5 Year Term Life Insurance Policy in India

There are various 5 year term life insurance policies in India. Apart from the death benefit and tax benefits, there are various reasons due to which you must purchase this particular type of term insurance plan and protect the future of your loved ones.
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An insurance policy is essential in today’s world, given its unpredictability. Lack of an insurance policy could have a huge impact on the lives of everyone surrounding us and a 5 year term life insurance policy acts as a great saviour during unforeseen circumstances. A 5 year policy offers short term benefits and is ideal in this fast moving world.

Features and Benefits

Some of the salient features and benefits of a 5 year term life insurance policy are mentioned below.

  • Death benefit In the event of unfortunate demise of policyholder during this term period, his/her nominee will receive a death benefit which is generally higher than the death benefit offered by traditional plans.

  • Income Tax benefit Individuals can avail income tax benefits under Section 80C of the Income Tax Act, saving tax and reducing the financial burden on a taxpayer.

  • Surrender benefit Policyholders are entitled to surrender benefits if they choose to surrender their policies before maturity.

  • Additional riders Policyholders can choose to avail extra cover by adding additional riders to their plan, enhancing protection to meet their individual requirements.

  • Low premiums 5 year policies can come with low premiums, depending on the age of policyholder. Flexible payment modes and discounts make these premiums light on the pocket.

  • Loans It is possible to avail loans against these policies.

  • Planning Opting for this scheme helps one plan for the immediate future, knowing where to invest money and offering peace of mind for this period.

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

A is suited for individuals who have immediate financial concerns which could aggravate post their demise. It is apt for those who feel their demise could push their family towards hard time in the near future. Individuals approaching a ripe age can opt for this policy, provided they are healthy and fit to be offered protection. It is also suited for individuals who have to look after their family, with educational or marriage responsibilities on them. Individuals with limited means can choose this policy as the premium is generally lower compared to traditional life insurance policies.

How this plan works

The working of a 5 year term life insurance policy is simple to understand, with a straightforward working methodology. Under the plan, an individual is expected to pay premiums for the duration of this policy and he/she is entitled to protection during this term. In the event of his/her unfortunate demise during this term, his/her nominee will receive a death benefit which depends on the premium. There is no maturity benefit under this scheme and an individual is not entitled to any monetary return on maturity of the policy. Also, no benefit will be paid if an individual passes away after the policy has expired or lapsed.

Best 5 year term life insurance plan in India

Some of the best 5 year are mentioned below.

  1. LIC Amulya Jeevan I – This plan offers great claim settlement numbers and premiums designed to meet individual requirements

  2. SBI Life e-Shield his non linked non participating plan offers customization with cover ranging from Rs 20 lakh onwards

  3. Aegon Life iTerm Plan This plan comes with flexible options with a cover ranging from Rs 10 lakh onwards

FAQs

  1. Q. How long does it take to settle a claim?

    A. The claim settlement depends on the organisation and documentation. An insurance provider is expected to settle a claim within 30 days of receipt of information.

  2. Q. What documents would be needed to request a claim?

    A. A nominee will have to furnish adequate proof to an insurer, including original policy documents, death certificate, FIR/hospital report (in certain cases) and valid ID card. Other additional documents might be required in certain cases.

  3. Q. Are rebates provided on large sum assured?

    A. Yes, certain insurance providers offer rebates ranging from 0.50% to 1% in cases where the sum assured exceeds a certain limit.

  4. Q. What is the maximum age at entry for such policies?

    A. Generally the maximum age at entry is restricted to 60 or 65 years, with different policies in place in different organisations.

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

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5 Year Term Life Insurance Policy Reviews

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  • LIC Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    There is no reason for choosing the life insurance policy from LIC. I hold a money back policy because every 5 years, i get the full money back to my account. I have been paying the premium amount of Rs. 1500 every month. I have no idea about the sum assured amount and the policy has a term of 15 years.
    Was this review helpful? 0
    , dindigul
    Reviewed on Oct 14, 2019
  • LIC
    LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I pay the premium amount of Rs. 36000 on a yearly basis for my life insurance policy. Chosen my life cover policy from LIC because its like a savings plan. I took the money back policy. Total term period of the policy is 5 years and It has a coverage of Rs. 5 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • Bajaj Allianz Life Life Insurance
    "Very Good Policy"
    0.5 3.0/5 "Satisfactory"
    Benefits are good in Bajaj Allianz hence i have selected the life insurance policy from them. I have been paying the premium amount of Rs. 3500 per year. Sum assured amount is Rs. 3 lakhs and the policy term is 5 years. I make the premium through online.
    Was this review helpful? 0
    , thane
    Reviewed on Oct 09, 2019
  • SBI Life Life Insurance
    "Go for a safer insurance policy"
    0.5 4.0/5 "Great!"
    As I'm employee of SBI LIFE, the policy is more convenient for me. I took the United linked Insurance policy. I have been paying the premium amount of Rs. 50000 per year. I have to pay the premium for 5 years but the policy term is 20 years. Growth percentage is 11%.
    Was this review helpful? 0
    , ahmednagar
    Reviewed on Oct 08, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIFE INSURANCE CORPORATION OF INDIA on 5 years before. The policy is for 30 years. I am paying premium in the half yearly package. While getting a policy my agent has given an information about the policy details. I visit directly to office to pay for the amount.
    Was this review helpful? 0
    , erode
    Reviewed on Oct 05, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on 2 years before. The policy is for 5 years. I am paying premium in the yearly package and the amount for 60 thousands. While getting a policy my agent has given an information about the policy details. I use to visit directly to office to pay the amount.
    Was this review helpful? 0
    , jabalpur
    Reviewed on Oct 05, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken through LIC agent directly.This policy is for the tenure of 5 years and this policy is still active.I have got all the relevant details about the policy through the agent .There was no difficulties faced as well.I am completely satisfied with the service .
    Was this review helpful? 0
    , jodhpur
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    Purchased the money back policy from LIC. I bought the policy in the year of 2011 because that time it was a best policy. My agent has compelled me to taken the policy. I have been paying the premium amount of Rs. 610 every month. Total term period of the policy 20 years since its a moneyback policy, i get the money of Rs. 20000 every 5 years,
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 22, 2019
  • LIC Life Insurance
    "After 35 of the age you can go"
    0.5 3.0/5 "Satisfactory"
    LIC is a Government based company but the service is not good when i compared to private company. LIC employees are not approaching the customers properly. Compared to last 5 years, they have increased the payment mode and their services are getting improving. Its a secured and backbone for people in India since its a Government based one hence i have chosen the policy from LIC.
    Was this review helpful? 0
    , mysore
    Reviewed on Sep 20, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have bought a child benefit policy 1 year back. Since i have chosen the annual payment mode, i have paid only one premium amount so far. Again i need to check the plan through agent i got this policy. He showed me a proposal. For every year i have to pay the premium of Rs. 60000 after 25 years i get a good sum assured value. I have to pay the premium upto 20 years and there will be a lockin period for 5 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 16, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 5 years before. The policy is for 20 years. I am paying premium in the half yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment through an online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 10, 2019
  • HDFC Life Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Bought my money back policy from HDFC LIFE. Taken the policy in the year of 2016. Earlier i had a salary account with HDFC hence the manager is forcefully to take this policy. I am paying the premium amount of Rs. 25000 annually. I need to pay the premium for 5 years after 5 years there is a lockin period. I get the sum assured amount of Rs. 2.50 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 27, 2019
  • Bajaj Allianz Life Life Insurance
    "Not satisfied"
    0.5 4.0/5 "Great!"
    Policy wise they are okay in Bajaj Allianz. Chosen the plan of Money back. I just got the promotional call and i took the policy. I have made the premium amount of Rs. 11000 for every six months once. I got the money back to my account in every 5 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 27, 2019
  • SBI Life Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in SBI LIFE on 5 years before. The policy is for 13 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided documents as well. For the payment will get auto debit from my account. It covers my whole family.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 24, 2019
  • LIC Life Insurance
    "Better"
    0.5 4.5/5 "Excellent!"
    I have 2 life insurance policies with LIC which is going to completed in another 5 years. In the next 2 years both the policies will get mature. I have not dealt with the LIC much and the application has filled by my Father. Just for the past 2 years, am paying the premium 9483 per year 4803 per year. Its a long term policies for 20 years. Due date is 14th and they have provided me one month grace period which am happy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 22, 2019
  • ICICI Prudential Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have life cover with ICICI Prudential which was taken on 5 years before.The policy is for 10 years. I used to make the premium on a yearly basis. I use to payment through an online. An agent has given all the details about the policy and given documents as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 12, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on 5 years before. The policy is for 30 years.While getting a policy my agent has given an information about the policy details. It is a money back policy. I use to do payment for a premium on a yearly basis. It is a money back policy. It covers my whole family.
    Was this review helpful? 0
    , jamshedpur
    Reviewed on Aug 11, 2019
  • SBI Life Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in SBI LIFE on 5 years before. The policy is for 30 years.I am paying premium in the annual package. While getting a policy my agent has given an information about the policy details on time. It covers myself and daughter. I use to do payment through either an online or cheque.
    Was this review helpful? 0
    , jamshedpur
    Reviewed on Aug 11, 2019
  • Bajaj Allianz Life Life Insurance
    "Good Policy"
    0.5 4.5/5 "Excellent!"
    I have my life insurance policy from Bajaj Allianz. I have been paying the premium for last 5 years. I pay the premium amount of Rs. 4500 annually. When i taken the personal loan, they have given me a insurance policy on the favor of their request.
    Was this review helpful? 0
    , thoubal
    Reviewed on Aug 09, 2019
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