6 min read
Updated on Jan 16, 2023
For the last two years, we have witnessed everything that was even beyond our thoughts. These difficult times taught us to prepare ourselves for the coming future and keep our families safe and secure. One step towards this can be investing in a term insurance plan. Through an online term plan comparison, you can easily see the pros and cons of each plan and how a plan can help you secure the future of your loved ones. When you compare term insurance plans online it helps you select the best-suited policy for your family.
A term insurance plan offers financial support to your family in case of your untimely death. It is a pure protection plan that offers wide coverage and several benefits to safeguard the needs of the policyholder’s family.
There are a lot of companies available in the Indian market today that offer the best insurance policies. However, it is important to choose a term insurance plan that suits you well. Online term plan compare is the best way to do this.
|S. No||Insurance Company||Term Insurance Policy||Claim Settlement Ratio (CSR)||Entry Age (Min-Max)||Maturity Age (Min-Max)||Sum Assured (Min-Max)||Critical Illness Rider|
|1||Life Insurance Corporation of India||LIC Tech Term||98.62%||18 – 65 years||80 years||50 Lacs – No limit||NA|
|2||HDFC Life Insurance||HDFC Click 2 Protect 3D Plus Term Plan||98.01%||18 – 65 years||75 years||20 Lacs – No limit||Yes|
|3||SBI Life Insurance||SBI Life eShield||93.09%||18 – 65 years||85 years||50 Lacs – No limit||NA|
|4||Max Life Insurance||Max Life Smart Secure Plus Plan||99.35%||18 – 65 years||85 years||20 Lacs – No limit||Yes|
|5||ICICI Prudential Life Insurance||ICICI Prudential iProtect Smart Term Plan||97.90%||18 – 65 years||75 years||50 Lacs – 10 Cr||Yes|
|6||Bajaj Allianz Life Insurance||Bajaj Allianz Smart Protect Goal Term Plan||98.48%||18 – 65 years||99 years||50 Lacs||NA|
|7||Kotak Mahindra Life Insurance||Kotak Mahindra E-Term Plan||98.50%||18 – 65 years||75 years||25 Lacs – No limit||Yes|
|8||PNB Metlife India Insurance||PNB MetLife Mera Term Plan Plus||98.17%||18 – 60 years||99 years||25 Lacs – No limit||Yes|
Below is the list of best term insurance plans in India 2022 – 23 offered by top term life insurance companies:
Insurance Company~ Life Insurance Corporation of India
LIC Tech Term Plan is a pure risk premium plan that is available through an online application process only. The plan comes with attractive benefits and additional features and is offered at affordable rates.
Insurance Company~ HDFC Life Insurance
HDFC Click 2 Protect is one of the best comprehensive term insurance plans available in India. The plan offers several features and benefits to safeguard the needs of the policyholder and his family.
Insurance Company~ SBI Life Insurance
SBI Life eShield is a comprehensive pure term insurance policy that offers several benefits and attractive features to safeguard the financial needs of the policyholder’s family in his absence.
Insurance Company~ Max Life Insurance
Max life Smart Secure Plus is a comprehensive term insurance plan that acts as a financial shield for your family in the case of an emergency. The plan offers wide coverage, optional benefits, and additional features.
Also Read: Term insurance guide and glossary
Insurance Company~ ICICI Prudential Life Insurance
ICICI Pru iProtect Smart is a term insurance plan that has been in demand since its launch due to its desirable features. It is a comprehensive plan that offers 360-degree coverage at affordable rates.
Insurance Company~ Bajaj Allianz Life Insurance
Smart Protect Goal is a complete term insurance plan offered by Bajaj Allianz who are one of the reputed insurance companies of India. The plan comes with multiple variants to suit the needs of all its clients and acts as a financial shield at the time of unfortunate events.
Insurance Company~ Kotak Mahindra Life Insurance
Kotak Mahindra E-Term plan is an efficient, comprehensive individual term insurance plan designed in a way to add extra benefits to a protection plan. Kotak Mahindra’s E-Term plan comes with many add-on features and advantages that are offered at affordable rates.
Insurance Company~ PNB Metlife India Insurance
PNB MetLife Mera Term Plan is as unique as its name. It is a comprehensive pure protection plan that takes care of your expenses and needs are always taken care of at every stage of life.
Since all of the aforementioned plans have been rated the best in India, in 2022-23, choosing one of them can be tricky. Once you chalk out your financial goals, an online term plan compared with the guidance of consulting insurance agents can be a good way to do this.
Both the insurance policies have their own importance. Term insurance protects the insured for a limited period of time, whereas whole life insurance allows protection for lifelong. However, the cost of life insurance plans are much more as compared to term insurance plans. Again, life insurance allows maturity benefits to the insured, while term plans only offer death benefit minus the maturity.
The pure Term insurance plans do not offer any maturity benefits. It only offers death benefits to the nominee of the policy. However, if you buy a life insurance with return of premium option, you can avail maturity benefit.
A 1 Crore term insurance plan is one where the nominee will receive 1 Crore as death benefit in case the policyholder dies during the term of the plan. Hence, in the 1 Crore term plan, the sum assured is 1 Crore which is paid as death benefit.
Generally term insurance plans are not covered under 80D of income tax. That is because Medical insurance premiums paid by policyholders are mostly covered under 80D. However, these days since term insurance plans allow added coverage as riders, you can buy a critical illness health rider to claim tax deductions under section 80D.
It actually depends from person to person as per the budget and needs. However, as a general rule of thumb, a term plan is expected to cover at least 15 to 20 times the current annual salary or income of a person.
Below are the top 8 term insurance companies you can choose for 2022-23 -
#1. LIC Term Life Insurance
#2. HDFC Term Life Insurance
#3. SBI Term Life Insurance
#4. Max Term Life Insurance
#5. ICICI Term Life Insurance
#6. Bajaj Allianz Term Life Insurance
#7. Kotak Mahindra Term Life Insurance
#8. PNB MetLife Term Life Insurance
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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