Compare Term Insurance

Hello! Don’t you just love to compare stuff? We do it at all the places we visit to shop. We even compare jobs to benefit our future.

So, why shouldn’t we perform term insurance comparison to get ourselves the best deal to protect our families and their financial future? You may think it’s a simple task. But it’s not a piece of cake.

Coverfox can help you compare and save your money like no other platform out there! Before you get down to the exercise of comparing term insurance, it is essential to know what is best for you in the first place.

The market has many term plans which vary in terms of benefit they provide. Hence, we need to undertake the activity of comparing term plans to shortlist a plan which is best suited for our needs before we go ahead and buy it.

Buy Term Insurance Plans from Top Insurer's

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Reliance General Insurer

Amount Covered: ₹ 1 Lakh

Deal Price: ₹ 2,094 / Year

Waiting period: 4 yrs

Disclaimer: Above mentioned premium is for a 25 years old Male. Premiums payable on a monthly basis.

Best Term Insurance Plans in India

Never believed you could see the best term plans before you could choose your ideal fit. We have you covered there! Here is a chart which Compares best term insurance plans in India:

Plan Name	Company	Entry Age (Min-Max)	Maturity Age (Max)	Min Sum Assured	Policy Term(Min-Max)	Claim Settlement Ratio
HDFC Click2Protect Plus	HDFC Life Insurance Co.	18-65 years	75 years	25 Lacs	10-40 years	99.04%
Max Life OTP Plus	Max Life Insurance Co.	18-60 years	85 years	25 Lacs	10-50 years	98.74%
ICICI Pru iProtect Smart	ICICI Prudential Life Insurance Co.	18-65 years	75 years	Subj to min premium	5-40 years	98.58%
BSLI Protect @ ease	Birla Sunlife Insurance Co.	18-55 years	80 years	50 Lacs	5-30 years	98.58%
Aegon Life iTerm Plan	Aegon Life	18-65 years	80 years	25 Lacs	5 years-upto age 80	96.45%
Aegon Life iReturn	Aegon Life Insurance Co.	18-65 years	80 years	30 Lacs	5-20 years	96.45%
Metlife Mera Term Plan	PNB MetLife Insurance Co.	18-65 years	75 years	10 Lacs	10-40 years	96.21%
Aviva i-life Secure	Aviva Life Insurance Co.	18-50 years	70 years	50 Lacs	10-25 years	96.06%
Aviva i-life Plan	Aviva Life Insurance Co.	18-55 years	70 years	25 Lacs	10-35 years	96.06%
Edelweiss Tokio My Life	Edelweiss Tokio Life Insurance Co.	18-60 years	80 years	25 Lacs	10 years-upto age 80	95.82%
IDBI iSurance Online Term Insurance Plan	IDBI Federal Life Insurance Co.	18-50 years	75 years	50 Lacs	18-25 years	95.79%
Flexi online Term Plan	Future Generali Life Insurance Co.	18-55 years	75 years	50 Lacs	10-57 years	95.16%
Bajaj Life eTouch	Bajaj Allianz Life Insurance Co.	18-65 years	75 years	50 Lacs	10-40 years	95.01%
Canara HSBC iSelect Term Plan	Canara HSBC OBC Life Insurance Co	18-70 years	80 years	25 Lacs	5-40 years	94.04%

Why Compare Term Plan Online on Coverfox?

Nobody said comparing term insurance was child’s play. However, we at Coverfox believe in simplifying the complex insurance buying process for you.

We help you identify your needs, compare term insurance, and choose the best plan that suits your needs in just a few clicks.

Compare and Save Compare term plans from top Life Insurers through our algorithm powered search engine and get the best quotes for insurance policy instantly.	Nominee Assistance Program - Claims Support Free of Cost end to end claims assistance program. Your loved ones get psychological counseling, legal and financial guidance free of cost. Plus, help from our experienced and well-trained claims experts.
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Factors to Consider when you Compare Term Plans Online

If you’re taking the first steps to buy term insurance, then a comparison is necessary. But do you have the knowledge to know the exact plan you should buy? No? Well, let Coverfox help you there. We’ve listed out EIGHT plan factors you’ve to consider before buying term plans:

Insurance Coverage - The coverage offered by a term insurance plan should be large enough to take care of your family in your absence. It should also provide you with options by which it can keep pace with rising inflation and, at the same time, elevate your coverage as your cross various milestones of life.
Policy Term - The coverage duration should be equal to your retirement age by which you are ready to kick back and relax.
Premium Payment Modes and Frequency - The plan should provide you choices in premium payment options like annual, half-yearly, quarterly, or monthly and payment modes like single, limited, or regular.
Claim Settlement Ratio - As you are trusting the future of your loved ones in the hands of a company, it is essential to know about its reputation when it comes to honoring claims raised. A Higher the claim ratio is always better, hence look for a company with a claim settlement ratio above 90%.
Solvency Ratio - It is also vital that you know that the company whom you have trusted with your family’s future in your absence has a robust financial standing. The solvency ratio of the company gives a complete picture of its monetary worth; it is a mandatory rule by IRDAI that every insurer must have a solvency ratio of 1.5. So, choosing an insurer with a higher ratio is a good idea.
Riders - Riders enhance your coverage level. Having a term plan with various rider options can help you customize your cover so that you have the best possible protection.
Premium - Last but not least, a good term insurance plan must also be pocket friendly. Though the lowest premium term plan is not always the best, a term plan that is economical on the pocket is the best choice.

Best Term Insurance Comparison Chart

Here is the comparison of a few top term insurance plans we’ve compiled and published to help you arrive at the best choice

Plan Name	Age at Entry	Sum Assured	Policy Term
ICICI Pru iProtect Smart	18-65 years	Rs. 10 lakhs min, no such limit on the max amount	5-40 years
Aegon iTerm Plan	18-65 years	Rs. 25 lakhs min, no such limit on the max amount	5-40 years
HDFC Click 2 Protect 3D Plus	18-65 years	Rs. 10,000 min, no such limit on the max amount	5-40 years or 85 less entry age or whole life
Max Life Term Insurance Plus	18-60 years	Rs. 25 lakhs min Rs. 100 Cr max	10-40 years
LIC’s e-Term Plan	18-60 years	Rs. 50 lakhs min, no such limit on the max amount	10-35 years

Frequently Asked Questions

Q. What is Term Insurance?
- Term Insurance is an insurance plan that provides financial protection to your family in case of your death. Term Insurance is well-known for providing a large cover at a small premium. A term plan offers various choices with regards to cover amount, cover period, premium payment period, etc.
Q. Why should I buy a term insurance plan?
- A term insurance plan is the most economical way of ensuring that your family can live the same happy and comfortable life in your absence. By choosing a decent amount of cover, you can ensure that your family lives the same way they are living now. It also helps them pays off your outstanding loans like home loan, car loan, personal loan, etc.
Q. What are the tax benefits available under a term insurance plan?
- The premium paid under a term insurance plan is eligible for deduction u/s 80C of the income tax act, 1961 up to a maximum of Rs. 1.5 lakh. The amount paid to the family in case of the insured person’s death is tax-free in the hands of the family members u/s 10(10D) of the income tax act, 1961.