The most key reason to buy term insurance is to protect your family’s future. You never know what is going to happen to you in the future. Also, You can, however, prepare for it. Do it with a term insurance policy to give yourself peace of mind and stress-free life for your family. Looking for the best Term Life Insurance Plan in India? We got the top term life insurance policy for you. Follow our Guide for more!
WHAT IS A TERM INSURANCE?
A term insurance policy is a sort of insurance policy. However, it differs from other insurance plans. A term plan offers security in the form of financial aid in the event of death. So, The time duration is determined at the policy’s start. It only applies to the policyholder, and the death benefit is paid to your family/nominee/beneficiary.
Furthermore, The death benefit is the amount of money. The policy will pay out to your family when you die. Here’s an illustration to help you know: Amit is a married man with two children. He has to buy a term plan with a death benefit of Rs. 1 crore, and the policy is valid until the age of 60. If something happens to Amit before the age of 60, the insurer will pay his family Rs. 1 crore. Also, Looking for the best Term Life Insurance Plan in India? We got the top term life insurance policy for you. Follow our Guide for more!
WHY IS IT NECESSARY?
The most key reason to buy term insurance is to protect your family’s future. You never know what is going to happen to you in the future. You can, however, prepare for it. Do it with a term insurance policy to give yourself peace of mind and stress-free life for your family.
Here are few points why you should have a term plan:
-Firstly, When you are not present, it will defend your family.
– Secondly, It will give financial security and support for your family’s requirements.
– Thirdly, Your family will be able to live comfortably as a result of the compensation.
– Also, Your family can pay off all of your current debts.
– In Conclusion, A term plan gives way at a low rate.
BENEFITS
Your term plan can benefit you and your family in a variety of ways.
-Firstly, Low premium cost – The finest benefit of a term insurance plan is that you can acquire a large cover for a low price. Furthermore, the earlier you buy, the lower the premium you pay.
– Secondly, May term plans include the possibility of giving until the age of 100. This known to as a whole life term insurance policy.
– Thirdly, Financial security – In the event of your death, your family will receive the sum assured. From the insurer in the form of a regular payout or as a lump amount.
– Also, Tax benefit – Premiums paid for a term insurance plan and the death benefit are not there. From taxation under Sections 80C and 10(10D) of the Income Tax Act of 1961.
– Furthermore, Rider choices – You can add Fatal Disease Cover, Critical Illness Cover, Accidental Death Benefit. Also, Reduction of Premium, Daily Hospital Cash, Personal Accident Cover. Partial/Permanent Impairment Cover, and many more to your existing term insurance policy. Riders are available at an extra fee.
List of Best Term Life Insurance Policy
1) SBI LIFE eSHIELED PLAN
ABOUT
SBI’s term plan is the most basic type of life insurance. The accidental death benefit is an optional benefit. There are no survival benefits and this is a non-participating (you are not eligible to a share of the profits and there is no investment component) insurance plan. It is a semi-plan, which means it has no exposure to the stock market.
Also, Being a pure insurance policy with no survival benefits, you pay a very cheap premium for a very high level of help. The policy can be done to your specific needs, ensuring that your family is appropriately there.
– Firstly, Level coverage
The sum assured does not fluctuate under the level term assurance option all over the policy’s tenure. The policy’s nominee receives the sum promised in the event of the policyholder’s death.
-Secondly, The basic sum assured is increased at 10% simple interest at the end of every five-policy anniversary under the growing term assurance plan, while the premium remains the same.
- Also, Benefit of Terminal Illness:
If the Life Assured is diagnosed with a terminal disease, the pay-out equal to the death benefit is paid, and the policy is canceled. The positive result of a terminal illness is one that is predicted to result in the death of the life assured within 180 days.
ELIGIBILITY
When it comes to eligibility for this policy, the minimum age for this plan is 18 years, and the maximum age for this category is 65 years in the case of level cover. When it comes to growing coverage, the lowest age is also 18 years old, and the maximum age is 60 years old. The policyholder’s age limit at the end of the policy term cannot be more than 75 years for Level Cover Benefit and 70 years for Rising Cover Benefit. Also, Looking for the best Term Life Insurance Plan in India? We got the top term life insurance policy for you. Follow our Guide for more!
2) MAX LIFE TERM PLAN
ABOUT
Max Life, formed in the year 2000, is non-bank-backed private life insurance. As a joint venture among Max Financial Services Pvt. Ltd and Mitsui Sumitomo Insurance Company Ltd, this company began operations in April 2001. Max Life created the “Treating Customers Fairly” (TCF) policy in order to give customer care at every stage, from initial contact as pre-sales to claim settlement and payment of benefits. In the year 2015, Max Life was named India’s Most Trusted Brand. A Term Plan is by far the most basic, and effective life insurance plan for providing financial security to your family.
ELIGIBILITY
Minimum of 18 years and maximum of 60 years and maturity age if of 75 years. Also, Looking for the best Term Life Insurance Plan in India? We got the top term life insurance policy for you. Follow our Guide for more!
3) LIC e-TERM PLAN
ABOUT
The oldest insurance firm in the country is the LIC, a public sector insurance firm. It is well-known for having the greatest claim settlement ratio for more than three years in a row. LIC e-Term is one of the company’s most well-known term insurance policies, among a vast range of product options. The LIC e-Term plan is a pure insurance policy, which means that it exclusively gives Death Benefit, i.e., the payment of the sum promised to the beneficiary upon the death of the policyholder. If the policyholder lives the LIC e-Term plan duration, the recipient will not get any Maturity Benefit.
The minimum sum assured under the LIC e-Term plan is Rs.25 lakh for a great category and Rs.50 lakh for a smoker. The LIC e-Term plan is a basic online term plan that allows clients to buy it from anywhere in the world. This also implies that you do not need to use the services of LIC agents or intermediaries in order to buy the LIC e-Term plan.
ELIGIBILITY
Minimum of 18 years and maximum of 60 years and maturity age if of 75 years. Also, Looking for the best Term Life Insurance Plan in India? We got the top term life insurance policy for you. Follow our Guide for more!
4) Future Generali Flexi Online Term Insurance Plan
ABOUT
Future Generali Flexi Online Term Insurance Plan is a low-cost, flexible term insurance policy that covers your family’s future financial needs in your absence. It gives three other death benefit to meet the needs of every individual.
– Firstly, Freelook period: If you disagree with any of the policy terms and conditions, you have 15 days (30 days if the policy is offered through distance marketing mode) from the policy receipt date to return the plan.
-Secondly, Grace period: From the premium due date, the place gives a grace period of 30 days for yearly payment frequency and 15 days for monthly payment style. The grace period is the number of additional days you have to pay your late premium.
– Insurance lapse: If you do not pay the premiums due within the grace period, your policy will lapse.
– In addition, Policy revival: During the policy term, the policy might be revived within two years of the due date of the first missed premium. The policy shall be taken by the company upon receipt of a written application from the policyholder, as well as proof of continuous insurability as defined by the company from time to time.
ELIGIBILITY
Minimum of 18 years and maximum of 55 years and maturity age if of 75 years. Also, Looking for the best Term Life Insurance Plan in India? We got the top term life insurance policy for you. Follow our Guide for more!
5) Bharti AXA Term Plan
ABOUT
The Bharti AXA Term Plan eProtect is a classic non-active pure term plan available online. This internet insurance coverage allows you to give complete financial way for your loved ones. If you are the only earning member of your family, it is critical that you set up a source of money for them so that they may survive in your absence. The eProtect policy is one such insurance plan that will give enough life insurance coverage to your family for a low premium payment.
ELIGIBILITY
Minimum of 18 years and maximum of 55 years and maturity age if of 75 years. Also, Looking for the best Term Life Insurance Plan in India? We got the top term life insurance policy for you. Follow our Guide for more!
FAQs Regarding Term Insurance Plan in India
Term insurance plan also refers to the money person gets after some unforeseen incident happens.
Minimum of 18 years and maximum of 55-60 years and maturity age if of 75 years (depending on the condition of the person)
Tax benefit – so Premiums paid for a term insurance plan and the death benefit are excluded from taxation under Sections 80C and 10(10D) of the Income Tax Act of 1961.
Editor’s Note | Term Insurance Plan
The first thing that should come to mind is the premium. It will decide the quantity of coverage you require. Your goal should be to get a lot of coverage for a low price. This will lessen the impact on your finances while also protecting your family.
Please do not choose a lower premium amount as you may come to regret it later. As an existing people, you’ve thought, ‘Can I add extra benefits and features to my term policy?’ You can. This is when a rider option will come in handy. Riders (critical illness rider, terminal disease rider, and others) change the coverage of your term plan. Riders are available at an extra fee.
Check the credits of the insurer before buying a term coverage. Examine the company’s financial health and debt and plans, among other things. Thus, The solvency ratio will inform you how strong the insurer’s financial position is; you can find it in the IRDAI Annual Report. It should be noted that a high solvency ratio does not imply that the company is doing well, and vice versa. In India, the IRDAI has set a minimum cash flowof 1.5 times for life and general insurers.
