What Are the Best Term Insurance Plans In India?
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Term insurance is frequently overlooked when compared to other types of insurance. The fundamental reason for this is that many individuals believe that term insurance contracts provide no benefits or returns other than the Sum Assured if the insured dies.
In this article, therefore, we have compiled a list of the best term plans available to customers in India.
Best Term Plans In India
Following are some of the best term plans available in the Indian market for you to choose from:
1. Aditya Birla Sun Life Insurance (ABSLI) Life Shield Plan
Term life insurance is the most cost-effective type of life insurance since it provides a significant amount of coverage for a low premium for a set period of time. In the event that the life insured dies during the policy term, the nominee is financially protected.
Key Features of ABSLI Life Shield Plan
Here are some of the key features of the ABSLI Life Shield Plan:
- Flexibility To Choose Premium
The ABSLI SecurePlus Plan allows you to determine the amount of premium you want to pay over the course of the premium-paying period. Your Sum Assured is decided by your entry age and the premium amount you agree to pay in a given policy year. The premium can be paid in annual or monthly instalments.
- Income Benefit Option
The ABSLI SecurePlus Plan gives you the option of choosing between two Income Benefit Options, depending on your needs.
Option A – During the Payment Period, income benefits of 100%, 200%, 300%, 400%, 500%, and 600% of annualised premium will be paid at the conclusion of each year.
Option B: An income benefit equal to 200 percent of the yearly premium will be paid. During the Payment Period of 12 years, you will be paid at the end of each year.
- Inbuilt Accidental Death Benefit
In the unfortunate event that the life assured dies as a result of an accident during the policy term, we will pay the nominee a Reduced Accidental Death Benefit.
Aditya Birla Sun Life Insurance ABSLI Life Shield Plan’s Eligibility Criteria
Coverage: Male | Female | Transgender
2. Bajaj Allianz Life Secure
Bajaj Allianz Life Insurance has a solution for your cause: Bajaj Allianz Life Secure, a unique non-linked, non-participating, individual, life, limited premium payment whole life savings plan that provides you with complete protection until your 100th birthday, allowing you to live worry-free for the rest of your life.
Key Features of Bajaj Allianz Life Secure
Following are some of the key features of the Bajaj Allianz Life Secure Plan:
Bajaj Allianz Life Secure is a complete life insurance plan that, based on your requirements, provides term assurance, accidental death coverage, and critical illness coverage. Some of the plan's main advantages are as follows:
- Death Benefit Option
Following are the three coverage options to choose from
Option I - Death Benefit with Accidental Death Benefit
Option II - Death Benefit
Option III: Death Benefit or Accelerated Critical Illness Benefit with Premium Waiver
- Appropriate Premium rates for women
- Life cover up to the age of 100 is offered under the plan
Eligibility Criteria For Bajaj Allianz Life Secure Plan
Minimum Entry Age: 25 Years
Maximum Entry Age: For Coverage Option I & II is 55 years, whereas for
Coverage Option III is 50 years
3. Exide Life Elite Term Insurance Plan
Exide Life Elite Term Insurance Plan can help you protect yourself. Because if you're well-protected, your family won't have to worry about you. And regardless of what the future holds for you, your family's future is assured.
Exide Life Elite Term Insurance Plan’s Key Features
Following are the key features under Exide Life Elite Term Insurance Plan -
- Life insurance with a lot of coverage for a low price
- Increased amount guaranteed on maintaining a healthy lifestyle at no additional cost
- Option for a 5- or 10-year family income payout
Death Benefit
The Sum Assured you choose determines the Death Benefit payable. In the event of your untimely death, your nominee will receive the Death Benefit payouts, which will be determined by the choice you selected at the time of enrollment. You have three versatile payout alternatives to select from, as detailed below.
Eligibility Criteria For Exide Life Elite Term Insurance Plan
Minimum / Maximum Age at Entry remains 21years / 60 years whereas
Maximum Maturity Age is 70 years (Age last birthday)
80 years age (If Extended Term is opted for)
4. HDFC Life Click2Protect Life Plan
With changing goals and lifestyles, it's more important than ever to protect and secure your family's future against the uncertainties of life. HDFC Life is happy to launch Click 2 Protect Life, an intelligent term plan that provides benefits based on your changing lifestyle and life stage demands, ensuring that you are always protected.
Key Features of HDFC Life Click2Protect Life Plan
Some of the primary features of the plan are as follows -
- Provides your family with full financial security.
- Choose from three plan options to choose a cover that meets your needs.
- With rising age, Auto balances Death and Critical Illness benefits.
- With the Income Plus Option, you can start receiving income payments at the age of 60.
- Coverage for the rest of your life is an option.
- Premium Waiver in the event of a Critical Illness Diagnosis
- Female lives and non-tobacco users are offered special premium rates.
Eligibility Criteria For HDFC Life Click2Protect Life Plan
Minimum Age At Entry: 18, 45, 30, 45 Years ( As per the plan option)
Maximum Age At Entry: 65, 50 Years( As per the plan option)
Conclusion
When it comes to buying term insurance, the majority of people begin by comparing prices. Cost is, without a doubt, critical. Putting too much focus on the price of a term insurance plan, on the other hand, could jeopardise your family's financial security. In order to protect your family in the future, we've compiled a list of term plans that will highlight the best term plans available to you.
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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.
