Top 8 Best Term Insurance Plans in India in 2018-2019

In This Post We Consider Top 8 Best Term Insurance Plans in India in 2018-2019

Insurance What happens if the family’s breadwinner passes away unexpectedly? What happens if the family’s breadwinner dies in an accident and does not return to this world? While the loss of a family member cannot be replaced, it does have an influence on the family’s financial situation. Such a loss can be devastating.

Children’s schooling, daughter marriage, and the spouse’s survival are all under jeopardy. Term insurance is one of the best strategies to protect yourself against life’s unexpected bad surprises. Term insurance plans have a cheap cost and a high sum promised, and they protect your family in the event of a loss. How do you choose the finest term insurance policy? Which Term Insurance Plans are the Best for 2018-2019? What are the Top 8 Best Term Plans with a High Claim Settlement Ratio for 2018-2019?

What is Term Insurance Plan?

If you’re already familiar with term insurance, you may skip this section.
A term insurance plan is a simple insurance plan in which the sum assured is paid to the insured’s family or nominee if the insured dies. The term insurance policy has no maturity date. These are insurance plans that only cover risks. On maturity, no money would be returned.
According to IRDA criteria, a claim cannot be denied for any reason after three years from the commencement of the policy. As a result, claim settlement ratio is no longer a significant factor in determining the best term insurance plan. However, it should be recognized as one of the factors to consider when purchasing a term insurance policy.

How we filtered Top and Best Term Insurance Plans in India for 2018-2019?.

When choosing the top and finest term insurance plan in India, there are various factors to consider. However, when choosing the correct term insurance plan, I took into account four crucial factors.
1) Insurance Claim Settlement Ratio (CSR): While CSR is not the most important criterion to evaluate, it should be. There are 62 insurance companies registered in India as of 2015-2016. Only ten corporations, on the other hand, have disclosed a claim settlement ratio of greater than or equal to 95 percent. CSR

is a percentage of the total number of insurance claims received by the insurance company that has been settled. Lower CSR indicates that the company is rejecting more claims, and your family may become a victim as a result. Companies with a high claim settlement ratio of 95 percent to 100 percent have been filtered.
2) Reputation of the Insurance Business: No one can tell you how terrific an insurance company is. The longer an insurance firm has been registered, the better. As a result, we’ve eliminated Insurance businesses with less than a ten-year track record.

3) Additional Term Insurance Plan Features: What about a decent insurance business that doesn’t have a lot of options? That is not an option that anyone would choose. I’ve filtered Term insurance plans to include fundamental elements as well as additional features that may be useful to people considering term insurance.
4) Plans with Low Rates: While price is not the only factor to consider when choosing an insurance plan, we have prioritized term insurance plans with low premiums and more features.
Before purchasing a term insurance policy, one should conduct a term insurance comparison. Term insurance can be purchased online through various insurance portals.

Top 8 Best Term Insurance Plans in India in 2018-2019

The Top 8 Best Term Insurance Plans for 2018-2019 are shown below. We’ll go through the most important characteristics of these term insurance plans.

1) LIC e-Term Insurance Plan

In India, LIC is a well-known and reputable brand in the insurance industry. LIC’s e-Term Term Insurance Plan is one of the best term insurance plans available. The LIC Term Insurance Plan has the following features.
The minimum age to enter is 18 years old, while the maximum age to enter is 60 years old.
The maximum age of maturity is 75 years old.

Policy tenure ranges from ten to thirty-five years.
A minimum sum assured of Rs 25 lakhs is required. The minimum sum assured for non-smokers is Rs 50 lakhs.
There is no limit to the amount of money that can be guaranteed.
This plan does not include any riders.
In fiscal year 2016-17, the claim settlement ratio was 98 percent.
This plan covers all types of fatalities, including accidental deaths, with the exception of suicide during the first year.
A proposal can only be made in one’s own name; it cannot be made in the name of a non-working spouse.
For a 30-year non-smoker, the premium is approximately Rs 19,700 per year (excl taxes) for a 30-year insurance with a Rs 1 Crore sum assured. The premium will not alter during the term of the contract.

policy.
If you plan to work overseas or take a vacation, your LIC Term insurance plan will still protect you.
The LIC e-Term Term Insurance Plan is one of the best online term insurance plans in 2018-2019 since it has a strong brand and is trusted by millions of Indians.

2) Max Life Term Insurance Plan Plus

The primary elements of Max Life’s term insurance plan are listed below.
The minimum age to enter is 18 years old, while the maximum age to enter is 60 years old.
The maximum age of maturity is 70 years old.
Policy tenure ranges from ten to forty years.
A minimum sum assured of Rs 25 lakhs is required.
The maximum amount guaranteed is Rs 100 crores.

This plan includes a Comprehensive Accident Benefit Rider.
This package is offered in three different coverage options. a) Basic Life Insurance b) Basic Life Insurance+Monthly Insurance c) Basic Life Insurance + Increasing Monthly Income
The claim settlement ratio for the fiscal year 2016-17 was 97.8%, the highest among all insurance providers.
For a 30 year non smoker for a 30 year policy with a 1 Crore sum assured, the basic premium is approximately Rs 9,000 per annum (excl taxes).
Max Life Term Insurance Plan Plus is a good term insurance plan for 2018 since it has a high claim settlement ratio and a low premium.

3) HDFC Click 2 Protect Plus Term Insurance Plan

The primary benefits of the HDFC Click 2 Protect Plus Term plan are shown below.
The minimum age to enter is 18 years old, while the maximum age to enter is 65 years old.
The maximum age of maturity is 70 years old.
Policy tenure ranges from 5 to 40 years.
The minimum sum assured is ten lakhs rupees.
There is no limit to the amount of money that can be guaranteed.

This plan includes many options such as Life Option, 3D Life Option, Extra Life Option, Return of Premium Option, and so on.
In fiscal year 2016-17, the claim settlement ratio was 97.6 percent.
For a 30-year non-smoker, the basic premium is approximately Rs 13,000 (excl taxes) each year for a 30-year insurance with a Rs 1 Crore sum assured.
This term plan comes with multiple riders, making it a one-of-a-kind term insurance plan for 2018-2019. Before purchasing this insurance plan, one should evaluate HDFC Click 2 Protect 3D Plus.

4) Aegon Religare iTerm Insurance Plan

The main aspects of this scheme are shown below.
The minimum age to enter is 20 years old, while the maximum age to enter is 65 years old.
The maximum age of maturity is 75 years old.
Policy tenure ranges from 5 to 40 years.
The minimum sum assured is ten lakhs rupees.
There is no limit to the amount of money that can be guaranteed.

There are two types of death benefits available: a) a simple death benefit and b) a complex death benefit. c) A death benefit of 50% plus 3% of the Sum Assured is paid every month for the next 5 years.
In fiscal year 2016-17, the claim settlement ratio was 97.1 percent.
For a 30 year non-smoker for a 30 year policy with a sum assured of Rs 1 Crore, the premium is around Rs 6,636 per annum.
More information on the Aegon Religare Term plan can be found at this link on the insurance company’s website.
This is the best term insurance policy, with reasonable premiums and a lot of benefits.

5) ICICI iProtect Smart Term Insurance Plan

The ICICI iProtect Smart Term Plan has the following main benefits.
The minimum age to enter is 18 years old, while the maximum age to enter is 60 years old.
The maximum age of maturity is 75 years old.
Policy tenure ranges from 5 to 40 years.
Minimum Sum Assured (MSA) – Based on an annual premium of Rs 3,600.
There is no limit to the amount of money that can be guaranteed.

Optional rider that pays if one of the 34 Critical Illnesses is diagnosed.
It has four degrees of protection: 1) life; 2) death; and 3) death. 2) Plus (Life) 3) Life and Health, and 4) Everything in One
In fiscal year 2016-17, the claim settlement ratio was 96.6 percent.
For a 30-year non-smoker, the premium is around Rs 8,279 per year for a 30-year insurance with a Rs 1 Crore sum assured.
I believe the ICICI iProtect Term plan is one of the best online term insurance plans because it includes various essential perks and riders.

6) SBI Life eShield Term Insurance Plan

SBI’s Term Insurance Plan, eShield, has a number of unique characteristics.
The minimum age to enter is 18 years old, while the maximum age to enter is 65 years old.
The maximum age of maturity is 70 years old.
The policy’s duration ranges from 5 to 30 years.
The sum assured must be at least Rs 35 lakhs.
There is no limit to the amount of money that can be guaranteed.

It has two possibilities for coverage: 1) Level Cover Benefit 2) Increasing Cover Benefit.
The “Accelerated Terminal Illness Benefit” is a built-in benefit.
A) Accidental Death Benefit Rider 2) Accidental Total and Permanent Disability Benefit Rider are built-in riders.
In fiscal year 2016-17, the claim settlement ratio was 96.6 percent.
The premium is about. For a 30 year non-smoker policy with a 1 crore sum assured, the annual premium is Rs 12,000 (excl taxes).
The SBI Life eShield Term Insurance plan is one of the top term insurance plans for 2018 because it has many features and benefits.

7) TATA AIA Life iRaksha Online Term Insurance Plan

TATA AIA Life offers four different types of term insurance coverage. TATA AIA Life Insurance’s iRaksha Online Term Insurance plan is one of the best. The main aspects of this scheme are shown below.
The minimum age to enter is 18 years old, while the maximum age to enter is 70 years old.
The maximum age of maturity is 80 years old.
Policy tenure ranges from ten to forty years.
A minimum sum assured of Rs 50 lakhs is required.

There is no limit to the amount of money that can be guaranteed.
In fiscal year 2016-17, the claim settlement ratio was 96 percent.
Customers that choose a greater level of protection receive a discount (Sum Assured of Rs 75 Lacs & above).
For a 30-year non-smoker, the premium is approximately Rs 11,000 per year for a 30-year insurance with a payout assured of Rs 1 Crore.

8) Aditya Birla Sun Life Insurance Shield Term Plan

ABSLI offers a variety of term plans.
The minimum age to enter is 18 years old, while the maximum age to enter is 65 years old.
The maximum age of maturity is 80 years old.
Policy tenure ranges from ten to fifty years.
A minimum sum assured of Rs 25 lakhs is required.
There is no limit to the amount of money that can be guaranteed.
In the plan, there are four possibilities. 1) Term Assurance at a Certain Level 2) Level Term Assurance with Premium Waiver 3) Expansion of Term Insurance 4) Increased Term Assurance with Premium Waiver 5) Reduced Term Insurance
In fiscal year 2016-17, the claim settlement ratio was 94.7 percent.

For a 30-year non-smoker, the premium is approximately Rs 8,000 per year for a 30-year insurance with a value assured of Rs 1 crore.
In India, there are a number of good term insurance options. My recommendation to you is to look into the top five options listed above. Make a term insurance comparison to choose from the options. You can also split your insurance coverage into two policies, such as health and life insurance. Instead of a 1 Crore Term Plan from a single insurance company, you can get a 1 Crore Term Plan from

To avoid any rejections in the future, say 10 or 20 years, you can obtain Rs 50 lakhs from two insurance providers. Term insurance policies with low premiums and high risk coverage are the best. This should be your initial step in preparing a budget.