"Spending a whole day looking for insurance is fun," said nobody, EVER!

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.
 4.5 / 5.0   by 817 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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 5 year term life insurance policy 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 term life insurance plans in India 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

5 Year Term Life Insurance Policy Reviews

Page 1 of 41 1 2 3 4 5
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    5 years back, i have purchased the life insurance policy with Life insurance corporation of India. The plan name is jeevan anand and its a good policy to take. I forgot to make the payment on time hence the policy got lapsed. The service of LIC is good. They have sent a regular notification regarding the premium payment.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Trusted Policy with LIC"
    0.5 5.0/5 "Blown Away!"
    I have so many policy, the money back is good based on the policy I took the loan. LIC is good there is no issue Its a trusted one. They are very transparent, every 5 years they gave me money bonus and policy cover is good the payment option is very convenient.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Trusted Policy with LIC"
    0.5 5.0/5 "Blown Away!"
    I have so many policy, the money back is good based on the policy I took the loan. LIC is good there is no issue Its a trusted one. They are very transparent, every 5 years they gave me money bonus and policy cover is good the payment option is very convenient.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Must Have"
    0.5 5.0/5 "Blown Away!"
    Its is feasible and I can get the loan based on the policy coverage. I took the Jeevan anand policy probably I make the premium around Rs. 15,000 per year it has term of 20 years, Almost I paid it for 15 years , remaining 5 years to go. LIC Is good for tax benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • IDBI Federal Life Insurance
    "I feel I should have taken a better product"
    0.5 2.0/5 "Expected more"
    I have taken IDBI Federal Incomesurance policy 6 yrs back, premium of Rs 1.2 Lakh/yr, for 15 yrs . Life Coverage only 18.3 lakh, I will get only 1.8 Lakh per year for 10 yrs at end of term, which is meagre by any std. I am not able to come out of it as I will be loosing heavily. I am retiring after three years and after that I have to pay for another 5 years to get this benefit (yrly payout) . I do not know what to do.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I felt the payment option has some difficulties in LIC, they taking lot of time for the payment update, I have policy money back policy it has tenure period around 15 years, the premium amount is Rs. 1500 on quarterly basis, after 5 years they give some bonus interest.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • ICICI Prudential Life Insurance
    "Cheated people"
    0.5 1.0/5 "Really Bad"
    My life insurance policy was taken from ICICI Prudential and i have purchased this policy for my child's benefits. I have invested the amount of Rs. 1 lakh and i have to pay the premium for 5 years. I have not received any kind of renewal notifications hence i have not paid anything after the first premium since they don't provide the policy documents. When i called the customer care for my issue, they have asked me to contact the branch and when i visited their branch and they said since because of the no renewal payment hence policy got expired.
    Was this review helpful? 0
    , thane
    Reviewed on Jan 04, 2019
  • ICICI Prudential Life Insurance
    "wealth builder"
    0.5 3.5/5 "Pretty good"
    I have taken wealth builder insurance plan in 2015. I don't feel this is a great plan except for the insurance coverage. after 3 years my son has not increased much. also feel my son is blocked for a period of 5 years. except for the insurance coverage there is not much benefit from this.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 04, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I took this Life insurance Money back policy from Lic insurance company mainly , Its been always safer side as this insurance company belongs to govt . I make the payment through online banking where the amounts get auto debited . I have taken this policy for good returns where i can claim every 5 years.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 03, 2019
  • LIC Life Insurance
    "Trustworthy company"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy 5 years back. Total tenure period of the policy is 15 years. Bevause of the known name. Brand name and better benefits of income tax hence i have selected LIC for life insurance policies. I have been paying the premium amount of Rs. 35000 in a year. This is a tax benefitable policy.
    Was this review helpful? 1
    , new delhi
    Reviewed on Dec 26, 2018
  • Reliance Life Life Insurance
    "Benefits should be increased"
    0.5 4.0/5 "Great!"
    Its a ULIP plan for 5 years, I need to pay the amount of Rs. 20,000 per year it has the tenure of 10 years.But it has the locking period of five years. Reliance policy generation is good without any hassles. Compared to other insurance Reliance fund manage is not good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 21, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I am having a life insurance policy with LIC since 1995 and i hold a money back policy. The maturity period for this insurance policy is 15-20 years. I get a money back of Rs 20000 every 5 years. I make payments through ecs and i am convenient with the payment options.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Dec 20, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I took this Life insurance Money back policy from Lic insurance company mainly , Its been always safer side as this insurance company belongs to govt . I make the payment through online banking where the amounts get auto debited . I have taken this policy for good returns where i can claim every 5 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 16, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy in my wife's name. 5 years back i have bought the Jeevan saral policy with Life Insurance Corporation of India. Since its a better company, i have selected the LIC. I pay the premium amount of Rs. 5400. Its a long term policy. I have selected the annual payment mode.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "LIC is good for future"
    0.5 5.0/5 "Blown Away!"
    I have purchased the LIC policy for last 5 years. My father has recommended me about this policy. I have been paying the premium of Rs. 6000 and i have selected the yearly payment mode. I used to make the payment through online by using my debit card. Overall, I'm satisfied with LIC.
    Was this review helpful? 0
    , lucknow
    Reviewed on Dec 12, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my life insurance policy before 5 years. I have selected the LIC company, because of the best services. I pay the premium amount of Rs. 48000 in every year. I make the payment in all the mode like cash, cheque, online. I have chosen the endowment policy by myself. They have offered me a sum assured amount of Rs. 5 lakhs. Total tenure period of the policy is 16 years.
    Was this review helpful? 0
    , rewa
    Reviewed on Dec 04, 2018
  • SBI Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    5 years ago, i have purchased my pension policy with SBI LIFE. I pay the premium amount of Rs. 10500 yearly. I have chosen the tenure period of 7 years. I used to make the payment through online. Some agent from SBI has referred me about this policy. I have no idea about the sum assured amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • PNB Metlife Life Insurance
    "They are giving more complementary things. "
    0.5 4.0/5 "Great!"
    I have taken my endowment plan with PNB Met life. Basically its a tie up with Punjab National bank. I have purchased this policy 4 years ago. The reason for choosing this policy 5 years tenure period which is the lowest one. The maturity will be in 10 years. I used to make the payment through credit card. They should disclose the bonus and other benefits details to the customer. In PNB, I'm expecting good returns in a short time. The customer care service is really pathetic.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 02, 2018
Common Loader Icon
Page 1 of 41 1 2 3 4 5

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.