Life is full of surprises and uncertainties can take place anytime. If you want to keep the life of your loved ones sustained from any unforeseen events, you need to have a sure-shot plan to keep them secure.
The most reliable option available is to choose a term insurance plan that assures financial security for your dependents in your absence. These policies are pretty common among Indian households and a choice of wise people for a safer future.
With knowledge on term plans available and investing in the one that suits your needs the best, you can not only gain better coverage for your life but also enjoy several other monetary benefits such as tax savings. Term plans are great to ensure a lump sum amount of money to your family after your death.
What is Term Insurance?
Term insurance is a financial contract that provides monetary protection to your family in the event of your unfortunate demise. These plans are available at very affordable premium rates and provide a wide range of options to choose from.
They’re also very flexible and allow you to choose from several personalization options to make the policy resonate with your financial requirements and capabilities. It requires you to pay premiums for a defined period, which is determined based on various factors like age and health condition.
Best Term Insurance Plans in India
1. Bajaj Allianz Life Smart Protect Goal
Being a pure and non-linked term life insurance plan, the Bajaj Allianz Life Smart Protect Goal is an all-around cover for your life and finances. It features four unique variants as per the ranging needs of individuals and also allows you to customize your plans for greater personalization.
In addition to the standard protection cover, the plan also provides coverage for more than fifty critical illnesses under a single policy. Moreover, you can also get additional coverage for the educational expenses of your child in the event of your unfortunate death.
If you want to enhance your coverage, even more, you can choose from over four different add-on covers with benefits such as accidental death cover, accidental total permanent disability cover, critical illness cover, and waiver of premium benefit.
2. Max Life Smart Term Plan
If you’re looking for a comprehensive protection plan to safeguard your family’s future, you must check out this term insurance plan. It provides you protection against various critical illnesses such as cancer, kidney failure, heart attack, and even disability in addition to the death benefit.
This plan is perfect for providing complete financial protection to your family in the event of your unfortunate demise. The coverage of this policy can be modified and reevaluated using additional riders such as accelerated critical illness, accidental cover in return for extra premiums.
On top of that, you can choose from seven different variants of death benefits as per the financial requirements and spending habits of your family. Additionally, there are various premium payment options including regular pay, limited pay, and pay till 60 available with this plan.
3. Canara HSBC OBC iSelect Star Term Plan
To sustain a comfortable lifestyle for your family, even in the event of any uncertainties, the iSelect Star Term Plan by Canara HSBC OBC is a highly preferred choice. It is an extremely flexible term plan that can be modified based on your current life stage and financial requirements.
The plan is available at a very affordable price and allows you to choose from different options coverage, benefit payouts, and premium payments. Moreover, you can also choose to get cover for a limited time or the whole life.
Furthermore, you can also enhance your protection using additional riders like child support benefit, accidental death benefit, total and permanent disability benefit, and a lot more. It also allows you to add your spouse to the same policy with additional discounts as well.
4. HDFC Click 2 Protect 3D Plus Term Plan
While they’re so many policies available in the market, not many provide 3-in-1 benefits of death, disease, and disability under one policy like the Protect 3D Plus Term Plan by HDFC Click 2 Protect. It has over 9 different options to choose from as per your requirements.
The various plan options include choices such as income replacement option, return of premium option, extra life option, life-long protection option, and many more. Moreover, if you don’t smoke cigarettes, you can enjoy lower premiums as compared to smokers.
For additional flexibility, the plan also allows you to choose from various options of the policy tenure, premium payouts, etc. It also provides a waiver of premium benefit in the occurrence of accidental total permanent disability or diagnosis of critical illness.
5. SBI Life e-Shield
If you’re looking to get higher coverage with your term policy, the SBI Life e-Shield is certainly a perfect match for you. It is a non-participating and non-linked plan that requires genuinely lesser premium rates and provides greater coverage in return.
There is a wide range of benefits associated with this plan, without any additional costs. Moreover, the plan also offers many additional discounts for non-smokers. It is categorized into two different options namely level cover and increasing cover,
Additionally, you can choose from two different riders to enhance the coverage of your plan i.e., accidental death benefit rider and accidental total & permanent disability benefit rider. The plan is also eligible for tax savings under the Income Tax Act of India.
Term insurance is an important financial investment to help your family sustain a regular lifestyle after your absence. Now when you know what is term insurance, and the various promising policies available in the market, it’s time to choose the one that fits the bill for you and your family.
If you’re younger, it’s high time for you to purchase a term insurance policy as you’ll be able to gain the most out of it. Otherwise, if you’re older, delaying more will only make things difficult. Therefore, get your family covered through a term insurance policy right away.