Top Popular Online Term Life Insurance Quotes in India

Term insurance plans are the most cheapest and simplest form of life insurance plans. They offer a lumpsum amount to the nominee in case the insured suffers any eventuality/ contingency. Term plansguarantee that the family members are financially taken care of once the insured passes away. However, due to a plethora of term insurance plans available, it becomes a daunting task to narrow down on the best possible plan! Let us compare and find out which are the top 5 online term life insurance quotes at present.

Companies Offering OnlineTerm life insurance plans quotes.

Though almost all the insurance companies provide term Insurance plans, there are only a few players who are exactly top notch. The criterion of selection is dependent on their claim settlement ratio, service provided, years of existence and recommendation.

1) LIC- Established in 1956 LIC has a legacy of many years for offering different insurance plans. It had a claim settlement ratio of 98.33% in the year 2015-16. Even though it has been a late entrant in the term life insurance plan market,its online term insurance plan has only 0.5% claims pending.This shows the reliability of the policy. Here are the basic features of the LIC e term Plan.

• Entry Age- Minimum 18 years – Maximum 60 years.
• Maturity age- Maximum 75 years
• Premium- Minimum – Depends on the policy holder's choice.

Maximum- No limit dependent on sum assured chosen.

• Premium payment term- Limited pay, payment is done for 5 years.

Single , lump sum amount to

• Policy Term – Minimum 10 years Maximum 35 years.
• Sum assured- Minimum 25 lakhs -50 lakhs (Non-smokers)

Maximum – No limit

2) Max life Insurance- With the second best settlement record of 96.95% Max Life insurance offers cost effective online life insurance quotes. Founded in the year 2000 the company has only 0.1 % of its claims pending. Let us have a look at the features of the Max life Online Term plan plus.

• 3 Types of death benefits available-

1) Sum assured benefit- Provides 100% of the same at death.

2) Sum assured plus level monthly income- Get 100% of sum assured amount plus 0.4% of the same every month for 10 years.

3) Sum assured plus increasing Monthly income- 100 % of sum assured at death, thefirst year monthly income is 0.4 % of the same. Every year amount of monthly income to increase by 10%.

• Entry Age- Minimum 18 years – Maximum 60 years.
• Maturity age- Maximum 75 years
• Minimum annual premium- 2200 Rupees
• Maximum Annual premium- 1,12,30,000 Rupees
• Sum assured- Minimum 25 lakhs

Maximum– 100 crores

3) ICICI Prudential- Consistently ICICI Prudential has been maintaining a graceful claim settlement record of 96.2 %. Known as iProtect smart, its online term insurance life quotes is one of the most competitively priced plans in the market. Here are its key features.

• Three pay-out benefits of death benefit-

1) Lump sum- One-time paymentof sum assured.

2) Regular income- 10 % of sum assured paid every month for 10 years.

3) Increasing income option- 10 % of sum assured paid out every month. The amount would be increased by 10 % each year.

• Riders like accidental death and critical illness benefit.
• Type of payment- Single, monthly, quarterly, yearly or limited term like 5 years.
• Increase Level of protection – At important stages of life like marriage and child birth you can increase the level of protection required.
• Premium for women- Special premium rates for women.

4. AEGON Religare- Launched in the year 2008 AEGON Religare has worked hard to reach the point of getting a 95.31 claim settlement ratio. Its pending claims ratio is also only 0.2% which adds up to the credibility of the brand. A look into the main benefits and features of the AEGON Life Iterm insurance plan.

• Life cover- Up to age 75 years.
• Tax benefits- As per the prevailing tax laws in the country.
• Entry age- Minimum 20 years and maximum 65 years.
• Maturity age – 75 years
• Sum assured- Minimum 10, 00,000 and maximum no limit.
• Payment term- As per the policy term
• Payment frequency- Monthly, half yearly and yearly.

5) TATA AIA life- Though the claim settlement ratio of TATA AIA is a good 96.8% its percentage of claims pending is high at 1%. In operation, since April 2001 the company is focussed on providing customer oriented services. Its online life insurance plan is named iRaksha Supreme. Let us have a peek into the features.

• Three types of premium payment-Regular pay till theend of theterm, limited pay till a specificterm, single pay having only one time payment.
• Preferential premium rates-People who are non-smokers get the benefit of the same and pay lower rates.
• Entry age- Minimum 18 years and maximum 70 years.
• Maturity age – 80 years
• Sum assured- Minimum 50, 00,000 and maximum no limit.

Term life insurance is another way of securing the future of your family members in your absence. Do not, however, purchase a policy without doing the necessary research. The premiums of such policies are usually high, and it is better to pick up a policy which is cost effective. Life cannot be predicted hence being careful is always the best thing to do.

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