Which Cheap Term Life Insurance Gives Best Returns?

You are concerned not just with your personal and the happiness of your family and loved ones. Purchasing a term life insurance policy is one of the finest methods to ensure that your family's happiness and financial security is never jeopardised. Being a type of life insurance plan, term insurance protects you for a specific period of time, or "term," of years. In the event of your death, term insurance or a term plan can effectively secure the future of your family and financial dependents. The nominee receives the cover amount, also called as a death benefit or sum assured, if the policyholder passes away within the policy term. The premium for term insurance is determined using the following factors: the insured's health, age, gender, whether the insurer is a smoker or not, policy term, and the sum assured chosen. The following article contains a list of cheap term insurance plans that give best returns for your convenience.

Which Cheap Term Life Insurance Gives Best Returns?

Here are some cheap term insurance plans that give best returns.

1. HDFC Click 2 Protect Life Term Plan

Click 2 Protect Life, HDFC Life's newest flagship term plan, is a non-participating, non-linked, individual term plan designed to meet the changing needs of people at different stages of life. This policy has three different plan options. Return of Premiums, Waiver of Premiums on critical illness, Accidental Death Benefit, and premium payment frequency change are also available for some plans if pre-disclosed requirements are met.

Must Read: Planning To Buy A Rs. 50 Lakh Term Insurance Plan? Here's What You Need to Know

2. ABSLI Life Shield Plan

Aditya Birla Sun Life Insurance has created a term plan to help people protect their loved ones after they pass away. ABSLI Life Shield Plan is the name of the plan, and it provides eight different alternatives for protecting your family. You can get protection for your family members, such as your spouse, children, and other relatives. You can also take advantage of a premium waiver benefit in the event of total permanent disability or critical sickness, ensuring that your family's lifestyle is not impacted after your death.

3. Kotak E-Term Plan

The E-Term Plan from Kotak Life Insurance Company is an online version of a pure term plan in which the nominee receives the Sum Assured as a death benefit if the life insured dies within the policy tenure, but the policyholder receives nothing if the life insured survives. As a result, this policy can be obtained without the involvement of an agent, resulting in low and inexpensive rates. If the policyholder fails to pay the premium, the policy will lapse and all benefits would be terminated. You can, however, renew the policy within two years of its expiration date.

4. ICICI Pru Iprotect Smart Plan

The ICICI Pru iProtect Smart Plan provides you with a number of options for protecting yourself and your family for a cheap price. The plan provides comprehensive coverage through a variety of 3 adjustable alternatives. There's also the option to add critical illness coverage to the plan. If you are permanently disabled as a result of an accident, your premium payments will be waived for the remainder of the policy term.

Take Away

The plan mentioned above can be considered if you want an affordable and cheap term insurance plan that offers best returns. You can even consult a financial advisor to help find out your personal and professional needs and purchase a plan according to them.

Also Read: Term Insurance Plan Calculator: Calculate Returns Online Before Investing

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.