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