Popular Online Term Insurance Plans in India

Term insurance is one of the most common types of family protection plan available. It pays a certain amount to cover your family's financial requirements in the event of your untimely death. If you are your family's lone breadwinner, you can consider this plan to ensure your family's well-being and provide for your child's education and future prospects even after your death. Read on to learn more about some popular term plans that can save the day.

Popular Online Term Insurance Plans in India

Here is the list of some of the most popular term insurance plans in India.

1. Aegon Life iTerm Insurance Plan

Aegon Life Insurance Company offers this online term insurance plan. Its goal is to give financial security to the life insured's family in the event of a tragedy. It allows you to enhance your life insurance coverage as your life stage changes. For example, you can boost your coverage by 50% of the initial sum assured when you marry and 25% when you have your first and second kid. It also has a built-in terminal illness benefit as well as the provision to add extra riders. If you are not satisfied with the policy, the company offers a 30-day free-look period during which you can return the policy paperwork for cancellation.

2. PNB MetLife Mera Term Plan

The PNB MetLife Mera Term Plan is a custom-made protection plan that allows you to choose from four different sum assured payout alternatives. Not only that but your spouse would be covered by the same PNB MetLife Mera Term Plan as you. This is a budget-friendly online plan since it provides the convenience and flexibility of paying premiums monthly or annually for a regular and limited premium-paying period. In the case of yearly payment frequencies, this plan provides a 30-day grace period beginning on the premium due date. If the premium payment frequency is monthly, however, a 15-day grace period is available.

Must Read: Eligibility For Availing Group Term Life Insurance

3. Bharti AXA Life Premier Protect Plan

Bharti AXA Life offers the Premier Protect Plan, which is a non-participating, non-linked life insurance plan. This plan is designed to provide for your family's future in the event of your untimely death. The provision to select from a variety of death benefit payout options is available to the policyholder. Moreover, the option to raise the amount of protection at key life events is also offered under the plan. This provision must be exercised within six months of the milestone date, and the increase in sum assured will take effect on the policy anniversary after the execution of this option, with an additional premium collected to cover the additional sum assured. Multiple policies and premium payment options are also available. In the case of monthly premium payment mode plans, the insurer may only accept three months' premium in advance on the policy's start date.

4. Edelweiss Tokio Zindagi Plus Plan

Edelweiss Tokio Zindagi Plus is a robust term insurance plan that covers the policyholder's spouse's life as well. This plan provides total protection for the policyholder's entire family by including an additional life cover with the better-half payout. The Edelweiss Tokio Zindagi Plus plan's unique life-stage benefit is its USP. This option allows the policyholder to enhance his or her life insurance coverage based on significant life events such as marriage, children, home loans, and so on. Furthermore, all future premiums are waived if the policyholder is diagnosed with one of the 35 critical illnesses listed in this plan. The policy's benefits remain unchanged.

5. LIC e-Term Plan

Depending on the policyholder's needs, the LIC e-Term plan provides complete coverages in varied quantities. The LIC e-Term plan's minimum sum assured is Rs.25 Lakh for an aggregate category and Rs.50 Lakh for a smoker. The LIC e-Term plan is a simple online term plan that provides consumers with the convenience and flexibility of purchasing it from anywhere in the world. Hence, you won't need LIC agents or middlemen to purchase the LIC e-Term plan. This non-participating online term insurance plan with regular premium payments ensures your family's financial security even if you are no longer around to provide for them. To purchase a LIC e-Term plan, you must be an Indian citizen, be between the ages of 18 and 60, and have a steady source of income. A 10-year minimum policy term and a yearly premium payment schedule are also available with the LIC e-Term plan.

Endnotes

There are more term insurance plans like HDFC Click to Protect Life, Canara I Select Star, Kotak E Term, Max Smart Secure Plus etc., that can be considered while purchasing a life insurance policy. It is advisable to purchase a plan after a detailed evaluation of your personal needs and not on mere recommendations and suggestions by a friend, relative or acquaintance. You can even consult a financial advisor or an insurance agent to make a better decision.

Also Read: Term Insurance Plan for All Age Groups

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.