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

Page 1 of 48 1 2 3 4 5
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have purchased life insurance policy with LIC because my friends were suggested about this company. More than 5 years ago, I got an insurance. I'm holding the money back policy. After the policy started every 5 years, the money will credited to my account. I pay the premium amount of Rs. 8000 on quarter basis.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 24, 2020
  • LIC
    LIC Life Insurance
    "Need to provide some time to pay premium amount "
    0.5 4.0/5 "Great!"
    LIC has offered a Jeevan Anandh policy for my two daughters and myself. I have taken on 5 years back. Few years before I had met an accident and it took long days to recover so I had informed to the agent that I am unable to pay the amount for further. Premium amount of 1000 rupees on monthly basis.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 13, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    In LIC, they will give good returns hence I have chosen the same company for life insurance policy. I bought the policy long back. Total term period of the policy is 15 yaers and locking period is for 5 years, so i am getting returns in the 21st year. Its a tax beneficial policy.
    Was this review helpful? 0
    , dindigul
    Reviewed on Jan 10, 2020
  • Shriram Life Life Insurance
    "Average"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in SHRIRAM LIFE on one year before. The policy is for 5 years. I am paying premium on monthly package the amount of 479 rupees which is nominal. While getting a policy my agent has given an information about the policy details. It covers myself and spouse.
    Was this review helpful? 1
    , thanjavur
    Reviewed on Jan 06, 2020
  • LIC Life Insurance
    "Emergency life saver policy"
    0.5 5.0/5 "Blown Away!"
    When i met an Accident, i could not pay the monthly premium of LIC hence my parents went to the LIC branch and explained the situation they have asked me to pay the late fee charges without paying any interest rate. I have chosen the policy with the duration of 15 years and the sum assured amount is Rs. 10 lakhs. I get a additional Rs. 5 lakhs extra other than my premium amount. Each 5 years, i can get Rs. 1 lakh if i need a money.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 05, 2020
  • Birla Sun Life Insurance
    "Good coverage plan"
    0.5 5.0/5 "Blown Away!"
    From Birla sun life, i have taken the accidental policy. I didn't get any kind of follow up messages or call from their end. There is a communication gap between the customer and company. No follow up post purchase of the policy but the plan benefits are good. I have paid the premium amount of Rs. 5000 which is a one time premium which covers for 5 years. If something went wrong they are providing Rs. 25 lakhs and if i am paralyzed they will provide some amount on a monthly basis. If i met the accident, they takes care of the hospitalization charges and my family expenses.
    Was this review helpful? 0
    , karnal
    Reviewed on Dec 31, 2019
  • IDBI Federal Life Insurance
    "Good Insurance"
    0.5 5.0/5 "Blown Away!"
    IDBI is my banker on the request of the branch manager, i have taken the life insurance policy from IDBI Federal life insurance. I bought the policy 5 years before in the year of 2013 and it already got matured and done the premium also i'm getting the pension amount every month.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 30, 2019
  • LIC Life Insurance
    "Good "
    0.5 4.0/5 "Great!"
    I have taken a life insurance from LIC on 5 years before. I am paying premium on yearly package the amount which is nominal. While getting the policy, agent has given an information about the policy details and provided required documents on time. It covers myself. It is an Endowment policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 27, 2019
  • LIC Life Insurance
    "Very good service"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 5 years before. The policy is for 25 years. I am paying premium on monthly package the amount of Rs. 2700k which is nominal. I am paying premium which is deducted in my salary. While getting a policy my agent has given an information about the policy details. It covers myself and the policy name is jeevan anand.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 26, 2019
  • ICICI Prudential Life Insurance
    "ICICI cheats. Worst wealth builder policy. Amount reduced"
    0.5 0.5/5 "Unacceptable"
    I have been cheated through wealth builder policy. 1. I was told policy is flexible and funds manager will provide you guaranteed returns but after buying. nobody was assigned and funds depriciate and on asking it told we never promised that. So i wanted the money back. They told keep it for 5 years so that no charges would be levied onto it. 2. After 5 years of lock-in, now they again say, no no we will deduct amount..policy charge..crap charges...will reduce my original funds value and I would an amount less than what I had started 5 years back. Which policy does this to you. 3. the customer care No.1860 266 7766 never works. You have to communicate through email
    Was this review helpful? 2
    , bangalore
    Reviewed on Dec 26, 2019
  • SBI Life Life Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    In SBI LIFE, I need to pay the policy premium for 5 years and there is a lockin period of 5 years so totally 10years. Since the policy was good, i purchased it from SBI LIFE. This is a tax benefited policy. 13 months back, i bought this policy. I got the referral from my best friend regarding this policy. I have been paying the premium amount of Rs. 16,032 on a annual basis.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 26, 2019
  • HDFC Life Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    From HDFC LIFE, i have bought the life insurance policy its because of the service and i have a various such as credit card, savings account with them. I pay the premium amount of Rs. 25000 on a yearly basis. I have no idea about the sum assured amount. They will sent a reminder regarding the due date for that i will sent a reply with CC of the branch manager and the relationship manager. This policy has term period of 5 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 23, 2019
  • HDFC Life Life Insurance
    "Need to improve the customer support"
    0.5 3.0/5 "Satisfactory"
    Purchased my endowment policy from HDFC LIFE. I bought the policy 5 years before. When i opened the savings account, they asked me to take the life insurance policy. I have been paying the premium amount of Rs. 50000 yearly. They are providing the sum assured amount of Rs. 10 lakhs. When i contact the customer care, they didn't give me any proper response.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 17, 2019
  • LIC Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Every Indian Citizen has to enroll with LIC"
    0.5 5.0/5 "Blown Away!"
    I have purchased my life insurance policy from LIC. Based on the benefits and assured returns i have chosen them. Already I'm getting good returns from other policy. Its a money back policy which covers for 20 years. I bought the policy 17 years before. Every 5 years once, I get certain amount to my account. Now they have digitized their process.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 26, 2019
  • Birla Sun Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My life insurance policy was purchased from Aditya Birla. For the child education and protection, i have bought this policy. Its because of higher growth in their sum assured amount, i have selected this company. I have chosen the term period of 5 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 25, 2019
  • ICICI Prudential Life Insurance
    "Not worthy"
    0.5 1.0/5 "Really Bad"
    Earlier i was having a life insurance policy from ICICI Prudential. Agent were explained me about the policy details. They said my money will get doubled after 5 years hence i have paid the premium amount of Rs. 25000 annually for 3 years and there is a lock in period for 2 years. Once i went to withdraw the policy i got Rs. 1000 extra.
    Was this review helpful? 2
    , tiruchirapalli
    Reviewed on Nov 25, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with LIC on 5 years before. Tenure period of 15 years plus with maturity 5 years so totally 20 years. I am paying premium on monthly package the amount of 3K which is nominal. While getting a policy my agent has given an information about the policy details. It covers myself, wife and my son.
    Was this review helpful? 1
    , pune
    Reviewed on Nov 14, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    LIC policy is a good policy. I have taken my LIC policy 1 year ago and i have selected the money back policy because i get a returns in 5 years when i closed the policy, i will receive the maturity amount as well. I have been paying the premium amount of Rs. 1000.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 14, 2019
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