e -Term insurance policy

e-Term insurance plan is a form of term life cover, it provides coverage for defined period of time. If the insured expires during the term of the policy then sum assured is payable to nominee. Term plans are specifically designed to secure the financial needs of the family or liquidation of liability in case of death of the bread earner of the family.

Low Premiums 

The premiums for Term insurance policies are the lowest among all the types of life insurance policies. The premiums are low since there is no investment component and the entire premium goes for covering the risk. eTerm insurance is cheaper by 25-35% to the regular term insurance since there is no element of commission in e term insurance.The comparative chart of some eTerm Insurance Policies are provided at the end.


Factors to be considered are;

  •  How good is the claim settlement ratio? ( Click here)
  •  Compare the premium!  
  •  Decide the cover you need (At least 10 times the annual salary)

Eligibility criteria

Minimum age of entry: 18 years and the maximum: 65 years.

Tax Benefits

  • Premium : Deduction under Section 80(C)Maximum upto Rs 1.5 Lakhs
  • Maturity, Claim and Bonus : Tax free  under Section 10(10D)

How to buy online term insurance plans:

Buying the best term insurance plan in India online is  simple, While the process of buying online term insurance varies across insurance companies, it broadly involves the following steps:

  • Log on to the company website ,Put Your Personal details (Name, DOB & Address)
  • Enter the sum assured, Choose the policy term  &Choose the premium paying term
  • You will see the premium amount  &  You may be asked for Medical Check up 
  • Make the premium payment & get the acknowledgement on a successful transaction
  • Upload the Documents: Identity Proof, Address Proof & Income Proof
  • The insurance company will them refer the proposal to their underwriting team
  • After the proposal is accepted, you will receive a soft/hard copy of the policy

Some comparative Premiums *in Rs (Lumpsum Payout option)

e-Term Plans

Sum assured

Annual Premium

(30 yr male)

Annual Premium

(25 yr female)

HDFC Life Click to Protect Plus

Rs1 cr




ICICI Prudential iProtect Smart              



Aegon Life iTerm



Edelweiss Tokio Total Secure




Some more options(Staggered Payout Options for SA Rs1 cr)

e-Term Plan

Lump sum

 paid on Death

Staggered Payouts

Annual premium (30 yr male)

Annual Premium (25 yr female)

HDFC Life Click to Protect Plus


 Income Option-Rs 10 Lakhs

 Rs50,000 per month

 for 15 yrs



 Income Plus Option – Rs 1Cr

 Rs50,000 per month

 for 10 yrs & then increasing by 10% pa



ICICI Prudential i Protect Smart



 Income Option :

Rs 83,333 pm for 10 yrs




 Increasing income option Rs 83,333 for 1st year & then increasing by 10% pa



Aegon Life i Term


Rs 1.2 Lakh pm for 100 months



Edelweiss Tokio Total Secure



 Equal income payouts :

 Rs 3.02 lakhs pm for 3yrs;

Rs  1.92 lakhs pm for 5 yrs; Rs 1.09 lakhs pm for 10 yrs; Rs 80,600/- pm for 15 years 




Increasing income option  Above payouts increases by  5% every yea



*Inclusive of service tax

Last modified on Saturday, 11 March 2017 06:02

Prakash Praharaj

Shri Prakash Praharaj has a passion for excellence. He has been awarded two gold medals for securing top positions both in Graduation and Post Graduation in Commerce. He is an MBA with specialization in Finance and marketing. He has been awarded Diploma in Treasury, Investment and Risk Management besides CAIIB from the Indian Institute of Bankers. He is a Certified Financial Planner from the Financial Planning standards Board, India (FPSB), affiliated to FPSB, Denver, USA and Certified Personal Financial Adviser from NISM. He is also a SEBI registered Investment Adviser vide Reg. no. INA 000000045 dated 2nd August 2013.His book "Your Every day guide to Personal Finance and Insurance" has been published by CNBC TV 18 in August 2015.


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