Best Life Insurance Plans for 10 Years in India 2025
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A look at the top life insurance plans offered by different companies for a term of 10 years
Term life insurance plans that provide coverage to the insurer for a specific duration are quite popular among policyholders. Most insurance companies offer term life insurance policies for a maximum period of 10 years. This blog looks at the top life insurance plans for 10 years, including LIC 10-year plan and many more. Stay tuned.
What is Term Life Insurance?
Let us first begin by understanding the meaning of a term life insurance plan. As the name suggests, it is a specific type of insurance policy offered by different Indian insurance companies, which provides coverage to the insured for only a specific time duration, generally 10 years. This means that the insurer or the company promises the insured coverage of all of their living expenses in the event of the death of the policyholder during the term of the plan.
A 10-year term life insurance means a plan that is designed to pay out the benefit to the insured after the completion of 10 years. Most people generally prefer such type of policies since they allow them to protect their families and loved ones from the financial burden of spending for the long term in the event of their death. A monetary benefit is paid out in a lump sum to the families and loved ones of the policyholder when the latter dies, thereby taking care of expenses in the long run.
A fixed premium amount needs to be paid to the insurer for a 10-year life insurance policy. The plan can be renewed every year until the expiry of the policy term, i.e., at the end of 10 years.
Benefits of Buying 10-Years Life Insurance Policies
As mentioned earlier, several people opt for 10-year term insurance plans. They are generally considered beneficial for the following reasons:
- These policies offer coverage for a longer term, meaning 10 years. This lends peace of mind to the policyholder up to that duration of time, preventing his/her family from any financial burden in the event of the policyholder’s death.
- The policy comes with add-on rider benefits thereby increasing the scope of protection for the insured
- These plans easily fit any budget as compared to any other plan in the market
- They also come with surrender benefits, meaning a payout will be handed to the policyholder in case they wish to surrender the policy before it matures
- The plan also offers tax benefits as laid out under Section 80C of the Income Tax Act of 1961
- The policyholder has the flexibility to opt for the extent of coverage that they desire from the plan
- The monetary death benefit is one of the most important in term life insurance plans
Best 5 Life Insurance Plans for 10 Years
Here’s a list of some of the top 10-year term life insurance plans that are the most popular choices among investors:
1. LIC 10-year plan:
The single-premium endowment plan is LIC’s best plan for 10 years that offers the dual advantage of insurance protection and assured return on investment. The full premium amount can be paid in a lump sum at the start of the policy and the sum assured + the collected bonus is paid out in the case of the policyholder’s death at the end of the policy term.
| Sum Assured | Rs. 50,000 – no limit |
| Frequency of Premium Payable | Single/One-time |
| Eligible Age of Entry | 90 days – 65 years |
| Term of Premium Payable | 10 – 25 years |
| Maximum Age at Policy Maturity | 18 – 75 years |
2. SBI life insurance 10-year plan:
SBI’s Life eShield Next Plan is the company’s most popular offering for a term of 10 years, which offers monetary support and protection both for the present and the unforeseeable future.
| Sum Assured | Rs. 35,00,000 – no limit |
| Frequency of Premium Payable | Monthly/Quarterly/Half-Yearly/Annually |
| Eligible Age of Entry | 18 – 65 years |
| Term of Premium Payable | Single/Regular/Limited |
| Maximum Age at Policy Maturity | 80 years |
3. Reliance life insurance 10-year plan:
Reliance online income plan is a current favourite among policy buyers for the dual advantage that it provides to the policyholder – a monthly income + sum assured in the event of death.
| Sum Assured | Rs. 35,00,000 – no limit |
| Frequency of Premium Payable | Annually |
| Eligible Age of Entry | 18 – 55 years |
| Term of Premium Payable | Equals term of the policy |
| Maximum Age at Policy Maturity | 28 – 75 years |
4. Kotak life insurance 10-year plan:
A specific 10-year term life insurance that empowers you to secure the financial interests of your loved ones in your absence.
| Sum Assured | 10 x the premium paid annually |
| Frequency of Premium Payable | Monthly/Quarterly/Half-Yearly/Annually |
| Eligible Age of Entry | 0 – 60 years |
| Term of Premium Payable | 7/10/15 years |
| Maximum Age at Policy Maturity | 18 – 85 years |
5. Max Life Smart Secure Plus Plan:
A 10-year financial security plan by Max Life Insurance to offer monetary support in times of emergency. The plan offers two death benefits, which makes it highly popular for purchase.
| Sum Assured | Rs. 25,00,000 – Rs. 50,00,000 |
| Frequency of Premium Payable | Monthly/Quarterly/Half-Yearly/Yearly |
| Eligible Age of Entry | 18 – 65 years |
| Term of Premium Payable | Single/Regular |
| Maximum Age at Policy Maturity | 85 years |
No, if your car is older than 10 years, it is not entitled to be covered under a zero-depreciation car insurance plan.
A 10-year term life insurance plan requires the policyholder to pay a regular premium amount in return for coverage for a specific duration of 10 years.
Upon expiry of the 10-year policy term, the duration for payment of fixed premium also expires. Since the policyholder has outlived the term of the policy, no death benefit will be paid out to his/her family in the event of the policyholder’s demise. Moreover, none of the premiums paid is refundable.
Since the total number of years for which coverage is offered is limited (10 years), the cost of 10-year plans is also lower than that of whole life insurance policies. This means that such plans do not build any cash value over time and hence cannot be encashed.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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