Best Term Insurance Plans
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.
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 |
Aditya Birla Sun Life Term Insurance Plan:
Aditya Birla Sun Life Term Insurance Plan offers multiple coverage options, namely increasing sum assured and level sum assured. Under level sum assured, the sum remains same for the entire year and under increasing sum assured the sum increases at the rate of 5% or 10% every year.
Features of Adity Birla Sun Life Term Insurance Plan:
Minimum age at entry | 18 years |
Maximum age at entry | 65 years |
Minimum term period | 5 years |
Maximum term period | 30 years |
Premium payment mode | Monthly, quarterly, half-yearly or annually |
Minimum sum assured | Rs.30,00,000 |
Maximum sum assured | No limit on maximum sum assured |
Premium payment term | Equal to policy term |
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 |
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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 | 59 years |
Minimum age at expiry | 25 years |
Maximum age at expiry | 64 years |
Policy term years | 10, 15, 20, 25, 30, and 35 years |
Premium payment term | Same as policy term |
Minimum sum assured | Rs.25,000 |
Maximum sum assured | Rs.50,00,000 (Basic Policy Sum Assured subject to a maximum of ` 50,00,000 per life) |
Premium payment mode | Annual |
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