Best Term Insurance Plans in India To Buy in 2022

Mr. Shyam Chatterjee, aged 42 years, running a travel company, lived with his wife, parents, and two kids in Kolkata. He used to get many lucrative travel vouchers in his business dealings. During one such trip with his family, he and his family got injured in a car accident. Everyone apart from Mr. Chatterjee suffered minor injuries, but Mr. Chatterjee succumbed to his fatal injuries.

With the single bread earner of the family no more, the future of the family could have been ruined, but thankfully, Mr. Chatterjee had bought a 1 crore term insurance plan when he was in his mid-30s. His wife was aware of this and sent a claim request to the insurance company and received the death benefit amount of Rs. 1 crore.

Life is unpredictable, and the above scenario is a classic example of how your family’s future could be at stake. So, why not secure their future at the right time with a term insurance plan?

Let us first understand the benefits of a term insurance policy, followed by a list of the best term insurance plans in India 2022.

Why Buy a Term Insurance Plan?

If you love your family and want to secure their future even in your absence just like Mr. Chatterjee, then you must buy a term insurance plan. A term insurance plan, as suggested by its name, is a life insurance plan for a specific term. It aims to provide financial aid to your family after your death. However, this protection is offered only during the policy tenure.

Let us have a look at some benefits that can be availed by purchasing the best term insurance plans:

• It secures the future of your family in your absence
• It provides financial security to fulfill your family’s requirement
• Your family can live a comfortable life with the help of the pay-outs of a term plan
• With the pay-outs of a term insurance plan, your family can clear all the existing debts and EMIs
• The best term insurance plans offer high cover at a very affordable premium

List of 10 Best Term Insurance Policies in India for 2022

Listed below are the Best Term Insurance Plans in India by the Best Life Insurance Companies you can choose from according to your requirements:

1. Aditya Birla Sun Life Insurance Life Shield Plan
2. Bajaj Allianz Smart Protect Goal Term Plan
3. Canara HSBC OBC iSelect Star Term Plan
4. HDFC Click2Protect Plus Plan
5. ICICI Prudential iProtect Smart Term Plan
6. Kotak e-Term Plan
7. LIC Tech Term Plan
8. Max Life Smart Secure Plus Plan
9. PNB MetLife Mera Term Plan Plus
10. SBI Life e-Shield Plan

1. Aditya Birla Sun Life Insurance Life Shield Plan: This plan allows you to pick any of its 8 interesting coverage options.

Some of its features are:

• The minimum sum assured is Rs. 25,00,000
• The plan comes with a CSR of 97.54%
• It comes with 8 different coverage options to choose from as per requirements
• In case of the untoward event of death of the life assured within the policy tenure, this plan offers financial aid to the family of the deceased.
• This plan offers Terminal Illness Benefits and another number of riders to choose from

2. Bajaj Allianz Smart Protect Goal Term Plan: If planning to buy the best term plan, do consider this plan offers financial assistance if diagnosed with some critical illness.

Some of its features are:

• It can be purchased by anyone aged between 18 to 65 years
• The minimum sum assured is Rs. 50,00,000.
• The plan has a claim settlement ratio of 98.02%
• It offers death benefits at affordable premiums and maturity benefits by returning the premiums already paid at the time of the policy maturity.
• It also offers monetary aid if any of the listed critical illnesses in the plan are diagnosed

3. Canara HSBC OBC iSelect Star Term Plan: This term insurance policy comes with a whole life cover option offering you the flexibility to enhance your life depending on your lifestyle changes.

Some of its popular features are:

• It is available for purchase by anyone aged between 18 to 65 years
• The minimum sum assured is Rs. 25,00,000
• The claim settlement ratio is 98.12%
• This plan comes with a return of premium option, in-built protection, and spouse coverage
• It offers multiple death benefit pay-out options including, lump sum, monthly income, and lump sum plus monthly income

4. HDFC Click2Protect Plus Plan: Those looking to purchase the best term insurance plan in India, may choose this one from HDFC that offers critical illness benefits and many other interesting riders.

Some fascinating features of this plan are:

• The minimum sum assured is Rs. 10,00,000
• The claim settlement ratio of this plan is 99.07%
• It comes with 3 cover options, including, Life and CI Rebalance, Life Protect, and Income Plus Option
• This plan comes with to auto-balance death and critical illness benefits with the increase in age

5. ICICI Prudential iProtect Smart Term Plan: This amazing plan comes in three varied options. You may enhance its benefits by choosing the right riders along.

Some interesting features of this term insurance plan are:

• The minimum sum assured for this plan is Rs. 50,00,000
• The claim settlement ratio in this plan is 97.84%
• This term plan comes with death coverage, terminal illness coverage, accidental death benefit, surrender benefits, and premium waiver benefits.

6. Kotak e-Term Plan: It is a pure protection individual non-linked plan with three different pay-out options. This plan has been designed to keep your family at priority.

Some fascinating features of this plan are:

• It is available to people aged between 18 to 50 years (pay till 60 years for limited pay), or 65 years (pay till 60 years except for limited pay)
• The minimum sum assured offered with this term plan is Rs. 25,00,000
• There are different premium payment modes like monthly, quarterly, half-yearly, and yearly
• This plan comes with three pay-out options including, Immediate Pay-out, Level Recurring Pay-out, and Increasing Recurring Pay-out
• It comes with an option of riders like Kotak Permanent Disability Benefit Rider and Kotak Critical Illness Plus Benefit Rider

7. LIC Tech Term Plan: This one is a traditional term plan coming from the house of one of the best life insurance companies in India.

Some features of this plan are:

• The minimum sum assured for this plan is Rs. 50,00,000
• The claim settlement ratio of this ICICI term plan is 96.69%
• It offers the benefits of 2 death benefits including, Level Sum Assured and Increasing Sum Assured
• The policy term for this plan is between 10 to 40 years
• The maturity age of this term plan is till 80 years

8. Max Life Smart Secure Plus Plan: This plan offers you the flexibility to customize the coverage protection at a very reasonable price.

Some interesting features of this term plan are:

• The minimum sum assured offered here is Rs. 20,00,000
• The claim settlement ratio is 99.22%
• This plan offers you several pay-out options like lump-sum payment, partly in a lump sum and partly in monthly income, and monthly income pay-out
• There is also a terminal illness coverage and return of premiums paid on the policy maturity time
• It offers 2 death benefits

9. PNB MetLife Mera Term Plan Plus: This Punjab National Bank Life Insurance Plan offers different life cover options like whole life cover and spouse coverage.

Some appealing features of this best term plan are:

• The minimum sum assured under this plan is Rs. 10,00,000
• The claim settlement ratio for this best term plan is 97.18%
• It offers the flexibility to choose protection against terminal illness, disability, critical illness, and death

10. SBI Life e-Shield Plan: This is an individual non-linked term plan from SBI that is available in four different options, so you can choose as per your requirement.

Some features to look at:

• The minimum sum assured for this plan is Rs. 35,00,000
• The claim settlement ratio is 94.52%
• It offers various benefits like easy renewability, surrendering facility, and a free-look period
• It offers four protection covers like Level Cover, Level Cover with Accidental Death Benefit, Increasing Cover with Accidental Death Benefit, and Increasing Cover

How to Buy Best Term Insurance Policy in 2022?

Listed below are some crucial factors to consider when buying the best term plan in 2022:

• Identify Your Needs: The prime thing to consider when planning to buy the best term plan in 2022 is to identify your needs. You should be clear about your purpose in purchasing a term insurance plan. Talk to your life partner to discuss the future goals and requirements. Based on this self-evaluation, you will be in better possible to pick the best term life insurance policy.
• Thorough Knowledge of Term Insurance: Secondly, it is important to have thorough knowledge about the term plan you have shortlisted. You need to devote an ample amount of time to understand the features, benefits, and terms and conditions of your chosen term insurance policy. Make sure not to overlook the reviews about the policy from other buyers.
• Best Selection of Riders: Third main factor to consider when buying the best term insurance plan in India is to choose the add-ons or riders carefully. Riders play an important role in extending policy coverage. Needless to say, these riders are offered at an additional cost, but they have their significance. Some of the popular riders to pick with your term insurance plan are Accidental Death Cover, Accidental Disability Cover, Premium Waiver Cover, Critical Illness Cover, Terminal Illness Cover, and so on.
• Apt Claim Settlement Ratio: When choosing a term plan for yourself or your family, do pay attention to the claim settlement ratio set by your chosen insurance company. Claim Settlement Ratio or CSR is the total percentage of claims that are settled by the insurance company annually out of the total claims received. A quick tip here is to buy a term plan from an insurer with a high CSR, which means the insurer clears the claims on time.

Conclusion

If you are planning to buy the best term insurance plan in 2022, then we just shared with you the best options to consider. For best buy, make sure to study and compare the features and benefits of these plans with the help of an insurer. Your family must not suffer financially after your demise, so do plan now and secure their future with the best term plan.