Best Term Insurance Plans in India 2022-23 from Top Term Insurance Companies

2708

6 min read

Updated on Feb 06, 2023

Searching for the Best 8-term insurance Plan or Top 8 Term Insurance Companies in India 2022-23. Read the blog to get complete information on the best term insurance plan in India 2022-23.

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 best 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.

Visual Stories by PayBima

What is a Term Insurance Plan and Why do I need one? 

 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.

Also Read: Best 1 Crore Term Life Insurance Plans in India

Best Term Insurance Plans 2022-23 – An Overview

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:

1. LIC Tech Term 

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.

Key features:

  • Two sum assured options are available to choose from
  • Flexible premium payment terms
  • Options to choose your policy term
  • Special rates available for women
  • Attractive rebates applicable on high sum assured
  • Rider option available

2. HDFC Click 2 Protect 3D Plus Term Plan:

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.

Key features 

  • Offers 9 plan options to choose from
  • Lifelong protection feature available
  • Flexible premium payment terms
  • Life stage protection feature 
  • Top-up cover options are available
  • Special premium rates for female policyholders

3. SBI Life eShield:

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.

Key features:

  • Can be purchased online, very easily
  • Offers 3 plan options to choose from
  • Flexible payment modes offered
  • Terminal illness benefit features available
  • Rider options available

4. Max Life Smart Secure Plus Plan:

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. 

Key features:

  • Flexibility to choose the death benefit according to the needs
  • Includes terminal illness cover for the policyholder
  • On choosing the return of payment variant, you receive the maturity benefit
  • Optional accident cover feature available
  • Low premium rates for female policyholders

Also Read: Term insurance guide and glossary

Best Term Insurance Companies 2022-23 in India

5. ICICI Prudential iProtect Smart Term Plan:

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. 

Key features:

  • Comes with four payout options 
  • Offers special premium rates for non-smoking individuals
  • Flexibility with premium payment modes
  • Special premium rates for female policyholders
  • Critical illness coverage option available
  • Special coverage feature available for female organ cancer( like breast or cervical cancer)

6. Bajaj Allianz Smart Protect Goal Term Plan:

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. 

Key features:

  • Whole life coverage option available
  • Flexibility to choose from 4 variants of the plan 
  • Additional coverage for child education post the death of the policyholder
  • Optional add-on covers are available 
  • Covers more than 50 critical illnesses
  • Return of premium feature available

Also Read: How To Compare The Best Online Term Insurance Plan?

7. Kotak Mahindra E-Term:

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.

Key features:

  • Flexibility to choose between three payout options
  • Three variants of the plan are available
  • Critical illness benefit feature is included
  • Special premium rates for female policyholders and non-smokers

8. PNB MetLife Mera Term Plan Plus:

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.

Key features:

  • Low premium rates 
  • Flexibility to choose from four payout modes
  • Special premium rates for non-smoking individuals
  • Whole life coverage feature available 
  • Can be bought easily through online mode

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.

Related Articles:

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.

FAQs on Best Term Insurance Plans 2022-23 from Top Term Insurance Companies in India

Which insurance is better term or life?

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.

Do we get any return in the term plan?

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.

What is 1 Crore term insurance?

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.

Is the term plan covered under 80D?

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.

How much term insurance should I buy?

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.

8 Best Term Insurance Companies in India for 2022-23?

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

Other Term Insurance Products

Nov 18, 2021
SHARE THIS ON
Author Bio
Author Image

PayBima Team
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.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Find your suitable insurance plan

Speak to our advisor

Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back