The insurance company assumes the financial risk of covering these events in exchange for the premiums paid by the policyholder.
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The insurance company assumes the financial risk of covering these events in exchange for the premiums paid by the policyholder.
Term insurance is the simplest and most affordable form of life insurance. You pay a small annual premium for a fixed period, and if anything happens to you during that term, your nominee receives the full sum assured as a tax-free lump sum. No maturity benefit, no investment component — just pure financial protection for your family.
For a 25-year-old non-smoker male buying online.
Top insurers settle 98–99% of all reported claims.
Deduction up to ₹1.5 L on premium paid yearly.
Death benefit fully exempt from income tax.
Term plans give you the maximum financial protection at the minimum cost — here's what every modern term plan in India offers in 2026.
Get ₹1 Cr cover for the price of a daily coffee. Term insurance offers the highest sum-assured per rupee of premium.
Choose a term till age 99 — protect dependents even in your old age and leave a legacy for your family.
Add cover for 30+ critical illnesses like cancer and heart attack — a lump sum is paid on diagnosis.
Get double the sum assured paid to your family if death occurs in an accident — at a tiny extra premium.
On diagnosis of a critical illness or disability, future premiums are waived while the cover continues.
Survive the policy term and get every premium you paid refunded — slightly higher cost but zero "wasted" money.
Insurers pass on agent-commission savings to online buyers. The cover, claim process and benefits remain identical.
Different families need different structures of payout. Pick the variant that matches your dependents and goals.
Fixed sum assured and fixed premium throughout the term. The classic, most popular variant of term insurance.
→ Best for first-time buyers
Sum assured rises by 5–10% every year to beat inflation. Premium stays fixed for the entire term.
→ Best for young earners
Sum assured reduces over time — ideal to cover a home or business loan whose outstanding amount decreases.
→ Best for loan protection
All premiums refunded on surviving the term. Slightly costlier but gives you a "money-back" feel.
→ Best for averse savers
One policy covering both spouses. Payout happens on the first death, with continued cover for the survivor.
→ Best for working couples
Start with a pure term cover today and convert it into an endowment or whole-life plan later when needed.
→ Best for flexible buyersIt's the cheapest way to make sure your family's lifestyle, education and dreams stay intact — no matter what.
A 30-year-old can get ₹1 Cr cover for under ₹600/month — nothing else matches this value.
Choose payout as a lump sum, monthly income for 10–20 years, or a mix — match your family's cash needs.
Premium paid qualifies for deduction up to ₹1.5 lakh under old tax regime — saving up to ₹46,800.
The entire death benefit your nominee receives is exempt from income tax — no deduction at any stage.
Accidental death, critical illness, disability and premium waiver — customise the plan to your risks.
Lower premium, paperless onboarding, instant policy issuance — buy in 10 minutes with full medical e-checkup.
A simple rule: your cover should be 15–20× your annual income, plus outstanding loans, plus a buffer for kids' education and your spouse's retirement.
If your annual income is ₹10 lakh, ideal term cover ≈ ₹2 Crore. Adjust for loans, kids' needs and inflation.
Shortlisted on the basis of claim settlement ratio, premium, riders and cover length. Indicative monthly premiums for ₹1 Cr cover, 30-year-old non-smoker male, 30-year term.
| Insurer | Plan Name | Starting Premium | Max Cover | Claim Ratio |
|---|---|---|---|---|
| HDFC Life Top CSR | Click 2 Protect Super | ₹698/mo | ₹20 Cr | 99.4% |
| Max Life Popular | Smart Secure Plus | ₹680/mo | ₹10 Cr | 99.3% |
| ICICI Prudential | iProtect Smart | ₹712/mo | ₹20 Cr | 98.9% |
| Tata AIA | SRS Vitality Protect | ₹720/mo | ₹15 Cr | 99.1% |
| Bajaj Allianz | eTouch II | ₹692/mo | ₹10 Cr | 99.2% |
| LIC of India | New Tech Term | ₹890/mo | ₹50 Cr | 98.6% |
*Indicative premiums incl. GST for 30-year-old non-smoker male, ₹1 Cr cover, 30-year term. Final premium depends on age, lifestyle and medicals.
Almost every salaried or self-employed Indian aged 18–65 qualifies. Here's the standard eligibility matrix.
| Parameter | Requirement |
|---|---|
| Entry Age | 18 to 65 years |
| Maximum Cover Age | Up to 99 years (Whole Life) |
| Policy Term | 5 to 40 years (or till age 99) |
| Minimum Sum Assured | ₹25 Lakh |
| Maximum Sum Assured | No upper limit (subject to income proof) |
| Premium Payment | Regular, Limited (5/10/15 yr), or Single Pay |
| Medicals | Required for high cover or above age 45 |
Every question you've thought of before buying a term plan in India — answered honestly.
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