | 99 years | 10-40 years | PNB Metlife Insurance | 97.18% |
| Tech Term Plan | 18-65 years | 80 years | 10-40 years | LIC | 96.69% |
| E-Term | 18-65 years | 75 years | 5-40 years | Kotak Life Insurance | 96.38% |
| Smart Shield | 18-60/65 years | 75/80 years | 5-80 years less age at entry | SBI Life Insurance | 94.52% |
Let’s discuss in detail the top Online Term Insurance Plans in India.
1. Max Life Smart Term Plan
Max Life’s Smart Term Plan is a risk, individual, non-linked, and non-participating term insurance plan which protects you from 40 different critical illnesses and it’s one of the rare term plans who protects you from so many critical illnesses including Kidney failure, Heart attack, Cancer and disability. The CSR% of Max Life Insurance in FY 2023-24 is 99.22% and this is the highest percentage rate of any insurance company in this financial year.
Key Features
- 40 different Critical Illnesses will cover
- 100% return of premium. With post plan maturity.
- The plan offers its customers long-term coverage, till the age of 85 years.
Benefits
- Flexibility in Premium Payment.
- Accelerated Critical Illness(ACI).
- Return of Premium upon survival tenure.
- Increased tax savings under sections 80C, 80D, and 10D.
2. HDFC Life Click 2 Protect 3D Plus Plan
HDFC Life Click2Protect 3D Plus is an online term insurance plan that ensures comprehensive financial protection for your family at an affordable premium. It’s one of the Top 10 Term Insurance Plans in India FY 2023.
With this plan, you will get protection against death, disease, disability, etc. Upon buying this plan online, you will get a special discount on the premium amount. HDFC Life has a claim settlement ratio of 99.07% in FY 2023-24.
Key Benefits & Features
- Death Benefit: In the event of the death of the life insured, the death benefit is payable to the nominee/ beneficiary.
- Life stage and Top-up option to enhance the life cover available on payment of additional applicable premium.
- Choose death benefit as per option chosen, Waiver of future premium on Accidental Total Permanent Disability, Tax benefits available.
3. TATA AIA Life Maha Raksha Supreme Plan
TATA AIA Life Maha Raksha Supreme Plan is a term insurance plan that offers life cover at a nominal premium. This online term plan provides comprehensive protection to ensure your family’s dreams are not compromised. This plan comes with the flexibility to choose the premium payment mode at your convenience. This policy provides life cover till the age of 80 years. TATA AIA Life has a claim settlement ratio of 99.06% in FY 2023-24.
Key Benefits & Features
- Death Benefit: In the event of the unfortunate demise of the life insured, the death benefit will be payable to the nominee.
- Surrender Benefit: Under Tata AIA Life Maha Raksha Supreme, surrender value is payable.
- This plan comes with Discounted premium rates for choosing 75 lacs and above sum assured, Preferential premium rates for non-smokers, and Special premium rates for female policyholders.
4.Bajaj Allianz Smart Protect Goal
We all think about our future and we are also worried about our future, we make something certain in our upcoming life and this is how we expect but we can’t deny the fact of twists and turns. So be careful and buy the Bajaj Allianz Smart Protect Goal term plan to protect your future with twists and turns. Bajaj Allianz Smart Protect Goal is of comprehensive term plan with a competitive premium. The CSR% of Bajaj Allianz Life Insurance Co. Ltd. in FY 2023-24 is 98.02% and this is the fourth-highest percentage rate of any insurance company in this financial year.
Key Features
- 55 different Critical Illnesses will cover
- Additional cover for Child’s education
- The plan offers its customers long-term coverage, till the age of 99 years.
Benefits
- Return of premium
- Accidental death benefit
- Critical Illness benefit
- Multiple Add-ons
5. ICICI Pru iProtect Smart Plan
ICICI Pru iProtect Smart is an online pure-term insurance plan that secures your family’s financial well-being in your absence. It’s one of the Top 10 Term Insurance Plans in India FY 2021.
Under this term plan, you will get coverage against 34 listed critical illnesses. With this plan, you will have the option to get coverage against accidental death as an additional benefit. ICICI Prudential Life has a claim settlement ratio of 97.84% in FY 2023-24.
Key Benefits & Features
- Death Benefit: In the event of the death of the life insured, the death benefit will be payable to the nominee, depending on the death benefit option chosen while buying the policy.
- Life Stage Protection: It provides the option to increase the life cover at key life stages like marriage and childbirth.
- Surrender Benefit: Surrender value is available only for Single Pay policies.
- This plan comes with features like 4 death benefit options, boost cover for death, disability & terminal illness, etc.
6. Aditya Birla Life Shield Plan
Life Shield Plan gives you an opportunity to choose plan and coverage according to you with a bunch of plans, cause Aditya Birla Life Shield Plan has 8 different plan options as per your need and preferences. It’s one of the best term plans whichever has anyone or anyone ever heard about this plan. The CSR% Aditya Birla Sun Life Insurance in FY 2023-24 is 97.54% and this is the sixth-highest percentage rate of any insurance company in this financial year.
Key Features
- 8 Plan options to suit your different protection needs.
- Option to cover your spouse under the same policy.
- Return of Premium option.
Benefits
- Death benefit.
- Terminal illness benefits.
- Return of Premium.
- Customizable benefits.
7. PNB MetLife Mera Term Plan
PNB MetLife Mera Term Plan offers a pure life risk cover and it comes with various additional coverage options that ensure financial protection for your loved ones. It’s one of the Top 10 Term Insurance Plans in India FY 2021.
This term plan provides life coverage till age 99 years and life stage protection helps to fulfill your family’s protection needs. Under this plan, you have 4 different pay-out options which include the variants of lump sum and monthly income. PNB MetLife has a claim settlement ratio of 97.18% in FY 2023-24.
Key Benefits & Features
- Death Benefit: Under this plan, you have 4 different options to ensure the financial security of your family. In case of your demise during the policy term, your family will receive the sum assured.
- With this plan, you can opt for additional protection with covers like life stage benefit, and joint life cover.
- You can also choose an accidental death benefit rider, an accidental disability rider, a critical illness rider, and a serious illness rider.
- This term plan is available with several features including life cover till 75 years of age, increase life cover, discount on premium for a non-smoker, etc.
8. LIC Tech Term Plan
As per the name, the LIC Tech Term plan is a pure term plan and it’s only available through an online channel. The CSR% of Life Insurance Corporation of India in FY 2019-20 is 96.69% and this is the 8th highest percentage rate of any insurance company in this financial year.
Key Features
- Free Look Period
- Special rates for women
- Flexibility to choose from
- Single-Premium,
- Regular Premium and
- Limited Premium Payment
- Opt for payment of benefits in installments.
Benefits
- Death Benefit
- Rider Benefit
- Maturity Benefit
9. Kotak Life E-Term
Kotak e-Term Plan is an individual non-linked and pure protection life insurance plan. Kotak e-Term Plan has 3 different kinds of plan options are available as per your requirement and preferences. The CSR% of Kotak Life Insurance in FY 2023-24 is 96.38% and this is the 9th highest percentage rate of any insurance company in this financial year.
Key Features
- 3 Different Pay-Out Options
- Immediate pay-out
- Level Recurring pay-out
- Increasing Recurring pay-out
- Multiple Plan Options
- Low-Cost Insurance
Benefits
- Death Benefits
- Cover critical illness
- Sum assured on death
10. SBI Life Smart Shield
Look we never expect unforeseen circumstances but we have to be aware of these kinds of circumstances and maybe that’s why people are interested in a term plan. SBI Life Smart Shield is an individual, non-linked, non-participating, and pure risk term plan. The CSR% of SBI Life Insurance in FY 2023-24 is 94.52% and this is the 10th highest percentage rate of any insurance company in this financial year.
Key Features
- Two Plan Options
- Level Term Assurance
- Increasing Term Assurance 5% Simple P.A
- Cost-effective Financial Security for a Lifetime
Benefits
- Death Benefit
- Survival Benefits
- Maturity Benefit
- Riders Benefit
i am on look out for Whole life – Pure term Insurance Plan till 99-100 years age
SA 2 Cr PPT 10-15 years for Non smoker male age 32 Years (10/10/1987)
Please offer with comparisions
I am 48 years old, male, medically fit and non smoker, which term insurance plan should I buy at this stage.
looking for term insurance. 55 years of age. Retiring next year. 50Lakh for 15 years. please guide me to choose the best. I am confused between Max, Reliance and Canarahsbclife.
looking for term insurance. 55 years of age. Retiring next year. 50Lakh for 15 years. please guide me to choose the best. I am confused between Max, Reliance and Canarahsbclife.
i am looking for term plan but i am liitle bit confuse i think hdfc life C2P3D is best compare to others because it claim settlement ratio is high and hdfc settle the higher claim amount compare to others and on other hand TATA AIA is also good i think because there claim settlement ratio is also good can u just suggest which term plan that i will go for….
If someone finds Tata AIA more suitable than hdfc life term plan, should he be worried about the brand value and the market worth of his insurance company as well as the companies financial stability.