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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  • SBI Life Life Insurance
    "Very Good and nice policy"
    0.5 5.0/5 "Blown Away!"
    There is no specific reason for choosing the policy from SBI. I have taken the ULIP policy and the policy term is 5 years. I have been paying the premium of Rs. 50000 for 5 years. I have chosen the annual payment mode and i'm paying through online. They will be giving a coverage of double the amount from the premium.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 22, 2019
  • LIC
    LIC Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    I have taken a life insurance in LIC before 5 years. The policy is for 20 years. Now I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details but still I have not receive the hard copy documents. Some times I do a payments through an online or else I provide amount to brother since he is an agent for this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 15, 2019
  • HDFC Life Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using the ULIP plan with the HDFC LIFE since 6 months, the reason for taking the policy is my friend recommended because features are good. The premium paying for 50K for yearly once through online. The documentation process was done through online and the medical test taken at home. The maturity period is for 15 years, lock in period 5 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 12, 2019
  • LIC Life Insurance
    "If you want money in every 5 years, its a useful policy"
    0.5 5.0/5 "Blown Away!"
    Since i have purchased the money back policy from LIC, every 5 years the money will back and the amount will be credited to my account automatically. 4 years back, i have bought the policy. It has some benefits like i received a bulk amount in every 5 years. I am paying the premium amount of Rs. 90000 per annum. I make the premium through online.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    The life insurance policy that i am using it with the LIFE INSURANCE CORPORATION OF INDIA and the name of the policy is MONEY BACK where i am getting the good money back after 4-5 years. the policy has the maturity of long term. The policy coverage for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 08, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is Whole life policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the details through the agent ,I am comfortable with the policy .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is Pension policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the details through the agent ,The premium amount is also nominal not so high .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is an Money back policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for half yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the required details through the agent and got my policy documents on time .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is an Endowment policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for half yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the details through the agent .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    LIFE INSURANCE CORPORATION OF INDIA is the insurance provider where i am using the life insurance since from last 5 years. The policy coverage is for self added on that the premium paying for yearly once. the maturity period is for 15 years with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 28, 2019
  • LIC Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    My money back policy was purchased 10 years back. I have chosen the policy because i will getting Rs. 10000 for every 5 years. The amount will be automatically credited my account. I pay the premium amount of RS. 802 for every quarter. LIC services is very good and they will send the notification mails and messages to pay the premium for the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 28, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken the life insurance policy with the HDFC LIFE and paid for 5 years latter i have discontinued with this policy because the agent has given wrong info regarding the policy so i got very lesser returns with this policy. The policy is a good policy if continued till end.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 27, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    5 years back, i have purchased the life insurance policy from Life Insurance Corporation of India. I am paying the premium amount of Rs. 3500. My friend has recommended me about the policy. I need to pay the premium for 15 years. I am paying the premium through ECS.
    Was this review helpful? 0
    , vadodara
    Reviewed on May 22, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC. The policy is for 5 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. The coverage is up to myself. I use to do a payment through an online.
    Was this review helpful? 0
    , indore
    Reviewed on May 21, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I took Sukanya Samriddhi for my daughter and am paying the premium for last 5 years which was around 96 to 97K in a year. When she turns 25 years, I get lump some amount and for a certain years like 18,21 which matches for education and marriage. I think its 12% claim value. I would say its a very good plan. The customer service needs improvement.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I took 3 plans with LIC, I am happy with the benefits. Its all long term and I am paying the premium for the last 5 years. Their sum assured is good and have taken for tax benefits. The online mode is very convenient for me and am paying 70K in a year.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 12, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a long term plan called JEEVAN ANAND, I have chosen LIC because of their benefits. It was taken through agent before 4 to 5 years. Am doing premium through cash. The tenure of policy is 21years and am paying half yearly premium of 7.5K. The sum assured is 6L.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 12, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the YOUNGSTAR plan with the HDFC LIFE and using it since from last 4-5 years. and it is based on the shares and mutual fund if the share market is high so the returns are higher. I get the intimation regarding the premium paid receipt so i can take the copy of the premium paid bill.
    Was this review helpful? 0
    , thane
    Reviewed on May 11, 2019
  • HDFC Life Life Insurance
    "Better"
    0.5 5.0/5 "Blown Away!"
    I have taken 2 policies before 5 years from HDFC Life. I am make online payment and its more convenient. The benefits are similar like other insurer. I have not contacted the customer service. I got the insurance paper. I have taken a short term with the tenure of 5 years and will get maturity after 17 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on May 02, 2019
  • Bharti Axa Life Life Insurance
    "BETTER"
    0.5 2.5/5 "Just OK"
    I have purchased the EULIP PLAN with the BHARTI-AXA LIFE INSURANCE where i am using it since from last 5yeras. I am paying the premium with this policy for yearly once and through the online. After the 5 years yet to drop the plan but the coverage is for self.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 29, 2019
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