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  • 5 Year Term Life Insurance Policy in India

     4.5 / 5.0   by 891 users
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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 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 45 1 2 3 4 5
    • Bajaj Allianz Life Life Insurance
      "First time user"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Bajaj Allianz.I am paying premium 26000 yearly, tenure of the policy, It offers a guaranteed money back after 5 years. The tenure of the policy is 20 years and after 15 years I will be eligible for a premium waiver..
      Was this review helpful? 0
      , guwahati
      Reviewed on Aug 31, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI LIFE from last 4-5 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium on annual basis and the premium amount gets auto debited from the salary account. The tenure period for this policy is 15 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Aug 29, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of Quarterly 3000, They should issuing policies with the tenure of 5 years for TDS benefits. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , madurai
      Reviewed on Aug 28, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 5 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 loan is for 17 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 21, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with SBI LIFE from last 2 years and it is a short term policy. I am happy with the returns and benefits of this policy. I pay my premium once in a year through ECS and i am convenient with the payment options. The tenure period for this insurance is 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 5 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 6 months by cash and i am convenient with the payment options. The maturity period for this loan is 21 years.
      Was this review helpful? 1
      , noida
      Reviewed on Aug 17, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 8 years and it is a money back policy. I get a money back of Rs 20000 every 5 years. I pay my premium once in 3 months through direct payment and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 17, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken jeevan anand policy form Life insurance corporation of India . Its been 5 years am making the payment through their office every half yearly. I have chosen this policy based on the good returns after certain years . This policy has 20 years of tenure period with coverage of 55 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 13, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI LIFE from last 1 year and it is a short term policy. I am happy with the returns and benefits of this policy. I pay a premium of Rs 50000 on yearly basis by cheque and i am convenient with the payment options. The maturity period for this policy is 5 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 31, 2018
    • LIC Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've been using the LIC Money Back life insurance policy for while. I am making payments Online. The tenure is 25 years. After 5 years I will be getting cash back as per the policy norms and there hasn't' been any issues with their services so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2018
    • LIC Life Insurance
      "Excellent policy"
      0.5 5.0/5 "Blown Away!"
      I never called the customer care service of LIC. I used to pay the premium amount of Rs. 4200 for every month. I'm not aware of the sum assured amount . I have to pay this premium for 15 years. I used to make the payment through online banking. I have purchased this LIC policy for 5 years before.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 19, 2018
    • SBI Life Life Insurance
      "Poor policy"
      0.5 1.0/5 "Really Bad"
      I have taken sbi life insurance now i have closed it as they have false promise as i have taken this policy based on good returns after 5 years but at the time of closing they have make payment which they have deducted some amount of rs 80k above . I have contacted their customer service as there is no proper response from them. And i wont recommend any one for this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • LIC Life Insurance
      "Great policy"
      0.5 5.0/5 "Blown Away!"
      The policy tenure is 20 years. I have to pay the premium amomunt of Rs. 10500. I used to make the payment of cheque. I have visited the branch many times, the response is very much great. I do not remember about the sum assured. I used to get a 40000 every 5 years. It is a tax benefitable policy. I will recommend this policy to everyone.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 06, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI Life from last 5 years and it is a short term policy. I am happy with the returns and benefits of this policy. I pay a premium of Rs 15000 on yearly basis through net banking and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      This LIC policy is an money back policy. I have a two LIC money back policy. I used to make the payment half yearly. I don't remember about the exact premium amount. I used to get a money back in every 5 years. I used to make the payment through online net banking.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 06, 2018
    • review Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      It is a ULIP linked policy. I used to pay the premium amount of Rs. 30000 per year. I'm not sure about the sum assured amount for that i have to go through the documents. Total tenure of the policy is 15 years. I can withdraw some money in 5 years. For Maximum benefits i have to keep the policy till get matured. Risk coverage policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 05, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 5 years and it is a long term policy. The tenure for this policy is 20 years. I pay my premium once in 3 months by cheque and i am convenient with the payment options. I am happy with the returns and tax benefits of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 01, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 4-5 years and it is a long term policy. I am satisfied with the coverage and returns of this policy. I pay my premium on annual basis by cash and i am convenient with the payment options. The maturity period for this policy is 18 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 29, 2018
    • ICICI Prudential Life Insurance
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      I've been using the ICICI Prudential Life insurance policy for a while. I am paying a premium of 50000 Per year. After 5 years I'll be receiving money back and bonus amount. The premium gets Automatically debited from the account via ECS. Their Chat support and phone support is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 27, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 4-5 years and it is a money back policy. I get a money back after every 5 years. I pay my premium once in 6 months and i am convenient with the payments options. I am happy with the returns of this policy and the maturity period is after 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 26, 2018
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