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Best Term Insurance Plans of 2018

Visit the BankBazaar website to know about the top term insurance plans for the year 2018. This will help you know about the best term insurance plans available today which is the best term insurance policy that you can purchase for yourself.

Term insurance is a product offered by insurance companies that assures financial protection of your family against unanticipated circumstances. In case of death of the policyholder, the sum assured on death along with bonuses is offered to the dependent family members. The benefits are either paid as a lump sum or in phases depending on the plan selected by the insured at the time of entry. Here are some of the plans which have topped the list of term insurance policies in 2018.

HDFC Click2Protect Plus:

With a guaranteed sum that ensures a comprehensive protection to your family, HDFC Click2Protect comes with four advanced options of term insurance cover. Furthermore, under select plans, it offers a monthly income that will take care of the financial needs of the dependents from time to time. Refer to the below table for features of HDFC Life Click2Protect Plus.

Features of HDFC Life Click2Protect Plus:

Cover options under Click 2 Protect Plus

Life option: Comes with the option of lump sum payment

Extra life option ( Accidental Death Benefit): Offers lump sum plus extra sum assured in case of the death of the policyholder

Income Option: 10% of the sum assured as lump sum payment and the remaining as monthly income for 15 years

Income Plus Option: The option provides 100% of sum assured on death and also the arrears on 100% of sum assured which is paid on a monthly basis

Minimum age at entry 18 years
Maximum age at entry 65 years
Minimum sum assured Rs.25 lakhs
Maximum sum assured No limit (subject to underwriting)
Premium payment mode Yearly, half-yearly, quarterly, or monthly
Premium paying term Regular, limited, or single

Aegon Life iTerm Insurance Plan:

Aegon Life iTerm Insurance is an online protection plan which acts as a reliable safety net to the family of the insured. It’s a cost effective plan which provides life coverage till the age of 80 years. Policyholders can also extend their coverage based on the growing needs at different stages of life.

Features of Aegon Life iTerm Insurance Plan:

Minimum age at entry 18 years
Maximum age at entry 75 years
Minimum term period 5 years
Maximum term period 40 years or till 75 years depending on the premium selected
Premium payment mode Single payment or annually
Minimum sum assured Rs.10,00,000
Maximum sum assured No limit on maximum sum assured
Advance payment 25% of the sum assured can be paid in advance if diagnosis proves terminal illness

Birla Sun Life Future Guard Plan:

It’s a plan that offers financial freedom to your beloved ones when unforeseen circumstances leave them in a pool of sorrows. Depending on the premium term, the policy offers two types of coverage namely Plan A and Plan B.

Features of Birla Sun Life Future Guard Plan:

Minimum entry age 18 years
Maximum entry age 65 years
Policy term Based on the individual’s age at maturity, the policy terms are 10, 15, 20, 25, 30 years
Types of plans
  • Plan A which offers 100% of return on premiums paid
  • Plan B which offers 110% to 150% return on premiums
Premium payment term Regular
Premium payment mode Yearly, half-yearly, quarterly, and monthly
Minimum sum assured Rs.5,00,000
Maximum sum assured No limit

LIC’s Jeevan Rakshak:

It’s a participating term insurance plan which is a combination of savings and protection to family members of the insured. The policy accrues loyalty additions after every 5 term years. It also provides an option of Accidental Death Benefit Rider.

Features of Jeevan Rakshak:

Minimum Basic Sum Assured Rs.75,000
Maximum Basic Sum Assured Rs.2,00,000
Minimum policy term 10 years
Maximum policy term 20 years
Minimum age at entry 8 years
Maximum age at entry 55 years
Maximum age at maturity 70 years
Premium payment mode Annually, semi-annually, quarterly, and monthly (only through ECS)
Policy revival The policy will lapse If premiums are not paid within the grace period. However, the lapsed policy can be revived within 2 years

Reliance Nippon Life Online Term:

It’s an online term plan designed to meet the ever increasing demands of a fast-forward generation, where an unfortunate incident can shatter the very base of a family. It protects your family from income loss and liabilities in your absence. Follow the below table for more features of Reliance Nippon Life Online Term.

Features of Reliance Nippon Life Online Term:

Minimum age at entry 18 years
Maximum age at entry 55 years
Policy term years 10, 15, 20, 25, 30, and 35 years
Premium payment term Same as policy term
Minimum sum assured Rs.25,00,000
Maximum sum assured No limit
Minimum premium amount Rs.3,500
Maximum premium amount No limit
Premium payment mode Annual

Best Term Insurance Plans of 2018 Reviews

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  • Max Life Insurance
    "Customer friendly"
    0.5 5.0/5 "Blown Away!"
    Max life insurance is the best when it comes to product and customer service. It provides the best term plan. I earn a premium of rs 8000 per annum and it provides a coverage of 50 lakhs. I am an employee of max life and the amount is getting deducted from my salary on time.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 24, 2016
  • Aegon Life Life Insurance
    "iTerm is a great product"
    0.5 5.0/5 "Blown Away!"
    I believe that the only life insurance one should purchase is term insurance. And Aegon Religare iTerm is best term policy in the market. It is completely online so there is no question of any agent trying to influence you. Their sum assured and premium calculators are fantastic. The medicals happen on the date and time specified and the doctors are professional. The collect the required documents as soon as possible and issue the policy with fuss. They even increased my sum assured! Overall very happy
    Was this review helpful? 2
    , pune
    Reviewed on Dec 04, 2014
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