“Getting insurance is YOUR responsibility to your family and loved ones.You may hate it but it is your responsibility.”-Jeremiah Say.
Anirudh: Hey Samaira,I am looking for a term insurance plan. Considering that I am getting married and will have more responsibilities in life saving will be an issue. But keeping the future expenses in mind, I want to create a financial net for my family.
Samaira: Hi Anirudh, that is a great thought to have. In today’s uncertain times, buying a term insurance plan is one of the most wise things you can do.
Anirudh: Okay, if you agree, then tell me which plan should I buy. Recommend me the best term insurance plan.
Samaira: Sure Anirudh, please tell me your age, current loans, number of dependents in the family, loans, if any. If you are sure of the product, you can also buy the policy online from whichever company you want.
Anirudh: My age is 32, and I have no loans or responsibilities as of now. The number of dependents is no one because as of now my parents are also working. My annual income is Rs.18 lakhs per annum.
Samaira: That’s great. I shall let you know the premium but before that you will have to finalize the company of your choice. This is the list of the companies that you can consider.
Anirudh: Thank you and I shall get back to you soon.
Read the conversation. Does this leave you to think why there is so much fuss in buying a term insurance plan. You must be thinking that every piece of information is available online and that you can buy any cover by reading online.
But that does not suffice for all the users. For such users this is the quick and easy way to know which is the best term insurance plan in India.
Best Term Insurance Plans in India.
There are many insurance companies available in India that offer affordable term insurance plans in India. Out of these, the best life insurers that brings for you exclusive products are:
ABSLI DigiShield Plan offers a plan to protect multiple needs with one plan that is possible. It is a comprehensive plan that provides ten plan options to choose from, based on the requirements.
Features and Benefits:
- ABSLI DigiShield Plan offers 10 plan options to suit your varied protection needs.
- Availability of life coverage for 1 year or till 100 years of age.
- The death benefits are flexible and can be received on monthly or a lump sum basis or both.
- Option to avail survival benefit as monthly income on attaining age 60 years. This is for a worry-free retired life.
- Minimum entry age is 18 years.
- Maximum maturity age is 85 years for Options 1 to 10, except 4,5 and 8. For plan 4 and 5, the maturity age is 100 years, and for option 8, it is 69 years.
- HDFC Life Click 2 Protect Life.
HDFC Life offers a term plan that allows your family to arrange for funds in the uncertainties of life.
Features and Benefits:
- HDFC Life Click 2 Protect Life gives you an option to avail cover for your whole life.
- It gives you a chance of income payouts for age 60 onwards.
- The plan comes with an option to reduce premium payment terms from regular pay to limited pay.
- The company provides you an option to expand the coverage with the riders like Critical Illness Plus Rider, Accident Disability Rider, and others.
- There are 3 plan options available in the product namely; Life Protect Option, Life and CI Rebalance Option, and Income Plus Option.
- The policyholder can choose to pay the single, annual, half-yearly, quarterly or monthly premium.
- Minimum age at entry is 18 years.
- Maximum age at maturity is 85 years.
- Aviva LifeShield Advantage.
Aviva LifeShield provides comprehensive life cover to the individuals to protect their family members from financial stress after the demise. Furthermore, if you survive at the conclusion of the Policy Term, you will receive a refund of all premiums paid. This plan can be purchased online in a simple way.
Features and Benefits:
- The plan comes at a nominal cost and is available in two options. Option A is for Life Protection and Option B is for Life cum disability protection along with return of premium.
- There are two premium payment options available which can be either regular or a single premium payment.
- It is a term return of premium plan in which the premium paid towards the policy is returned in case the insured survives the policy period.
- Minimum Entry Age is 18-55 years.
- Maximum Maturity Age allowed is 65 years.
- Max Life Online Term Insurance Plan.
Max Life Term Insurance Plan comes with the terminal illness coverage and covers you against specified 64 critical illness.
Features and Benefits:
- Max Life Term Insurance gives you an option to skip a premium after 10 policy years.
- The policy is an affordable protection with high life cover at a relatively low premium.
- You can purchase the policy after paying a monthly, semi-annually, quarterly, or yearly premium.
- Cover duration allowed under the Term Life Insurance is 10 and 50 years.
- The minimum entry age is 18 years.
- The maximum maturity age is 85 years.
- ICICI Pru Iprotect Smart Plan
ICICI Pru iProtect Smart Plan is a competitive product which provides different options to buy financial security for your family.
Features and Benefits:
- ICICI Pru iProtect Smart Plan is available in 3 options Life Option, Life Plus Option, and Life and Health Option.
- The policy term is allowed under the plan for 5-40 years.
- Premium payment option allowed is single pay, regular pay, and limited pay.
- Minimum age of entry allowed is 18 years.
- Maximum maturity age is 75 years.
Conclusion:
All the plans mentioned above provide you with an income tax exemption under Section 80C of Income Tax Act,1961. You can choose from any of these term plans as the idea of buying a term plan is different for everyone. If you are still confused about what to buy, you can ask your financial advisor.
