Although I am writing here about Best online Term Insurance Plans in India for 2016, but the fact here is that it is impossible to rank a policy in such criteria. But I know that most users are looking for the best financial products before buying.
Anyway, the policy which suits your financial need is definitely be the best insurance for you. But it is not necessary to be the best term plan for another person. In this article, I will in fact list out all the top term insurance plans available in Indian market right now so that you can find them at one place and start your own analysis before buying the first term insurance plan online.
How to choose the best term insurance plan online
Although I am mentioning here the list of all term plans available online, but still I am also sharing a list of top 5s where I will compare couple of key parameters to decide which insurance company is best as per that criteria. By the way you can read various factors to keep in mind while choosing term insurance plan.
Here is the list of term insurance plans available in India right now.
- LIC e term plan
- ICICI Pru iProtect
- HDFC Click 2 Protect
- SBI Life Smart Shield
- Max Life Online term plan
- Kotak Life Preferred e Term
- Bharati Axa eProtect
- Bajaj Allianz iSecure
- Canara HSBC eSmart
- Aviva iLife term plan
- Reliance life Online Term Plan
- Tata AIA Life iRaksha
- Aegon Religare iTerm
- Birla Sun Life Term Plan
- IDBI Federal term Plan
- PNB Met Life Term Plan
- DHFL Pramerica Term Insurance
- Edelweiss Tokio Term Insurance
- Exide Life Term Insurance
- Future Generali Term Insurance
- Kotak Mahindra Term Insurance
- Indiafirst Term Insurance
- Sahara Term Insurance
- Shriram Life Term Insurance
- Star Union Dai-ichi Term Insurance
- Tata Aia Term Insurance
Let’s check out some more data for each term insurance policies with claim settlement ration and min sum assured value. We will talk about more in our blog about each term insurance plan and also review term plans regularly in all upcoming posts. Keep a track of our website for all future updates.
|Term Plans||Minimum Sum Assured||Payout Type||Claim Settlement Ratio (FY14-15) as per IRDA|
|LIC’s e-Term||Rs. 25,00,000 for Aggregate category Rs. 50,00,000 for Non-smoker category||LumpSum Only||98.20%|
|Max Life Online Term Plan||Rs 25,00,000||Lumpsum & INcome Options||96.03%|
|BSLIProtect@Ease||Rs. 50,00,000||LumpSum Only||95.30%|
|Tata AIA iRaksha Supreme||Rs 50,00,000||LumpSum Only||94.50%|
|ICICI prudential – iProtect Smart Plan||Subject to minimum premium paid||Lumpsum & Income Options||93.80%|
|PNB Metlife – Mera Term Plan||Rs. 10,00,000||Lumpsum & Income Options||92.90%|
|Bajaj Allianz iSecure||Rs.250,000 for general category Rs.20,00,000 for the categories split by Preferred Non-Smoker1 , Non-Smoker1 & Smoker||LumpSum Only||91.90%|
|Kotak Preferred e Term Plan||Rs 25,00,000||LumpSum Only||90.70%|
|HDFC Life Click 2 Protect Plus||Rs 25,00,000||Lumpsum & Income Options||90.50%|
|AEGON Life iTerm Plan||Rs10,00,000||LumpSum Only||89.80%|
|Canara HSBC Life – eSmart Term Plan||Rs. 25,00,000||LumpSum Only||89.60%|
|SBI Life – eShield||Rs. 20,00,000/||LumpSum Only||89.40%|
|Reliance Online Term||Rs 25,00,000||LumpSum Only||83.80%|
|Future Generali – Flexi Term Plan||Rs. 50,00,000||Lumpsum & Income Options||83.70%|
|Aviva I Life||Rs 25,00,000||LumpSum Only||82.60%|
|Bharti Axa Life – eProtect||Rs. 25,00,000||LumpSum Only||80.90%|
|IDBI Federal – iSurance||Rs 50,00,000||LumpSum Only||75.80%|
|IndiaFirst Life – Anytime Plan||Rs. 10,00,000||LumpSum Only||72.20%|
|Edelweiss Tokio – MyLife+||Rs. 25,00,000||Lumpsum & Income Options||57.14%|
Term Insurance Plans with Additional features
This is not the end here. The concept of term insurance plans are evolving day by day as per various need of customers. As I have mentioned in one of my previous post on what is insurance about why people are not much comfortable with term plans are mainly due to not getting the money back after the end of the policy term.
In such a scenario, companies are coming with various types of term insurance plans to match the customer need. Here are few types of term insurance plans you might be searching for. I will share more details about these kind of policies in detail covering in separate article.
Question: Best online term plan considering IRDA claim settlement ratio 2014-15
As per the claim settlement ratio shared above in the table, LIC E Term is the best term plan.
Question: What is the best term insurance plan with return of premium or best term insurance plan with maturity benefit
You can check out the Max Life Premium Return Protection Plan, a premium return policy with comprehensive life cover.
Question: What is the best term insurance plan lowest premium
This could be tricky to answer as the premium will always depend up on various factors like are you a smoker or non-smoker, how much sum assured you need and your age. You can use any term insurance calculator online and compare term plans to find out the cheapest online term plans in India.
Question: What is the best term insurance plan increasing sum assured
You can check out SBI Life’s Smart Shield plan where a 5% increase each year can be possible and also Birla Sun Life’s Protector Plus plan for this kind of term plans.
Question: What is the best term insurance plan income protection
HDFC Life Click 2 Protect Plus is a good option with various income option facility.
Question: What is the best term insurance plans with accident rider
I think have to ask your insurer about additional rider facility or not. All top companies like HDFC Life, ICICI Prudential, LIC should have such facilities to add riders. There are similar questions I have found are like best term insurance with permanent disability rider or with critical illness rider etc.
But if you ask me how to decide the best term insurance plan? Then I will say that just go for a pure term insurance plan with any additional feature. Because the more feature you will add the premium amount will increase for the same sum assured value or other way. Just make the purpose of term insurance clean and go for a pure term plan with only death benefit, even if you don’t get your paid premiums better.
What do you think about term plan? Do you think a pure term plan is not a good option? I would love to hear about your reasons regarding this. Please write a simple comment below to share your feedback or query.