Online Term Insurance
₹1 Crore Life cover starting from ₹485/month+
Term Insurance Plan
Term insurance is a simple type of life insurance designed to provide financial protection for a specific period. Term plan insurance is one of the most affordable ways to ensure your family’s financial security. It provides life coverage for a specific period, known as the “term.” In the unfortunate event of the policyholder’s passing during this period, the plan offers a lump-sum death benefit to the nominee or beneficiary, helping them maintain their standard of living. For example, a 30-year-old healthy non-smoker can buy a ₹1 Crore term insurance policy for as low as ₹597 per month, securing his family’s financial stability for the next 20 years. This plan ensures that even in his absence, his family won’t face any financial strain and can continue their lifestyle without worrying about day-to-day expenses or future goals. With such affordable premiums, term insurance stands out as a thoughtful and effective way to protect your loved ones’ future.
Note: The premium differs based on the type of premium payment option opted by the policy buyer.
What is Term Insurance?
Meet Rajat
Rajat, a Healthy and non smoking male.
Bought Policy
Rajat bought a ₹1 crore Term Insurance for a 25 yrs policy term to secure his wife financially.
Unfortunate Death
In the 9th Policy year, Rajat suffered an unfortunate death.
Claim
His wife received a ₹1 Crore death benefit from the insurer.
After Claim
His wife can use the benefit & maintain her current quality of life.
What are the Best Term Insurance Plans in India 2024?
Get India’s top term insurance plan starting at just Rs. 16/day with Rs. 1 Crore coverage, 10% online discount, and 100% dedicated claim assistance. With SelectBima’s term life policy, easily compare and choose the best term insurance plan in India for 2024 that suits your needs. Explore a list of the best term insurance plans in India for 2024, based on key factors like affordable premiums, flexible payout options, extensive coverage, and the reliability of trusted insurance providers.
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
|---|---|---|---|---|---|
|
Aditya Birla Sun Life Insurance Company Limited |
ABSLI Income Suraksha Plan |
458 |
21-55 Years |
70 Years |
Apply Now |
|
Aditya Birla Sun Life Insurance Company Limited |
ABSLI Income Suraksha Plan |
458 |
21-55 Years |
70 Years |
Apply Now |
|
Aditya Birla Sun Life Insurance Company Limited |
ABSLI Income Suraksha Plan |
458 |
21-55 Years |
70 Years |
Apply Now |
|
Aditya Birla Sun Life Insurance Company Limited |
ABSLI Income Suraksha Plan |
458 |
21-55 Years |
70 Years |
Apply Now |
*You can easily use a term insurance premium calculator to calculate the premium amount of your chosen term life policy.
*Calculate and secure your financial goals with our SIP calculator with term insurance options.
Disclaimer: The insurers listed are arranged alphabetically by the name of the insurance company. SelectBima does not endorse, rate, or recommend any specific insurer or their products. The plans listed include products from all of SelectBima’s insurance partners. For a complete list of insurers in India, please visit the Insurance Regulatory and Development Authority of India (IRDAI) website at www.irdai.gov.in.
What is the Best Term Insurance Plan for 1 crore in India?
The best 1 crore term insurance plan in India is one that secures your family’s financial future, is affordable, and meets your specific needs. A 1 crore term insurance policy provides a death benefit of Rs. 1 Crore to your family in case of your unfortunate demise. This amount helps your loved ones manage their financial obligations, such as paying off loans, covering educational expenses, and handling monthly bills, ensuring their stability in your absence.
Is it worth to take term insurance?
Yes, term insurance is worth it. If you’re looking for peace of mind knowing that your loved ones will be financially secure in case of your passing and the loss of your income, term life insurance is a valuable choice — even if you outlive the policy.
Discover the most Suitable Term Plan for you!
One of the main factors in selecting the term life insurance plan for the financial protection of your family is deciding on the right sum assured option. Below are the options available for sum assured amounts that are for you:
1 Crore
Term Insurance
1.5 Crore
Term Insurance
2 Crore
Term Insurance
1.5 Crore
Term Insurance
Common Customer Queries Resolved
Term insurance plan provides financial protection to your family and replaces your income in case you are not around. You pay a small fee every month/year to protect your family, and in case something happens to you, the term insurance company pays a large sum of money (life cover) to your family. It costs as little as Rs 485/Month to buy a 1 crore life cover.
Life Cover: Amount that the family receives on the demise of the policyholder (should be 10 times your annual income). Cover till age: The age till which a term life insurance plan protects your family (generally opted till 70). Payment Frequency: Premium can be paid monthly or annually. Annual premiums have a 10% discount.
Life cover or sum assured is to take care of your family’s expenses in your absence. Expenses include household expenses, which will increase with time due to inflation and any existing loans.
The thumb rule is to take a cover of 10 times your annual income. Why? Let me explain with an example:
Annual Income = 10L
Monthly expense = 35,000/month i.e. 4.2L/year
Loan = 20L
As per trends, your expenses double in 10 years due to inflation. Net expenses for the next 20 years would be 1.3 Cr. Adding 20L to pay off your loan, your family would need approx 1.5 Cr as your Life cover
Life cover or sum assured is to take care of your family’s expenses in your absence. Expenses include household expenses, which will increase with time due to inflation and any existing loans.
The thumb rule is to take a cover of 10 times your annual income. Why? Let me explain with an example:
Annual Income = 10L
Monthly expense = 35,000/month i.e. 4.2L/year
Loan = 20L
As per trends, your expenses double in 10 years due to inflation. Net expenses for the next 20 years would be 1.3 Cr. Adding 20L to pay off your loan, your family would need approx 1.5 Cr as your Life cover
Life cover or sum assured is to take care of your family’s expenses in your absence. Expenses include household expenses, which will increase with time due to inflation and any existing loans.
The thumb rule is to take a cover of 10 times your annual income. Why? Let me explain with an example:
Annual Income = 10L
Monthly expense = 35,000/month i.e. 4.2L/year
Loan = 20L
As per trends, your expenses double in 10 years due to inflation. Net expenses for the next 20 years would be 1.3 Cr. Adding 20L to pay off your loan, your family would need approx 1.5 Cr as your Life cover
What are the Factors to Consider Before Buying Term Insurance Plan?
While buying a term policy, it may be confusing to understand what term insurance online is better and how to find the best term life insurance plan. Here are steps that may help you choose the best term plan insurance for yourself:
Term insurance plan provides financial protection to your family and replaces your income in case you are not around. You pay a small fee every month/year to protect your family, and in case something happens to you, the term insurance company pays a large sum of money (life cover) to your family. It costs as little as Rs 485/Month to buy a 1 crore life cover.
Life Cover: Amount that the family receives on the demise of the policyholder (should be 10 times your annual income). Cover till age: The age till which a term life insurance plan protects your family (generally opted till 70). Payment Frequency: Premium can be paid monthly or annually. Annual premiums have a 10% discount.
Life cover or sum assured is to take care of your family’s expenses in your absence. Expenses include household expenses, which will increase with time due to inflation and any existing loans.
The thumb rule is to take a cover of 10 times your annual income. Why? Let me explain with an example:
Annual Income = 10L
Monthly expense = 35,000/month i.e. 4.2L/year
Loan = 20L
As per trends, your expenses double in 10 years due to inflation. Net expenses for the next 20 years would be 1.3 Cr. Adding 20L to pay off your loan, your family would need approx 1.5 Cr as your Life cover
Life cover or sum assured is to take care of your family’s expenses in your absence. Expenses include household expenses, which will increase with time due to inflation and any existing loans.
The thumb rule is to take a cover of 10 times your annual income. Why? Let me explain with an example:
Annual Income = 10L
Monthly expense = 35,000/month i.e. 4.2L/year
Loan = 20L
As per trends, your expenses double in 10 years due to inflation. Net expenses for the next 20 years would be 1.3 Cr. Adding 20L to pay off your loan, your family would need approx 1.5 Cr as your Life cover
Term insurance plan provides financial protection to your family and replaces your income in case you are not around. You pay a small fee every month/year to protect your family, and in case something happens to you, the term insurance company pays a large sum of money (life cover) to your family. It costs as little as Rs 485/Month to buy a 1 crore life cover.
Term insurance plan provides financial protection to your family and replaces your income in case you are not around. You pay a small fee every month/year to protect your family, and in case something happens to you, the term insurance company pays a large sum of money (life cover) to your family. It costs as little as Rs 485/Month to buy a 1 crore life cover.
Term insurance plan provides financial protection to your family and replaces your income in case you are not around. You pay a small fee every month/year to protect your family, and in case something happens to you, the term insurance company pays a large sum of money (life cover) to your family. It costs as little as Rs 485/Month to buy a 1 crore life cover.
Term insurance plan provides financial protection to your family and replaces your income in case you are not around. You pay a small fee every month/year to protect your family, and in case something happens to you, the term insurance company pays a large sum of money (life cover) to your family. It costs as little as Rs 485/Month to buy a 1 crore life cover.
Life cover or sum assured is to take care of your family’s expenses in your absence. Expenses include household expenses, which will increase with time due to inflation and any existing loans.
The thumb rule is to take a cover of 10 times your annual income. Why? Let me explain with an example:
Annual Income = 10L
Monthly expense = 35,000/month i.e. 4.2L/year
Loan = 20L
As per trends, your expenses double in 10 years due to inflation. Net expenses for the next 20 years would be 1.3 Cr. Adding 20L to pay off your loan, your family would need approx 1.5 Cr as your Life cover
Term insurance plan provides financial protection to your family and replaces your income in case you are not around. You pay a small fee every month/year to protect your family, and in case something happens to you, the term insurance company pays a large sum of money (life cover) to your family. It costs as little as Rs 485/Month to buy a 1 crore life cover.
Life cover or sum assured is to take care of your family’s expenses in your absence. Expenses include household expenses, which will increase with time due to inflation and any existing loans.
The thumb rule is to take a cover of 10 times your annual income. Why? Let me explain with an example:
Annual Income = 10L
Monthly expense = 35,000/month i.e. 4.2L/year
Loan = 20L
As per trends, your expenses double in 10 years due to inflation. Net expenses for the next 20 years would be 1.3 Cr. Adding 20L to pay off your loan, your family would need approx 1.5 Cr as your Life cover
Term insurance plan provides financial protection to your family and replaces your income in case you are not around. You pay a small fee every month/year to protect your family, and in case something happens to you, the term insurance company pays a large sum of money (life cover) to your family. It costs as little as Rs 485/Month to buy a 1 crore life cover.
Who Should Buy Term Insurance Plan?
| Types of Individuals | Term Insurance Benefits |
|---|---|
|
Young Professionals |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Newly Married |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Working Women |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Working Women |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
How Does a Term Insurance Plan Work?
Here is how term insurance works in India:
Step 1: Assess Financial Needs
The first step is to assess your and your family’s financial needs and find the right cover amount, policy term, and other such features.
Step 2: Calculate Term Insurance Premiums
Next, you need to figure out the applicable term life insurance premiums for your profile and choose the right term insurance plan for yourself.
Step 3: Fill out the Proposal Form
Now, you need to fill out the proposal form and ensure that all the details and information provided are accurate to the best of your knowledge to avoid a policy rejection or claim rejection in the future.
Step 4: Sign the Agreement
Once you have submitted your proposal form, you need to sign the agreement by making the first premium payment. After this, the insurer will review and issue the term policy.
Step 5: Assign the Nominee
Nominate the person you want to cover under the term policy and receive the payout amount in your absence.
What are the Features of Term Insurance Plans in India?
Term life insurance plan is one of the preferred types of life insurance because of its affordable premiums, low entry age, and easy-to-buy features. Long-term protection, the flexibility of choosing policy and premium payment terms, customisable cover, and liability protection are some other benefits of term insurance plans.
| Parameters | Details |
|---|---|
|
Low Entry Age |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Long Term Protection |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Easy to Buy |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Premium Pay Options |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
Term life insurance plan is one of the preferred types of life insurance because of its affordable premiums, low entry age, and easy-to-buy features. Long-term protection, the flexibility of choosing policy and premium payment terms, customisable cover, and liability protection are some other benefits of term insurance plans.
| Parameters | Details |
|---|---|
|
Low Entry Age |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Long Term Protection |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Easy to Buy |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |
|
Premium Pay Options |
Young professionals often start their careers without financial dependents, like a spouse or parents they support. However, it’s a smart decision to buy life term insurance plan early because the premiums stay the same for life. |