Life Insurance – Term Plan details

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

5 thoughts on “Life Insurance – Term Plan details

  1. 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.

  2. 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

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