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10 Popular Online Term Plans in India

There is an increasing trend in the number of online term plans sold every month and it is getting better every month. In 2010, only 3 insurers were offering online term plans, and now almost all life insurance companies selling term plans online.

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Last Updated - December 29, 2021
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At MyInsuranceClub, we have gone through every new online term plan that is available in India to buy. There is plenty of online terms plans to choose from right now and we will list down some of them to make your decision-making process faster and hassle-free.

The basic Features offered by almost all Online Term plans are

  • Offers death benefit only (Sum assured is paid to the nominee on the death of policyholder)
  • All types of deaths are covered (except suicide which is covered from 2nd policy year)
  • No benefit on policy maturity (policyholder is still alive at the end of term)
  • Offers tax benefits on premiums paid u/s 80c of IT act
  • Tax exemption on proceeds that are given to the nominee
  • Preferential premium rates for women, non-smokers, and high sum assured

Popular Term Plans

Policy NameInsurer’s Claim RatioMax age at Maturity (yrs)Key Feature
ICICI Prudential iCare II96.29%65No medical test
HDFC Life Click2Protect Plus95.76%754 plan options to receive death benefit
SBI Life e-Shield94.41%65Option of increasing cover
Max Life Online Term94.25%603 plan options to receive a death benefit
Kotak Life e-Term / e-Preferred term92.04%70Option to increase life cover
Bharti AXA Life e-Term89.48%75Family care benefit
Bajaj Allianz iSecure88.67%70Option to receive the death benefit in EMIs
Aviva iLife87.71%70Option to add a critical illness plan
Reliance Life Online Term86.45%75Medical tests at the doorstep
AEGON Religare iTerm66.82%75Inbuilt terminal illness rider
  • The plans are sorted in descending order of Insurer’s Claim Ratio
  • Insurer’s Claim Ratio here shows only Individual Death Claims Ratio as published in IRDA Journal 2012-13
  • Key Features may/may not be part of the standard plan

Since LIC is the oldest and biggest player in the life insurance space in India, many visitors still want to compare the online term plans with LIC’s e-Term.

Policy NameLIC’s e-Term
Insurer’s Claim Ratio97.73%
Max age at Maturity (yrs)75
Key FeatureCompetitive Pricing

Growing Popularity

There is an increasing trend in the number of online term plans sold every month and it is getting better every month. In 2010, only 3 insurers were offering online term plans, and now almost all life insurance companies selling term plans online.

From selling less than 500 online term policies in a month, private life insurance companies collectively are believed to sell more than 15,000 online term plans every month. As the concept has spread beyond urban India, people are maturing to the concept of pure insurance and embracing online term insurance plans.

All the online term plans offer supremely great value for money and much-needed protection for our families which today stands at an average sum assured of Rs.85 lacs. In our mind, there isn’t a better financial product in today’s time than a term plan.

Note:
Please note that all articles are of a general nature only and should not be considered specific advice. MyInsuranceClub does not endorse or recommend any insurance company or product

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Author

Jay Vasa is a content writer, who has got his core emphasis on insurance related information. The sole motive of writing articles is to spread appropriate information to the people regarding one of the important and discussed topic in today's time.