Top 25 Best Term Insurance Plans in India: Get ₹1 Crore Life Cover at Just ₹485/Month
Term insurance is one of the most affordable and effective ways to secure your family's financial future. With increasing awareness about financial planning, many insurance companies in India now offer term insurance plans providing high coverage at competitive premiums. For as low as ₹485 per month, you can secure a life cover of ₹1 crore, ensuring peace of mind for you and your loved ones.
In this article, we list the
25 best term insurance plans in India, comparing their features, benefits, and unique offerings to help you make an informed decision.
What is Term Insurance?
Term insurance is a pure life insurance policy that provides financial protection to the insured's family in case of their untimely demise. Unlike other insurance plans, term insurance does not offer a maturity benefit; it focuses solely on life coverage.
Key Features of Term Insurance:
- Affordable Premiums: Low-cost premiums compared to other life insurance policies.
- High Coverage: Substantial sum assured, often ₹50 lakh to ₹1 crore or more.
- Flexibility: Customizable policy tenure and coverage options.
- Tax Benefits: Deductions under Section 80C and Section 10(10D) of the Income Tax Act.
- Optional Riders: Enhance coverage with riders like critical illness, accidental death, and waiver of premium.
Benefits of a ₹1 Crore Term Insurance Plan
- Comprehensive Financial Security: Provides a significant safety net for your family.
- Affordable Investment: High coverage at a nominal premium.
- Debt Protection: Ensures outstanding loans and liabilities are covered.
- Education & Lifestyle Maintenance: Helps secure your children’s education and sustain their lifestyle.
- Peace of Mind: Knowing your family is protected in your absence.
Top 25 Term Insurance Plans in India (2024)
Here’s a curated list of the top term insurance plans available in India, offering ₹1 crore life cover:
1. HDFC Life Click 2 Protect Super
- Premium: ₹485/month (non-smoker, age 30, 20-year policy)
- Features: Customizable coverage, accidental death rider, and return of premium option.
2. ICICI Prudential iProtect Smart
- Premium: ₹490/month
- Features: Critical illness rider, accidental death benefit, and premium waiver.
3. SBI Life eShield Next
- Premium: ₹495/month
- Features: Increasing cover option and critical illness benefit.
4. Max Life Smart Secure Plus Plan
- Premium: ₹500/month
- Features: Return of premium, accident cover, and terminal illness benefits.
5. TATA AIA Life Sampoorna Raksha Supreme
- Premium: ₹510/month
- Features: Flexible policy terms and top-up cover options.
6. LIC Tech Term Plan
- Premium: ₹520/month
- Features: Flexible premium payment options and high claim settlement ratio.
7. Bajaj Allianz Smart Protect Goal
- Premium: ₹525/month
- Features: Return of premium option and child education benefit.
8. Aditya Birla Sun Life Shield
- Premium: ₹490/month
- Features: Critical illness and disability riders.
9. PNB MetLife Mera Term Plan Plus
- Premium: ₹480/month
- Features: Comprehensive family protection with spouse cover.
10. Kotak e-Term Plan
- Premium: ₹485/month
- Features: Multiple payout options and accidental death rider.
11. Reliance Nippon Life Protection Plus
- Premium: ₹475/month
- Features: Enhanced protection and income payout benefits.
12. Future Generali Flexi Online Term Plan
- Premium: ₹470/month
- Features: Adjustable sum assured and policy term.
13. Aegon Life iTerm Plus
- Premium: ₹465/month
- Features: 36 critical illness cover and waiver of premium benefit.
14. Canara HSBC iSelect Star Term Plan
- Premium: ₹495/month
- Features: Comprehensive family cover and multiple payout options.
15. Edelweiss Tokio Zindagi Plus
- Premium: ₹460/month
- Features: Spouse cover and critical illness benefit.
16. IndiaFirst Life Anytime Plan
- Premium: ₹475/month
- Features: Affordable premiums and easy claim process.
17. Bharti AXA Life Flexi Term Plan
- Premium: ₹485/month
- Features: Family income benefit and critical illness cover.
18. Star Union Dai-ichi Life Protection Plan
- Premium: ₹490/month
- Features: Customizable term options and riders.
19. Shriram Life Smart Protection Plan
- Premium: ₹495/month
- Features: Flexible premium payment options and rider benefits.
20.
Exide Life Elite Term Plan
- Premium: ₹480/month
- Features: Accidental death cover and premium waiver.
21. Sahara India Life Term Plan
- Premium: ₹475/month
- Features: Simple application process and quick claim settlement.
22. Aviva Life Shield Advantage
- Premium: ₹470/month
- Features: Return of premium option and family income benefit.
23. IDBI Federal Life Income Protect
- Premium: ₹460/month
- Features: Increasing cover and accidental death rider.
24. Pramerica Life TruShield
- Premium: ₹490/month
- Features: Term extension option and flexible payouts.
25. Union Life Easy Shield
- Premium: ₹485/month
- Features: Easy-to-understand terms and flexible tenure.
Factors to Consider When Choosing a Term Insurance Plan
- Claim Settlement Ratio (CSR): Choose insurers with a high CSR for reliability.
- Premium Cost: Ensure the premium fits within your budget without compromising coverage.
- Policy Tenure: Align the policy term with your financial responsibilities.
- Additional Riders: Evaluate options like critical illness or accidental death riders.
- Payout Options: Choose from lump sum, staggered, or increasing payout structures.
How to Get a ₹1 Crore Term Plan at ₹485/Month?
- Start Early: Premiums are lower when you buy a policy at a younger age.
- Non-Smoker Advantage: Non-smokers enjoy significantly reduced premiums.
- Compare Policies Online: Use insurance comparison platforms to find the best deal.
- Opt for Longer Tenure: Spreading the premium over a longer term reduces monthly costs.
Conclusion
A ₹1 crore term insurance plan is an essential component of a robust financial portfolio. With affordable premiums starting at ₹485/month, securing your family's financial future has never been easier. By evaluating the features, benefits, and suitability of the plans listed above, you can confidently select the best term insurance plan tailored to your needs.
Remember, the best time to buy term insurance is
now. Don't delay securing the future of your loved ones. Explore your options and make a choice that guarantees financial stability and peace of mind.
