Which Is The Best Term Insurance Plan In India
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A basic variant of term insurance has no cash value which means, if the insured person survives the term of the policy, the policy does not return any value, with the exceptions of plans like Return on Premium etc.
You can purchase a term insurance policy which can provide a certain corpus to your dependents in event of your demise, they would be able to sustain the same lifestyle or pay off existing liabilities without compromising on their dreams thanks to the sum assured which they would receive from life insurance.
Top 5 Term Insurance Policies
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ICICI Prudential iProtect Smart Online Term Insurance Plan
ICICI Prudential has one of the best Claim Settlement data consistently, with 96.20% of the claims received were paid/settled. ICICI Prudential’s online term plan is known as ‘iProtect Smart.’ The premium amounts of this term insurance plan are very reasonable and are competitively priced. This term insurance plan also provides Waiver of Premium due to disability at no extra premium. Optional riders like Accidental death benefit rider and Additional cover for 34 Critical Illnesses are available.
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LIC’s e-Term Plan Online Term Insurance Plan
LIC of India had launched its online Term insurance plan on 17th May, 2014. LIC was a late entrant with respect to the launch of online term plans. But, one good point about the e-term plan is that it is relatively cheaper than Anmol Jeevan/Amulya Jeevan (LIC’s offline term plans). However, when you compare the premiums of LIC’s e-term plan with private insurance players’ online products, you may find it very costly.
But, LIC has the highest claim settlement ratio among the life insurers. You can surely consider buying a LIC e-Term plan. The minimum Sum Assured offered under LIC e-Term online insurance plan is Rs 25 Lakh.
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Aegon Religare iTerm Plan
The claim settlement record of Aegon’s has improved significantly over the last couple of years, which is now at 95%. We need to talk about their online term insurance plan. They are the pioneers in online term insurance plans. They have changed the rules of the game by offering the cheapest online term insurance plans.
This plan has an Inbuilt Terminal Illness Benefit. On diagnosis of any Terminal Illness, 25% of the base sum assured will be paid (max.of Rs 1 Crore) & the base sum assured will be reduced by an amount equal to the benefit paid under this clause. It covers all forms of death, even terrorist attacks.
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HDFC Life’s Click 2 Protect Plus Online Term Insurance Plan
The premiums of HDFC’s Click2protect plan are lower than ICICI Prudential’s iProtect plan (old Term insurance plans). HDFC Life has launched Click2Protect Plus to compete with ICICI Pru’s i-Protect Smart plan. The latest claim settlement ratio of HDFC Life is 95%.
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Bajaj Allianz Life Insurance eTouch online Term insurance Plan
This plan offers a waiver of Premium under ‘Shield’ option. So, on the occurrence of an Accidental Total Permanent Disability of the Life Assured the remaining premiums under this term plan would be waived off, while the other insurance benefits will continue.
Conclusion
Nothing in this world comes without its own risks. You certainly cannot protect yourself from all these risks but you can definitely guard yourself against some of them like the risks against the future of your loved ones after you are no more, your health, your home, your car, and the risks involved with travel. By taking the five insurance mentioned above, you can secure yourself against these risks.
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