Looking for quick, no‑nonsense protection? This guide ranks the Top 10 life insurance policy in India for 5 years so you can compare premiums, features, and benefits at a glance. Five‑year term plans are among the best short-term life insurance plans in India when you want solid cover without locking in for decades—perfect for bridging a home loan, a job switch, a short overseas assignment, or while you build an emergency fund.
Quick answer (featured‑snippet friendly):
A 5‑year term plan gives fixed life cover for 60 months with level premiums, optional riders (accident/critical illness), and simple claims. It suits people with temporary liabilities, uncertain timelines, or those testing term insurance before committing long term. See our ranked list and premium comparison for 5-year life insurance below.
What is a 5‑year life insurance plan—and who is it for?
A 5‑year term policy is pure protection: if the life assured dies during the policy term, the nominee gets the sum assured. If the term ends with no claim, there’s usually no payout (unless you pick a return‑of‑premium variant).
Best for:
Covering short‑term liabilities (car loan, education loan, first five years of a home loan).
New parents or single‑income households seeking immediate, affordable protection.
Contract workers/entrepreneurs with income volatility who prefer flexibility.
People wanting IRDAI approved life insurance plans without long commitments.
Why people choose them:
Lower cost than long tenures for the same coverage period.
Flexibility—some are renewable or convertible.
Simplicity—straightforward benefits and quick onboarding from leading life insurance companies in India.
Top 10 life insurance policy in India for 5 years — Ranked
Note: Names and premiums below are illustrative to help you compare features typical of IRDAI‑regulated plans. Actual pricing/benefits vary by insurer, age, health, and underwriting.
1) ShieldMax 5‑Year Term — Guardian India Life
Why it’s #1: Ultra‑affordable level cover for first‑time buyers.
Standout: Option to add Accidental Death Benefit (ADB) rider.
Ideal for: Young earners who want ₹50 lakh cover at a low cost.
2) FamilyGuard Level Term — Karat Life Insurance
Why #2: Balanced pricing with useful rider bundle options (ADB, Waiver of Premium on disability).
Standout: Family‑friendly nomination and claims support.
Ideal for: Couples with a toddler and short‑term liabilities.
3) Health+Term Combo 5 — VitalLife Insurance
Why #3: Adds a critical illness component alongside term cover.
Standout: Lump‑sum CI rider for 10–15 listed illnesses (illustrative).
Ideal for: Buyers who want some health‑linked protection with their term plan.
4) Income Secure Short Term — Prosperity Life
Why #4: Provides a monthly income option on claim (e.g., 2% of sum assured for 60 months).
Standout: Helps families manage cash flow rather than a single lump sum.
Ideal for: Households with EMI and school fees.
5) ROP Saver 5 (Return of Premium) — Saffron Life
Why #5: Refunds 100% of base premium at maturity if there’s no claim (illustrative).
Standout: Peace of mind for buyers who dislike “use‑it‑or‑lose‑it.”
Ideal for: Conservative savers wanting some money back.
6) Flex Convert 5 — Indigo Life
Why #6: Convertible to a longer tenure (say up to 20 years) during the term.
Standout: Flexibility as life goals change; conversion subject to underwriting.
Ideal for: Professionals unsure about future timelines.
7) High Sum Assured Saver — Summit Life
Why #7: Competitive pricing for ₹1 crore cover on a short tenure.
Standout: High‑cover discounts (illustrative).
Ideal for: Young, high‑income buyers seeking substantial protection.
8) Senior Secure 5 — Evergreen Life
Why #8: Wider entry age window (e.g., up to 60 years).
Standout: Streamlined medicals and dedicated claims helpline.
Ideal for: Late starters who want a clean five‑year safety net.
9) NRI Protect 5 — Diaspora Life
Why #9: India‑issued protection for NRIs/expats with India‑based nominees.
Standout: Simplified e‑KYC and claim credit to Indian bank accounts.
Ideal for: NRIs supporting family back home.
10) Micro‑Term 5 (₹25L) — Lotus Life
Why #10: Budget‑first option with ₹25 lakh cover.
Standout: Entry‑level pricing, easy onboarding.
Ideal for: First‑time buyers testing term insurance.
Premium comparison for 5-year life insurance (illustrative)
Assumptions: 30‑year‑old, non‑smoker, ₹50 lakh sum assured (₹1 crore for Plan #7; ₹25 lakh for #10). GST extra. Actual quotes vary by insurer, health, city, and underwriting.
Plan Name | Company | Policy Term | Sum Assured | Annual Premium (₹)* | Key Benefits |
---|---|---|---|---|---|
ShieldMax 5-Year Term | Guardian India Life | 5 years | ₹50,00,000 | 1,999 | Level cover, ADB rider option |
FamilyGuard Level Term | Karat Life Insurance | 5 years | ₹50,00,000 | 2,399 | Family-friendly riders, waiver options |
Health+Term Combo 5 | VitalLife Insurance | 5 years | ₹50,00,000 | 2,999 | Term + Critical Illness rider |
Income Secure Short Term | Prosperity Life | 5 years | ₹50,00,000 | 3,199 | Monthly income payout on claim |
ROP Saver 5 | Saffron Life | 5 years | ₹50,00,000 | 4,299 | Return of base premium if no claim |
Flex Convert 5 | Indigo Life | 5 years | ₹50,00,000 | 2,899 | Conversion to longer tenure |
High Sum Assured Saver | Summit Life | 5 years | ₹1,00,00,000 | 4,099 | Economical ₹1 crore cover |
Senior Secure 5 | Evergreen Life | 5 years | ₹50,00,000 | 6,499 | Wider entry age, guided claims |
NRI Protect 5 | Diaspora Life | 5 years | ₹50,00,000 | 3,499 | NRI-friendly onboarding |
Micro-Term 5 (₹25L) | Lotus Life | 5 years | ₹25,00,000 | 1,299 | Entry-level, budget focus |
How we ranked these top 5‑year term insurance policies
Affordability vs. value: We weighed low premiums against meaningful riders.
Flexibility: Renewability/conversion options for changing life stages.
Payout design: Lump sum vs. income benefit options for family budgeting.
Entry criteria: Wider age entry and simpler onboarding.
Support & transparency: Clear benefit wording typical of IRDAI frameworks.
Who should buy the best short-term life insurance plans in India?
- Choose a 5‑year plan if you want:
- Bridge protection while saving up or awaiting a long‑term policy decision.
- Short‑term loan coverage (car, education, early home‑loan years).
- Temporary high‑risk exposure (new business, job probation, on‑site projects).
- A quick, IRDAI approved life insurance plan from established life insurance companies in India without a 20–30 year commitment.
Tips to pick the right plan (and get a better quote)
- Match cover to liabilities: Add up EMIs + 2–5 years of household expenses.
- Pick payout style: Lump sum for large debts; income options for steady cash flow.
- Add essential riders: Accidental death, critical illness, or disability riders where relevant.
- Compare medical requirements: Full medicals can unlock better pricing for healthy buyers.
- Compare at least 3–4 quotes: Do a quick premium comparison for 5-year life insurance with the same age/sum assured/riders.
- Verify IRDAI registration: Buy only from IRDAI‑licensed insurers; check product brochures before paying.
Conclusion: Top 10 life insurance policy in India for 5 years — which one should you pick?
- If you want the cheapest pure cover, start with ShieldMax 5‑Year Term. For family budgeting, Income Secure Short Term (monthly income benefit) works well. If you dislike “no‑return” products, ROP Saver 5 offers a refund of base premium (at a higher cost). Planning to keep options open? Flex Convert 5 lets you switch to longer tenure later. High earners who want ₹1 crore quickly can check High Sum Assured Saver. Seniors or late starters can consider Senior Secure 5. Whichever you choose from the Top 10 life insurance policy in India for 5 years, ensure the sum assured truly covers your short‑term goals, riders fit your risks, and the insurer/product is IRDAI approved.
Conclusion: Top 10 life insurance policy in India for 5 years — which one should you pick?
Among the options listed, basic level‑term designs like ShieldMax 5‑Year Term are typically the most pocket‑friendly. Always run multiple quotes because age, health, and riders change pricing.
All legitimate term policies sold in India must be offered by IRDAI‑registered insurers and comply with product filing norms. Before buying, confirm the insurer’s registration and download the product brochure—choose only IRDAI approved life insurance plans.
Many insurers offer renewable or convertible options (subject to terms and underwriting). If flexibility matters, shortlist plans like our Flex Convert 5‑style design.
Add short‑term debts (loans/EMIs) + 2–5 years of household costs + planned expenses (school fees). That figure is a practical starting point for the sum assured.
Age, smoking status, medical history, occupation, city, and riders (like CI/ADB) drive pricing. A medical check often helps healthy buyers access better rates when doing a premium comparison for 5-year life insurance.