Top 10 Term Insurance Plans in India

Term insurance is a pure protection plan designed to ensure that an insured person’s dependents remain financially taken care of if something happens to the policyholder.

Undoubtedly, a term insurance plan is becoming a basic need in life. With several options available, choosing the best term insurance plan in India can be challenging. As necessary as buying term insurance, choosing a perfect term insurance plan with adequate coverage is equally significant.

Therefore, here we’ve listed the top 10 term insurance plans in India. Keep reading to understand the key features and benefits of the term insurance policies.

List of Top 10 Term Insurance Plans in India 2024 - IRDAI Approved

We’ve listed below the IRDAI-approved top 10 term insurance plans in India from the best term insurance providers.

Insurance Providers	Best Term Plans	Claim Settlement Ratio (CSR)	Entry Age	Maturity Age	Check Plans
ICICI Prudential Life Insurance	ICICI Pru iProtect Smart	97.82%	18 to 65 years	99 years	View Plan
HDFC Life Insurance	HDFC Life Click 2 Protect Super	98.66%	18 to 65 years	85 years	View Plan
PNB Metlife India Insurance	Mera Term Plan Plus	97.33%	18 to 60 years	99 years	View Plan
TATA AIA Life Insurance	TATA AIA Sampoorna Raksha Supreme	98.53%	18 to 65 years	100 years	View Plan
Bajaj Allianz Life Insurance	Bajaj Allianz Life eTouch Plan	99.02%	18 to 65 years	99 years	View Plan
Max Life Insurance	Max Life Smart Secure Plus Plan	99.34%	18 to 65 years	85 years	View Plan
Canara HSBC OBC Life Insurance	iSelect Smart 360 Term Plan	98.44%	18 to 65 years	99 years	View Plan
Kotak Mahindra Life Insurance	Kotak e-Term Plan	98.82%	18 to 65 years	75 years	View Plan
Edelweiss Tokio Life Insurance	Zindagi Protect Plan	98.09%	18 to 65 years	100 years	View Plan
Aegon Life Insurance	Aegon Life iTerm Prime	99.03%	18 to 65 years	65 years	View Plan

Key Features and Benefits of Best Term Insurance Plans in India

Choosing the best term life insurance plans is essential for any successful financial planning. Hence, as a policyholder, you must comprehend the key features and benefits of the term insurance plan you wish to buy. However, the features, benefits, inclusions, and exclusions may vary from insurer to insurer.

1. ICICI Prudential iProtect Smart

   ICICI Prudential iProtect Smart is on the list of India’s top 10 best-term life insurance plans. Since its launch, it has been one of the top-selling online term insurance plans. The plan includes comprehensive coverage, an optional critical illness or accidental death benefit rider, and a flexible payout option. However, the plan has four variants, allowing policyholders to select the protection level by choosing one benefit option.

   Key Features of the Plan

   • The plan provides coverage against accidental death, terminal illness, and disability.
   • The plan comes with an optional Accidental Death Benefit and Accelerated Critical Illness Benefit rider.
   • The premium charges for smokers and non-smokers will be different.
   • The insurer allows policyholders to select the death benefits payout options. It includes a lump sum payment, monthly income for 10/ 20/ 30 years, or a combination.
   • Policyholders can pay the entire premiums at once, for a limited period, or throughout the policy tenure.
   • Under the Income Tax Act of 1961, tax benefits will be applicable on premium paid and death benefits.

   Special Key Feature for Women

   • The insurer offers special premiums for women’s life cover and accelerated critical illness benefits.
   • Under accelerated critical illness benefits, the rider covers female organ cancers such as breast cancer and cervical cancer.

   Benefits of ICICI Prudential iProtect Smart

   The plan has four variants: Life, Life Plus, Life & Health, and All in One. It allows policyholders to select the level of protection that best fulfills their needs.

   Benefit Options	Benefits
   Life	Death Benefit, Terminal Illness, Waiver of Premium on permanent disability
   Life Plus	Death Benefit, Terminal Illness, Waiver of Premium on permanent disability, Accidental Death Benefit
   Life & Health	Death Benefit, Terminal Illness, Waiver of Premium on permanent disability, Accelerated Critical Illness Benefit
   All in One	Death Benefit, Terminal Illness, Waiver of Premium on permanent disability, Accidental Death Benefit, Accelerated Critical Illness Benefit

2. HDFC Life Click 2 Protect Super

   HDFC Life Click 2 Protect Super is one of the popular plans offering comprehensive protection at a low premium based on policyholders’ evolving needs. There are three different protection options available under the plan: Life, Life Plus, and Life Goal. However, the plan has several flexible options, including death benefits in installments, flexibility to alter the premium frequency, protection against 19 critical illnesses, return of premium option, Etc.

   Key Features of the Plan

   • The plan comes with three variants, allowing policyholders to select the level of protection by choosing one benefit option.
   • With the return of premium option, get your premium paid towards the policy back once you outlive the policy tenure.
   • The plan comes with an optional accidental death benefits rider.
   • If you are diagnosed with critical illness till the age of 80, you’ll get an acceleration of death benefit.
   • Flexibility to select increasing death benefits up to 200% under the Life option
   • Under the Life Goal Option, the plan allows policyholders to select the death benefits payout options.
   • Option to choose additional cover for a spouse.
   • Waiver of premium on diagnosis of critical illness and total and permanent disability.

   Eligibility Criteria of HDFC Life Click 2 Protect Super

   The plan has four variants: Life, Life Plus, Life & Health, and All in One. It allows policyholders to select the level of protection that best fulfills their needs.

   Plan Option	Life	Life Plus	Life Goal
   Min. Age at Entry	18 Years
   Max. Age at Entry	84 Years	65 Years
   Min. Age at Maturity	18 Years		23 Years
   Max. Age at Maturity	85 years
   Min. Policy Term	Single Pay: 1 month Regular Pay: 2 years Limited Pay: 3 years		Single Pay: 5 Years Limited Pay: 7 Years
   Max. Policy Term	85 years – Age at Entry
   Min. Basic Sum Assured	Rs. 50 Lacs
   Max. Basic Sum Assured	Rs. 20 Crores
   Premium Payment Term	Premium Payment Term Option Regular Pay Single Pay Limited Pay Life Yes Yes Two years to any payment premium term less than the PT Life Plus Life Goal No

3. PNB Metlife Mera Term Plan Plus

   PNB Metlife Mera Term Plan Plus is a pure protection plan that provides comprehensive protection with additional benefits. There are three different protection options available under the plan: Life, Life plus & Life plus Health. It is a specially designed protection plan that offers life cover until the age of 99, even as you pay premiums for a limited period. The plan comes with several flexible options, including the option to add a spouse to the same plan, add a return of premium option, customize the plan with coverage enhancement options, Etc.

   Key Features of the Plan

   • Policyholders can pay the premiums for a limited period, throughout the policy tenure, or the entire premium in a single pay based on their need.
   • The plan offers you the flexibility to choose coverage terms such as staying protected for the whole of your life or up to 99 years.
   • Option to select the level of protection against death, disability, and disease.
   • You can customize your base plan with a choice of add-on riders such as return of premiums, waiver of premium, accelerated critical illness benefit, terminal illness benefit, Etc.
   • Increase your life cover with coverage enhancement options.
   • The plan allows policyholders to select the death benefits payout options.
   • Under the prevailing tax laws, tax benefits will be applicable on premium paid and death benefits.

   Benefits of PNB Metlife Mera Term Plan Plus

   The plan has three variants: Life, Life Plus, and Life Plus Health. The insurer allows their customer to choose the level of protection that best fulfills their needs.

   Benefit Options	Benefits
   Life	Death Benefit
   Life Plus	Death Benefit + Terminal Illness Benefit + Waiver of premiums on Accidental + Total Permanent Disability + Diagnosis of Critical Illness
   Life Plus Health	Death Benefit + Terminal Illness Benefit + Waiver of premiums on Accidental + Total Permanent Disability + Diagnosis of Critical Illness + Accelerated Critical Illness Benefit

4. TATA AIA Life Insurance Sampoorna Raksha Supreme Plan

   TATA AIA Life Insurance Sampoorna Raksha Supreme Plan is a protection plan designed to cater to the needs of policyholders. Four different protection options are available under the plan: Life, Life Plus, Life Income, and Credit Protect. The plan offers multiple features, including add-on rider benefits, flexibility to choose premium payment options, lower premium rates for women, Etc.

   Key Features of the Plan

   • The plan offers you the option to choose whole-life coverage until the age of 100 years.
   • Policyholders can choose the death benefits payout options as a Lump sum, Income, or a combination of both.
   • Under the life stage option, you can increase your life coverage at important milestones.
   • With the Accelerator benefit rider, your basic sum assured will be increased up to 50% if you are diagnosed with a terminal illness.
   • The plan offers you income payouts at age 55, 60, or 65.
   • The plan allows policyholders to choose a premium payment option and policy period.
   • The premium charges for non-smokers and women will be cheaper.
   • Under the prevailing tax laws, tax benefits will be applicable.

   Eligibility Criteria of TATA AIA Life Insurance Sampoorna Raksha Supreme Plan

   The plan has three variants: Life, Life Plus, and Life Plus Health. The insurer allows their customer to choose the level of protection that best fulfills their needs.

   Plan Option	Life	Life Plus	Credit Option	Life Income
   Min. Age at Entry	18 Years			30 Years
   Max. Age at Entry	60	55	60	N/A
   Max. Age at Maturity	100		95	100
   Premium Payment Mode	Single/Annual/ Half-yearly/ Quarterly/ Monthly
   Min. Basic Sum Assured	Rs. 50 Lacs
   Max. Basic Sum Assured	Rs. 20 Crores

5. Bajaj Allianz Life e-Touch Term Plan

   Bajaj Allianz Life eTouch Online Term Plan is among the top term insurance plans in India. However, the plan comes with 15 15-day free look period, along with three levels of protection options such as Life Shield, Life Shield Plus, and Life Shield ROP.

   Key Features of the Plan

   • The plan offers coverage against accidental death, terminal illness, and disability.
   • The plan allows policyholders to pay a premium during the policy tenure, for a limited period, or until they retire.
   • With the return of premium benefit, you can get back up to 100% of your premium paid throughout the policy tenure minus service charges as a Maturity benefit.
   • Under the death benefit rider, your beneficiaries get an extra payout in case of death due to an accident.
   • The plan comes with an Exit early option in which once your need for cover is over, you can surrender your policy and get back your paid premiums as Early Exit Value.
   • Premium Holiday allows you to skip your premiums for 1, 2, or 3 years throughout the premium payment term.

   Benefits of Bajaj Allianz Life e-Touch Term Plan

   The plan has three variants: Life Shield, Life Shield Plus, and Life Shield ROP.

   Benefit Options	Benefits
   Life Shield	Death Benefit + Terminal Illness Benefit + Waiver of premiums+ Accidental Permanent and Total Disability
   Life Sheild Plus	Death Benefit + Terminal Illness Benefit + Waiver of premiums+ Accidental Permanent and Total Disability + Accelerated Death Benefit
   Life Shield ROP	Death Benefit + Terminal Illness Benefit + Waiver of premiums+ Accidental Permanent and Total Disability + Return of Premium

6. Max Life Smart Secure Plus Plan

   Max Life Smart Plus Plan is a reliable term plan designed to help policyholders create an inclusive financial plan. The plan ensures that it caters to the financial needs of policyholders in the event of emergencies. It is a non-linked term insurance plan that offers several impressive benefits, including premium holiday, special exit value, terminal illness coverage, death benefits, Etc.

   Key Features of the Plan

   • It allows you to select the longer coverage tenure available, up to 85 years.
   • The plan allows policyholders to choose their own desired premium payment option.
   • Under the premium break option, you can skip your premiums for 1, 2, or 3 years.
   • The plan comes with a joint life option to add your spouse to the same policy.
   • The plan has inbuilt accelerated critical illness benefits and provides accident cover.
   • The plan comes with an Exit early option.
   • With the return of the premium benefit, you can get back up to 100% of the premium paid during the policy term.

   Eligibility Criteria of Max Life Smart Secure Plus Plan

   The plan has three variants: Life Shield, Life Shield Plus, and Life Shield ROP.

   Features	Specification
   Min. Age at Entry	Minimum Age – 18 years
   Max. Age at Entry	Maximum Age - 65 years
   Max. Age at Maturity	Base Death Benefit 85 Years Accelerated Critical Illness 75 Years Accident Cover 85 Years
   Min. Policy Term	Based on the applicable minimum sum assured premium rates
   Max. Policy Term	No Specific Limit
   Min. Basic Sum Assured	Base Death Benefit – Rs. 20,00,000 Accelerated Critical Illness – Rs. 5,00,000 Accident Cover Option – Rs. 50,000
   Max. Basic Sum Assured	Base Death Benefit - No Limit Accelerated Critical Illness – 50% of the base death benefit Accident Cover Option – Rs. 1,00,00,000

7. Canara HSBC iSelect Smart 360 Term Plan

   Canara HSBC iSelect Smart360 term plan is a special protection plan designed to fulfill the needs of policyholders with additional benefits and wide coverage options. It offers to choose policyholders the death benefits payout options as per their needs. The plan comes with three variants: Life Secure, Life Secure with Income, and Life Secure with Return of Premium.

   Key Features of the Plan

   • The plan offers life cover until the age of 99.
   • With the return of total premiums, if your claim gets rejected, you’ll get all your premiums back.
   • Waiver of premium on diagnosis of critical illness and total and permanent disability.
   • The plan includes a child care benefit option with an additional Sum Assured until the child matures.
   • Flexibility to avail of steady income benefits after your retirement at the age of 60 Years.

   Benefits of Canara HSBC iSelect Smart 360 Term Plan

   The plan has three variants: Life Secure, Life Secure with Income, and Life Secure with Return of Premium.

   Benefit Options	Benefits
   Life Secure	No maturity/survival benefit Special Exit Value Option Applicable Death Benefit Payout Option Available
   Life Secure with Income	Paid-up monthly survival income Special Exit Value Option Non-Applicable Death Benefit Payout Option Available
   Life Secure with Return of Premium	No maturity benefit is available, but the amount equal to the sum assured on the policy’s maturity shall be paid in a lump sum. Special Exit Value Option Non-Applicable Death Benefit Payout Option Available

8. Kotak e-term plan

   Kotak’s e-term plan offers special life coverage options that provide a high level of protection at affordable premiums. However, the plan comes with optional in-built covers that offer coverage against accidental death, total and permanent disability, and critical illness. The term insurance plan has three variants: Life Option, Life Plus Option, and Life Secure Option.

   Key Features of the Plan

   • With the life stage option, you can increase your life coverage at specific events.
   • With an optional in-built cover, enhance your protection against accidental death, critical illness, and total permanent disability.
   • The plan offers the option to choose your own desired payout options.
   • The plan provides comprehensive life cover at affordable premiums.
   • Waiver of premium on diagnosis of critical illness and total and permanent disability.
   • With the Special Exit Value option, policyholders get the flexibility of special exit value at age 60.

   Benefits of Kotak e-term plan

   Kotak’s e-term plan has three variants: Life Option, Life Plus Option, and Life Secure Option.

   Benefit Options	Benefits
   Life Option	Death Benefit
   Life Plus Option	Benefit under Life Option + Accidental Death Benefit
   Life Secure Option	Benefit under Life Option + Waiver of Premium on Total and Permanent Disability

9. Edelweiss Tokio Zindagi Protect Term Insurance Plan

   Edelweiss Tokio Zindagi Protect Plan is among India’s top term insurance plan provided by Edelweiss Insurance. The insurer allows you to customize your plan based on your requirements by selecting an adequate premium paying term and death benefit payout mode. With the Better Half Benefit option, you can make sure that your spouse receives the death benefits if something happens to you.

   Key Features of the Plan

   • With the Premium Break benefit, you can pay an additional premium that allows you to skip some premiums based on the payment term.
   • The plan offers life cover until the age of 100.
   • Flexibility to select your desired premium payment option between regular or limited pay options.
   • With the Better Half benefit, you can avail life cover for the spouse by paying additional premiums.
   • The plan includes a childcare benefit option. By paying additional premiums, you can avail of life cover for your child till they turn 25 years old.
   • With the Special Exit Value option, policyholders get the flexibility to receive all their premiums paid back at a specific point.

   Eligibility Criteria of Edelweiss Tokio Zindagi Protect Term Insurance Plan

   Plan Option	Life Cover Option	Return of Premium Option
   Min. Age at Entry	Life Insured: 18 years Spouse: 18 Years Child: 0 Years
   Max. Age at Entry	Regular Pay - 55 years For Child: 18 Years	Regular Pay - 50 years For Child: 18 Years
   Min. Age at Maturity	23 years 28 years
   Max. Age at Maturity	100 years
   Max. Policy Term	100 years - age at entry of Life Insured
   Min. Basic Sum Assured	Rs. 50,00,000
   Min. Sum Assured for Better Half Benefit	Rs. 25,00,000
   Max. Basic Sum Assured	No Limit,
   Max. Sum Assured for Better Half Benefit	Rs. 1,00,00,000
   Min. Sum Assured for Child Future Protect Benefit	10% of the base sum assured
   Max. Sum Assured for Child Future Protect Benefit	100% of the base sum assured

10. Aegon Life iTerm Prime Insurance Plan

    Aegon Life iTerm Prime is a top-notch term insurance plan. It is an ideal plan for those who travel regularly due to work and are prone to accidents. However, the plan can be applied online without the hassle of paperwork. Under the plan, the insurer offers a special 10% discount on first-year premiums.

    Key Features of the Plan

    • Beneficiaries receive the death benefit with a lump sum payout on the policyholder’s demise.
    • The plan offers high life cover at affordable premiums through earning years.
    • Under Special Exit Value, you can get all your premiums back in case you don’t need coverage.
    • Flexibility to choose your own desired premium payment term.
    • Under the Income Tax Act of 1961, tax benefits will be applicable on premium paid and death benefits.
    • With optional inbuilt covers, you can enhance your life cover.

    Eligibility Criteria of Aegon Life iTerm Prime Insurance Plan

    Features	Specification
    Min. Age at Entry	18 years
    Min. Age at Maturity	Regular Pay - 23 years Limited Pay - 33 years Limited Pay (Pay till 60) - 65 years
    Max. Age at Maturity	70 years
    Min. Policy Term	Regular Pay - 5 years Limited pay - 15 years Limited Pay (Pay till 60) - (Payment Premium Term + 5 years)
    Max. Policy Term	70 less entry-age
    Base Sum Assured	Minimum – INR 25 Lakhs Maximum – No Limit
    Premium Payment Frequency	Annual, Half-Yearly and Monthly

Conclusion

Term life insurance is a top choice for prospective policy buyers. While it becomes a basic necessity, it still takes a lot of research to choose the best term insurance plan. Therefore, we’ve curated a list of the top 10 term insurance plans in India from the best term insurance providers. Before making any decision, first understand the key features and benefits of the plan to select the perfect term insurance for yourself.