In 2021, The Most Popular Term Insurance Policies Will Be

A term insurance policy is a pure protection plan to safeguard the family’s financial future in case of any untoward events such as death, terminal illness, disability, etc. Still, unlike other investment products, these plans do not offer any returns on the premiums paid at the end of the policy tenure. 

So, if you are looking to buy a term plan, first you need to know the risks involved in your life, the number of dependents, and what amount would suffice for them to lead the same quality of life they are experiencing now after you pass away. 

List of 11 Best Term Insurance Plans in India 2021

Here we listed out the 11 best term insurance plans in India from top term insurance companies for you to choose and buy the best term plan for your family in the year 2021 as mentioned below:-

1. LIC Tech Term Plan

It is a traditional term plan, providing financial support to the insured’s family in case of his or her untimely demise. This term plan comes with several essential features such as 2 death benefit options- Level Sum Assured and Increasing Sum Assured, policy term between 10-40 years, and maturity age till 80 years.

2. HDFC Click2Protect Plus

This comprehensive term plan offers 3 cover options – Life and CI Rebalance, Life Protect, and Income Plus, from which the policyholder can select as per their requirements. It comes with an option that auto balances death and critical illness benefits with the increase in age and offers whole life cover.

3. Max Life Smart Secure Plus Plan

The Smart Secure Plus Plan by Max Life Insurance gives you the flexibility to customize coverage protection at a reasonable price by offering 2 death benefit covers to choose from. It also provides different payout options to suit the insured’s requirement, which comprises a lump-sum payment, monthly income payment, and partly in a lump sum and partly as monthly income. In addition, it provides terminal illness coverage as well as returns all the premiums paid on policy maturity.

4. SBI Life-eShield

The policy offers four plan options, and you can pick the best one among them, depending on your requirements. It is the best term life insurance policy for your family, and you can apply for the same online without the tedious paperwork. Some of the benefits covered by this policy include renewability, 20 lakhs minimum sum assured, surrendering facility, free-look period, and so on.

5. Tata AIA Maha Raksha Supreme

Maha Raksha Supreme by Tata AIA Life Insurance comes with an in-built accelerator that provides up to 50% sum assured payout on diagnosis of any terminal illness. This plan also offers flexibility to choose from various premium paying terms and riders.

6. ICICI Prudential iProtect Smart Term Plan

This plan is available in 3 options, and you can select the right one after doing complete research. Some of the benefits offered by the policy include death coverage, terminal illness coverage, premium waiver benefit, accidental death benefit, tax benefits, surrender benefits, etc.

7. Bajaj Allianz Smart Protect Goal Term Plan

This plan offers death benefits at affordable premiums and maturity benefits by returning the premiums paid at the policy’s maturity. It also provides financial assistance if diagnosed with any listed critical illnesses in the plan.

8. Canara HSBC OBC iSelect Star Term Plan

This term plan comes with a whole life cover option and offers you the flexibility to enhance your life cover based on your changing lifestyle. It also comes with a return of premium option, spouse coverage, and in-built protection. In addition, it offers multiple death benefit payout options that include lump sum, monthly income or lump sum plus monthly income.

9. PNB MetLife Mera Term Plan Plus

This term plan offers comprehensive protection at an affordable cost. Moreover, it provides flexibility to opt for protection against terminal illness, critical illness, disability, and death along with various life cover options such as spouse coverage and whole life cover.

10. Kotak e-Term Plan

It is a pure protection plan, and any individual between 18 to 50 years (for limited pay-pay till 60 years) or 65 years (except for limited pay-pay till 60 years) can buy this term plan. The minimum sum assured under this plan is Rs 25 lakhs. The Kotak e-Term plan offers different premium payment modes, including monthly, yearly, half-yearly, and quarterly. In addition, it comes with 3 different pay-put options – immediate payout, level recurring payout, and increasing recurring payout. It also gives the option to add riders for additional protection – Kotak Permanent Disability Benefit Rider and Kotak Critical Illness Plus Benefit Rider.

11. Aditya Birla Sun Life Insurance Life Shield Plan

This term plan by Aditya Birla Sun Life Insurance offers 8 different coverage options which policyholders can choose to meet the specific requirements of their family members. It ensures that the insured’s family members are financially secured in case of the sudden demise of the life assured within the policy tenure. In addition, this plan provides terminal illness benefits and options to increase life coverage by adding riders.

Conclusion

Before you proceed to search for the best term life insurance policy in India, we recommend you understand all the insurance policies and their benefits in detail from the brochures available on their website. If required, you may also take the advice of insurance experts and clear your doubts before investing, as this one decision can alter your family’s future in your absence. 

Also read- What Is Investing And What Does It Mean? Learn About Several Investment Options.

Why Do You Need Term Insurance Policy?