Best Term Life Insurance Plans in India 2026
Term life insurance is the most affordable way to secure your family financially. It provides a high life cover at a low premium and pays a lump sum or monthly income to your nominee in case of your untimely death during the policy term.
Top Term Life Insurance Plans (5 products)
Featured
HDFC Life Click 2 Protect Life
HDFC Life
★★★★★★4.5
- ✓Cover from Rs 25 lakh to Rs 10 crore
- ✓3 plan options: Life, Plus, 3D Life
- ✓Increasing cover option (5% yearly increase)
ICICI Prudential iProtect Smart
ICICI Prudential
★★★★★★4.4
- ✓Cover up to Rs 5 crore
- ✓Lump sum, monthly income, or increasing income payout
- ✓Spouse cover under single policy
Featured
Max Life Smart Secure Plus
Max Life Insurance
★★★★★★4.3
- ✓99.51% claim settlement ratio
- ✓Cover up to Rs 5 crore
- ✓Whole life coverage option till 100
LIC Tech Term Insurance
LIC
★★★★★4.2
- ✓LIC-backed — unmatched trust in India
- ✓Cover up to Rs 1 crore
- ✓Very competitive premiums
SBI Life eShield Next
SBI Life
★★★★★4.1
- ✓SBI brand backing and branch support
- ✓Cover from Rs 25 lakh to Rs 3 crore
- ✓Level, increasing, and decreasing cover options
Term Life Insurance Comparison Table
Compare claim settlement ratios, premiums, coverage, and features of all term life insurance plans.
| Feature | Top Rated HDFC Life Click 2 Protect LifeHDFC Life ★★★★★★ | ICICI Prudential iProtect SmartICICI Prudential ★★★★★★ | Max Life Smart Secure PlusMax Life Insurance ★★★★★★ | LIC Tech Term InsuranceLIC ★★★★★ | SBI Life eShield NextSBI Life ★★★★★ |
|---|---|---|---|---|---|
| Premium Starts From | Rs 490/month (Rs 1 crore, 30-year-old male, non-smoker) | Rs 520/month (Rs 1 crore, 30-year-old male, non-smoker) | Rs 550/month (Rs 1 crore, 30-year-old male, non-smoker) | Rs 440/month (Rs 1 crore, 30-year-old male, non-smoker) | Rs 480/month (Rs 1 crore, 30-year-old male, non-smoker) |
| Claim Settlement Ratio | 98.01% (FY 2023-24) | 97.82% (FY 2023-24) | 99.51% (FY 2023-24) | 98.64% (FY 2023-24) | 96.51% (FY 2023-24) |
| Max Life Cover | ₹10 Crore | ₹5 Crore | ₹5 Crore | ₹1 Crore | ₹3 Crore |
| Coverage Up To | Policy term up to 85 years of age | Coverage up to age 85 | Up to age 100 (whole life option) | Policy term up to age 80 | Up to age 80 |
| Min Entry Age | 18 | 18 | 18 | 18 | 18 |
| Max Entry Age | 65 | 65 | 60 | 65 | 65 |
| Apply Now | Apply Now | Apply Now | Apply Now | Apply Now |
Claim Settlement Ratios at a Glance
98.01%
HDFC Life Click 2 Protect Life
98.01% (FY 2023-24)
97.82%
ICICI Prudential iProtect Smart
97.82% (FY 2023-24)
99.51%
Max Life Smart Secure Plus
99.51% (FY 2023-24)
98.64%
LIC Tech Term Insurance
98.64% (FY 2023-24)
96.51%
SBI Life eShield Next
96.51% (FY 2023-24)
Term Life Insurance FAQs
A general rule is to have life cover of 10 to 15 times your annual income. For example, if your annual income is Rs 10 lakh, you should have a term cover of Rs 1 to 1.5 crore. Also factor in outstanding loans, children education costs, and family living expenses for at least 15 to 20 years.
Max Life Insurance has the highest claim settlement ratio in the private sector at 99.51% for FY 2023-24. Among all insurers, LIC has consistently maintained a high CSR of over 98%. HDFC Life (98.01%) and ICICI Prudential (97.82%) also have strong track records.
Return of premium (ROP) plans refund all premiums paid if you survive the policy term. However, the premium for ROP is 40 to 70% higher than a regular term plan. Financially, you are better off buying a regular term plan and investing the saved premium in mutual funds or other instruments.
Critical illness and accidental death riders can add valuable protection. A critical illness rider provides a lump sum on diagnosis of specified conditions, while an accidental death rider doubles the cover for accidental deaths. Evaluate the additional premium cost versus buying standalone policies for these covers.
Yes, most insurers allow entry up to age 60 or 65. However, premiums increase significantly with age. Medical tests become mandatory, and the maximum cover available may be lower. Buying early (in your 20s or 30s) locks in the lowest premiums for the entire policy term.