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The internet is a cheaper alternative in case of many things, even when it comes to insurance term plans. In the last few years the prices of term plan insurance have almost halved, hence making it financially viable to switch to an online term plan. A term plan is a plain vanilla product that only charges the cost of insurance from you. So if you die during the term of the policy, your beneficiaries get the sum assured; if you survive the term, you get nothing back. The premiums of online best term plan are cheaper as companies don't require spending on distribution and infrastructure. This is passed on to the customer. Most insurance companies have these online plans each offering different rates of premiums. For instance if you are 30 year old male, who is looking for a 30 year term plan insurance and looking for Rs 1 crore sum assured you have various options. These are the five cheapest online term plans for a 30 year old male, who is a non-smoker and is looking for a 30 year term with Rs 1crore sum assured: | Online term plan | Premiums | Maximum Age at Maturity | Policy term | | Aegon Religare Life - i-term | 8,202 | 75 years | 40 years or upto age 75 | | Bharti Axa Life – e- protect | 8,202 | 60 years | 10, 15, 20, 25 and 30 years. | | Aviva Life – I- life | 8,279 | 70 years | 10—35 years | | HDFC Life - click2protect | 11,910 | 65 years | 10, 15, 20, 25 and 30 years | | Kotak Life – e-preferred | 12,921 | 70 years | Minimum: 5 years Maximum: 30 years | One should look at the claim settlements ratio and the brand one is buying from. In addition, it’s important to check the services rendered by the life insurer you choose. One can get this data from the Irda website.
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