10 Cheapest Term Life Insurance Plans with the Minimum Sum Insured in India

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5 min read

Updated on Oct 26, 2022

Cheapest Term Insurance Plans 2022 in India

Want to buy cheap term life insurance to secure your family’s financial future? Here’s a list of 10 cheapest term insurance plans with the minimum sum insured to suit your budget.

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Every person has a moral responsibility towards their family, and when you’re married, this responsibility increases two-fold. With the coming in of kids, it becomes absolutely essential that you take care of their every need not just in the present but also guarantee that they would be equally comfortable in the future. This is where term insurance helps.

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What is a Term Insurance Plan?

Term insurance is slightly different from other insurance products in the market. While the other insurance plans may generate some returns on premium in the future, term life insurance is exclusively meant to secure the future of your loved ones in your absence. In other words, in the unfortunate event of your death, your family’s financial needs and goals can still be achieved in the future with the help of a term life insurance policy that you purchase in your present.

In this sense it can be said that term insurance is basically a pure life insurance product, meaning that one cannot expect returns from it. However, that said, it is also worth noting here that some insurance companies might offer term insurance plans that do generate premium returns; however, these plans definitely come at a higher cost than usual.

To make term insurance affordable to everyone, there are some budget-friendly options available which serve your purpose at the best price. These are the basic term insurance products that help secure your family’s financial future without any premium returns.

Here we list out at least 10 of the cheapest term insurance plans that offer the minimum sum insured to the policyholder, but definitely serve their purpose.

Top 10 Cheapest Term Plans with the Minimum Sum Insured

If you are wondering which is the cheapest term insurance plan in India? Below are some cheapest term insurance plans with basic details:

  1. Max Life Smart Secure Plus
  2. Bajaj Allianz eTouch
  3. Kotak Life Kotak e-Term Plan
  4. HDFC Life Click 2 Protect Super
  5. TATA AIA Sampoorna Raksha Supreme
  6. PNB Metlife Mera Term Plan Plus
  7. Aditya Birla Capital DigiShield Plan
  8. ICICI Prudential iProtect Smart
  9. SBI Life eShield Next
  10. India First e-Term Plus Plan

To beat the competition, there are a number of options available today in the insurance sector, all offering cheap and easily affordable term insurance plans. To help you make an educated choice, we present here the top 10 cheap term life insurance policies that would suit any budget.

Cheapest Term Insurance Plans with Sum Insured, Monthly Premium, and Insurance Company Claim Ratio

Term Insurance Plan Sum Insured Cost of the Plan Claim Settlement Ratio (CSR)
Max Life Smart Secure Plus Rs. 1 crore Rs. 671 per month 99.34%
Bajaj Allianz eTouch Rs. 1 crore Rs. 428 per month 99.02%
Kotak Life Kotak e-Term Plan Rs. 1 crore Rs. 727 per month 98.82%
HDFC Life Click 2 Protect Super Rs. 1 crore Rs. 755 per month 98.66%
TATA AIA Sampoorna Raksha Supreme Rs. 1 crore Rs. 552 per month 98.53%
PNB Metlife Mera Term Plan Plus Rs. 1 crore Rs. 627 per month 98.17%
Aditya Birla Capital DigiShield Plan Rs. 1 crore Rs. 663 per month 98.08%
ICICI Prudential iProtect Smart Rs. 1 crore Rs. 700 per month 97.90%
SBI Life eShield Next Rs. 1 crore Rs. 726 per month 97.05%
India First e-Term Plus Plan Rs. 1 crore Rs. 449 per month 96.92%

How to Buy the Best Term Insurance Plan on a Budget?

When it comes to securing the future of your loved ones, there’s absolutely no compromise. Yes, you do want to keep things within budget but you’d also want the best, right? This is why we share here some of the top things to bear in mind when buying term insurance on a budget so that you get the cheapest but also the best policy in hand.

  1. Make sure that the premium payable is the lowest in that category. This would require some research from you. Look up other term insurance plans offered by all other companies in this segment, compare and review the premium rate and prices of all, and then make an informed decision. When you want to buy cheap, the rate of premium should ideally be the lowest so that it doesn’t hurt paying regularly.
  2. Ensure that the plan comes with the add-on riders option. This would help extend the coverage of your term insurance policy and also save you a considerable amount in the future spending extra on buying additional policies to cover your needs as they grow. For instance, you may feel the need to buy critical illness health cover for you and your family as you age. However, instead of spending extra bucks on purchasing that cover separately, it’d be wiser (and also cheaper) to get an add-on rider attached to your base policy at just some extra premium.
  3. Make sure that the plan provides coverage to your spouse as well. After all, this is the primary goal of buying term insurance in the first place. You wouldn’t want your partner to feel lost in your absence in the future. Ensuring that there is sufficient coverage provided in the policy for your spouse and that the death benefit would be paid out to him/her after your death is really important when buying term insurance.

Read More: Types of Whole Life Insurance Policy and Their Advantages

In a Nutshell

Buying term insurance for your loved ones is one of the wisest decisions to make in this lifetime. It is important to secure their future while you still have your present. However, since you’d be required to pay the premium on the policy regularly for a lifetime in order to enjoy the benefits of the plan (death payout) when required, it helps to take care of the cost factor too. This is why there are a number of cheap life insurance plan options available today. However, it’s important to do your own research before buying them. Also, go through the policy document carefully before buying any insurance plan from any insurance company.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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