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Term Insurance Comparison

Hello! Don’t you just love to compare stuff? We do it at all the places we visit to shop. We even compare jobs to benefit our future.

So, why shouldn’t we perform term insurance comparison to get ourselves the best deal to protect our families and their financial future? You may think it’s a simple task. But it’s not a piece of cake.

Coverfox can help you compare and save your money like no other platform out there! Before you get down to the exercise of comparing term insurance, it is essential to know what is best for you in the first place.

The market has many term plans which vary in terms of benefit they provide. Hence, we need to undertake the activity of comparing term plans to shortlist a plan which is best suited for our needs before we go ahead and buy it.

Best Term Insurance Plans in India

Never believed you could see the best term plans before you could choose your ideal fit. We have you covered there! Here is a chart which Compares best term insurance plans in India:

Plan Name Company Entry Age (Min-Max) Maturity Age (Max) Min Sum Assured Policy Term(Min-Max) Claim Settlement Ratio
HDFC Click2Protect Plus HDFC Life Insurance Co. 18-65 years 75 years 25 Lacs 10-40 years 99.04%
Max Life OTP Plus Max Life Insurance Co. 18-60 years 85 years 25 Lacs 10-50 years 98.74%
ICICI Pru iProtect Smart ICICI Prudential Life Insurance Co. 18-65 years 75 years Subj to min premium 5-40 years 98.58%
BSLI Protect @ ease Birla Sunlife Insurance Co. 18-55 years 80 years 50 Lacs 5-30 years 98.58%
Aegon Life iTerm Plan Aegon Life 18-65 years 80 years 25 Lacs 5 years-upto age 80 96.45%
Aegon Life iReturn Aegon Life Insurance Co. 18-65 years 80 years 30 Lacs 5-20 years 96.45%
Metlife Mera Term Plan PNB MetLife Insurance Co. 18-65 years 75 years 10 Lacs 10-40 years 96.21%
Aviva i-life Secure Aviva Life Insurance Co. 18-50 years 70 years 50 Lacs 10-25 years 96.06%
Aviva i-life Plan Aviva Life Insurance Co. 18-55 years 70 years 25 Lacs 10-35 years 96.06%
Edelweiss Tokio My Life Edelweiss Tokio Life Insurance Co. 18-60 years 80 years 25 Lacs 10 years-upto age 80 95.82%
IDBI iSurance Online Term Insurance Plan IDBI Federal Life Insurance Co. 18-50 years 75 years 50 Lacs 18-25 years 95.79%
Flexi online Term Plan Future Generali Life Insurance Co. 18-55 years 75 years 50 Lacs 10-57 years 95.16%
Bajaj Life eTouch Bajaj Allianz Life Insurance Co. 18-65 years 75 years 50 Lacs 10-40 years 95.01%
Canara HSBC iSelect Term Plan Canara HSBC OBC Life Insurance Co 18-70 years 80 years 25 Lacs 5-40 years 94.04%

Why Compare Term Plan Online on Coverfox?

Nobody said comparing term insurance was child’s play. However, we at Coverfox believe in simplifying the complex insurance buying process for you.

We help you identify your needs, compare term insurance, and choose the best plan that suits your needs in just a few clicks.

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Factors to Consider when you Compare Term Plans Online

If you’re taking the first steps to buy term insurance, then a comparison is necessary. But do you have the knowledge to know the exact plan you should buy? No? Well, let Coverfox help you there. We’ve listed out EIGHT plan factors you’ve to consider before buying term plans:

  • Insurance Coverage - The coverage offered by a term insurance plan should be large enough to take care of your family in your absence. It should also provide you with options by which it can keep pace with rising inflation and, at the same time, elevate your coverage as your cross various milestones of life.
  • Policy Term - The coverage duration should be equal to your retirement age by which you are ready to kick back and relax.
  • Premium Payment Modes and Frequency - The plan should provide you choices in premium payment options like annual, half-yearly, quarterly, or monthly and payment modes like single, limited, or regular.
  • Claim Settlement Ratio - As you are trusting the future of your loved ones in the hands of a company, it is essential to know about its reputation when it comes to honoring claims raised. A Higher the claim ratio is always better, hence look for a company with a claim settlement ratio above 90%.
  • Solvency Ratio - It is also vital that you know that the company whom you have trusted with your family’s future in your absence has a robust financial standing. The solvency ratio of the company gives a complete picture of its monetary worth; it is a mandatory rule by IRDAI that every insurer must have a solvency ratio of 1.5. So, choosing an insurer with a higher ratio is a good idea.
  • Riders - Riders enhance your coverage level. Having a term plan with various rider options can help you customize your cover so that you have the best possible protection.
  • Premium - Last but not least, a good term insurance plan must also be pocket friendly. Though the lowest premium term plan is not always the best, a term plan that is economical on the pocket is the best choice.

Best Term Insurance Comparison Chart

Here is the comparison of a few top term insurance plans we’ve compiled and published to help you arrive at the best choice

Plan Name Age at Entry Sum Assured Policy Term
ICICI Pru iProtect Smart 18-65 years Rs. 10 lakhs min, no such limit on the max amount 5-40 years
Aegon iTerm Plan 18-65 years Rs. 25 lakhs min, no such limit on the max amount 5-40 years
HDFC Click 2 Protect 3D Plus 18-65 years Rs. 10,000 min, no such limit on the max amount 5-40 years or 85 less entry age or whole life
Max Life Term Insurance Plus 18-60 years Rs. 25 lakhs min Rs. 100 Cr max 10-40 years
LIC’s e-Term Plan 18-60 years Rs. 50 lakhs min, no such limit on the max amount 10-35 years

FAQs On Term Insurance Comparison

What is Term Insurance?

Term Insurance is an insurance plan that provides financial protection to your family in case of your death. Term Insurance is well-known for providing a large cover at a small premium. A term plan offers various choices with regards to cover amount, cover period, premium payment period, etc.

Why should I buy a term insurance plan?

A term insurance plan is the most economical way of ensuring that your family can live the same happy and comfortable life in your absence. By choosing a decent amount of cover, you can ensure that your family lives the same way they are living now. It also helps them pays off your outstanding loans like home loan, car loan, personal loan, etc.

What are the tax benefits available under a term insurance plan?

The premium paid under a term insurance plan is eligible for deduction u/s 80C of the income tax act, 1961 up to a maximum of Rs. 1.5 lakh. The amount paid to the family in case of the insured person’s death is tax-free in the hands of the family members u/s 10(10D) of the income tax act, 1961.