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

Term Insurance Plans For Family

The top reasons why you should opt for a term insurance plan for the entire family. Listed are the features and benefits of such term insurance plans, the top term insurance plans for offered by the best insurers in the country.
 4.5 / 5.0   by 640 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Term Insurance Policies

Your family is your first priority. While you cannot have any guarantees in life, you can protect your family from financial insecurity in the event of your unfortunate death or even critical illness. Term life insurance policies are the most simple and fundamental insurance products available in the market. Customers can choose from several term insurance policies available in the market.

Features of Term Insurance Policies for Family

The salient features of Term insurance policies are listed in the table below:

Product feature

Description

Cheapest form of life cover

Compared to other forms of insurance, term life insurance cover is cheaper

Pure protection plan

Designed to protect your family from unexpected circumstances

No investment option

Term insurance cover provide cover to the dependents. The sum assured is not reinvested in any manner

More coverage for low premium

Term insurance policies provide more coverage for a lower premium

Flexible premium payments

Customers can choose from a range of premium payments options

Cover for a specific period

Cover is provided for a specific period only

Risk management

If a customer takes a housing loan for 10 years, he or she can take a term policy of corresponding value

Riders

Several additional riders such as critical benefit rider, accidental death benefit and partial permanent disability are available

Simple and hassle-free

Easy to understand product

Variants

Several companies offers term insurance plan with variants such as level benefit, increasing benefit and decreasing benefit

No maturity benefits

In most term insurance plans, there are no maturity benefits in that if a policyholder survives, he or she doesn't get any maturity benefits. However, some insurance providers are coming out with maturity benefits as well.

Top Term Insurance Policies in India

Some of the sought-after term insurance policies in india include the following:

  1. HDFC Click2Protect

  2. Kotak Life ePreferred Term Plan

  3. LIC Online e-Term

  4. ICICI Prudential iCare

  5. Max Life Online Term Option I

Details related to top term insurance plans are listed in the table below:

Insurance policy

Company

Solvency ratio

Claim settlement ratio (%)

LIC e-term

LIC

1.54

97.7

Click2Protect

HDFC Standard Life

2.17

95.8

e-Preferred

Kotak

2.67

92.1

iTerm

Aegon Life

3.22

66.1

iSecure

Bajaj Allianz

2.86

90.6

Some of the other term insurance policies available in the market include the following

Company Name

Product Name

Bharti Axa

e-Protect

Metlife

Met-Protect

ICICI Prudential

i-Care

Future Generali

Smart Life

Star-Union Dai-ichi

Term Plan

SBI life

Smart Shield

Max Life Online Term Plan

The features of Max Life Online Term Plan are listed below:

  • Customers can choose from three death benefit options as listed in the table below:

Death benefit

Description

Option 1

100% of the Sum Assured

Option 2

Sum assured + monthly income (level). i.e,

100% of sum assured +0.4% of sum assured p.m for 10 years

Option 3

100% of sum assured + monthly income (increasing) for 10 years (in the first year, the monthly income is 0.4% of sum assured. Ths sum assured increases by 10% p.a.

  • Offers comprehensive accident benefit rider

  • Does not offer any maturity benefits

  • Premium rates are lowered for non-smokers

  • Customers can avail of discounts for higher sum assured

  • Offers annual mode of premium payment

  • The minimum sum assured is Rs.25 lakh while the maximum is Rs.100 crores

  • The table below shows the premium rates* for a sum assured of Rs.50 lakh

Age (Male)

Level monthly income sum assured (non-smoker)

Increasing monthly income sum assured

30

Rs.5,350

Rs.5,800

40

Rs.10,150

Rs.16,800

*excluding service tax and other applicable rates

Example

Sanchit Sharma, a 30-year-old IT employee opts for Max Life Online Term plan for a sum assured of Rs.30 lakh for 20 years. Sharma dies after paying seven premiums. Consequently, his nominee will receive 100% of the sum assured, i.e, Rs.30 lakh upon his death, following which the policy will be terminated.

Term Insurance Plans For Family Reviews

Page 1 of 32 1 2 3 4 5
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • Tata AIA Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a term plan from TATA AIA and it was taken recently before 3 months. The premium is reasonable and have taken the plan for 46 years and it will be regular payment If I am not survive then family will be getting the benefits. The sum assured is 32K. I got the insurance paper.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and the name of the policy is MONEY BACK where i get the maturity period of 25 years. I pay premium 5k approximately for yearly once with this policy. The coverage is for complete family.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 24, 2018
  • SBI Life Life Insurance
    "Average policy"
    0.5 3.0/5 "Satisfactory"
    I have got the sum assured amount of Rs. 2 lakhs. I have purchased the accidental policy with SBI. I used to pay the premium amount of Rs. 500 in a year. This is a tax benefits policy. My entire family has been covered by this accidental policy. Since my bank account with SBI hence i have chosen this company.
    Was this review helpful? 0
    , guwahati
    Reviewed on Dec 12, 2018
  • LIC Life Insurance
    "More than satisfactory"
    0.5 4.0/5 "Great!"
    I have taken multiple life insurance policies from LIC. It is good for the tax benefit. Since there is an agent in my family, it is convenient to make the payments too. I pay 16K for one policy and another it is around 30K on a half yearly basis. The sum assured is satisfactory too.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 08, 2018
  • ICICI Prudential Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance with ICICI Prudential and I need to pay a premium till the age of 60 and it has a coverage till the age of 65 to 66. The policy coverage is for 50 lakhs and if anything external happens to the policy holder another 50 lakhs is provided to the family. The premium is economical, it is of 897 which goes through on a ECS basis.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 05, 2018
  • Kotak Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with KOTAK mahindra ,they have charged me premium up to 25,000 it is nominal for me and this insurance is good for family, and after 5-10 years, i can claim my insurance, the premium amount use to get auto debited but one thing was disappointing , i had no idea about ECS that it is directly use to get deducted from my account.
    Was this review helpful? 1
    , mumbai
    Reviewed on Nov 29, 2018
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The life insurance policy that i have taken it from the LIFE INSURANCE CORPORATION OF INDIA, the premium for my life insurance that i am paying 7k for yearly once also they have given the tenuity period of 16 years. The policy gives the coverage is for family.
    Was this review helpful? 0
    , jaipur
    Reviewed on Nov 19, 2018
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I haev purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA from last five years they have given me the policy coverage with the 16 years of tenuity for my complete family. The premium i pay yearly once as 10k.
    Was this review helpful? 0
    , jaipur
    Reviewed on Nov 19, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is JEEVAN LAKHSYA and JEEVAN SARAL and i am holding it from past 10 years. The maturity period is for 20 years. The premium i pay on a monthly once where the Coverage is for family.
    Was this review helpful? 0
    , new delhi
    Reviewed on Nov 16, 2018
  • LIC Life Insurance
    "Okay to have a policy with LIC"
    0.5 4.0/5 "Great!"
    For my family, i have taken the life insurance policy with LIC. Because of the available agents, i never interacted with customer care. The agent is providing very good information about the policy details. I have choosen the coverage value of Rs. 2 lakhs. 2 months back i have got this policy which is pension plan with a tenure period of 25 years. I have to pay the premium for 15 years. I have chosen the annual payment mode with the premium of Rs. 11000.
    Was this review helpful? 0
    , vellore
    Reviewed on Nov 16, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 4.0/5 "Great!"
    I am holding the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is MONEY BACK where i have been using from past many years. The premium i pay for six months once also the coverage is for the entire family.
    Was this review helpful? 0
    , anantapur
    Reviewed on Nov 11, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is JEEVAN ANAND policy where the premium i pay for six months once also the coverage it gives for the complete family and i am satisfied with this policy.
    Was this review helpful? 0
    , anantapur
    Reviewed on Nov 11, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 4.0/5 "Great!"
    I am using the life insurance policy from LIFE INSURANCE CORPORATION OF INDIA from past 2.5-3 years. The maturity period is for 20 years also the coverage is for family. The premium i pay on monthly basis offline. the reason for taking the policy in LIC is because it is a trusted, traditional company.
    Was this review helpful? 0
    , nagpur
    Reviewed on Nov 11, 2018
  • PNB Metlife Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    Recently I have taken term plan with Punjab Met Life. Monthly have to pay 700 rupees as a premium. It will be auto debited from the HDFC Bank card. I have to pay till 40 years. My family will be getting a good benefits. The policy coverage is 50L. I am satisfied with the benefits. The customer service is good. Go with the benefits of medical life.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Nov 08, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have two policies in LIC, it is a long term policies. The maturity period is above 20 years. I am paying totally 45,000 for a year. The customer service is better. They are offering good benefits for the family. I use to pay through net banking.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 30, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken a life insurance policy from LIC for my family, spouse and myself. The policy coverage is 3L. They offer good benefits on this policy. I am pay monthly Rs.1800 as a premium through an agent.The customer service is good. Its been 4 years with LIC.
    Was this review helpful? 1
    , chennai
    Reviewed on Oct 29, 2018
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have taken because of the tradition company. The name of the policy is JEEVAN ANAND and i am using from last 3 years. The premium i pay for annual fee is 19k. The coverage is for my complete family. It also includes the accidental benefits with the life coverage.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 15, 2018
  • LIC Life Insurance
    "VERY GOOD"
    0.5 4.5/5 "Excellent!"
    I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA and using from last 10 years. The maturity period is for 15 years i get 4 years once money back. The coverage is for my family the premium i pay for 3 months once i pay through offline. The service is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 11, 2018
Common Loader Icon
Page 1 of 32 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.