List of Best Term Insurance Plans Online

A term insurance plan is a kind of life insurance plan that offers financial protection to your family at a very reasonable cost. The object of this Insurance plan is to make sure that the financial needs of the policyholder's family is well taken care of after his or her unfortunate demise. The sum assured was paid to the family in case of demise of the assured within a specified time period. 

A term insurance is like a back up plan that will support your family if something unfortunate happens to you in the near future. It will provide much needed financial support to meet your family's daily expenses and fulfill their long term goals (like children's education, marriage, etc.) Also with the help of riders, you can cover disease and disability under a term insurance plan. It is one of the most affordable ways to protect the financial future of the family. 

Best Term Insurance Plans Online in 2021

The following list shows the best term insurance plans which you can consider in 2021 - 

• Tata AIA Life Insurance Sampoorna Raksha Plan

This is a term insurance plan which acts up as a whole life plan as the plan allows you to avail coverage up to 100 years. Optional riders are available which help in increasing the scope of coverage. You can pay the premiums throughout the policy term or for a limited period. Eligibility criteria of TATA AIA Life Insurance Sampoorna Raksha Plan: Entry age is 18 years to 70 years, Term of the plan: 10 years to (100 – entry age) and Sum assured: Rs. 50 lakh onwards

• ICICI Pru iProtect Smart Plan

This policy allows coverage up to 99 years of age ensuring that you are insured for a longer period. There is an optional critical illness rider which covers 34 critical illnesses and provides a comprehensive scope of coverage. There are four types of death benefit pay-out options which pay the benefit in a lump sum, in instalments or in a combination of both. There is an inbuilt terminal illness benefit under the plan. Eligibility criteria of ICICI Pru iProtect Smart Plan: entry age is 18 years to 65 years, term of the plan is 5 years to (99 – entry age), premium is as minimum as Rs. 2,400 and sum insured depends on the premium, age and other factors.

• HDFC Life Click 2 Protect 3D Insurance Plan

This is a term insurance plan which allows different types of coverage options so that you can choose the coverage that you want. Coverages can be taken for a whole life. The sum assured can be increased at marriage or childbirth. Eligibility criteria of HDFC Life Click 2 Protect 3D Insurance Plans: entry age is 18years to 65 years, term of plan is 1 month to (100 - entry age) and sum assured is Rs. 10,000 onwards. 

• Bharti AXA Life Flexi Term Plan

This is a flexible term plan which has a coverage up to 85 years of age. Critical illness cover is also available under the plan as an optional rider. Eligibility criteria for Bharti AXA Life Flexi Term Plan: entry age is 18 years to 65 years, term of the plan is 10 years to (85 - entry age) and sum assured is INR 10 lakhs onwards.

• AEGON Life iTerm Insurance Plan

This is a very popular plan offered by AEGON Life Insurance company which offers a host of benefits to policyholders. Coverage is available until 100 years of age. Females and non-smokers can enjoy lower premium rates. Eligibility criteria for AEGON Life iTerm Insurance Plan: entry age is 18 years to 65 years, term of the plan is 5 years to 82 years and the sum assured is Rs. 25 Lakh onwards. 

Take Away

For a lot of people even the best term insurance plans can become quite tricky to understand as the facts and figures in these products are not easy to relate to. This is one of the reasons why IRDA has made it mandate to use simple calculation methods to help users to calculate claim settlement ratio. 

Also read 

How Much Term Insurance Cover Do I Need?

Term Insurance vs Life Insurance

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.