India's Best Term Plans for 2021

Term insurance is a type of life insurance product that provides financial protection to the beneficiary of the policy if the life insured dies during the policy period. Term insurance provides a life insurance cover for a specific period or term of the year against the predetermined premium paid and term selected by the policyholder. The nominee receives a death benefit in case the policyholder dies during the active term of the policy. The policyholder has to pay the premiums without fail to keep the term insurance plan active. Term insurance is the simplest and one of the most affordable types of life insurance plans.

Best Term Insurance Policy In India In 2021

Here's a list of the top 5 term insurance plans in India: 

• Aegon Life iTerm Plan

This plan can be purchased online in a simple and easy process. The minimum entry age of the policy is 18 years, whereas the maximum entry age of the policy is 65 years. The maximum maturity age of the policy is 80 years. The insured can avail tax benefits under Section 80D of the Income Tax Act, 1961. In case of the demise of the insured, death benefit is paid to the beneficiary of the policy. The plan offers flexibility on premium payment mode. The plan offers a lower premium rate for non-smokers and female insurers. 

• Bajaj Allianz Smart Protect Goal

Your nominees can avail of the benefits in case of your Accidental Death in the form of Accidental Death Benefit if the death was caused within 180 days of the accident.

Accidental Total Permanent Disability Benefit can be availed in case of any permanent and total disability suffered due to an accident.

Critical Illness Benefit helps you to obtain the sum assured chosen for critical illness benefit on diagnosis of suffering from the critical illness. Waiver of Premium Benefit and Surrender benefits are available under this term plan of 75 lakhs. Tax benefits are available on the premium paid and on the claim amount obtained under the provisions of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

• 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.

• 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.

Also read- Here Are Some Frequently Asked Questions About Life Insurance Riders.

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