If you are a term Insurance buyer, questions like which is the best term insurance plan to invest in India, which Insurance companies have the best claim settlement Ratio, Offline term Insurance or Online Term Insurance etc might trouble you. The article briefs you about riders, maximum/minimum tenure, max age till when term plan covers a person and data on the premium and Claim settlement Ratio etc which will be of your help.
Best Term Insurance plans in India
Below is a table which shows the entire online and offline term insurance plans name, and their premiums which will clear your confusions regarding which plan to choose since all have different premiums and features.
| Company | Policy | Mode | Riders | Premium (1 crore SA) |
| Aegon Religare | iTerm | Online | Yes | 7,300 |
| Bharti Axa | e-Protect | Online | No | 7,300 |
| Aviva | i-Life | Online | No | 7,368 |
| HDFC Life | Click2Protect | Online | No | 10600 |
| Kotak | e-Preffered | Online | No | 10825 |
| Edelweiss Tokio | Life Protection Plan | Online | Yes | 11,500 |
| Metlife | Met-Protect | Online | No | 11,600 |
| ING Vyasa | My Term Insurance | Offline | NA | 11,891 |
| ICICI Prudential | i-Care | Online | Yes | 13,000 |
| DLF Pramerica | U-Protect | Online | Yes | 13,400 |
| SBI life | Smart Shield | Offline | Yes | 16,798 |
| Bajaj Allianz | iSecure | Online | Yes | 18400 |
| Max NewYork | Platinum Protect | Offline | Yes | 23,500 |
| IDBI Fedral | Termassurance | Online | No | 25,350 |
| LIC | Amulya Jeevan | Offline | No | 33,600 |
| Future Generali | Smart Life | Online | No | NA |
| Birla Sun Life | Protector Plus | Offline | Yes | NA |
| Tata Aig | Maha Raksha | NA | NA | NA |
| Reliance | Term Insurance | Offline | NA | NA |
| Canara HSBC | Life Pure | NA | NA | NA |
| India First | AnyTime Plan | Online | NA | NA |
| Sahara Life Insurance | Kavach | NA | NA | NA |
| Star-Union Dai-ichi | Term Plan | NA | NA | NA |
Note: The premiums above are for 30 years old male who is non-smoking, and 30 years policy tenure. The premium that is quoted is for Rs 1 crore sum assured and does not include the service tax. The premiums that are displayed were taken from the respective life insurance companies’ websites and should be treated as indicative premiums.
Brief overview of Riders
Riders are additional benefits which can be taken by paying some extra premium. Most of the term plans also allow riders along with their plans.
A term plan might offer some of the riders mentioned below:
AD (Accidental Death): The policy pays you additional sum assured in case the death happens due to accidents. Even if you do not take this rider, the assured sum is always paid on the death, be it accidental or not!
CI (Critical Illness): This rider gives you a lump sum amount if you are diagnosed with an illness which is mentioned in policy. Normally all the major illnesses get covered in Critical Illness cover.
DR (Accidental Disability Rider): This rider covers you for disability and pays you Sum assured in 10 instalments per year in case you become temporary or permanent disabled person.
WP (Waiver of Premium): This rider makes sure that in case you are not able to pay future premium due to disability or income loss, the future premiums are waived off, but your policy is still in force like always.
Claim settlement Ratio of The Life Insurance Companies
Claim Settlement ratio of a company tells how many policies were settled by paying back the claims in case of death.
Solvency Ratio of Life Insurance Company
It indicates how solvent a company is, and how prepared it is to meet the unforeseen exigencies. It is that extra capital which an insurance company is required to hold to meet all the claims which arise. Basically, it is the amount the insurer has to stash away in order to pay the claims during emergency.
Online Term Insurance vs. Offline term Insurance
Online term payments have disappointed customers in a way that they bought the online term plan and afterwards had horrifying experiences starting from increase of premium once they bought it along with no-response from the company for long duration and long and frustrating delays in medical tests. Buyers who have a good understanding of Insurance and how it works and also have trust in online term insurance should opt for the same; otherwise buying insurance through an agent is advisable in spite of being a little costlier.
If you concentrate on the claim settlement and trust factor then the only option is LIC ofIndia TermInsurance (Jeevan Amulya). Alternatively, if you are okay with the private Insurance, but still want the best features, Kotak-preferred Plan is a good option. The premium for Kotak-preferred is the lowest in the offline term plans and this plan has good riders along with other good options.
