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Term life insurance refers to a pure life insurance plan that gives financial security to the policy holder. In the time of untimely death of the policy holder during the term of the life insurance policy, death benefit is given to the policy holder’s beneficiaries as per the chosen term plan.
So, how to choose the best term life insurance plan from the wide array of choice of such plans available in India? The below list enlists key term life insurance plans with the best affordable rates which you should help one to take out a prudent term insurance plan.
|
Name of Insurer |
Term Life Insurance Plan |
Claim Settlement Ratio |
Maximum Maturity Age (years) |
Premium (for a cover of 1 crore) (Rs.)/per month |
|
Aegon Life |
iTerm |
96.5% |
100 |
479 |
|
Bajaj Allianz |
Life cover |
95% |
85 |
458 |
|
India First |
e-Term Plan |
94.2% |
6585 |
422 |
|
HDFC Life |
Life Option |
99% |
85 |
709 |
|
ICICI Prudential |
iProtect Smart Lump Sum |
98.6% |
85 |
647 |
|
Kotak life |
e-Term |
97.4% |
75 |
654 |
|
SBI Life |
eShield |
95.03% |
80 |
589 |
|
Max Life |
Smart Term Plan Life Cover |
98.7% |
75 |
571 |
|
PNB Metlife |
Mera Term Plan – Full Lump Sum Payout |
97.16% |
99 |
585 |
|
Reliance Nippon Life Insurance |
Reliance Digi-Term |
97.71% |
65 |
500 |
Important Points to Consider:
Choose the term insurance plan based on your specific financial needs and tenure requirements.
Read all the terms and conditions of the various term life insurance plans before settling for the best rate plan.