11 Best Term Insurance Plan in India 2022

Before buying the best term insurance plan, you need to understand the factors affecting the insurance premium and the things you should consider before choosing the best term insurance in India. I have covered these points in the later sections of the article.

Let’s first check the best term insurance plans in India 2022

Best Term Insurance Company in India 2022

#1. Max Life Insurance

Max life is known for offering customized policy terms from 10 years to 35 years based on customer needs. You can also add rider plans over your term policy for better life protection.

Max Life insurance has the highest claims ratio of 99.22% for the year 2019-20. A higher claim ratio assures that your family would receive the premium without any hassle.

#2. Bharti Axa Life Insurance

Bharti Axa Flexi Life’s individual death claims paid is 97.4% for FY 2019-20. So you are assure of a hassle-free claim process.

The insurer offers a maximum coverage term of up to 85 years and offers separate covers for heart and cancer and 34 critical illnesses.

#3. LIC of India

LIC of India has a wide network and reach and is the largest insurer in India. You will find LIC offices in your city and even in small towns.

LIC of India Individual Death Claims Paid Ratio is 94.45%. But the application and claim settlement process can be slow.

#4. TATA AIA Life Insurance

TATA AIA term offers whole life coverage of 100 years and various death benefit options to choose from. The insurer offers a discount of up to 25% for a higher sum assured.

TATA AIA individual death claims paid ratio is a bit lower at 94%

#5. SBI Life Insurance

SBI Life has a unique micro insurance term plan for below the poverty line persons for maximum sum assured of Rs. 50,000.

SBI Life insurance individual death claims paid ratio is 92.13%. The unique proposition is the increase in sum assured @10% at the end of every 5 years.

11 Best Term Life Insurance Plan in India for 2022

#1. Max Life Smart Term Insurance Plan

max life insurance

Max life insurance is one of the most preferred companies for term insurance due to its high claim settlement ratio. The company has a 99.22% claim settlement ratio for the year 2019-20.

You would get the option to customized the term plans based on your needs. You can have a term plan cover till the age of 85 years.

Max term insurance charge less premium for term plans as compared to other company plans.

For example, if you are 30 years old, you can get coverage of Rs 1 crore by paying a premium of approximately Rs 1000 per month.

A new addition, COVID-19 Rider – Max offer a COVID rider plan which offers benefit on both diagnoses and death.

For example, you take the rider plan with 10 lakh coverage. You would get a lump sum of Rs 2 lakh in case you diagnosed with COVID, even cured at home. In case of death, up to  10 lakh additional lump sum would be added in the coverage of your base term plan.

You can get the COVID rider plan by paying only Rs 270 per lakh coverage additional to your basic coverage plan. You can get maximum coverage of 10 lakh for the COVID-19 rider plan.

Max Term Life Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
60 years
Max. maturity age85 years
Min. Sum AssuredRs. 25 Lacs
Max. Sum AssuredNo limit
Policy termMin. 10 years
Max. 50 years
Premium payment termRegular at annual,
semi-annual,
quarterly or monthly

Riders

  • COVID 19 rider – additional protection on diagnosing and death due to COVID-19.
  • Waiver of Premium Plus rider – get waiver of all future premiums in case of critical illness/ dismemberment/ death.
  • Accidental death & Disbursement rider – get additional protection cover in case of accidental death or disability.
  • Critical illness benefit – benefit on diagnosed with a critical illness.

Max Life Best Term Insurance Plans

  • Max Life Smart Term Plan
  • Max Life Premium Return Protection Plan
  • Max Life Super Term Plan

What I Liked

  • Lowest premium
  • Higher 99.22% claim settlement ratio
  • COVID-19 rider plan
  • Option to customise plan for premium & settlement terms.

What I Didn’t Like

  • No inbuilt riders

#2. Bharti Axa Flexi Life Term Insurance Plan

bharatiaxa life insurance

Bharti Axa Flexi Life has two types of term insurance plans to match individual needs.

First, regular death benefit term insurance plan with life cover. Second is the regular term life plan with added coverage for critical illnesses at an additional cost.

Both the plans have a maximum coverage term of up to age 85 years. The two variants for a term plan with critical illness cover are

  • Comprehensive cover – 34 illness
  • Major illness cover – 15 illness

All the term plans have a flexible benefit payout option

  • Lumpsum
  • Increasing monthly income – the death benefit will be paid out as a monthly income increasing annually by 10% at the simple rate for a period of 15 years.
  • Lump sum plus increasing monthly income – Half of the death benefit will be paid out as lump sum and the remaining half in the form of monthly income increasing annually by 10% at the simple rate for a period of 15 years.

The payout option and critical illness option chosen at inception cannot be modified at a later date.

However, in case of surrender, the policy gets terminated and no surrender value is payable.

Bharti Axa Life Insurance Individual Death Claims Paid Ratio – 97.4% for FY 2019-20.

Bharti Axa Flexi Life Term Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
65 years
Max. maturity age85 years
Min. Sum AssuredRs. 10 Lacs
Max. Sum AssuredLife Cover – Rs. 25 Lakh
LIfe Cover with Critical Illness – Rs. 25 Lakh
Policy termFixed -10, 15, 20, 25 years
To age – 60, 65, 70, 75, 85 years
Premium
payment term
Regular at annual,
semi-annual,
quarterly or monthly

Riders

  • Accidental death benefit rider

Bharti Axa Life Flexi Best Term Insurance Plans

  • Bharti Axa Flexi Term life cover with comprehensive cover
  • Bharti Axa Flexi Term life cover with Heart & Cancer cover
  • Bharti Axa Flexi Term life cover with major illnesses cover
  • Bharti Axa Flexi Term life cover

What I Liked

  • Three flexible payout options
  • Critical illness cover

What I Didn’t Like

  • Restriction on modification in critical illness cover
  • Low sum assured

#3. LIC of India Term Insurance Plan

lic term insurance plan

LIC of India is the largest government insurer with a widespread network and reach. LIC has two categories of premium rates

  1. Smoker rates
  2. Non-smoker rates

Non-smoker rates shall be based on the findings of the Urinary Cotinine test.

LIC of India Term Insurance Individual Death Claims Paid Ratio – 94.45%

LIC of India Term Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
65 years
Max. Maturity age80 years
Min. Sum AssuredRs. 25 Lacs
Max. Sum AssuredNo limit
Policy termMin. 10 years
Max. 40 years
Premium payment termRegular at annual,
semi-annual, quarterly or monthly
For e-Term only annually

Riders

  • LIC of India accidental death benefit rider
  • LIC of India accidental death and disability benefit rider
  • LIC of India New Critical Illness Benefit Rider

LIC of India Best Term Insurance Plans

  • LIC’s Jeevan Amar Term Plan
  • LIC’s TECH-Term Plan

What I Liked

  • Widespread reach and largest network of offices

What I Didn’t Like

  • Slow processing of applications & claims

#4. TATA AIA Life Term Insurance Plan

tata aia term insurance plan

TATA AIA term plans give longer life cover of up to 85 years of age or for whole life coverage which is till the age of 100 years.

You have the flexibility to choose four death benefit options

  • Option 1 – “Sum Assured on Death” as Lump Sum benefit on Death
  • Option 2 – “Sum Assured on Death” as Lump Sum benefit on Death & Monthly Income for next 10 years
  • Option 3 – “Enhanced Sum Assured on Death” as Lump Sum benefit on Death
  • Option 4 – “Enhanced Sum Assured on Death” as Lump Sum benefit on Death & Monthly Income for next 10 years.

TATA AIA offers higher protection discount of up to 25% for sum assured of over Rs. 75 Lacs.

The drawback is the loadings of up to 6% on premiums paid on monthly basis.

TATA AIA Term Life Insurance Individual Death Claims Paid Ratio – 94%

TATA AIA Life Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
Up to 70 years
Max. Maturity age85 years
Whole Life cover 100 years
Min. Sum AssuredRs. 50 Lacs
Max. Sum AssuredNo limit
Subject to underwriting policy
Policy termMin. 10 years
Max. 85 years OR 100 less age at entry years
Premium payment termAnnual, semi-annual,
quarterly or monthly

Riders

  • TATA AIA accidental death and dismemberment rider
  • TATA AIA waiver of premium plus rider

TATA AIA Life Best Term Insurance Plans

  • TATA AIA Life Sampoorna Raksha Plan
  • TATA AIA Life Sampoorna Raksha+ Plan
  • TATA AIA Life iRaksha TROP Plan
  • TATA AIA Life Maha Raksha Supreme Plan

What I Liked

  • Whole life cover up to 100 years
  • Higher protection premium discount on Rs. 75 Lacs+ sum assured

What I Didn’t Like

  • Loading on monthly premium payments

#5. SBI Life Term Insurance Plan

Sbi term life insurance

SBI Life has a unique micro-insurance term plan for below the poverty line persons with a maximum premium amount of Rs. 2000 and maximum sum assured of Rs. 50,000.

But their regular term plan is SBI- Life Smart Shield that comes with two structures –

Increasing Term Assurance

Under which the sum assured automatically increases by a simple rate of 5%.

Level Cover Benefit

The sum assured remains the same throughout the policy term.

SBI allows the surrender of term policy with surrender benefits up to 80% for single premium cases.

SBI Life offers a special premium discount of up to 30% on large sum assured. However, there is a premium frequency loading up to 8.5% on monthly premium payments.

SBI Term Life Insurance Individual Death Claims Paid Ratio – 92.13%

SBI Life Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
Up to 60 years
Max. Maturity age80 years
Min. Sum AssuredRs. 25 Lacs
Max. Sum AssuredNo limit
Subject to underwriting policy
Policy termMin. 5 years
Max. (80 less age at entry) years
Premium payment termRegular at annual, semi-annual,
quarterly or monthly

Riders

  • SBI Life Accidental Death Benefit rider
  • SBI Life Accidental Total and Permanent Disability Benefit rider

SBI Life Best Term Insurance Plans

  • SBI Life Smart Shield Plan
  • SBI Life eShield Plan
  • SBI Life Saral Shield Plan
  • SBI Life Poorna Suraksha Plan
  • SBI Life Grameen Plan

What I Liked

  • Term plans for below poverty line persons
  • Up to 30% discounts on premium for a large sum assured
  • Surrender allowed for single premium cases

What I Didn’t Like

  • 60 years as max age of entry
  • 80 years as max maturity age
  • Premium frequency loading

#6. ICICI Prudential Life Term Insurance Plan

icici prudential life insurance

ICICI Prudential term insurance has a cover for COVID-19 claims. The iProtect Smart term plan has four benefit options

  • Life Option – Death Benefit + Terminal Illness + Waiver of premium on permanent disability
  • Life Plus – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accidental Death benefit
  • Life & Health – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accelerated Critical Illness benefit
  • All in One – Death Benefit + Terminal Illness + Waiver of premium on permanent disability + Accidental Death benefit + Accelerated Critical Illness benefit

Further, ICICI Pru pays term benefits on the first diagnosis of 34 critical illness. The death / terminal illness benefit include Cancer, Heart disease, Brain and nervous system related disease.

ICICI Prudential Term Life Insurance claim settlement ratio – 97.80%

ICICI Prudential Term Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
Up to 65 years
Max. Maturity ageup to Whole Life (99 years less age at entry)
Min. Sum AssuredAs per premium
Max. Sum AssuredUnlimited
Policy term8 – 81 years
Premium payment termRegular at annual, semi-annual,
or monthly

Riders

  • ICICI Pru Accidental death benefit rider plus
  • ICICI Pru Critical Illness rider

ICICI Prudential Life Best Term Insurance Plans

  • ICICI Pru iProtect Smart Term Plan
  • ICICI Pru POS iProtect Smart Term Plan
  • ICICI Pru iProtect Smart Money Back Term Plan

What I Liked

  • Long whole life cover till 99 years of age
  • 34 Critical illness benefit

What I Didn’t Like

  • No rebate on premium for higher sum assured

#7. Kotak Mahindra Life Term Insurance Plan

kotak life insurance

Kotak Mahindra Life gives the flexibility to convert a term plan (only Kotak Term Plan) to a policy of any other plan offered by Kotak Life Insurance.

Kotak e-Term plan also provides flexibility to increase or decrease life covers with step-up/down options. Like a 50% increase in sum assured at events like marriage and purchase of the house.

The step-up option can be exercised only up to 45 years of age while step down can be exercised anytime during the policy term.

Kotak Mahindra Life has three payout options

Immediate payout – 100% lump sum

Level recurring payout – 10% at claim settlement and 6% payable every year for 15 years

Increasing recurring payout – 10% at the time of claim settlement and 6% at the end of the first year after which the payout increases by 10% every year for 15 years.

However, the insurer charges up to 8.8% loading on premium for monthly payments

Kotak Mahindra Term Life Insurance Individual Death Claims Paid Ratio – 88.88%

Kotak Mahindra Life Insurance Policy Terms

Minimum
age at entry
18 years
Maximum
age at entry
Up to 65 years
Max. Maturity age75 years
Min. Sum AssuredRs. 25 Lacs
Max. Sum AssuredNo limit
Subject to underwriting policy
Policy termMin. 5 years
Max. 40 years or (75 – age of entry)
Premium payment termRegular at annual, semi-annual,
quarterly or monthly

Riders

  • Kotak Permanent Disability Benefit rider
  • Kotak Critical Illness Plus Benefit rider

Kotak Mahindra Life Best Term Insurance Plans

  • Kotak Term Plan
  • Kotak e-Term Plan

What I Liked

  • Flexibility to convert term policy to any other policy
  • Sum Assured step up or down option

What I Didn’t Like

  • 8.8% loading on monthly premium payment
  • Comparatively lower claims paid ratio

#8. HDFC Standard Life Term Insurance Plan

hdfc life insurance

HDFC Life Click 2 health term plan has nine plan options to choose as per the requirement to cover death, disability and disease.

  1. Life Option – lumpsum benefit on death
  2. 3D Life option – waiver of premium on detection of 34 critical illness
  3. Extra Life option – Additional sum assured
  4. Return of premium – On survival
  5. Long life protection option – Benefits under life option for whole life
  6. 3D Life Long protection option – Benefits under Long life protection option along with the waiver of premium on detection of 34 critical illness
  7. Income Option – Lumpsum plus monthly income (level or increasing)
  8. Extra Life Income option – Extension to the Income option
  9. Income replacement option – In case of death or diagnosis of terminal illness, the nominee will receive 12 times the monthly income as a lump sum as well as level/ increasing monthly income.

HDFC Life gives 5% discount on premium for a policy purchased online.

HDFC Term Life Insurance Individual Death Claims Paid Ratio – 88.63%

HDFC Life Insurance Policy Terms

Minimum
age at entry
18 years
Maximum
age at entry
Up to 65 years
Max. Maturity age85 years/ Whole of Life
Min. Sum AssuredRs. 10 Lacs
Max. Sum AssuredNo limit
Subject to underwriting policy
Policy termMin. 5 years
Max. 40 years/ Whole Life (85 years – age at entry)
Premium payment termRegular at annual, semi-annual,
quarterly or monthly

Riders

  • HDFC Life Income Benefit on Accident Disability rider
  • HDFC Life Critical Illness Plus rider

HDFC Life Best Term Insurance Plans

  • HDFC Life Click 2 Protect 3D Plus Term Plan
  • HDFC Life Click 2 Protect Plus Term Plan
  • HDFC Life Click 2 Protect Health Plan
  • HDFC Life Click 2 Protect Corona Kavach Plan

What I Liked

  • Nine flexible options to choose
  • Up to 5% discount on premium for online policy purchase

What I Didn’t Like

  • Comparatively lower claims paid ratio

#9. Bajaj Allianz Life Term Insurance Plan

bajaj alllianz term life insurance

Bajaj Allianz has seven term insurance plans to choose from with unique benefits like the plan on joint life basis along with spouse, business partner or child.

The joint-life term policy continues even after the death of one person. On the first death, the insurer pays the sum assured and on the second an additional sum assured is paid.

Bajaj Allianz term insurance life cover is up to the age of 99 years and has a surrender benefit.

Bajaj Allianz Term Life Insurance Individual Death Claims Paid Ratio – 83.94%

Bajaj Allianz Life Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
Up to 65 years
Max. Maturity ageup to (99 minus age at entry) years
Min. Sum AssuredRs. 20 Lacs
Max. Sum AssuredNo limit
Subject to underwriting policy
Policy termMin. 5 years
Max. 40 years/ Whole Life (99 minus age at entry) years
Premium payment termRegular at annual, semi-annual,
quarterly or monthly

Riders

Bajaj Allianz does not have additional riders to pick from.

The common riders like accidental death benefit, accelerated critical illness and waiver of premium benefit have been clubbed with term policy as options.

Bajaj Allianz Life Best Term Insurance Plans

  • Bajaj Allianz Life Smart Protect Goal Term Plan
  • Bajaj Allianz Life eTouch Online Term Plan
  • Bajaj Allianz iSecure Term Plan
  • Bajaj Allianz iSecure More Term Plan
  • Bajaj Allianz iSecure Loan Term Plan
  • Bajaj Allianz Life Secure Term Plan
  • Bajaj Allianz LifeStyle Secure Term Plan

What I Liked

  • The term policy can be purchased jointly along with spouse
  • Whole life cover (up to 99 years)
  • Surrender benefits available

What I Didn’t Like

  • Comparatively lower claims paid ratio

Best Term Insurance Plan with Return of Premium

#10. Aviva Life Shield Advantage Term Insurance Plan

Aviva life insurance

On survival of the policy period Aviva Life Shield Advantage Term plan pays you the maturity sum assured equal to the sum of total premiums paid without interest.

The term insurance offers a flexible assured death benefit option when an insured individual dies.

Option A (Life protection ) – Death Sum assured is paid
Option B (Life cum disability protection along with the return of premium) – Death Sum assured along with the sum of total premiums paid.

The term insurance comes with surrender benefit after completion of the first two years of policy which is greater of the guaranteed surrender value or special surrender value.

Aviva Life allows to alter the payment frequency among annual, semi-annual, quarterly or monthly on policy anniversary for a nominal fee of Rs.100.

Aviva Term Life Insurance Individual Death Claims Paid Ratio – 92.25%

Aviva Term Life Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
Up to 55 years
Max. Maturity age65 years
Min. Sum AssuredRs. 35 Lacs
Max. Sum AssuredRs. 50 Lacs
Policy termMinimum 10 years to 30 years
Premium payment termRegular at annual, semi-annual,
quarterly or monthly

Aviva Life Best Term Insurance Plans

  • Aviva Life Shield Advantage Term Plan
  • Aviva Jana Suraksha Term Plan

What I Liked

  • Flexible assured death benefit option
  • Life cum disability protection along with return of premium

What I Didn’t Like

  • Higher minimum policy term of 10 years
  • Comparatively lower claims paid ratio

#11. PNB Metlife POS Suraksha Term ROP Insurance Plan

pnb metlife insurance

PNB Metlife POS Suraksha TROP allows for repayment of 100% of total premiums paid on the survival of the policyholder at the end of the policy terms.

The unique benefit is the flexibility to pay premiums as under

  1. For premium payment term of 5 years with a Policy term = 10 years
  2. For premium payment term of 10 years with Policy term = 10 or 15 years
  3. For premium payment term of 15 years with Policy term = 15 years

PNB Metlife Term Life Insurance Individual Death Claims Paid Ratio – 82.40%

PNB Metlife Term Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
Up to 55 years
Max. Maturity age65 years
Min. Sum AssuredRs. 50,000
Max. Sum AssuredUp to Rs. 25 Lacs
Policy termFor PPT* of 5 – Policy term of 10 years
For PPT of 10 – Policy term of 10 or 15 years
For PPT of 15 – Policy term of 15 years
Premium payment termRegular at annual, semi-annual,
or monthly

*Premium payment term

Riders

  • PNB Metlife Accidental death benefit rider plus
  • PNB Metlife Serious illness rider
  • PNB Metlife Critical illness rider
  • PNB Metlife Accidental disability benefit rider

PNB Metlife Life Best Term Insurance Plans

  • PNB Metlife POS Suraksha TROP
  • PNB Metlife Mera Term Plan
  • PNB Metlife Family Income Protector Plus

What I Liked

  • 7000+ PNB branch network
  • Flexibility to pay premiums for 5,10 or 15 years

What I Didn’t Like

  • The lower sum assured of Rs. 25 Lacs only
  • Comparatively lower claims paid ratio

5 Benefits of Best Term Insurance

#1. High Sum Assured for Low Premiums

Term life insurance plans have a high sum assured when compared to the other insurance plans.

Term insurance has the lowest premiums when compared to other health insurance plans.  Plus it is a relatively inexpensive way to safeguard the policyholder dependents in case of death.

#2. Death Benefit

The dependants benefit from receiving the term amount on the death of the policyholder, irrespective of the juncture of the policy tenure the death occurs.

The assured amount would depend on the plan with the amount increasing, decreasing or remaining the same as opted.

#3. Tax Benefits

Premium paid for term insurance can be claimed as tax exemptions under section 80C of the Income Tax Act. You can also claim exemptions under Section 10 (10D) for the benefits received through insurance policies.

#4. Survival Benefits

Regular term insurance plan does not have any survival benefits. However, under term return of premium policy (TROP), surviving policyholders will receive the premium amount paid over the policy tenure.

#5. Add-on Benefits

There are term insurance policies with add-on features with benefits in case of accidental death, critical illness, total and permanent disability benefits.

How to Choose the Best Term Insurance Plan in India

(6 factors affecting term insurance premium)

The various factors affecting the term insurance premium include

#1. Current Age

Lower the present age of the policyholder the lower will be the premium amount.

#2. Health Conditions

Persons with sound health and no drinking or smoking habits have discounts or lower premium outflow.

#3. Gender

Insurers tend to consider males riskier to cover as compared to females and hence charge a higher premium. Certain insurers have a lower premium for females.

#4. Add-on Riders

Picking up riders like accidental death benefit or critical illness for comprehensive term insurance increases the premium amount.

#5. Sum Assured and Policy Term

Keeping everything the same a term policy with a higher sum assured with a longer-term period will have a higher premium amount.

#6. Payout Options

Premium amount for lump sum payment option will be lower than other payment options like lump sum plus monthly benefit payments.

The variants like flat monthly or increasing monthly payout make the difference in the premium amounts.

Types of Term Insurance

Difference Between Simple Term Insurance and TROP (Term Insurance Return of Premium)

BenefitsSimple Term
Insurance
Term Insurance
Return of Premium
Premium amountNot given backPremium is returned back
CostCheapestMore expensive
Policy Term30-45 years20-25 years
Policy SurrenderSurrender does not have any cost.Surrender only after 2-3 years. High surrender charges
Premium status in case of deathN.A.Premium refunded
Interest or returns on premiumsN.A.Only premium gets refunded

Things you Should Consider while Buying Best Term Insurance

#1.  Individual Death Claims Paid Ratio

The ratio indicates the claims incurred by the insurer to the actual premium collected for a specific period.

For example, an 87% incurred claim ratio would mean that for every Rs. 100 earned as a premium, Rs 87 is spent by the insurance company on settling claims.

Higher the ratio the more likely is the insurer settle your claim.

#2. Insurance Company

The insurer should be IRDA registered with an operating history of more than 5 years. Further, also check for their solvency or financial health status.

The solvency ratio tells whether the insurance company has enough buffer to settle claims in financially stressed conditions.

#3. Additional Benefits

The add-on benefits come at an additional cost but enhance the policy coverage. The additional benefits one can look for are

  • Waiver of premium in case of critical illness or disablement.
  • Critical Illness – where policyholder receives a lump sum amount if diagnosed with a critical illness.
  • The accidental death benefit, where the payout is increased if the insured dies due to an accident.

#4. Premium Amount

Do not pick term insurance solely based on low premiums. Look for value propositions where you get term plans at a low premium with more benefits.

Why Prefer Online Purchase

#1. Knowing the Insurer Better

While searching online one can have access to insurance company details, information on various term insurance products. Various plans from different insurers can be compared and quotes can be obtained.

#2. Lesser Cost & Saves Time

Purchasing online eliminates the commission and the agent in between and hence one can get cheaper term policies. For insurance companies online also reduces distribution costs.

Further, one saves the time of visiting the agent or the insurance company office.

#3. Safer and Faster Payments

Purchasing online is safer and you come to know of the purchase instantly versus when you purchase offline by paying through cheques.

#4. Easier Tracking for Renewals and Servicing

The online purchase includes the policyholder details in the digital database of the insurer. Where he gets timely renewal reminders.

#5. Lesser Chance of Mis-selling

When you purchase online there are lesser chances of being misguided by the agent as you search for the exact benefits and terms.

Conclusion

For family protection, you can pick Bharti Axa Flexi Life Term Insurance Plan as it has the highest individual death claim ratio.

Bharti Axa has the smoothest claim processing service with flexible benefit payout options. 

About Pardeep Goyal

I love to talk about money saving hacks (Credit Cards, Travel, Shopping, Taxes). I share transparently how I am making passive income and where I spend my money.

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