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Health Insurance, also known as medical insurance policy, offers financial security against planned and emergency medical expenses, including costs for hospitalisation, day-care treatments, surgeries, modern-day treatments, pre & post-hospitalisation, etc. Thus, it helps you prioritize medical care without unnecessarily worrying about large out-of-pocket medical bills.
₹1 Crore Life cover starting from ₹485/month+
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- Discount upto 10% for buying online
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7.7 Crore
Registered Customers
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Registered Customers
4.2 Crore
Policies Sold
440 Crore worth of claim assisted since Apr’22
Free Dedicated Claim Assistance
SelectBima for your family Guarantees claim support
Mr. Jagnir
Claim Beneficiary
Mr. Ashish
SelectBima Executive
Compare and Find the Best Term Insurance Plan
iProtect Smart
Life Cover
₹ 1 Cr
Max Limit: 99 yrs
Claim Setteled
99.17%
Price
₹ 597/month
Buy Online & Save ₹8.9
iProtect Smart
Life Cover
₹ 1 Cr
Max Limit: 99 yrs
Claim Setteled
98.17%
Price
₹ 749/month
Buy Online & Save ₹8.9
iProtect Smart
Life Cover
₹ 1 Cr
Max Limit: 99 yrs
Claim Setteled
99.17%
Price
₹ 597/month
Buy Online & Save ₹8.9
iProtect Smart
Life Cover
₹ 1 Cr
Max Limit: 99 yrs
Claim Setteled
99.17%
Price
₹ 889/month
Buy Online & Save ₹8.9
iProtect Smart
Life Cover
₹ 1 Cr
Max Limit: 99 yrs
Claim Setteled
99.17%
Price
₹ 597/month
Buy Online & Save ₹8.9
iProtect Smart
Life Cover
₹ 1 Cr
Max Limit: 99 yrs
Claim Setteled
99.17%
Price
₹ 597/month
Buy Online & Save ₹8.9
Disclaimer: The above plans and premiums are for *1 Cr sum assured for 18 years old with 20 years policy term. Standard T&C Apply. Price would vary basis your profile. Prices offered by the insurer are as per the IRDAI-approved insurance plans. SelectBima does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of SelectBima . For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Health Insurance
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 Sumeet
Sumeet, a Healthy and non smoking male.
Bought Policy
Sameer bought a ₹1 crore Term Insurance for a 25 yrs policy term to secure his wife financially.
Unfortunate Death
In the 9th Policy year, Sameer 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.
Directly from Experts
What are the Best Term Insurance Plans in India 2024?
Buy India’s best term insurance plan starting at just Rs.16/ day with Rs. 1 Crore cover, 10% discount online and 100% dedicated claim assistance. With SelectBima term life policy, you can easily compare, buy the best term insurance plan in India 2024 and choose the term plan that fits your needs. Here is a list of the best term insurance plans in India 2024 for you, based on various factors, including affordable term plan premium rates, flexible payout options, coverage, and reliability of term life 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 list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. SelectBima does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of SelectBima. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
What is the Best Term Insurance Plan for 1 crore in India?
The best term insurance plan for 1 crore in India is a plan that protects your family’s financial future, is affordable, and fits all your individual needs. 1 crore term insurance will offer a death benefit of Rs. 1 Crore to your family in the event of your unfortunate demise, which in turn will help your family take care of their financial needs in your absence. They can use the benefit amount received from the term life insurance plan to pay off their loans, take care of their child’s fees, and other monthly expenses.
Is it worth to take term insurance?
Yes, Term insurance is worth it. If you just want peace of mind that you dear ones will be financially secured if you pass away and they also lose your income, term life insurance is most probably worth it – even if you survive the term plan.
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
Health Insurance
1.5 Crore
Term Insurance
2 Crore
Health Insurance
1.5 Crore
Term Insurance
1.5 Crore
Term Insurance
1 Crore
Health Insurance
1.5 Crore
Term Insurance
2 Crore
Health Insurance
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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
Why Should You Buy Term Insurance Plan
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. |