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COMPARE & BUY TERM INSURANCE PLANS

Choose from 32 plans from 19 companies
Policy Details
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Eligibility Criteria to buy Term Life Insurance Plan


General eligibility criteria for buying Term Life Insurance are -

Parameter Remarks
Citizenship Indian (NRIs & PIOs can also purchase Term Life Insurance plans from various Indian insurers)
Medical Tests Most insurers require you to undergo certain medical tests. 
Tobacco consumption Both smokers & non-smokers are eligible to buy. 
Documents Buyer must possess basic KYC documents.

Best Term Insurance Plan In India in 2022


These are a few of the best term insurance plans available in India. You can get various Term insurance comparisons on MyInsuranceClub.

Company Plan Name
Max Life Logo

Max Life Smart Term Plan

HDFC Life Logo

HDFC Life Click 2 Protect

ICICI Prudential Logo

ICICI Prudential iProtect Smart 

TATA AIA Logo

Sampoorna Raksha Supreme Instaprotect

Bajaj Allianz Logo

Smart Protect Goal

PNB Metlife Logo

Mera Term Plan Plus

Kotak Life Logo

Kotak e-Term Plan

Birla Sunlife Logo

DigiShield Plan

  • Benefits of a term plan


    The main benefits of a term insurance plan are as follows -
    1. It is a type of pure risk cover plan
    2. High sum assured at lower costs
    3. Cheapest type of Life Insurance
    4. Tax rebates under section 80 C
    5. Can be used to cover a home loan
    6. Replaces income after the demise of the breadwinner
    7. Additional riders are available
    8. Critical illnesses are covered
  • What are the types of term insurance plans in India?


    Some of the standard types of term insurance are as follows -
    1. Level Term Plan

      A Level Term Life insurance policy offers fixed death benefits for the entire policy tenure. Regardless of whether the insured dies on the 5th or the 25th year of his 30-year policy tenure, his beneficiaries will get the same amount.

    2. Increasing Term Plan

      The coverage amount chosen by the insured at the commencement of the policy increases every year by a predetermined amount to cope with the inflation.

    3. Decreasing Term Plan

      Decreasing term insurance is a type of term life insurance with the cover decreasing over the life of the policy at a predetermined rate. If you want your life insurance to cover a temporary financial liability, you can purchase a decreasing term plan.

    4. TROP - Term with Return of Premium

      TROP pays back the total annualized premium excluding taxes at the end of the policy tenure if the insured survives.

  • What are the types of riders for Term Life insurance?


    The most popular riders are as follows -
    1. Critical Illness Rider

      Under critical illness rider a lump sum amount is provided to the family of the life assured in case the life assured is diagnosed with a listed critical illness during the policy tenure.

    2. Waiver of Premium Rider

      This rider ensures that benefits of the policy continue even if the policyholder is unable to pay policy premiums due to a critical illness or death. All the future premiums are waived off.

    3. Accidental death and dismemberment Rider

      This rider pays the accidental death benefit in case the insured dies an accidental death or faces a dismemberment.

    4. Partial and Permanent Disability Rider

      This rider provides an additional benefit equal to the rider sum assured on total & permanent disability due to an accident.

Compare different companies' term plans in tabular format


Company Monthly Premium

HDFC Life

₹638

ICICI Prudential

₹599

Max Life

₹521

Aditya Birla Sun Life

₹542

Bajaj Allianz Life

₹483

Kotak Life

₹452

India First

₹337

PNB Metlife

₹491

Tata AIA

₹682

Canara HSBC OBC Life

₹518

Edelweiss Tokio Life

₹423

Bharti Axa

₹450

Exide Life

₹825
You can get various Term insurance comparisons on MyInsuranceClub.
  • 4 Tips for choosing the best term insurance plan for yourself


    1. Check the claim settlement ratio of that particular company.
    2. Check for rider facilities if required.
    3. Cost of premium.
    4. Solvency ratio of your insurer.
    Using these 4 tips, you can buy yourself the best term insurance plan.
  • 5 factors you need to consider before buying a term plan


    1. Assess your current life stage & dependants.
    2. Analyze your current lifestyle and standard of living.
    3. Evaluate your assets and liabilities.
    4. Analyze your current income.
    5. Choosing adequate risk cover.
  • FAQs related to term insurance plan


    Below mentioned are the most Frequently Asked Questions on Term Insurance -

    1. What policy term should I select?

      You should choose a policy term till your retirement age or maybe till a few years after retirement. Term policy is taken to cover the risk of loss of income. So ideally take a term policy for a period in which you will be earning money. Beyond that period, the premiums paid by you will become a burden for you.

    2. Why is there so much difference in premiums in online & offline term plans?

      Though the benefits are exactly the same, online term insurance plans are much cheaper than the ones sold by agents or branches. This is because of several reasons listed below –

    3. Will I have a problem at the time of claim if I buy an online term insurance plan?

      No, you will not face any problem just because you purchased an online term insurance plan. Every insurance company has a centralized customer service team that attends to all the customer queries/complaints. They do not differentiate between customers who have purchased online or offline.

    4. Is it secure to buy online term insurance plans?

      Online transactions are completely secure and are done directly on the insurance company’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online. Even Indian Railways and Airline ticketing are completely online and lacs of people are making online payments every day.

    5. What is the difference between term and endowment insurance plans?

      Both are very different offerings - they are like chalk & cheese. Term insurance is a pure risk cover and a product that is an absolute must for every individual who has any dependence relying on their income. You typically should take a term insurance

    6. Why is there a vast difference in premiums of various term insurance plans?

      Insurance premium is an amount paid by the policyholder to the insurance company in return for the risk cover. Every insurance company assesses the risk differently and accordingly, decides the premium. So if Company A assesses your risk to be low, they will offer you lower premiums.

    7. How much insurance coverage is required?

      As a rule of thumb, your minimum risk cover should be 10 times your annual income. While the optimum risk cover should be around 15 to 20 times your annual income.

    8. Why choose MyInsuranceClub?

      At MyInsuranceClub, we strive to cut through the clutter and the jargon to help you select the best insurance solution.

      - By comparing, you can get the best term insurance plan for your needs

      - We are India’s 1st IRDAI-approved insurance web aggregator providing the best Term insurance comparison.

      - Save money by buying feature-rich insurance plans at lower premiums

      - We are unbiased and don't have favorites

      - Oh yes, ours is a free service!

    9. What is the term insurance claim process?

      At MyInsuranceClub, we strive to cut through the clutter and the jargon to help you select the best insurance solution.

      - By comparing, you can get the best term insurance plan for your needs

      - We are India’s 1st IRDAI-approved insurance web aggregator providing the best Term insurance comparison.

      - Save money by buying feature-rich insurance plans at lower premiums

      - We are unbiased and don't have favorites

      - Oh yes, ours is a free service!

    10. What are the payout options in term life insurance?

      There are 4 types of payouts:-

      a) 100% lump sum payout

      In this option, the nominee will receive the entire cover amount in a single payout at the time of the insured’s death.

      b) 100% monthly payouts

      In this option, the nominee will receive the cover amount on a monthly basis. The entire sum assured is divided into equal parts which is then given out as a monthly payout for a fixed number of years.

      c) Part lump sum payout and balance in fixed monthly payouts

      In this option, the sum assured is broken into two parts. One is given out at the time of the insured’s death as a lumpsum payout and the other part is equally divided in the form of a fixed monthly payout.

      d) Part lump sum payout and balance in increasing monthly payouts

      Just like the previous option, the sum assured is paid in two parts. One is paid as a lump sum at the time of the insured’s death and the other is paid in the form of monthly payouts which increases over time at a fixed rate.

    11. How to buy term insurance?

      - Assess your current life stage & dependants

      - Evaluate the amount of risk cover you basis your life stage, income, dependents and future needs

      - Select a policy term (preferably till your retirement age)

      - Visit our term insurance comparison page to get various comparisons

      - Punch in your details carefully and fill the personal detail form

      - You will get an exhaustive Term insurance comparison of various plans which match your eligibility

      - Select a suitable plan which doesn’t burden your current income

      - After selecting, our trained relationship managers will contact you and guide you through the process of application and first premium payment.

  • Documents required for Term Life insurance plans


    To buy a Term Life insurance plan, one has to submit the following documents:

    1. Plan Proposal Form duly filled in and signed
    2. A passport-sized photograph
    3. A valid Identity Proof
    4. A valid Address Proof
    5. Date of Birth Proof
    6. Income Proof
    7. Medical test reports if needed
  • Term insurance plan variants


    You have a large number of variants among the term plans on offer. While the base variant offers a life cover, the variants add more benefits in terms of cover and payments. Some of the popular term plan variants are as follows -

    1. Life Cover with one rider, say a Critical Illness Rider
    2. Life Cover with multiple riders taken together, say a Critical Illness Rider and an Accidental Death Benefit Rider
    3. Nominee gets payment in a lump sum or at regular intervals

Claim settlement ratio of Life Insurance companies


Company Name 2020-21

HDFC Life

98.01%

ICICI Prudential

97.9%

Max Life

99.35%

Aditya Birla Sun Life

98.04%

Bajaj Allianz Life

98.48%

Kotak Life

98.5%

LIC

98.62%

PNB Metlife

98.17%

SBI Life

93.09%

AEGON Life

99.25%

Exide Life

98.54%

Canara HSBC

97.1%

Tata AIA Life

98.02%

Edelweiss Tokio

97.01%

Bharti Axa Life

99.05%

Reliance Nippon Life

98.49%

DHFL Pramerica

98.61%

Future Generali Life

93.08%

Aviva Life

98.01%

Sahara Life

97.18%

IDBI Federal Life

95.07%

Star Union Daichi

95.96%

Shriram Life

95.12%

IndiaFirst Life

96.81%

Terms related to term insurance plan (Glossary)


Sum Assured

A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder's demise. This is the cover amount of the term insurance plan.

Policy Term

Policy term refers to the period for which your term insurance policy will remain active. This period is determined at the time of purchasing the insurance plan. The life cover is valid during this period.

Sum Assured

A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder's demise. This is the cover amount of the term insurance plan.

Premium Payment Term

Premium payment term is the total number of years the policyholder has to pay the premium.

Premium Payment Mode

Your mode of premium payment determines the frequency with which payments are made. It could be Annual, Half-yearly, Quarterly, or Monthly.

Free Look Period

A free look period is the time period when a new life insurance policyholder can terminate the policy without any penalties. This period usually is 15 to 30 days from receiving the policy document.

Claim Settlement Ratio

The claim settlement ratio is a metric used to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it has received.

Nominee

A person who receives the benefit in case of death of the insured person is a nominee.

Tax Benefits

Tax Benefits refer to the insurance premiums amounts which can be deducted from the taxable income for the purpose of calculating your income tax liability.

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