In this guide, we explore the best term insurance plans tailored to your financial needs and goals.
Top Term Insurance Plans in India
- HDFC Click 2 Protect Plus: Best for comprehensive financial protection.
- Max Life Smart Secure Plus: Best for dual death benefits.
- ICICI Pru iProtect Smart Term Plan: Best for affordability.
- Aditya Birla Sun Life Shield: Best for extensive variations.
- PNB MetLife Mera Term Plan Plus: Best for modern features.
- Tata AIA Sampoorna Raksha Supreme: Best for flexible options.
- SBI Life – eShield Next: Best cost-effective plan.
- Bajaj Allianz Life Smart Protect Goal: Best for flexibility.
- Kotak Life e-Term Plan: Best for payout options.
- Reliance Nippon Life Protection Plus: Best for customization.
Spotlight on Key Insurance Plans
HDFC Click 2 Protect Plus
Why We Picked It
This plan provides comprehensive financial protection with options tailored to your lifestyle and life stage. It features three variants: Life and Critical Illness Rebalance, Life Protect, and Income Plus, covering death, disability, and critical illnesses.
Read our detailed review of HDFC Click 2 Protect Super
Key Features
- Life and Critical Illness Rebalance: Balances coverage between death and critical illness. Critical illness cover increases as life cover reduces over time. Future premiums are waived upon diagnosis of a critical illness.
- Life Protect: Provides a lump-sum death benefit with a return of premium (RoP) option. Learn more about Return of Premium Plans vs. Zero-Cost Plans.
- Income Plus: Offers regular monthly income after age 60 along with lump-sum death benefits.
Pros
- Covers COVID-19 claims.
- Premium discounts for women and non-smokers.
- Flexible premium payment options.
Cons
- No maturity benefit unless RoP is opted.
- High renewal costs.
Max Life Smart Secure Plus
Why We Picked It
This unique plan offers dual death benefits and inbuilt terminal illness coverage. Additional features include RoP, premium breaks, and accidental death payouts.
Read our detailed review of Max Life Smart Secure Plus
Key Features
- Dual death benefits: Lump-sum and monthly income.
- Terminal illness benefit: 100% of the sum assured up to ₹1 crore.
- Premium breaks: Pause premium payments after 10 years while retaining coverage.
- Joint life cover: Add your spouse under the same plan.
Pros
- Discounts for higher sum assured.
- InstaClaim for one-day claim settlement.
- Extensive critical illness coverage.
Cons
- No whole life cover beyond 85 years.
ICICI Pru iProtect Smart Term Plan
Why We Picked It
Known for its affordability, this plan offers extensive coverage options, including terminal illness and life-long coverage up to 99 years.
Read our detailed review of ICICI Pru iProtect Smart
Key Features
- Covers terminal illnesses, including HIV/AIDS.
- Flexible payout options: Lump-sum, monthly income, or a combination.
- Coverage for women-specific illnesses like breast and cervical cancer.
- Learn why adding a Critical Illness Rider to your term plan can enhance your coverage.
Pros
- Discounts for women and non-smokers.
- Long-term coverage up to 99 years.
- Add-ons for critical illnesses and accidental death.
Cons
- No maturity benefits.
Other Top Picks
Aditya Birla Sun Life Shield
- Offers eight policy variants tailored to different needs.
- Returns premiums upon policy maturity.
- Inbuilt terminal illness benefits.
PNB MetLife Mera Term Plan Plus
- Long-term coverage up to 99 years.
- Comprehensive benefits like RoP, spouse coverage, and child education support.
Final Thoughts
Choosing the right term insurance plan depends on your financial goals, liabilities, and family’s needs. Whether you prioritize affordability, comprehensive coverage, or added features like critical illness riders and premium waivers, there's a plan suited for everyone.
Explore these top policies to ensure your loved ones' future remains secure, even in your absence.