Term life insurance refers to a pure life insurance plan that gives financial security to the policy holder. In the time of untimely death of the policy holder during the term of the life insurance policy, death benefit is given to the policy holder’s beneficiaries as per the chosen term plan. 

So, how to choose the best term life insurance plan from the wide array of choice of such plans available in India? The below list enlists key term life insurance plans with the best affordable rates which you should help one to take out a prudent term insurance plan.

Name of Insurer

Term Life Insurance Plan

Claim Settlement Ratio

Maximum Maturity Age (years)

Premium (for a cover of 1 crore)

(Rs.)/per month

Aegon Life

iTerm

96.5%

100 

479

Bajaj Allianz

Life cover

95%

85

458

India First

e-Term Plan

94.2%

6585

422

HDFC Life

Life Option

99%

85

709

ICICI Prudential 

iProtect Smart Lump Sum

98.6%

85

647

Kotak life 

e-Term

97.4%

75

654

SBI Life

eShield

95.03%

80

589

Max Life

Smart Term Plan Life Cover

98.7%

75

571

PNB Metlife

Mera Term Plan – Full Lump Sum Payout

97.16%

99

585

Reliance Nippon Life Insurance

Reliance Digi-Term

97.71%

65

500

Important Points to Consider

Choose the term insurance plan based on your specific financial needs and tenure requirements.

Read all the terms and conditions of the various term life insurance plans before settling for the best rate plan.