Top 10 Best Term Insurance Plan in India 2024

Term insurance plans are a type of life insurance that provide death coverage for a specific period of time, also known as the “term” of the policy. The death benefit, also known as the face value or sum assured, will be paid to the beneficiaries if the policyholder dies within the term of the policy. If the policyholder survives the term of the policy, the policy will expire and no death benefit will be paid.

Term insurance plans are generally less expensive than other types of life insurance, such as whole life or universal life insurance, because they only provide death coverage for a specific period of time. They are often used to provide coverage for a specific need, such as mortgage protection or income replacement for a family.

Term insurance plans in India usually come with riders, which are optional benefits that can be added to the policy for an additional cost. These riders can include accidental death benefit, critical illness benefit, and accidental permanent disability benefit.

Term insurance plans typically do not accumulate cash value, so policyholders will not be able to borrow against the policy or receive a refund if the policy is cancelled before the end of the term.

It’s important to note that in India, the premium amount of term insurance plan can vary greatly depending on factors such as age, coverage amount, and the term of the policy. It is advisable to compare different term insurance plans and their features, such as premium rates, coverage amount, and riders before making a decision. It’s also important to consult with a financial advisor to determine which plan is the most suitable for your needs.

It’s difficult to say which term insurance plan is the “best” in India as it can vary depending on an individual’s specific needs and financial situation. However, some highly rated term insurance plans in India include:

  1. HDFC Click2Protect Plus: This term insurance plan from HDFC Life offers a range of coverage options and flexible premium payment options. It also includes additional riders, such as accidental death benefit and critical illness benefit.
  2. LIC e-Term Insurance Plan: This is a term insurance plan offered by Life Insurance Corporation of India (LIC) that provides death coverage for a specific period of time. The plan offers high coverage at an affordable premium and can be purchased online.
  3. ICICI Pru iProtect Smart: This plan from ICICI Prudential Life Insurance provides death coverage, as well as coverage for accidental death and permanent disability. The plan also includes a critical illness rider and allows the policyholder to increase or decrease the coverage amount over time.
  4. SBI Life eShield: This term insurance plan from SBI Life Insurance offers a range of coverage options and flexible premium payment options. It also includes additional riders such as accidental death benefit, critical illness benefit, and accidental permanent disability benefit.
  5. Max Life Online Term Plan Plus: This term insurance plan from Max Life Insurance is an online plan that offers a range of coverage options and flexible premium payment options. It also includes additional riders such as accidental death benefit, critical illness benefit, and accidental permanent disability benefit.
  6. Kotak e-Preferred Term Plan: This is a term insurance plan offered by Kotak Life Insurance that provides death coverage for a specific period of time. The plan offers high coverage at an affordable premium and can be purchased online.
  7. Bajaj Allianz eTouch Online Term Plan: This is a term insurance plan offered by Bajaj Allianz Life Insurance that provides death coverage for a specific period of time. The plan offers high coverage at an affordable premium and can be purchased online.
  8. PNB MetLife Mera Term Plan Plus: This term insurance plan from PNB MetLife Insurance offers a range of coverage options and flexible premium payment options. It also includes additional riders such as accidental death benefit, critical illness benefit, and accidental permanent disability benefit.
  9. Aegon Life iTerm Plus: This term insurance plan from Aegon Life Insurance offers a range of coverage options and flexible premium payment options. It also includes additional riders such as accidental death benefit, critical illness benefit, and accidental permanent disability benefit.
  10. Bharti AXA eProtect: This term insurance plan from Bharti AXA Life Insurance offers a range of coverage options and flexible premium payment options. It also includes additional riders such as accidental death benefit, critical illness benefit, and accidental permanent disability benefit.

It’s important to note that the best term insurance plan for you will depend on your personal needs and financial situation. It’s always advisable to compare different plans and consult with a financial advisor before making a decision.

This 3-Steps Process Will Make You Financially Free!

Start Investing and Trading with India's Largest Stock Broker πŸ‘‡ Open Zerodha Account

Disclosure: The information provided on this page is for educational purposes only. thefinancialtalks.com and it's associates do not offer any advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. Please read this disclosure for more info.

You might also like

About the Author: Editorial Staff

At TheFinancialTalks.com, our Editorial Staff consists a team of highly experienced experts who specialize in a wide range of topics. We offer valuable insights and advice on a wide range of topics, including the Stock Market, Mutual Funds, Stock Brokers, Personal Finance, Credit Cards, as well as strategies for earning and saving money.

Leave a Reply

Your email address will not be published. Required fields are marked *

Open Zerodha Account