Life Insurance is the first step of Financial Planning. And in Life insurance – Term Plan is the best bet. Term plan is simple – if the insured person dies his nominee get the insured amount. If he doesn’t die there is no return. This makes it the cheapest form of life insurance.
But again its difficult to choose which term plan to opt for. In this post I have listed all the term plans available in the Indian market along with the minimum and maximum age for getting insured in the plan. Also it has the maximum tenure and the maximum age till which you can get insurance along with the riders available. The premium for insurance of Rs 1 Crore for normal 25 years old non-smoking male for 25 years term, varies from Rs 7,000 to 25,500 for Rs 1 crore insurance depending on company, plan and riders available.
Riders Short codes:
CI – Critical Illness || APD – Accidental & Permanent Disability || AD – Accidental Death || HC – Hospital Cash || WOP – Waiver Of Premium || ASA – Accelerated Sum Assured
| Term Plan | Min Age of Insurance | Max Age for Insurance | Max Age at Maturity | Max Tenure | Riders | Premium |
|---|---|---|---|---|---|---|
| AEGON Religare iTerm Plan Term Insurance | 18 | 60 | 65 | 25 | No Riders | 9265 |
| AEGON Religare Life Level Term Plan | 18 | 55 | 75 | 30 | CI, APD | 17428 |
| Aviva Life Insurance i Life Term Insurance | 18 | 55 | 70 | 35 | No Riders | 7081 |
| Aviva Life Insurance Life Shield Plus Term Insurance | 18 | 55 | 65 | 30 | CI, APD | 16324 |
| Bajaj Allianz Life New Risk Care Term Insurance | 18 | 60 | 65 | 40 | CI, APD, AD, HC | 19440 |
| Birla Sun Life High Networth Plan Term Insurance | 18 | 65 | 75 | 30 | CI, APD, WOP | 14560 |
| Birla Sun Life Term Plan | 18 | 55 | 70 | 25 | CI, APD, WOP | 25590 |
| Canara HSBC OBC Life Pure Term Plan | 18 | 64 | 74 | 30 | No Riders | 18861 |
| HDFC Life Term Assurance Plan (Regular Premium) | 18 | 60 | 65 | 30 | CI, AD, ASA | 19242 |
| ICICI Pru Life iProtect Term Insurance | 20 | 65 | 75 | 30 | AD | 9265 |
| ICICI Pru Life Pure Protect Term Insurance | 18 | 65 | 75 | 30 | APD, WOP | 16685 |
| ING Vysya Life Term Life Term Insurance | 18 | 65 | 75 | 30 | APD, AD | 22515 |
| Kotak Life e-Preferred Term Plan Term Insurance | 18 | 65 | 70 | 30 | No Riders | 9100 |
| Kotak Life Preferred Term Plan Term Insurance | 18 | 65 | 70 | 30 | CI, APD, AD | 11223 |
| LIC Amulya Jeevan Term Insurance | 18 | 60 | 70 | 35 | No Riders | 23500 |
| Max New York Life Platinum Protect | 18 | 60 | 75 | 30 | CI, APD | 16986 |
| MetLife Met Protect Term Insurance | 18 | 60 | 70 | 35 | No Riders | 8603 |
| MetLife Suraksha Plus Term Insurance | 18 | 60 | 70 | 35 | CI, AD | 14670 |
| Metlife Suraksha Term Insurance | 18 | 60 | 65 | 25 | CI, AD | 24597 |
| Reliance Life Term Plan Term Insurance | 21 | 60 | 65 | 30 | APD, WOP | 23059 |
| Tata AIG Life Raksha Term Insurance | 18 | 50 | 60 | 25 | No Riders | 24376 |
Source: Life Insurance Companies
A good information provided here. You may seek Life Insurance plan benefits at the most competitive and affordable premium. Life Insurance acts as financial protection for your family in case of your death or a payment made to you on surviving the policy term.
A radical information provided here. You may seek Life Insurance plan benefits at the most competitive and affordable premium. Purchasing Life Insurance online provides a high degree of flexibility. Life Insurance acts as financial protection for your family in case of your death
Well but looking at the sentiment over the internet i found i-life is better when compared with any other plans..
what do you feel?
i-Life is good plan and its premium is among the lowest in term life insurance. So you might go ahead with the same.
I am planning to analyze all online term insurance plans in next few days.
Whats your take on Aviva i-Life the online term plan?
I have heard it is the best term plan available.
what do you think about it ? please advice….
Hi Sameer
Aviva i-Life is best online term plan as it has lowest premium for a particular age group, but that should not be only criteria while selecting a life insurance. You might want to look at the claim settlement ratio, riders available among other things while getting life insurance. Also you might want to check on online insurance providers like HDFC, Aegon, Kotak, ICICI among others to check lowest premium for your age and lifestyle.
I think below two links would help you decide which term plan to opt for:
Life Insurance Claim Settlement Ratio
More Insurance for Less