• 5 Year Term Life Insurance Policy in India

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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 41 1 2 3 4 5
    • LIC Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      Life Insurance Corporation is Good service for customers my LIC policy tenure period is till 20 years but I have already done with 5 years remaining 15 years is left with me to pay the insurance.The payments and the Amount given is affordable to pay, Since the service is rendered from the Government Of India this LIC policy is a Better one.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 19, 2018
    • LIC Life Insurance
      "Good investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a Money back policy in LIC, in which every 5 years I will be getting Cashback and also at the end of stint I will be getting a lumpsome amount. I have been paying Rs.25000 as an annual premium for this Insurance. They provide Loan on the basis of this Insurance. I have making my repayment for this Insurance using cheque mode.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 10 years and it is a money back policy. The tenure of this policy is 15 years and i get a money back after every 5 years. I pay my premium on annual basis through net banking and i am convenient with the payment options. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 14, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Holding the Life insurance policy with LIC for the past 5 years. The service is good with the LIC. The plan benefits and the coverage is good with the LIC life insurance policy. This policy has the tenure of 20 years. I pay the premium of Rs,15,000 every year.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 14, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I hold a life insurance policy with LIC from last 7 years and it is a money back policy. The tenure of this policy is 25 years and i get a money back after every 5 years. I pay my premium once in 3 months by cheque and i am convenient with the payment options. I have a coverage of Rs 2.5 lakhs which is less when compared to other insurance.
      Was this review helpful? 0
      , surat
      Reviewed on Feb 12, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 4 years and it is a short term policy. The tenure of this life insurance policy is 5 years and i make my premium payments once in a year by cheque. I am convenient with the payment options which they are giving and i have a coverage of Rs 10 lakhs which is satisfactory for this insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 08, 2018
    • LIC Life Insurance
      "Good Investment"
      0.5 4.0/5 "Great!"
      I have taken a Moneyback Life Insurance policy from LIC. Every 5 years I will be getting an amount of Rs.1 lakh. After the 20th year a lumpsome amount would e disbursed. I have paying a premium of Rs.1 Lakh as an annual premium and their payment option are also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 03, 2018
    • LIC Life Insurance
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      When getting a Life Insurance from LIC I firmly believed that it's a good investment to make. It's been almost 4-5 years post taking the insurance and it has been pretty good place to secure your future. EMI paying option of them is quite easy to make.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 02, 2018
    • LIC Life Insurance
      "Better money back plan"
      0.5 3.0/5 "Satisfactory"
      Bought a money back policy from LIC around 5 years. Here this policy has the tenure of 19yeas. The customer support is good with the LIC. I pay the premium amount of Rs,2000 to this policy and I would say it is a good policy to use , because it gives money back on every 4 years once.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 01, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 5 years and it is a long term policy. The tenure of this life insurance policy is 15 years. I pay my premium once in 6 months through net banking and payment options are convenient for me. I am also happy with the coverage and the benefits of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 01, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with Bajaj Insurance from last 5 years and it is one of the good insurance policy to use. The tenure of this life insurance policy is 15 years and it is long term policy. I pay my premium on monthly basis and the payment options are convenient for me. The coverage and benefits are also good in this policy.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Feb 01, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 15-16 years and it is a money back policy. The tenure of this life insurance policy is 20 years and i get a money back after every 5 years. I pay my premium on annual basis through net banking and the payment options are convenient for me. The coverage and benefits are also good in this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 30, 2018
    • SBI Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I got the Life insurance policy with the SBI life around 5 years ago. The customer support is good with the SBI life. This policy has the tenure of 15years. This policy comes along with my savings account. This policy has better plan benefits and good policy coverage.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 29, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Around 5 years ago I have got the JEEVAN MITHRA ANMOL life insurance policy with LIC. The customer support is good with the LIC company, because they give intimations before the due date to pay the premium amount. The plan benefits and the coverage is excellent with this JEEVAN MITHRA ANMOL policy.
      Was this review helpful? 0
      , nalgonda
      Reviewed on Jan 28, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 5-6 years and it is a money back policy. The tenure of this life insurance policy is 20 years and i get a money back every 5 years. I pay my premium on annual basis by cheque and I am also convenient with the payment options which they are giving. The coverage and benefits are very good in this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 23, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 8 years and it is a money back policy The tenure of this loan is 15 years and i get a money back after every 5 years. I pay my premium once in 6 months by cheque and the name of the insurance is Jeevan umang. The coverage and benefits are very good in this policy.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jan 22, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have five policies with Life insurance corporation of India for the term period of 5 years for 2 policy's 10 years for one policy's and finally 25 years for others. They use to update me regularly regarding new schemes and offers and the payments are generally through cheques. It s totally an average service that I received from Life insurance corporation of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have the Life Insurance policy with LIFE INSURANCE CORPORATION OF INDIA for more than 5 years. The customer support is good with the LIC. I pay the premium amount of Rs,27,016 every year once. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2018
    • Star Union Dai Ichi Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I got better response from STAR UNION DAI-ICHI LIFE INSURANCE Company. There is an option to pay the premium amount through the internet banking to the STAR UNION DAI-ICHI LIFE INSURANCE. The plan benefits and the coverage is good with this policy. I hold the life insurance policy for past 5 years. I pay the premium of Rs,40,000. This policy has the tenure of 15years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 5 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 6 months by cash and i am convenient with the payment options. The coverage and benefits are also good in this life insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 16, 2018
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