Comparison of 27 Term insurance plans

Term Insurance

Term insurance plans – Term insurance policies are very popular now a day. Premium rates of such policies are very low, companies are advertising term plans in a big way. Financial planner always advice that term plan is best for insurance, as it covers high risk at low price. The premium of term plan is lowest compared to ULIP, endowment or money back plan. Term plan policy is purely for risk cover.

There are many term insurance plans in India, but all of them have different features and premium rates which confuses a prospective customer to choose the best term plan. Look at following comparison chart and Important features before purchasing term plan.

Term plan comparison

Important Features of various term plan:-

Aegon i Term:-

  • Pure Term insurance plan with an inbuilt terminal illness cover
  • Option of 3 riders – accidental death benefit, waiver of premium and women critical illness
  • Longer policy term – up to the age of 75 years
  • Completely online process

Bharti AXA Life eProtect :-

  • This plan has only Death Benefit and no Maturity Benefit
  • The minimum Sum Assured is Rs 25 lacs
  • This plan has the Family Care Benefit option, where a cheque of Rs 1 lac is paid immediately within 48 hours of claim submission to take care of immediate expenses before verification

 HDFC Click 2 Protect:-

  • Click 2 Protect is a pure protection plan which pays benefit only on the death of policy holder
  • Special premium rates for non-tobacco users
  • Can be purchased online without any agent intervention and at a low premiums

Future Generali Smart Life:-

  • Standard rates for smoker and non-smokers
  • No medical test required up to age of 45 for sum assured up to Rs.30 lacs
  • Provides large sum assured rebates
  • Available only online

Edelweiss Tokio Life- Protection:-

  • Large Sum Assured rebate is available
  • Limited Premium paying Options available
  • Discount for non-smokers for a sum assured of Rs 25 lacs and more

Metlife Met Protect Plan:-

  • Its a purely online plan which can be purchased and managed online
  • Low cost pure term plan for high sum assured
  • Non-smoker and women discount available

Kotak e-Preferred Term Plan:-

  • It is a pure Term Insurance Policy can be purchased online without any agent intervention.
  • Option to move to other non-term plans of Kotak Life Insurance.
  • Option to Step Up the life cover on any event without any medical underwriting with an additional premium.
  • On Marriage- 50% of the Sum Assured can be increased.
  • House Purchase- 50% of the Sum Assured can be increased.
  • Birth or Legal Adoption of a child- 25% of the Sum Assured can be increased.
  • On 1st, 3rd and 5th policy anniversary- 25% of the Sum Assured can be increased.
  • This option can be exercised at one or more of the events listed above, provided your total revised Sum Assured is not more than 3 times your original Sum Assured.
  • The policy can be Stepped Down also if further increase in sum assured is not required.

Aviva Life Shield Platinum plan:-

  • Good rider options for the customers like Accidental Death Benefit and Dread Disease
  • Option of scheduling a monthly payment for the nominee in case of death of insured
  • Option to pay off outstanding liability like personal loan or home loan in the event of death of insured

Kotak Preferred Term Plan:-

  • It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit
  • Non-smoker and Women discounts are available in this policy
  • 3 additional riders are available
  • Option to move to other non-term plans of Kotak Life Insurance is also available at any time except the last 5 years of the policy.

ICICI icare:-

  • Can be exclusively purchased online without agent intervention and at a low cost
  • Comes with High non-medical limits
  • Offers a choice of accidental death benefit rider where additional sum assured is paid to the nominee in case of death due to accident

Bharti AXA Elite Secure Plan:-

  • Long Term cover available till the age of 75 years
  • Additional Accidental Death and Disability Benefit Rider and Critical Illness Benefit Rider available

Metlife Met Suraksha Plus Plan:-

  • There are options for single and limited pay along with regular payment options.
  • Additional cover with riders is available and Special discount is given for Non-smokers.
  • High coverage till 70 years of age and 35 years of policy tenure.

Aviva Life Shield Plus Policy:-

  • The plan offers high levels of cover at lower premiums.
  • You get discounts on premiums if the sum assured is higher than 25 lakhs
  • Lower premium rates apply for women

HDFC Term Assurance Plan:-

  • Provides a large sum assured discount for sum assured more than Rs 25 lakhs.
  • Unique feature of covering joint life

Aviva Life Shield Advantage:-

  • High levels of insurance cover for your family
  • The premiums paid by you are paid back to you at the end of the policy term, if you survive the policy term
  • Lower premium rates for higher amounts of cover
  • There is a variant of the plan, called Option A, in which the premiums offered will not be returned. The details mentioned in this page are for Option B which is with return of premium.

Reliance Term Plan:-

  • It has inbuilt Waiver of Premium rider for Total Disability and Accidental Benefit and Total and Permanent Disability riders.
  • The rider can be added at inception or any other policy anniversary.
  • Discount is provided to woman policyholders

ING Term Life Plus Plan:-

  • There is Mid Term benefit available, which is not available in any other similar policies in the industry.
  • Additional rider benefits of Accidental Death and Accidental Death, Disability and Dismemberment benefit.
  • Single and limited premium payment options available.

ICICI Life Guard Level Term With Return of Premium:-

  • This is a plan where the sum assured is paid to nominee if life insured dies within the policy term and the premiums are returned to him on maturity if he survives the entire tenure
  •  There is a unique feature of availing 5 years of extended cover post maturity of the policy without any additional payment of premium at 50% of the original sum assured
  • There is a guaranteed surrender value available for this policy.

Max Life Platinum Protect Plan:-

  • It is a pure Term Insurance Policy with Death Benefit only
  • After paying for 15 years, if customer chooses not to pay any more, then also reduced life coverage continues till the end of the policy term.
  • Discount is provided for female and non smokers and amazing discount for healthy non-smokers above Rs 50 Lakhs Sum Assured.
  • Additional benefit of Accidental Benefit and 10 most common Dread Disease Benefit available as rider.

Premium Applicable for various Term Plans:-

Following premium is for Age -30 Year, Sum Assured – 50 Lakh

Term plan

Looking at above term insurance comparison  you must have got fair idea about various term plans.

So,Which term plan do you have currently ? If you are planning to buy one, which one you will you buy & why? Give your suggestions in comment section!

 Term insurance plans comparison

You may also like :- Comparison of 42 Health Plan

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Article by Shitanshu

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25 Comments

  1. shubha says:

    My age is 33 and I am planning to buy a term insurance worth 1 Cr,I smoked one or two cigrettes a day for 5-7 years and now I have completely given up smoking for last two years,I would like to know this will impact my policy and what should I mention in the form??

    • Dear Subha,

      As you have given up smoking habit ideally it should not impact to your policy. In form you have to mention that you were smoking earlier.Insurance company may ask you to undergo medical checkup before issuing policy.

  2. dialuz says:

    it is good for compare all companies insurances polices and benefits.it is helpful to choose right one for customers.Thank you for this post

  3. i want a term plan of 75 lakhs coverage, please advice a god policy

    • Dear Kuljit,

      As per me you should divide your coverage in two policy.(may be 50 lakh and 25 lakh).

      I feel HDFC Click2Protect, ICICI i-care is good plan.

      Please look for claim settlement ratio before purchasing any plan.

  4. Money Excel says:

    Religare iTerm and Bharti Axa eProtect are good plan.

  5. G Prabhakara Rao says:

    we both are govt. employees our ages are 54, 55, still we have service 4 and 5 yrs respectively. can you suggest me good insurance plan premium payable up to 5 or 7 yrs.

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