Best Term Life Insurance Plans In India 2024

Best Term Life Insurance Plans In India 2024

Term life insurance is a type of life insurance that provides a lump sum amount to the nominee or beneficiary of the policyholder in case of his or her death during the policy term. Term life insurance is one of the most affordable and simple forms of life insurance, as it offers high coverage at low premium rates.

Best Term Life Insurance Plans In India 2024
Best Term Life Insurance Plans In India 2024

However, choosing the best term life insurance plan can be a daunting task, as there are many factors to consider, such as the coverage amount, the policy term, the premium rate, the claim settlement ratio, the rider options, and the customer service of the insurer.

To help you with your decision, we have compiled a list of the best term life insurance plans in India 2024, based on their features, benefits, and popularity. These plans are offered by some of the leading life insurance companies in India, and have been rated by various online platforms and experts.

Best Term Life Insurance Plans in India 2024

HDC Life Terms Insurance Details

Insurance CompanyHDFC Life
Plan NameClick 2 Protect Plus         
Coverage AmountRs. 20 lakh to Rs. 20 crore
Policy Term10 to 40 years
Premium RateRs. 473 per month for Rs. 1 crore cover
Claim Settlement Ratio99.39%

Max Life Term Insurance Details

Insurance CompanyMax Life
Plan NameSmart Secure Plus           
Coverage AmountRs. 25 lakh to Rs. 10 crore
Policy Term10 to 40 years
Premium RateRs. 490 per month for Rs. 1 crore cover
Claim Settlement Ratio99.51%

ICICI Prudential Term Insurance Details

Insurance CompanyICICI Prudential
Plan NameiProtect Smart   
Coverage AmountRs. 50 lakh to Rs. 20 crore
Policy Term5 to 99 years
Premium RateRs. 490 per month for Rs. 1 crore cover
Claim Settlement Ratio98.14%

Aditya Birla Sun Life Term Insurance Details

Insurance CompanyAditya Birla Sun Life
Plan NameDigiShield Plan
Coverage AmountRs. 50 lakh to No Limit
Policy Term5 to 100 years
Premium RateRs. 500 per month for Rs. 1 crore cover
Claim Settlement Ratio98.12%

PNB MetLife Term Insurance Details

Insurance CompanyPNB MetLife
Plan NameMera Term Plan Plus
Coverage AmountRs. 50 lakh to Rs. 1 crore
Policy Term10 to 99 years
Premium RateRs. 510 per month for Rs. 1 crore cover
Claim Settlement Ratio97.33%

Note: The above table shows the premium rates for a 30-year-old, non-smoker, male policyholder for a policy term of 30 years and a sum assured of Rs. 1 crore. The premium rates are indicative and may vary depending on the age, health, lifestyle, and other factors of the policyholder.

1) HDFC Life Click 2 Protect Plus

HDFC Life Click 2 Protect Plus is one of the best term life insurance plans in India, as it offers a comprehensive financial protection to the policyholder and his or her family. The plan has four options to choose from: Life Option, Extra Life Option, Income Option, and Income Plus Option. The plan also provides various rider options, such as accidental death benefit, critical illness cover, and waiver of premium on disability.

The plan has a high claim settlement ratio of 99.39%, which indicates the reliability and trustworthiness of the insurer. The plan also has a low premium rate, starting from Rs. 473 per month for a Rs. 1 crore cover. The plan can be easily purchased online, without any medical tests, for a sum assured up to Rs. 2 crore.

2) Max Life Smart Secure Plus

Max Life Smart Secure Plus is another best term life insurance plan in India, as it offers a flexible and customizable coverage to the policyholder and his or her family. The plan has three options to choose from: Basic Life Cover, Basic Life Cover + Monthly Income, and Basic Life Cover + Increasing Monthly Income. The plan also provides various rider options, such as accidental death benefit, critical illness cover, waiver of premium on disability, and premium back option.

The plan has a high claim settlement ratio of 99.51%, which indicates the efficiency and responsiveness of the insurer. The plan also has a low premium rate, starting from Rs. 490 per month for a Rs. 1 crore cover. The plan can be easily purchased online, without any medical tests, for a sum assured up to Rs. 1 crore.

3) ICICI Prudential iProtect Smart

ICICI Prudential iProtect Smart is another best term life insurance plan in India, as it offers a comprehensive and flexible coverage to the policyholder and his or her family. The plan has four options to choose from: Life Option, Life Plus Option, Life & Health Option, and All in One Option. The plan also provides various rider options, such as accidental death benefit, critical illness cover, waiver of premium on disability, and terminal illness cover.

The plan has a high claim settlement ratio of 98.14%, which indicates the credibility and reputation of the insurer. The plan also has a low premium rate, starting from Rs. 490 per month for a Rs. 1 crore cover. The plan can be easily purchased online, without any medical tests, for a sum assured up to Rs. 2 crore.

4) Aditya Birla Sun Life DigiShield Plan

Aditya Birla Sun Life DigiShield Plan is another best term life insurance plan in India, as it offers a customized and flexible coverage to the policyholder and his or her family. The plan has three options to choose from: Level Term Assurance, Increasing Term Assurance, and Return of Premium. The plan also provides various rider options, such as accidental death benefit, critical illness cover, waiver of premium on disability, and terminal illness cover.

The plan has a high claim settlement ratio of 98.12%, which indicates the consistency and reliability of the insurer. The plan also has a low premium rate, starting from Rs. 500 per month for a Rs. 1 crore cover. The plan can be easily purchased online, without any medical tests, for a sum assured up to Rs. 5 crore.

5) PNB MetLife Mera Term Plan Plus

PNB MetLife Mera Term Plan Plus is another best term life insurance plan in India, as it offers a customized and comprehensive coverage to the policyholder and his or her family. The plan has four options to choose from: Full Lump Sum Payout, Lump Sum Plus Regular Monthly Payout, Lump Sum Plus Increasing Monthly Payout, and Lump Sum Plus Regular Monthly Payout till Child turns 21. The plan also provides various rider options, such as accidental death benefit, critical illness cover, waiver of premium on disability, and terminal illness cover.

The plan has a high claim settlement ratio of 97.33%, which indicates the trustworthiness and dependability of the insurer. The plan also has a low premium rate, starting from Rs. 510 per month for a Rs. 1 crore cover. The plan can be easily purchased online, without any medical tests, for a sum assured up to Rs. 1 crore.

How to Choose the Best Term Life Insurance Plan in India 2024

Choosing the best term life insurance plan in India 2024 depends on various factors, such as your age, income, liabilities, family size, financial goals, and health status. Here are some tips to help you choose the best term life insurance plan for your needs:

Assess your life cover requirement

The first step is to determine how much life cover you need to secure your family’s financial future in your absence. A general rule of thumb is to have a life cover of at least 10 to 15 times your annual income. You can also use online calculators to estimate your life cover requirement based on your income, expenses, liabilities, and inflation.

Compare the premium rates

The next step is to compare the premium rates of different term life insurance plans from various insurers. You can use online platforms to get quotes from multiple insurers and compare them based on the coverage amount, policy term, premium rate, and other features. You should look for a plan that offers the best value for money, without compromising on the quality of service and benefits.

Check the claim settlement ratio

The claim settlement ratio is the percentage of claims settled by the insurer out of the total claims received in a financial year. It indicates the efficiency and responsiveness of the insurer in settling the claims of the policyholders. You should look for a plan that has a high claim settlement ratio, preferably above 95%, as it shows the reliability and trustworthiness of the insurer.

Choose the policy term

The policy term is the duration for which the term life insurance plan provides the coverage. You should choose a policy term that covers your working years and your financial liabilities, such as loans, mortgages, and children’s education. You can also opt for a whole life term plan that covers you till the age of 99 or 100 years, and provides a legacy for your family.

Opt for rider options

Rider options are additional benefits that enhance the coverage and protection of the term life insurance plan. You can opt for rider options, such as accidental death benefit, critical illness cover, waiver of premium on disability, and terminal illness cover, depending on your needs and preferences. However, you should also consider the cost and suitability of the rider options, as they increase the premium rate of the plan.

Buy online

Buying term life insurance online is the best way to get the best term life insurance plan in India 2024, as it offers convenience, transparency, and affordability. You can buy term life insurance online from the official website of the insurer or from online platforms that offer comparison and purchase of term life insurance plans. You can also save on the premium rate, as online plans have lower distribution and operational costs.

Conclusion

Term life insurance is a vital financial tool that can safeguard your family’s future in case of your untimely demise. It can provide them with a lump sum amount that can help them meet their immediate and long-term needs, such as paying off debts, funding children’s education, and maintaining their lifestyle.

However, choosing the best term life insurance plan in India 2024 can be a challenging task, as there are many factors to consider and compare. Therefore, you should do your research, compare the features and benefits of different plans, and select the one that suits your needs and budget.

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