In 2021, The Most Popular Term Insurance Policies Would Be
Table of Contents
The most important reason to buy a term insurance policy is to secure your family's future. It will provide financial stability and assistance to your family needs. The payouts will help your family live a comfortable life. Your family can clear all your existing debts. A term plan provides high cover at the cost of an affordable premium.
Below is a list of the comparison of the top term insurance plans in 2021.
List of Popular Term Insurance Plans In India
Here's a list of the top 9 term insurance plans in India:
|
Insurance company |
Name of the policy |
Claim Settlement Ratio (CSR) |
|
Aviva India |
Aviva Life Insurance iTerm Smart |
97.53% |
|
LIC India |
LIC Tech Term Insurance Plan |
96.69% |
|
Kotak India |
Kotak e-Term Plan |
96.38% |
|
Future India |
Future Generali Flexi Online Term |
95.28% |
Aviva Life Insurance iTerm Smart
The Aviva Life Insurance iTerm Smart plan provides life cover at a nominal cost along with the benefit of protecting against critical illnesses and disabilities.The minimum age for entry into the policy is 18 years and the maximum age is 65 years. You can avail of the benefit of life stage protection which would help in enhancing the coverage amount and would need no medical examination for this. You can avail the benefit of enhancing the cover till 80 years of age with a maximum policy term of up to 62 years. The minimum sum assured is Rs. 75 lakh and the maximum sum assured can be up to Rs. 25 crores. Premium payment can be done by monthly, quarterly, half-yearly or by an annual method.
Future Generali Flexi Online Term
The minimum age for entry into the Future Generali Flexi Online Term plan is 18 years whereas the maximum age is 55 years.
Your nominee will be paid with the total cover benefit in the form of a lump sum amount in case of your death during the policy tenure.
The maximum coverage under the Future Generali Flexi Online term plan is up to the age of 75 years. The premium payment frequency is annually and the premium payment term is equal to the policy tenure for this term plan of 75 lakh. Tax benefits can be availed for the premium paid and the claim amount under the provisions of Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Kotak e-Term Plan
The minimum age for entry into the Kotak e-Term plan is 18 years and the maximum age is 65 years. Your nominee would receive the sum assured as Death benefit on your demise during the policy term. Premium payment can be done conveniently by Regular pay, Limited pay or by Single pay method. Critical illness riders can be included in the base plan which helps in paying a lump sum amount on the occurrence of any disease out of the 37 specific critical illnesses.
LIC Tech Term Insurance Plan
LIC Tech Term Insurance Plan is a non-linked, non-participating online premium plan that offers the required financial protection of the insured's family in case of his/her unfortunate demise. You can avail the plan through an online application process and no intermediaries will be involved. A free-look of 30 days from the policy receipt date is provided by the company. The policyholder can return the policy if he or she is not satisfied with the clause of the policy. NRIs will be covered under this policy even if they are not in the country but should be present in the country for medical tests.
Conclusion
Most people buy a term insurance plan because of its simplicity and affordability. There are a lot of options to choose from. If the purchaser does not read and compare different policies he or she might not find the one which is best suited for them. Hence above given is a list of the most popular term insurance plans in India in 2021.
