5 Best Term Plan In India 2021
Published On Dec 30, 2021 2:00 PM By InsuranceDekho
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When compared to other types of insurance, term insurance is sometimes disregarded. The main reason for this is because many people believe that term insurance contracts offer no additional benefits or returns than the Sum Assured if the insured dies. As a result, we've produced a list of the best term plans accessible to customers in India in this post.
Best Term Plans In India
For your consideration, the following are some of the top term plans available in the Indian market.
Aditya Birla Sun Life Insurance (ABSLI) Life Shield Plan
Because it provides a considerable amount of coverage for a modest payment for a specified period of time, term life insurance is the most cost-effective type of life insurance. The nominee is financially covered in the event that the life insured dies during the policy term.
ABSLI Life Shield Plan Benefits
The ABSLI Life Shield Plan has the following important features:
- Premium Choice Flexibility
The ABSLI SecurePlus Plan lets you choose how much you want to spend in premiums throughout the course of the premium-paying period. Your Sum Assured is determined by your age at the time of application and the premium amount you agree to pay in a given policy year. The premium can be paid annually or monthly.
- Option for a Income Benefit
Depending on your circumstances, the ABSLI SecurePlus Plan gives you the option of choosing between two Income Benefit Options:
Option A - Income benefits of 100 percent, 200 percent, 300 percent, 400 percent, 500 percent, and 600 percent of annualised premium will be paid at the end of each year during the Payment Period.
Option B- A 200 percent income benefit equal to the annual premium will be paid. You will get paid at the end of each year during the Payment Period of 12 years.
- Accidental Death Benefit Built-In
If the life assured dies as a consequence of an accident during the policy term, we will pay a Reduced Accidental Death Benefit to the nominee.
ABSLI Life Shield Plan Eligibility Criteria of Aditya Birla Sun Life Insurance
Male, female, and transgender individuals are all covered.
Bajaj Allianz Life Secure
For your problem, Bajaj Allianz Life Insurance provides a solution: Bajaj Allianz Life Secure is a one-of-a-kind non-linked, non-participating, individual, life, restricted premium payment whole life savings plan that offers total protection till your 100th birthday, allowing you to live worry-free for the rest of your life.
Bajaj Allianz Life Secure's Benefits
The Bajaj Allianz Life Secure Plan has the following main benefits.
Bajaj Allianz Life Secure is a comprehensive life insurance plan that offers term assurance, accidental death coverage, and critical illness coverage, depending on your specific needs. The following are a few of the plan's key benefits:
Option for a Death Bonus
The three choices for coverage are listed below.
Option 1: Death Benefit plus Accidental Death Benefit
Option 2: Death Benefit
Option 3: Death Benefit or Premium Waiver with Accelerated Critical Illness Benefit
Bajaj Allianz Life Secure Plan Criteria of Eligibility
25 years old is the minimum entry age.
Maximum Entry Age: For Coverage Options I and II, the maximum entry age is 55 years old, whereas for Coverage Option III, the maximum entry age is 65 years old.
Option 3 has a 50-year coverage period.
Exide Life Elite Term Insurance Plan
You can safeguard yourself with the Exide Life Elite Term Insurance Plan. Your family won't have to worry about you if you're well-protected. And your family's future is secure, regardless of what the future brings for you.
The Advantages of Exide Life Elite Term Insurance
The following are the primary characteristics of the Exide Life Elite Term Insurance Plan:
- For a cheap cost, you can get life insurance with a lot of coverage.
- Guaranteed increase in the amount spent on sustaining a healthy lifestyle at no extra charge
- A family income payment of five or ten years is an option.
Allowance for Death
The Death Benefit is calculated based on the Sum Assured you select. Your nominee will receive the Death Benefit payouts in the case of your untimely death, which will be decided by the option you made when enrolling. As outlined below, you have three flexible payout options to choose from.
Exide Life Elite Term Insurance Plan Criteria of Eligibility
The entry age is still 21 years old / 60 years old, respectively.
Maturity is defined as a person who has reached the age of seventy (Age last birthday) the age of 80 (If Extended Term is opted for)
HDFC Life Click2Protect Life Plan
With shifting goals and lifestyles, it's more crucial than ever to safeguard and secure your family's future against life's unforeseen events. Click 2 Protect Life is an intelligent term plan from HDFC Life that provides benefits depending on your changing lifestyle and life stage demands, ensuring that you are constantly protected.
The HDFC Life Click2Protect Life Plan's Highlights
The following are some of the plan's most important features:
- Gives you and your family complete financial stability.
- Choose from three different plan options to find the right coverage for you.
- Auto balances Death and Critical Illness benefits as you get older.
- You can begin receiving income checks at the age of 60 if you choose the Income Plus Option.
- It is possible to purchase coverage for the rest of your life. In the event of a critical illness diagnosis, premiums will be waived.
- Female lives and non-tobacco users are given preferential treatment
Criteria for HDFC Life Click2Protect Life Plan Eligibility
Entry Age: 18, 45, 30, 45 Years ( As per the plan option)
Maximum Entry Age: 65, 50 Years ( As per the plan option)
ICICI Pru iProtect Smart
Since its inception, ICICI Pru iProtect Smart has been our most popular online plan. This term plan protects your family as well as you from catastrophic illness (optional). One out of every three clients choose critical illness insurance. There are four different compensation options available to you.
The Best Protection Plan from ICICI Prudential is ICICI Pru iProtect Smart.
Here are a few advantages of investing in the ICICI Pru iProtect Smart The Best Protection Plan:
When the policy period comes to a close, there is no payment made. If the policyholder survives to the end of the term, the insurance will be cancelled and there will be no reimbursement.
- Offers of Broad Coverage
The best time to buy life insurance is right now. Because if you get life insurance today, you can get it at a low cost and for the term you wish. You will be covered under our coverage until you reach the age of 99.
- Defend Against End-of-Life Situations
AIDS and other terminal illnesses can be life-threatening as well as financially devastating. ICICI Pru iProtect Smart gives you the opportunity to fight back by paying out your insurance money before you pass away.
The majority of consumers begin their search for term insurance by comparing pricing. Without a doubt, cost is crucial. On the other hand, focusing too much on the cost of a term insurance plan could jeopardise your family's financial security. We've produced a list of term plans that will highlight the top term plans available to you in order to secure your family in the future.
Should You Buy Life Insurance Or Term Insurance Policy?
Is It Possible To Purchase More Than 1 Term Insurance Plan?
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.