Introduction
Short-term life insurance plans in India are designed to provide pure risk cover for a limited duration, generally ranging from 5 to 10 years. These plans serve as a practical financial safety net for people with temporary protection needs or those not ready for a long-term commitment. In 2025, the Insurance Regulatory and Development Authority of India (IRDAI) continues to play a pivotal role in ensuring life insurance products meet stringent standards, making “IRDAI approved short term life insurance” plans the most credible choice for policyholders.
What is Short-Term Life Insurance and Why Does IRDAI Approval Matter?
Short-term term insurance India policies offer life coverage for limited periods – often 5 years – providing financial security to nominees if the policyholder passes away during this tenure. Unlike investment-linked life policies, these plans don’t offer maturity benefits; their prime focus is affordable pure protection.
Why IRDAI approval?
Only insurers meeting strict solvency, claim, and policyholder service standards earn IRDAI approval.
Policyholders enjoy peace of mind, assured regulatory oversight, and strong claim settlement mechanisms.
Top 5 IRDAI Approved Short-Term Life Insurance Plans in India (2025)
The following plans are chosen based on coverage, pricing, features, and company reliability for a non-smoker age 25, income above 5 lakhs, sum assured 50 lakhs, policy term 5 years.
| Plan Name & Company | Policy Term | Sum Assured | Premium (Annual/Monthly) | Key Features |
|---|---|---|---|---|
| Edelweiss Tokio Saral Jeevan Bima | 5 years | ₹50 Lakhs | ₹465/mo (₹5,277/yr) | Optional riders, simplicity |
| Bandhan Life i-term Prime | 5 years | ₹50 Lakhs | ₹483/mo (₹5,550/yr) | Digital onboarding, riders |
| ICICI Prudential Saral Jeevan Bima | 5 years | ₹50 Lakhs | ₹701/mo (₹8,205/yr) | Trusted brand, flexible |
| HDFC Life Saral Jeevan Bima | 5 years | ₹50 Lakhs | ₹1,101/mo (₹12,579/yr) | Add-on covers, e-services |
| PNB MetLife Saral Jeevan Bima | 5 years | ₹50 Lakhs | ₹1,275/mo (₹14,396/yr) | Custom riders, claim ease |
1. Edelweiss Tokio Saral Jeevan Bima
Entry Age: 18–65 years
Policy Term: 5 years
Sum Assured: ₹50 Lakhs
Annual Premium: ₹5,277
Key Features / Riders:
Simple, no-frills structure
Optional riders for accidental death, disability, etc.
Fast claim processing
Pros:
Among the lowest premiums
Flexible entry age
Cons:
Limited riders compared to other plans
2. Bandhan Life i-term Prime
Entry Age: 18–65 years
Policy Term: 5 years
Sum Assured: ₹50 Lakhs
Annual Premium: ₹5,550
Key Features / Riders:
Complete digital onboarding
Critical illness and accidental riders available
Hassle-free renewals
Pros:
Contemporary digital tools
Good value for money
Cons:
Brand new entrant, lesser legacy
3. ICICI Prudential Saral Jeevan Bima
Entry Age: 18–65 years
Policy Term: 5 years
Sum Assured: ₹50 Lakhs
Annual Premium: ₹8,205
Key Features / Riders:
Reliable claim track record
Add-on riders for disability & critical illness
Large network for service
Pros:
Strong company reputation
Wide service reach
Cons:
Premium on higher side
4. HDFC Life Saral Jeevan Bima
Entry Age: 18–65 years
Policy Term: 5 years
Sum Assured: ₹50 Lakhs
Annual Premium: ₹12,579
Key Features / Riders:
Multiple optional riders
Quick e-service options
Easy claims workflow
Pros:
Easy digital management
Reputed insurer
Cons:
Highest premium among top 5
Basic plan structure
5. PNB MetLife Saral Jeevan Bima
Entry Age: 18–65 years
Policy Term: 5 years
Sum Assured: ₹50 Lakhs
Annual Premium: ₹14,396
Key Features / Riders:
Multiple rider choices
Emphasis on claim simplicity
Tax incentives as per law
Pros:
Variety in add-ons
Stable insurer
Cons:
Costliest policy in the top 5
Limited online support
Comparison Table: IRDAI Approved Short Term Life Insurance (2025)
| Plan Name & Company | Policy Term | Sum Assured | Monthly Premium | Annual Premium | Key Features / Riders |
|---|---|---|---|---|---|
| Edelweiss Tokio Saral Jeevan Bima | 5 years | ₹50 Lakhs | ₹465 | ₹5,277 | Accidental, disability riders |
| Bandhan Life i-term Prime | 5 years | ₹50 Lakhs | ₹483 | ₹5,550 | Critical illness, riders |
| ICICI Prudential Saral Jeevan Bima | 5 years | ₹50 Lakhs | ₹701 | ₹8,205 | Flexible, trusted brand |
| HDFC Life Saral Jeevan Bima | 5 years | ₹50 Lakhs | ₹1,101 | ₹12,579 | Easy claims, e-services |
| PNB MetLife Saral Jeevan Bima | 5 years | ₹50 Lakhs | ₹1,275 | ₹14,396 | Custom riders, high support |
Who Should Opt for Short-Term Life Insurance in India?
Short-term life insurance is tailored for:
Individuals with immediate but temporary financial responsibilities (e.g., short-term business loans, education, or mortgages).
Young professionals on short-term foreign assignments in India.
People who expect major life changes in near future and want coverage only until then.
Those seeking an affordable stopgap before committing to a long-term policy.
These plans provide a bridge during periods of high financial risk, ensuring the family’s needs and debts are protected.
Benefits of Choosing IRDAI Approved Short Term Life Insurance Plans
1. Regulatory Reliability
All listed plans are IRDAI approved, ensuring stringent compliance, full transparency in terms, and a robust grievance redressal mechanism.
2. Claim Settlement Assurance
IRDAI tracks claim settlement ratios, pushing insurers to process genuine claims efficiently, increasing customer trust.
3. Consumer Protection
Policyholders receive protection under established Indian insurance laws, with rights for policy servicing, information, and grievance resolution.
4. Affordable Premiums
Short-term plans are among the most affordable life protection options in India for 2025, especially due to their limited tenure.
FAQs for IRDAI Approved Short-Term Life Insurance
These are term insurance policies with a duration of 5–10 years, reviewed and approved by the Insurance Regulatory and Development Authority of India for compliance, solvency, and customer protection.
Look at IRDAI approval, coverage amount, premium affordability, claim processes, and available riders. Always compare plans on credible aggregator websites for the latest offers.
Yes, premiums are typically lower due to the reduced term, making these plans accessible for young earners or those with limited financial capacity.
Short-term plans generally require renewal, and many are not convertible to longer-term policies, so plan for your anticipated needs
Standard documents include age proof, address proof, income proof, and identity documents, regardless of gender or age.
Recommendation Summary: Which Plan to Choose?
For Affordability: Edelweiss Tokio Saral Jeevan Bima is the best bet for most young professionals.
For Comprehensive Digital Experience: Bandhan Life i-term Prime offers an easy onboarding and renewal process.
For Corporate Trust: ICICI Prudential Saral Jeevan Bima combines brand strength with flexible riders.
For Simple Claims: HDFC Life Saral Jeevan Bima is backed by strong processes and customer service.
For Rider Variety: PNB MetLife Saral Jeevan Bima lets policyholders customize protection thoroughly.
Choosing the right IRDAI approved short term life insurance can offer peace of mind without locking in long-term funds. Always evaluate based on budget, protection needs, and family liabilities, referencing IRDAI’s own ratings or an established marketplace for the latest updates.
