Top 10 Cheapest Term Life Insurance Plans in India for 2022

Ravi, 25 had purchased a term insurance policy for a sum assured of Rs 1 Crore after he landed his first job. Since his age was less, the premium for a 1 Crore policy was also low. Now, he is married, has two kids, lives in a rented flat, and continues to pay the same premium for the term policy. In case of anything untoward happens to Ravi during the policy tenure, his family will receive a lump sum amount of 1 Crore from the insurance provider. If Ravi had purchased the same term policy at the age of 35, the premiums would have been considerably higher.

The ability to protect and secure the financial future of your family members after your lifetime makes a term insurance policy more valuable than any other investment product. Unlike other investments, a term plan does not provide returns, but you must treat it as a financial tool to secure your financial commitments in your absence. Even the cheapest term insurance policy grants options for policyholders to customize the policy and make it inclusive. 

With many insurance companies in India offering a wide range of term policies across online and offline modes, it can be a little confusing for you to choose the cheapest term insurance plan among them. So is the reason we are listing such policies, making it easy for you to shortlist, compare, select, and finalize the right plan that provides peace of mind for yourself and a stress-free future for your family. 

List of 10 Top Cheapest Term Life Insurance Plans in India for 2022

A term insurance policy is a pure life product, which means expecting to get returns from it is meaningless. Though there are term plans that offer a return of premiums, the cost of such policies is higher compared to a plain term policy. If you are looking for the best yet cheap term insurance plans, the following list shall help you to choose the right one.

What to look for in a term plan? 

The importance of taking a term plan has been discussed a lot, but here are some lesser-known features that a best term life insurance should have. Remember to keep these in mind before purchasing:

• 5 Things you should remember while buying a cheapest term Insurance Plan
• Coverage for Your Partner: Once after marriage, you can no longer make decisions alone as your spouse becomes a part of your life and family. So, make sure the term plan allows you to include your partner also under the same policy such that the coverage may continue even after your absence.
• Lowest Premium: Although a term insurance policy can be availed by anyone within the age of 18 to 60 years, many fail to catch it during their younger years. A person is healthy when he is young and does not carry a risky health profile, which allows the insurance provider to offer a high-value cover for a low premium. For example, the monthly premium for a 1 Crore term insurance policy starts from as low as ₹500 per month if the policyholder is within 25 years of age and a non-smoker. However, the same plan costs more if taken by someone in their mid-30s. 
• Benefit Payout Options: The death benefits payable to the insured person’s family are the primary reason for opting for a term insurance plan. Even though you get the cheapest term plan, ensure that it provides flexible options to receive the death benefits. Making your family members run from one pole to another in trying to get a successful claim could be the last thing that you want for them, especially after your demise.
• Riders: Riders are offered by insurance companies to make the term policy comprehensive for a little additional premium. This not only saves money but also increases the coverage of the entire policy. Some of the popular riders are Accidental death benefit, Accidental disability benefit, Serious illness cover, Critical illness benefit, etc.
• Critical Illness Coverage: With unpredictability surrounding our health, it becomes tough to stay exposed to risks without proper security. Many term insurance plans provide critical illness coverage as a separate rider that protects you from the rising healthcare costs in case you get affected by any of the listed critical illnesses. 

As mentioned earlier, the premiums of term insurance plans are the lowest when bought at a younger age. So even if you had missed it earlier, don’t wait any longer to decide on whether to buy a term insurance plan or not.

The times we are living in are constantly changing, and anything is bound to happen to us within a matter of a few seconds. With risky situations to face daily, it is prudent to take care of your life, especially when you have a family and dependents. Hence do not waste any more time and get ready to buy the desired term policy of your choice. You can visit iiflinsurance.com to get quotes for the cheapest term insurance plans available in the market.