• Top 10 Best Performing Term Insurance Plans in India

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    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

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    • 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
    • LIC Life Insurance
      "LIC INDIA"
      0.5 5.0/5 "Blown Away!"
      Accidental policy is comes in to the picture if they met with some accident they will get 60% to 90% of the amount back. I am holding this LIC policy for a period of 8 to 9 yeasr. There is no issues as such. They will provide the complete coverage amount as per the policy terms. On top of that I will get the bonus amount as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 28, 2016
    • LIC Life Insurance
      "Beneficial insurance"
      0.5 4.0/5 "Great!"
      I have an insurance plus maturity policy with Life Insurance Corporation of India. I pay my premiums to an agent and now pay it through online payment as its much convenient. Its has tax benefits under section 80C and also has a good accidental cover. I had a bonus top up paid out about 3 times totally amounting to Rs.25k. This was paid at 3 intervals of 1.5 years gap.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 10, 2016
    • LIC Life Insurance
      "Good services"
      0.5 4.0/5 "Great!"
      I have tenured my LIC policy for 25 years. It is a money back policy I have taken through them. For a term of 4 years I get good money back offers. I took this policy before 13 years and that time LIC was the top most insurance provider so I went with them .
      Was this review helpful? 0
      , kochi
      Reviewed on Mar 10, 2016
    • LIC Life Insurance
      "The best insurance provider..."
      0.5 5.0/5 "Blown Away!"
      Claim settlement ratio at the LIC is very high and that pushed to go with them for the life insurance. We know that LIC is top in providing 98% of settlement ratio. No riders are there. LIC agent is my friend and took the plan from him. I am fine and satisfied.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 26, 2016
    • LIC Life Insurance
      "Best policy..."
      0.5 5.0/5 "Blown Away!"
      LIC is the one of top insurance company. I have taken one life insurance from them in this month only. I have taken 35 years terms and I will be get around 1.5crore after maturity. 30lakh of insurance and 30lakh for accidental insurance. It covered 200years.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 30, 2016
    • LIC Life Insurance
      "Excellent...."
      0.5 5.0/5 "Blown Away!"
      For life insurance LIC is a top most company. And a very old organization where people can believe a lot. Comparing to others sum assured and benefits would be good. Claim ratio is very good and they are giving 95%. Right now I have money back policy.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 28, 2016
    • LIC Life Insurance
      "Not up to the mark..."
      0.5 1.0/5 "Really Bad"
      I transferred my home loan to LIC Housing Finance because they gave top up loan offer. LIC was high in interest rate than my old bank. In between there was some ebb and flow in the interest rate and that was floating type. LIC Housing finance has deducted some charge while pre closing the loan. Response is not up to mark.
      Was this review helpful? 0
      , hosur
      Reviewed on Jan 18, 2016
    • LIC Life Insurance
      "satisfied..."
      0.5 3.0/5 "Satisfactory"
      LIC is a government sector and I trust them for a life insurance. I have opted for a normal plan and so the output is also very less. LIC is a top most organization for life insurance so I like them a lot. Payment is getting through the online and that is simple.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 11, 2016
    • Birla Sun Life Insurance
      "Not clear about payment option"
      0.5 3.5/5 "Pretty good"
      The service provided was good based on the Insurance service.I have taken a plan for 10years and after the maturity I can get the plan top up for continuing with the plan.The payment option is not clear for the customer but they do provide recommended service.
      Was this review helpful? 0
      , allahabad
      Reviewed on Nov 19, 2015
    • HDFC Life Life Insurance
      "Best policy"
      0.5 4.0/5 "Great!"
      HDFC Standrad life insurance is the best . I have been holding this for more than 20 years and I will be getting the money back . Here we can save some money and we will be getting some tax benefit also here.I am paying about rs 2500 per month for a period of 10 years and I will be some return on top of the normal one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 31, 2015
    • LIC Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have been using the service of LIC for last 4years.I have not paid the premium for last 1year due top personal reasons.The tenure for the policy is for 16years.The premium is on half yearly basis. Its a Jeevan Anand policy where it has 1:3 benefits.The coverage is for 4Lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 29, 2015
    • Aviva Life Insurance
      "Going well"
      0.5 5.0/5 "Blown Away!"
      Aviva life insurance is good. Its going well, I am holding this life insurance for the past 3 years. I am getting a money back of 50 lakhs. I am supposed to pay this policy for a period of 20 years. After 20 years,I will get the complete amount. I will be getting some additional amount on top of that. Yearly once, I am supposed to make the payment.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2015
    • LIC Life Insurance
      "Best "
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the LIC of india. Trust is the thing and which makes to me go ahead with the LIC of india. Customer service with them is not giving any issues. I been with them for the last 5 top 6 days and am paying around 60000 Rupees per annum.
      Was this review helpful? 1
      , new delhi
      Reviewed on Sep 19, 2015
    • Bharti Axa Life Life Insurance
      "Company that fulling customers need..."
      0.5 5.0/5 "Blown Away!"
      Basically I have Sampoorna Jeevan Samruthi life insurance plan and for to secure my family I have opted it. Ultimately Bharti Axa Life insurance is wonderful insurance company and they are top in the market. Whatever it might be all would be easy and simple with them like claim and getting returns. Response in the branch is very good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2015
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