Best Term Insurance Plans in India 2026

Quick Answer

HDFC Life Click 2 Protect, ICICI Pru iProtect Smart, and Max Life Smart Secure Plus lead the Indian term insurance market in 2026. For a 30-year-old non-smoker, expect premiums of Rs 10,000-Rs 14,000 per year for Rs 1 crore cover up to age 65.

Last updated: 2026-04-06 · 5 picks · Category: Insurance

How We Ranked

Plans were scored on claim settlement ratio (30%), premium competitiveness (25%), policy features and riders (20%), insurer financial strength and solvency ratio (15%), and buying + onboarding UX (10%). All numbers are from IRDAI annual reports and insurer financial statements.

#1

HDFC Life Click 2 Protect Super

9.5/10CalcHub Score
Claim Settlement
99.3%
Entry Age
18-65
Max Cover Age
85
Sum Assured
Up to Rs 20 crore
Premium (30Y, 1Cr, 35Y term)
Rs 12,000/yr approx

Pros

  • +Claim settlement ratio above 99.3% in FY24
  • +Flexible premium payment (single, limited, regular)
  • +Income + lump sum payout options
  • +Return of premium variant available

Cons

  • −Premium slightly higher than cheapest competitors
  • −Some riders have waiting periods

Best for

Salaried professionals prioritising claim reliability

Get HDFC Life Quote
#2

ICICI Pru iProtect Smart

9.3/10CalcHub Score
Claim Settlement
98.8%
Entry Age
18-65
Max Cover Age
85
Sum Assured
Up to Rs 25 crore
Premium (30Y, 1Cr, 35Y term)
Rs 11,500/yr approx

Pros

  • +Strong critical illness rider covering 34 conditions
  • +Accidental death benefit available
  • +Solid claim settlement record

Cons

  • −Medical underwriting stricter for smokers
  • −Some add-ons expensive

Best for

Buyers wanting robust rider flexibility

Check iProtect Smart
#3

Max Life Smart Secure Plus

9.1/10CalcHub Score
Claim Settlement
99.5%
Entry Age
18-65
Max Cover Age
85
Sum Assured
Up to Rs 20 crore
Premium (30Y, 1Cr, 35Y term)
Rs 10,800/yr approx

Pros

  • +Best-in-class claim settlement at 99.5%
  • +Wide rider menu including accidental and critical illness
  • +Premium holiday feature

Cons

  • −Slightly thinner branch network
  • −Online buying journey can be slow for riders

Best for

Buyers focused on highest claim settlement reliability

Get Max Life Quote
#4

Tata AIA Sampoorna Raksha Supreme

8.9/10CalcHub Score
Claim Settlement
99.0%
Entry Age
18-65
Max Cover Age
85
Sum Assured
Up to Rs 20 crore
Premium (30Y, 1Cr, 35Y term)
Rs 10,500/yr approx

Pros

  • +Competitive pricing for non-smokers
  • +Return of premium option available
  • +Strong insurer (TATA + AIA JV)

Cons

  • −Fewer add-on riders
  • −Medical test required for higher sum assured

Best for

Young non-smokers looking for value pricing

Check Tata AIA
#5

LIC Tech Term Plan

8.5/10CalcHub Score
Claim Settlement
98.7%
Entry Age
18-65
Max Cover Age
80
Sum Assured
Rs 50L to Rs 20 crore
Premium (30Y, 1Cr, 35Y term)
Rs 13,500/yr approx

Pros

  • +Strongest brand trust in India
  • +Government-backed insurer
  • +Online-only (cheaper than LIC offline term)

Cons

  • −Premium higher than private peers for same cover
  • −Claim ratio slightly below top private players

Best for

Buyers who value LIC brand and government backing

Explore LIC Tech Term

Frequently Asked Questions

How much term insurance cover should I buy?+

The standard rule is 15-20 times your annual income, adjusted for existing loans and future goals like child education. A 30-year-old earning Rs 15 lakh per year with a home loan of Rs 50 lakh should aim for Rs 3-4 crore cover.

Which is the cheapest term insurance in India in 2026?+

Tata AIA Sampoorna Raksha Supreme and Max Life Smart Secure Plus are typically the lowest-priced for healthy non-smokers, starting around Rs 10,500 per year for Rs 1 crore cover over a 35-year term for a 30-year-old.

Do term insurance premiums get tax benefits?+

Yes, premiums qualify for deduction under Section 80C (up to Rs 1.5 lakh per year in the old regime) and the death benefit is tax-free under Section 10(10D). Under the new regime, 80C is not available but 10(10D) still applies.

What happens if I miss a term insurance premium?+

Most policies have a 30-day grace period. If you miss payment within this window, the policy continues as-is. Beyond 30 days, the policy lapses and can be revived within 5 years subject to fresh medical underwriting and arrears payment.

Disclosure: Rankings based on publicly available data as of April 2026. Rates and terms change; verify with the provider. CalcHub may earn a commission from some links at no cost to you.