Best Term Insurance Plans with Affordable Premiums


Life Insurance is important. It keeps your savings safe and provides protection to your family even in your absence. Term insurance is a type of life insurance that offers a death benefit. But buying the right term insurance is not an easy victory. Especially when you have enough options to choose from!

Moreover, the insurance agent may pitch you the way to persuade you to buy a particular policy to achieve his target. And you may end up paying for a plan that doesn’t worth it.

Therefore, you should have a clear vision of whatever products are trending in the market, the top insurers with top policies and the best option that can be availed within the budget. And to help you with this, we’ve compiled the top pure term insurance plans that can be bought at a pocket-friendly rate.

But before we start, let’s know about what’s term insurance

Term Insurance- Traditional Life Insurance

Term Insurance is also referred to as traditional whole life insurance, which is designed to cater to the various insurance needs of the insured. Usually, it is popular for providing a death benefit to the insured’s family in case of the sudden demise of the policyholder. If the insured survives, no benefit will be provided.

Here are some of the top term insurance plan you can consider to add to your portfolio:

Plan Name Provider Entry age Sum Assured Plan Tenure
LIC e-Term Insurance LIC
iProtect Smart ICICI Prudential 18 years-65 years Subject to the minimum premium to no limit 5 years / 20 years
Smart Shield SBI 18 years- 60 years Rs 2,50,000 to no limit 5 years – less than 80  years at entry
Click 2 Protect Plus HDFC Ergo 18 years-65 years Rs. 10,00,000 5,40,50 years
Max Online Term Plan Plus Max Life Insurance 18 years- 60 years Rs. 1 crore maximum 30 years
Bajaj Allianz i Secure Bajaj Allianz 18 years- 60 years Rs 2,50,000 to no limit 10, 15, 20, 25 & 30 years
iSelect Term Plan Canara HSBC OBC 18 years-70 years Rs 25,00,000 and above 5 to 40 years
iTerm Smart Aviva Life 18 years-65 years Rs. 75 lakh to Rs. 25 cr. 5,6,7,8,9,10  years
iRaksha TROP Tata AIA 18 years-65 years Rs. 50,00,000 to no limit 10, 15, 30
  • LIC e-Term Insurance Plan

With around 98% claim settlement ratio, LIC is one of the pioneering insurance providers in India. The insurer has been serving the industry with many innovative products since its inception and has become one of the most trusted brands. LIC e-Term Insurance is a regular non-participating term policy that provides financial protection in case of an insured’s death. This policy is only available online, where no intermediary is involved. Sum assured of Rs 25,0000 for aggregate category and Rs. 50,00, 000 for non-smokers, 35 years of the policy tenure, pure term policy etc. are some of the features of this policy.

  • ICICI Pru iProtect Smart

ICICI Pru iProtect Smart has been the top-selling plan of the insurer since the plan its launch. The plan comes with the dual benefit of death cover along with critical illness cover. The best part is that the policy fits into your tight budget where the annual premium for Rs 50,000,00 sum assured starts from Rs. 7,088 for 45 years term.

  • SBI Smart Shield

It is a traditional no-participating pure term insurance plan that ensures a bright financial future of your family. With this plan, you can be assured of your family’s future in case of your sudden demise. This plan can be availed at an affordable rate with three rider options. That plan offers extensive sum assured with no ceiling on the upper limit.

  • HDFC Click 2 Protect Plus

HDFC Click 2 Protect Plus is an online term insurance policy that offers comprehensive insurance protection to you and your family. 3D means three uncertainties we may face i.e. death, disability and disease. You can avail a 5.5% discount on the premium for buying this policy online. The insurer is one of the most proclaimed insurance providers with 99.03% claim settlement ratio in 2018-19.

  • Max Online Term Plan Plus

Max online term plan plus is a uniquely designed term insurance plan that brings happiness to your family by keeping it secured in case of any eventuality. The policy offers extensive coverage of Rs. 1 crore at just Rs. 563 per month. The base policy tenure is 30 years. The policy can be bought at the maximum age of 60 as well. You can have an option of paying the premium on a monthly, quarterly, half-yearly and annual basis.

  • Bajaj Allianz i Secure

Bajaj iSecure is a term insurance plan that comes with life cover, the high sum assured rebate, joint life cover, death benefit payments in instalments etc. You can select the policy term as per your preference from 10, 15, 20, 25 or 30 years, where you can also alter your premium payment frequency. The sum assured starts from 2.5 0 lakh to no limit.

  • Canara HSBC OBC iSelect Term Plan

iSelect Term Plan is a pure term protection plan that comes with life cover and terminal illness cover plus coverage against accidental death/ disability, additional income option for the family in case of your absence. The minimum age to buy this policy is 18 years, where a sum assured of Rs. 25,00,000 can be availed.

  • Aviva iTerm Smart

This term insurance policy from Aviva ensures the peace of mind knowing that your loved ones will be financially protected even in your absence. The life cover can be availed up to the age of 80 years. There is an option to increase the sum assured during the policy term. Moreover, tax benefits can be availed for the premiums paid.

  • Tata AIA iRaksha TROP

Tata AIA iRaksha TROP is an ideal option to protect the income of your family. This is a term insurance policy where not only the financial protection is provided to the family but also the total premiums paid at the end of the policy tenure are returned. Moreover, female policyholder can avail this plan at a discounted rate. Tax benefits to be earned as per the Section 80C & 10(10D) of the Income-Tax Act, 1961.


Adding a term insurance plan in your financial portfolio is a wise decision. It protects your family during a financial hardship in the event of a crisis. The death benefit offered by the policy can be utilized in paying off the debt or other related expenses.


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