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  • Term Insurance Plans For Family

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    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 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
    • LIC Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using the Lic from last 10 years and it is a god policy to use. The premium i am paying for 6 months once and some policy for 3 months once. the maturity period of this polices is till 2021 which gives the coverage for self and some for my family.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 06, 2018
    • SBI Life Life Insurance
      "Worst Insurance Policy Provider."
      0.5 0.5/5 "Unacceptable"
      Whole life Shubha Nivesh(111N055V01) plan is one of the pathetic product SBI has issued to the India society. There is no benefits for the insurer nor for the nominee. I request IRDAI to ban the whole life plan in India. I have experience personally in my family. Policy holder has paid around premium of 1,10,000INR and unfortunately policy holder death has happened during policy term but nominee has received only 89,000INR. SBI life is claiming they only liable to provide the sum assured amount of 89000INR in the event of maturity/death. Basic idea of opting to insurance policy is to cover the life. In this whole life plan nominee will get lesser amount than the premium in the event of death. Even policy term ends with maturity also policy holder gets the same amount :) Isnâ??t looks funny what is the point in going for the whole life plan???? IRDAI please ban these type of products never benefits citizens its only makes the profit to the SBI life.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 28, 2018
    • Exide Life Insurance
      "EXIDE LIFE INSURANCE INJURIOUS TO YOUR FAMILY......."
      0.5 0.5/5 "Unacceptable"
      PLEASE DO NOT INVEST IN EXIDE LIFE INSURANCE FAKE COMMITMENTS & WRONG PROMISES WORST INSURANCE COMPANY... NEVER EVER TRUST ITS MY EXPERIENCE EXIDE LIFE INSURANCE INJURIOUS TO YOUR FAMILY..... ITS MY PERSONNEL EXPERIENCE.... DONT WASTE YOUR MONEY & TIME EXIDE AGENTS & SALES TEAM ARE BIG LIERS, FRAUDS.....
      Was this review helpful? 4
      , hyderabad
      Reviewed on Aug 10, 2018
    • LIC Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've been using the LIC life insurance policy for sometime now. They need to improve their services in order to cop up with the latest technological advancements. One of family friend suggested the policy for me. They need to offer more facilities to their customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2018
    • Indiafirst Life Insurance
      "Need to purchase this policy"
      0.5 4.0/5 "Great!"
      I normally pay a premium amount of Rs. 1000 per month. I have chosen the tenure period of 75 years. The total sum assured amount is 50 lakhs. I used to pay the premium through EMI. Actually i have nominated my spouse as a nominee. It is a death coverage policy. My family will get the benefits in my absence.
      Was this review helpful? 0
      , dhule
      Reviewed on Jun 28, 2018
    • HDFC Life Life Insurance
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken this insurance mainly because as i used to travel to many place for security of family i had taken as it is low premium amount which will be added to my loan amount. Where the claim can be taken only on dismissal and permanent disability. I got my hard copy from bank , there is no processing fees.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 02, 2018
    • LIC Life Insurance
      "Good pension plan"
      0.5 5.0/5 "Blown Away!"
      My family members were recommended me about the LIC pension policy. Death coverage and risk coverage is there. I have been using this policy for 4 years. Total tenure of the policy is 16 years. I make the payment through online in their web portals.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2018
    • LIC Life Insurance
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I've been a customer of LIC for the past 10 Years. I make a payment of quarterly 4000,. Being a Govt company there is no risk. My whole family is using the LIC policies and never had any issues with the services. Overall their services are commendable.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2018
    • ICICI Prudential Life Insurance
      "Good Death Coverage Policy"
      0.5 3.0/5 "Satisfactory"
      I have got a call from ICICI Life insurance company so i took a insurance from them. I have made a payment of Rs. 1500 annually. I have to renew the policy every year. If i met any accident they will provide 10 L to my family. Suicide case is not applicable in this policy. Normal Death is applicable.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • Bharti Axa Life Life Insurance
      "Best Policy Ever with Good Sum Assured Amount"
      0.5 5.0/5 "Blown Away!"
      Bharati - Axa policy is a death benefit policy. We will not get anything if nothing happened within the tenure of the policy. The family will get the amount if something happened to the policy holder. This a Term insurance Policy. I have been paying Rs.18000/ per year. The Sum assured amount is 1 crore. There is no others benefits. Total Tenure of the policy is 20 years. This is the best policy ever in the market
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 03, 2018
    • Aegon Life Life Insurance
      "Life insurance with AEGON"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from AEGON LIFE and the premium amount is 13600. The total maturity period is for 40 years. They do provide accidental benefits and illness coverage up to 20 lakhs. after death they will give provide 1 core to the family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2018
    • HDFC Life Life Insurance
      "Satisfied"
      0.5 4.0/5 "Great!"
      My term insurance is with HDFC Life and the customer services are average. They do not inform me regularly about the policy dispatch. I did not get messages on the phone. The tenure is for 40 years and the benefits would be for my family. The sum assured is good.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 19, 2018
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