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Top 10 Best Performing Term Insurance Plans in India

Looking to buy a term insurance policy to offer financial stability to your loved ones come what may? These are the best term insurance plans offered in the country based on their success rate and the choice of millions of policyholders across the country.
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Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Insurance in general has garnered more attention in the last quarter of 2015, partly due to the changing outlook of people towards insurance products and also due to the fact that the Insurance Regulatory and Development Authority of India (IRDAI) has given a green to insurers to allowed increased stake of foreign partners in insurance companies born out of joint ventures. As of the latest mandate, foreign partners can increase their stake in the company to 40%. An increased stake in the insurance sector just goes on to say how confident foreign investors are considering the growth of the insurance business in India. For the insured, it means better stability and more transparent policies as well as streamlined processes for availing insurance products.

Out of all other forms of insurance, by far the most important and crucial is life insurance. Under life insurance, traditional life insurance schemes as well as term insurance schemes are available. While traditional schemes come with a plethora of options, often needing the help of an advisor and substantially larger funds to pay for the premium, term insurances are relatively simpler. A term insurance scheme is normally a product that allows a life cover for a predefined range of time. In case the insured passes away within the same time and the policy is in force (is active), a death benefit will be payable. A term insurance doesn’t have too many clauses to deal with and is the most economical insurance product in terms of premium payment.

Online term insurance plans have an extra edge over offline term plans, in the sense that their premiums are about 30-40% cheaper than offline policies. In addition to the entire application process being online, simpler details allow one to quickly choose a product without having to go through an advisor or agent.

Some of the best performing term insurance plans in India, as of November 2015, have been chosen based on the criteria mentioned below

  1. Affordability (in terms of premium payment)

  2. Service Quality (through the policy buying process as well as policy life)

  3. Ease of Purchase online

  4. General feedback on policies

  5. Brand name

Top 10 Term Insurance Plans in India

Term Insurance PlansMin. Entry Age (years)Maximum Cover Age (years)Sum Assured (INR) Minimum Maximum Premium
MinimumMaximum
ICICI Prudential iProtect10 years30 years20753 lakhsN/A12247
HDFC Life Click 2 Protect10 years30 years186510 lakhs10 crores11910
LIC e-Term Plan10 years35 years187550 lakhsN/A16405
Max Life Online Term Plan10 years35 years187025 lakhs100 crores8314
Kotak Life Preferred e-Term10 years40 years187525 lakhsN/A8287
SBI Life eShield5 years30 years187020 lakhsN/A13135
Bajaj Allianz iSecure10 years30 years187020 lakhsN/A13438
Aegon Religare iTerm5 years40 years187510 lakhsN/A8202
Aviva Life i-Life10 years35 years187025 lakhsN/A3389
Tata AIA iRaksha TROP10 years35 years187550 lakhsN/A17854
  1. ICICI Prudential iProtect: With a claim/settlement ratio of 94.1%, ICICI Prudential offers a smartly created plan known as iProtect. An optional rider of Accidental Death Benefit can also be availed and the maximum sum assured as per that is INR 50 lakhs

  2. HDFC Life’s Click 2 Protect: A term insurance from HDFC Life which has an exemplary claim/settlement ratio of 94%. The maximum sum assured is INR 10 crores and there is an advanced version of the plan known as Click 2 Protect Plus

  3. LIC’se-Term Plan: LIC has the highest claim settlement ratio at 98.14% though its online term insurance plan might be costly compared to plans offered by private insurers. e-Term plan is about 35% cheaper than LIC’s offline term plans

  4. Max Life Insurance’s Online Term Plan: One of the lowest premiums for term insurance schemes are offered by Max Life. There is an option for Accidental Death Benefit Rider and with slight differences in the premium amounts, one can opt for either of two options apart from the basic plan. These options are

    1. Basic Life Cover with Monthly Income

    2. Basic Life Cover with Increasing Monthly Income

  5. Kotak Life’s Preferred e-Term Plan: Among the plans that have the lowest premium amounts, Kotak Life offers a basic plan as well as a Recurring Payout that allows the nominee of the insured to get a fixed amount in payment for the next 15 years post the death of the insured

  6. SBI Life’se Shield: Has a higher premium amount but is lesser than LIC’s term plans. There are four options available under eShield, namely

    1. Basic Plan

    2. Basic Plan with Accidental Death Benefit

    3. Increasing cover (Basic sum assured increases at a simple interest rate of 10% per annum after every 5th year without increasing the premium amount)

    4. Increasing cover with Accidental Death Benefit

  7. Bajaj Allianz’si Secure: A term insurance wherein the applicant can opt for individual or joint life insurance coverage

  8. Aegon Religare’si Term Plan: Though Aegon Religare has a relatively lower claim/settlement ratio of around 81%, it offers one of the cheapest plans as per the premium rates. The plan can also have optional riders for Critical Illness and Accidental Death Benefit. The former rider can waive off future premiums on diagnosis of any illness mentioned in the policy document

  9. Aviva Life’si - Life Term Plan: The cheapest term insurance in this batch as per the premium rates. Though there are no additional options available, females get an extra 5% rebate on premium rates

  10. Tata AIA’si Raksha TROP: Among the highest of premium rates in the market. This plan has an Accidental Death and Dismemberment Rider that can be opted for. Offering premium payment modes as single, limited and regular pay, this policy can also be surrendered and some portion of the premium can be recovered as per the policy regulations

Top 10 Term Insurance Plans in India Reviews

Page 1 of 3 1 2 3
  • LIC Life Insurance
    "best policy"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My insurance Product name is jeevan anand policy. Mostly i can renew my policy by paying premium in online. My life insurance policy tenure is 7 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 20, 2018
  • LIC Life Insurance
    "best policy"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My annually premium is Rs. 6,500/- which is very reasonable and they debited from my savings account. My insurance Product name is money back policy. They provided non claim bonus benefits too.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 20, 2018
  • LIC Life Insurance
    "best policy"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My insurance Product name is jeevan anand policy. They provided non claim bonus benefits too. My annually premium is Rs. 10,000/- which is very reasonable and they debited from my savings account.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 20, 2018
  • LIC Life Insurance
    "good policy"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My insurance Product name is jeevan suraksha. My annually premium is Rs. 14,000/- which is very high and they debited from my savings account automatically.
    Was this review helpful? 0
    , noida
    Reviewed on Apr 20, 2018
  • LIC Life Insurance
    "best policy"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My insurance Product name is jeevan anand policy. My annually premium is Rs. 15,000/- which is very reasonable and they debited from my savings account.
    Was this review helpful? 0
    , noida
    Reviewed on Apr 20, 2018
  • LIC Life Insurance
    "best policy"
    0.5 4.0/5 "Great!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. They also provided a personal accidental policy as complementary.Product name is jeevan anand policy. My annual premium is Rs. 17,000/- which is very reasonable and i can prefer for online payments to renew my policy with in the due date.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 18, 2018
  • LIC Life Insurance
    "best policy"
    0.5 4.0/5 "Great!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. Product name is jeevan anand policy. My annual premium is Rs. 60,000/- which is very reasonable and i can prefer for online payments to renew my policy with in the due date. They also provided a personal accidental policy as complementary.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 18, 2018
  • LIC Life Insurance
    "good policy"
    0.5 4.0/5 "Great!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My product name is Lic Saral. I can prefer for online payments to renew my policy with in due date. It is a good product among all lic products.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Apr 17, 2018
  • LIC Life Insurance
    "best experience"
    0.5 4.0/5 "Great!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. My annual premium is Rs, 3000/- which is very reasonable and i can prefer for online payments to renew my policy with in the due date.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Apr 17, 2018
  • Exide Life Insurance
    "good product"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company EXIDE LIFE INSURANCE. My annual premium amount is Rs. 2000/- which is very reasonable by comparing with other premium products. They wouldn't providing non claim bonus benefits.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 17, 2018
  • LIC Life Insurance
    "best experience"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. They product name of the policy is Lic Jeevan Sri, They also provided me non claim bonus also. The customer service is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 12, 2018
  • LIC Life Insurance
    "best experience"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. They type of thebest experience policy is Lic money back policy, Even my brother in law is a life insurance agent he assisted to get the life insurance and explained good benefits and policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 12, 2018
  • LIC Life Insurance
    "Best experience"
    0.5 5.0/5 "Blown Away!"
    I had taken a life insurance policy from the top most public sector insurance company LIFE INSURANCE CORPORATION OF INDIA. They type of the policy is LIC money back policy, Even my brother in law is a life insurance agent he assisted to get the life insurance and explained good benefits and policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 10, 2018
  • ICICI Prudential Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have a term insurance from Icici,the service is good with Icici. I have taken two policy with Icici. They use top update me regularly with the new schemes and offers,I use to get intimations through sms and email. The payments are generally through online,it is a average service from Icici life insurance service.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 20, 2018
  • Bajaj Allianz Life Life Insurance
    "Need to improve a lot"
    0.5 3.0/5 "Satisfactory"
    I felt the Bajaj Allianz Life Insurance to be not that top notch. The payment options are very confusing, the staffs working are very rude to the customers. They need to improve in quite a lot of areas. Also expect them to give better customer experience.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Oct 13, 2017
  • LIC Life Insurance
    "Trusted policy"
    0.5 4.0/5 "Great!"
    My jeevan anand policy has 10 years of tenure but I could extend upto 20 years, I am making the premium Rs. 48,040 per annum after the maturity I will be getting some return around Rs. 5 lakhs, it has life cover as well. Compared to other insurance LIC is best , I could get the loan top up from LIC based on the policy. But there is no option to make the payment in advance.
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 14, 2017
  • ICICI Prudential Life Insurance
    "Cheaters: they sell and run away: you pay or loose full"
    0.5 0.5/5 "Unacceptable"
    The broker sold me 2 policies (guaranteed savings plan insurance) telling that these are investments, out right lies and never to be found. I wrote/talked many times (close 100 emails and numerous phone calls) to customer support and top management and no one cares. I even included top most management, this is how it goes: 1) You file a complaint 2) automated response 3) in about a week, you'll get a call or message telling that they are processing it 4) after a few more days, they explain everything but your concern 5) they may call again if you insist, but gives you the same nonsense 6) they close the case You call/complain again, and it goes on. STAY AWAY FROM THESE BUNCH OF CHEATERS
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 05, 2017
  • Kotak Life Life Insurance
    "Investment cum life plan"
    0.5 4.0/5 "Great!"
    Its an investment cum life insurance which I had taken with KOTAK life before 8years, unable to recall the benefits as this was taken before 8 years . I normally pay the premium through online, the policy coverage amount is 10 lakhs. To top of all that most of the hospitals are covered.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Aug 07, 2017
  • Exide Life Insurance
    "Top notch services"
    0.5 5.0/5 "Blown Away!"
    The claim ratio is excellent at Exide life insurance. This company is currently the top most leading company in profit. I have taken a life insurance and the tenure is for 20 years. The premium is for 20K on a yearly basis. The customer services are also good.
    Was this review helpful? 1
    , erode
    Reviewed on Jun 01, 2017
  • LIC Life Insurance
    "LIC is the best"
    0.5 5.0/5 "Blown Away!"
    I had opted for LIC policy through an agent. He used to come to my place for collecting premium. I had opted for Jeevan Anand policy. The sum assured what they provide is 5 lakhs. It provides some bonus amount and I was able to find the maturity amount online. Further, one can make the payment online themselves. On top of that I get some tax benefits too.
    Was this review helpful? 0
    , guntur
    Reviewed on Nov 02, 2016
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