Best Online Term Insurance Plan in India 2018

Finally you are looking for best online Term Insurance Plan in India? May be the reason behind this is, you have understood the importance of insurance or else you are planning to buy an insurance policy to save income tax. Although if you are buying a term insurance for saving income tax, then your purpose may not be 100% achieved as the premiums of any term plan is very less. Anyway, whatever the reason behind this, in this article I will try to explain how to buy a term insurance plan in India in 2016, what to look for, how much should be the life cover and related topics.

Top 5 Criteria to choose Online Term Insurance Plan in India 2018

Now, if you ask me why you should buy a term insurance plan? The answer is very simple. The actual meaning of life insurance is 100% satisfied with the kind of term plans available in Indian market right now. There is only one benefit, in case you die during the policy period, your family will get the lump sum benefit. But people mostly like traditional endowment or ULIP plans where they will also earn some interest at the end of maturity thinking that an insurance cum savings plan is better than a term insurance plan.

Anyway, if your requirement is investment and tax saving then there are many investment instruments available. But for the sake of securing your life, you should buy only a pure term insurance plan in 2016. In one of my earlier article also I have shared about how to choose a term plan in India. Here I will simply share in short below.

  1. Look for the insurance company size, their reputation, the number of years they have spend in Indian market etc. In short you should buy a term plan from a reputed Indian insurance company only.
  2. Do you know what is claim settlement ratio? This is the ratio which will tell you how successfully the insurance company has been able to settle their insurance claims. The more the ratio, means the number of successful claim settlement is more. E.g. LIC of India, ICICI has higher ratio.
  3. Try to analyse the solvency ratio of that insurance company. This will tell you how much financially healthy your insurance company is, so that in case of mass claim they are also able to handle the situation and able to settle the claims without stepping back.
  4. Almost every company is providing online platform to buy a term insurance plan these days. That means it is very easy to compare their premium amounts for a particular period & data. Besides that there are many premium comparison websites where you can make your task easy. So, the point here is compare premiums of term insurance plans, use every online term insurance plan calculator to get the best & cheapest premium.
  5. Final point I would like to share is how good is their customer support. How good is the return policy and other after purchase services.

Top 10 Online Term Insurance Plans To Buy in India 2016

Now, you might be thinking how much life cover is enough when you are planning to buy an Online Term Insurance Plan. Well, when it is about online term plans, you will find almost every company is providing a 1 crore life cover with a very low premium amount of Rs 10,000 annually in case you are non-smoker. So, if you can afford to pay this much amount every year or even more, you can easily buy a large life cover and you should do that.

Let’s check out the popular online term insurance plans available in India.

  1. LIC E Term Policy
  2. HDFC Life Click 2 Protect Plus Plan
  3. ICICI Pru Life iProtect Smart Online Term plan
  4. Max Life Online Term Plan
  5. Kotak Life Preferred e-Term Plan
  6. SbiLife e-Shield term plan
  7. Bharti Axa Life Term insurance Plan
  8. Reliance Life e Term Plan
  9. Bajaj Allianz iSecure online term insurance plan
  10. Aegon Religare i Term plan

How to find which is the Best Online Term Insurance Plan in India 2016

Now this is a question I think completely depends on your understanding & perception. E.g. as per the criteria mentioned above to choose a term insurance plan, say you have decided to go with LIC, ICICI or HDFC. Among these 3, you have to choose which one will be best for your case. Personally, I found HDFC click 2 protect plus better compared to other plans when compared with premium rates, customer support, premium payment options and off-course insurance policy features.

So, now it’s your time to choose the best Online Term Insurance Plan in India 2016 and take a step ahead to make your financial planning better.

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1 Comment

  1. Hi
    I am 33yr old male non smoker
    I have shortlisted 3 companies for a term plan of 40 yrs for a sum of 1cr

    1)Kotak with claim settlement ratio of 92% and good solvency ratio and premium of rs.11736
    Kotak has a consistent claim settlement ratio of above 90% for 3 consecutive years
    2)PNB metlife with similar claim settlement ratio of Kotak and same premium of rs.11781
    PNB is a big nationalised bank and Metlife is one of the largest insurance companies in the world
    3)Aegon life with claim settlement ratio of 89% and premium of rs.11172
    Aegon is in partnership with bennett coleman company which is a times group company
    Aegon doesn’t have a very good claim settlement ratio in the past but by paying an additional premium of 500rs you can get a waiver of future premiums on discovery of critical illness.

    Please advise which policy should I go for considering I am taking a policy for 40yrs based on the data available of a few years.


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