7 Best Term Life Insurance Providers in India

The COVID-19 pandemic has made a significant difference in the lifestyle, and economic structure of individuals,  businesses, and societies around the world.  People now understand the value of life, thus they are purchasing life insurance policies.

However, premiums of life insurance might make a hole in their pocket.  In such a case term life insurance can act as a savior. 

There are 24 term life insurance policy providers available in India and choosing the best out of them is an overwhelming task. However, we made your task easier. 

Below is the list of best-term life insurance providers in India. So dive into the article below and find out the 7 best term life insurance providers in India. 

What is term life insurance?

Term life insurance is a type of life insurance policy that provides protection for a specific period of time (i.e. the “term”). It pays out a lump sum if the policyholder dies during the policy’s term and has no cash value. 

Term life insurance is typically cheaper than other types of life insurance policies and is popular with those who are just starting out or who are looking for affordable coverage.

Term life insurance is important because it provides financial protection for a specified period of time, such as 10, 20, or 30 years. This protection can help ensure that your loved ones are taken care of financially in the event of your untimely death. Additionally, term life insurance is typically less expensive than permanent life insurance, making it more affordable for many people.

Best-term life insurance policy providers 

LIC e-term life insurance company 

Life Insurance Corporation of India (LIC) is a state-owned insurance company. It is the largest life insurance company in India and has been in operation since 1956.

LIC offers a wide range of insurance products, including term life insurance. The e-term life insurance plan is a term insurance plan offered by LIC that can be purchased online. 

It provides financial protection to the nominee in case of the untimely demise of the policyholder. The policyholder can choose the sum assured and policy term as per their requirement. 

Premiums for this plan are lower as compared to traditional plans as the process of buying and servicing the policy is done online.

SBI smart shield 

SBI Smart Shield is a term insurance plan offered by the State Bank of India (SBI) Life Insurance Company. It is a non-linked, non-participating term insurance plan that provides financial protection to the policyholder’s family in case of their untimely death. 

The policy can be purchased online and provides death coverage for a specified term. The policyholder can choose the sum assured and the term of the policy. You can pay the premiums paid on a yearly, half-yearly, quarterly, or monthly basis.

The policy offers several riders that can be added to increase the coverage or add additional benefits. The benefits of the SBI smart shield plan are death benefits, tax benefits, and the flexibility to choose the cover amount and the policy term.

Max Life Smart Secure Plus

Max Life Smart Secure Plus is a life insurance policy offered by Max Life Insurance. It is a term insurance plan that provides financial protection to the policyholder’s family in the event of the policyholder’s death. 

The policy offers a range of features and benefits, including a high sum assured at an affordable premium, the option to add riders for additional coverage, and the flexibility to choose the policy term and premium payment term. 

The policy also offers the option of a return of premium on maturity. It is a non-linked, non-participating plan. It is a term insurance plan which provides for lump sum payment in case of death of the policyholder during the term of the policy.

ICICI Prudential Life Insurance 

ICICI Prudential Life Insurance Company provides a term life insurance policy with a high sum assured at an affordable premium. Policyholders can choose the policy term and premium payment term according to their needs.

Apart from that, Policyholders can add riders to their policy for additional coverage, such as accidental death and permanent disability.

This policy offers premium discounts for non-smokers and for choosing a higher policy term.

Policyholders can purchase the policy online through the ICICI Prudential website. ICICI prudential has a high claim settlement ratio, which ensures that policyholders and their families receive the benefits they are entitled to in a timely.

ICICI Prudential Term Plan also offers a premium waiver benefit option, under which in case of the death of the policyholder, the future premiums will be waived off and the policy will continue to be in force till the end of the policy term.

Tata AIA Sampoorna Raksha Supreme

Tata AIA Sampoorna Raksha Supreme is a term insurance plan which is offered by Tata AIA Life Insurance. It is a non-linked, non-participating plan that provides financial protection to the policyholder’s family in the event of any mishap.

 It is a comprehensive term insurance plan that offers a high sum assured and a range of features and benefits to ensure that the policyholder’s family is protected in the event of the policyholder’s death.

The policy offers a high sum assured at an affordable premium, providing comprehensive financial protection for the policyholder’s family.

Policyholders can also avail of additional benefit options such as “Accidental Death Benefit”, “Accidental Total and Permanent Disability Benefit” and “Critical Illness Benefit” by paying an additional premium.

Policyholders can add riders to their policy for additional coverage, such as accidental death and permanent disability

Aditya Birla Sun Life Shield

Aditya Birla Sun Life Shield Policy is a guaranteed savings plan that offers financial protection against life’s unexpected moments. 

It provides an assured sum assured of up to Rs. 75 lakhs, giving you and your family the financial protection they need against life’s unexpected moments like death, disability, critical illness, and accidents. Bonus options are also available with the policy so that you can build a secure future through regular savings.

Bajaj Allianz Life Smart Protect Goal

Bajaj Allianz Life Smart Protect Goal provides financial protection with the added benefits of long-term savings. The policy also provides a guaranteed maturity benefit at the end of the policy term, ensuring that you get a financial return for your savings. 

The Bajaj Allianz Life Smart Protect Goal term life insurance policy covers you for a period of five, ten, or fifteen years. The policy provides coverage for death, terminal illness, and serious illness, along with the guaranteed maturity benefit after the policy period. 

The policy also offers optional life cover riders, allowing you to customize the coverage to meet your needs and protect your loved ones.

Conclusion 

It’s difficult to say definitively which term life insurance policy is the best for you. Everyone’s needs and financial situation are different, so the best policy for your needs. It’s important to evaluate your options and get quotes from multiple providers to ensure you get the best coverage and the best price.

*image source from Google

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