• 20 Year Term Life Insurance Policies in India

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    Life can change tracks any minute, hurling us to a new destination, a destination for which we might often be unprepared. A term life insurance policy can help us prepare for such changes, allowing us to continue with our lives regardless of how things change. A 20 year term insurance policy offers protection for 2 decades, acting as a safety net that offers comfort in an ever changing world.

    Features and Benefits of 20 Year Term Life Insurance Policy

    Some of the features and benefits of a 20 year term life insurance policy are mentioned below.

    • Extended cover Policyholders are covered for a period of 20 years, ensuring they can continue their normal lifestyle without having to worry about themselves during this period.

    • Death benefit In the event of unfortunate demise of a policyholder during the term period, his/her nominee will receive a death benefit. This death benefit depends on the premium paid and is traditionally higher than regular life insurance policies.

    • Income Tax benefit Individuals are entitled to income tax benefits under Section 80C of the Income Tax Act, helping them save tax.

    • Surrender benefit Policyholders can get surrender benefits if they choose to surrender their policies before maturity.

    • Additional riders A policyholder can customise his/her policy by adding additional riders, enhancing overall protection.

    • Low premiums The premium for 20 year policies is generally lower compared to other short term periods. These premiums can be paid without burdening a policyholder.

    • Premium paying modes Most providers offer flexible premium payment terms to policyholders.

    • Loans Certain insurance providers offer loans against term life insurance policies.

    Note These features and benefits might vary depending on the service provider and it is recommended to check with the provider first.

    Who is this plan suited for

    Individuals who wish to spend the next 20 years of their life without tension should opt for this plan. It is ideal for those who might retire during this period or those who are expecting certain changes in their lifestyle during this period. Individuals with marriage/educational commitments of their children can opt for this plan, given the great benefits one is entitled to. Individuals who cannot afford premiums for a permanent life insurance policy could opt for a 20 year term life insurance plan. It is generally not suited to youngsters who have no foreseeable problem in the future or those who have just embarked on a new journey of financial independence.

    How this plan works

    The working of this plan is simple and straightforward. Individuals who purchase this scheme are entitled to protection during the tenure of this policy, i.e. 20 years. In the event of a policyholder passing away during this period, his/her nominee will receive a death benefit. The policy is active as long as premiums are paid. In the event of an individual passing away after the policy matures, no benefit will be paid. There will be no maturity benefit either, if a policyholder survives for the entire period of this policy.

    Best 20 years’ term plans in India

    Some of the most popular term life insurance plans for 20 years are mentioned below.

    1. Aegon Life iTerm Plan - This plan offers cover ranging from Rs 10 lakh upwards and is ideal for those looking to invest smaller amounts in premiums

    2. SBI Life eShield - Individuals can choose a cover ranging from Rs 20 lakh onwards with decent premium options

    3. HDFC Life Click 2 Protect - This scheme offers cover ranging from Rs 10 lakh to Rs 10 crore

    4. LIC e-Term Plan - The minimum cover under this plan is Rs 50 lakh, with a higher premium compared to others

    5. Kotak Life Preferred e-Term Plan - Individuals can opt for a cover ranging from Rs 25 lakh onwards under this plan

    FAQs

    1. Q. Do premiums for these plans differ from individual to individual?

      A. Yes, the premium amount varies according to the health and age of an individual.

    2. Q. Can a policyholder cancel the policy?

      A. A policyholder can choose the cancel the policy within a stipulated time period (generally 30 days). Post this, he/she can opt to surrender the policy. A policy can be cancelled on grounds on non-payment of premium and an individual is not entitled to any benefits under such circumstances.

    3. Q. Will the premium amount change every year?

      A. Premiums for a particular policy might change from time to time, depending on the company which insures an individual. Certain policies have fixed premium amounts and an individual is expected to check with the service provider before choosing a policy.

    4. Q. Can a policyholder extend the period of a term insurance?

      A. No, extending the tenure is not permitted and a policy lapses on completion of the period. An individual will have to purchase a new policy in such cases.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    20 Year Term Life Insurance Policy Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Bharti Jeevan Policy for a while. I pay a premium of 21000 per year. I make payments Via Cheque.. The service is good. No issues so far. The tenure of the policy is 15 years. Overall it has been a hassle free experience with the LIC and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • Exide Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've been using the Life insurance policy from the Exide Life for a while. The response is not good. I pay a premium of 2000 per year via ECS. The premium gets auto debited from the account as it is more convenient for me. So far it has been a useful insurance policy to have.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying the premium 11000, per year. The service good. It is so easy to make payments for this policy. I never faced any issues with their services. Being a govt company the security for my investment is guaranteed with the LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Max Life and I pay a premium of 600 per Month, I make payments online and the sum assured is 1 Crore. My friend is an agent and never faced any issues with their service so far. Overall it has been a hassle free experience with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Tarang Policy for a while. It is take for my children. The tenure of the policy is 18 years. It can also be converted to a pension scheme where my children will be getting 28000 per year as a part of the plan. It is a useful policy and recommendable.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Bhima Gold Money back policy for a while now. I will get cash back every 5 years via DD. I pay a premium of 700 monthly for this policy. It is a very useful policy considering the low premium I pay. Overall it has been a good experience with the LIC and their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Jeevan Anand policy with the LIC. I am paying the premium of 500 per month. It is too easy to make payments and I never faced any issues with their services. Being a govt company the security is there with the LIC Overall it has been a good experience .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the life insurance policy long back. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy . I would say i am satisfied having the Life insurance policy with Life Insurance Corporation of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the LIC of India. I would like to say that the customer service is good one and the response is better one too. Policy coverage value is good too with them. I am happy with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the Life Insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is also very good too and the response is good too. Coverage value is fine one too with the LIC of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      Customer service is not experience with the Life Insurance Corporation of India, Policy coverage is good and I have taken two policy with the Life Insurance Corporation of India. Everything is better one with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • ICICI Prudential Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The tenuity period is for 10 years. I have been using since 2016 and i am happy by using the life insurance. The payment i do through the on line for monthly once. Apart from that the documentation i have done through the physically at my doorsteps.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2018
    • Max Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have been using since 5 years. I am very happy by using the MAX LIFE INSURANCE. i had a excellent experience with the life insurance. The tenuity period is for 10 years and it is a short term policy from life insurance. I have been using because i am happy holding this insurance policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 20, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the HDFC life and the customer service is good too. I would like to say that everything is good and their response too. I am happy with them till now and everything is better with the HDFC life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "LIC is a very good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this LIC Jeevan Tarang policy 10 years before. I don't remember about the plans and benefits. I'm paying the premium amount of rs. 10000 six months once. I will come to know about the benefits when the maturity arrives. Total tenure of the policy is 12 years. Sum assured amount is 8 lakhs. Death benefits, Risk coverage and Accidental benefits are available. I used to make the payment through cash. My brother working as LIC agent and he suggested this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • Bajaj Allianz Life Life Insurance
      "Best product offerings"
      0.5 4.0/5 "Great!"
      I have three policies from Bajaj Allianz life. The premium gets auto debited from the account(Check details here : https://www.bajajallianzlife.com). I don't have to worry about the due date and this makes life so much easier. The agents are very friendly and in case of any discomfort, they have always helped me understand and sort things out. I recommend Bajaj Allianz to everyone over any other company in the market
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance from LIFE INSURANCE CORPORATION OF INDIA and the yearly premium is 30000. The total maturity period is for 20 years. After the maturity period i will get the sum assured and the interest. I mostly do cash payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 14 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is after 23 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
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