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  • 20 Year Term Life Insurance Policies in India

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    Life can change tracks any minute, hurling us to a new destination, a destination for which we might often be unprepared. A term life insurance policy can help us prepare for such changes, allowing us to continue with our lives regardless of how things change. A 20 year term insurance policy offers protection for 2 decades, acting as a safety net that offers comfort in an ever changing world.

    Features and Benefits of 20 Year Term Life Insurance Policy

    Some of the features and benefits of a 20 year term life insurance policy are mentioned below.

    • Extended cover Policyholders are covered for a period of 20 years, ensuring they can continue their normal lifestyle without having to worry about themselves during this period.

    • Death benefit In the event of unfortunate demise of a policyholder during the term period, his/her nominee will receive a death benefit. This death benefit depends on the premium paid and is traditionally higher than regular life insurance policies.

    • Income Tax benefit Individuals are entitled to income tax benefits under Section 80C of the Income Tax Act, helping them save tax.

    • Surrender benefit Policyholders can get surrender benefits if they choose to surrender their policies before maturity.

    • Additional riders A policyholder can customise his/her policy by adding additional riders, enhancing overall protection.

    • Low premiums The premium for 20 year policies is generally lower compared to other short term periods. These premiums can be paid without burdening a policyholder.

    • Premium paying modes Most providers offer flexible premium payment terms to policyholders.

    • Loans Certain insurance providers offer loans against term life insurance policies.

    Note These features and benefits might vary depending on the service provider and it is recommended to check with the provider first.

    Who is this plan suited for?

    Individuals who wish to spend the next 20 years of their life without tension should opt for this plan. It is ideal for those who might retire during this period or those who are expecting certain changes in their lifestyle during this period. Individuals with marriage/educational commitments of their children can opt for this plan, given the great benefits one is entitled to. Individuals who cannot afford premiums for a permanent life insurance policy could opt for a 20 year term life insurance plan. It is generally not suited to youngsters who have no foreseeable problem in the future or those who have just embarked on a new journey of financial independence.

    How this plan works

    The working of this plan is simple and straightforward. Individuals who purchase this scheme are entitled to protection during the tenure of this policy, i.e. 20 years. In the event of a policyholder passing away during this period, his/her nominee will receive a death benefit. The policy is active as long as premiums are paid. In the event of an individual passing away after the policy matures, no benefit will be paid. There will be no maturity benefit either, if a policyholder survives for the entire period of this policy.

    Best 20 years’ term plans in India

    Some of the most popular term life insurance plans for 20 years are mentioned below.

    1. Aegon Life iTerm Plan - This plan offers cover ranging from Rs 10 lakh upwards and is ideal for those looking to invest smaller amounts in premiums

    2. SBI Life eShield - Individuals can choose a cover ranging from Rs 20 lakh onwards with decent premium options

    3. HDFC Life Click 2 Protect - This scheme offers cover ranging from Rs 10 lakh to Rs 10 crore

    4. LIC e-Term Plan - The minimum cover under this plan is Rs 50 lakh, with a higher premium compared to others

    5. Kotak Life Preferred e-Term Plan - Individuals can opt for a cover ranging from Rs 25 lakh onwards under this plan

    FAQs

    1. Q. Do premiums for these plans differ from individual to individual?

      A. Yes, the premium amount varies according to the health and age of an individual.

    2. Q. Can a policyholder cancel the policy?

      A. A policyholder can choose the cancel the policy within a stipulated time period (generally 30 days). Post this, he/she can opt to surrender the policy. A policy can be cancelled on grounds on non-payment of premium and an individual is not entitled to any benefits under such circumstances.

    3. Q. Will the premium amount change every year?

      A. Premiums for a particular policy might change from time to time, depending on the company which insures an individual. Certain policies have fixed premium amounts and an individual is expected to check with the service provider before choosing a policy.

    4. Q. Can a policyholder extend the period of a term insurance?

      A. No, extending the tenure is not permitted and a policy lapses on completion of the period. An individual will have to purchase a new policy in such cases.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    20 Year Term Life Insurance Policy Reviews

  • Page 1 of 3 1 2 3
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I took this Life insurance Jeevan policy from Lic insurance corporation of India mainly because of the good returns, it has 20 year tenure process for policy coverage of 60 years , the payment am doing through on-line every half yearly . The best about the policy is it covers accidental coverage and critical illness. Their customer service and customer response is good .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 03, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      My Lie Insurance is with LIC for about 20 year s. The tenure period is 25 years and premium paid on half yearly basis. Its a tax benefit and Its cash back policy. I am happy with the policy coverage and benefits. I am paying directly at the office and their customer service is very good. The responses was also immediate.
      Was this review helpful? 0
      , bharuch
      Reviewed on Oct 31, 2017
    • LIC Life Insurance
      "Secured and the best"
      0.5 5.0/5 "Blown Away!"
      I have taken a normal policy from LIC, The customer services are good. My premium is of a minimum amount and it is taken on a monthly basis. It is on a ECS method. The tenure is for 20 year and the benefits and coverage is good. I would get my benefits only after the maturity period.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 27, 2017
    • LIC Life Insurance
      "Better Policy to use "
      0.5 5.0/5 "Blown Away!"
      I am using Money back policy for past 4 years. I pay Rs.1,886 in every 6 months as a premium. I go visit the LIC office to do the payment. They do not send any kind of alerts before the due date. This policy has the tenure of 20 year. I will be getting the money back of Rs.4000 in every 4 years once. After the maturity, I will be getting Rs.1lakh
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2017
    • LIC Life Insurance
      "Best policy for Children"
      0.5 4.5/5 "Excellent!"
      I have taken one more policy on my children name, I used to make the premium Rs.1800 on monthly basis with the tenure 20 year, After my child turns 25 years he will be received Rs.14 lakhs. After 16 years, LIC Provides loan for his studies, I am complete satisfied with this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 03, 2017
    • LIC Life Insurance
      "Useful "
      0.5 5.0/5 "Blown Away!"
      My opinion is very good with LIC of India. It is useful for tax saving and also for the life plan. I have taken life insurance plan with the tenure of 20 year after the maturity will get two times double of the premium amount. Policy coverage offered are good. Payment is done through online and I pay every quarterly
      Was this review helpful? 0
      , chennai
      Reviewed on May 31, 2016
    • Birla Sun Life Insurance
      "Returns are not good"
      0.5 2.0/5 "Expected more"
      The insurance policy with Birla Sunlife is a 20 year policy called Vision plan. The premium payment goes through ECS from my account. I took this 5 years back and it had a 36 months lock in period. It does have tax saving benefits under section 80C. However the returns on the policy are not up to the mark and if surrender that in between, there is a good percentage deducted. Their online portal is average.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 07, 2016
    • LIC Life Insurance
      "Tailor-made package of the customerâ??s needs"
      0.5 5.0/5 "Blown Away!"
      I have a tailor made insurance policy with LIC that has long term pension plan,mediclaim,accidental cover and family insurance cover all put together as a package.Its a 20 year policy having good tax exemption benefits under section 80C. I pay around Rs.65K yearly through cheque payments directly to LIC.
      Was this review helpful? 0
      , panchkula
      Reviewed on Apr 29, 2016
    • LIC Life Insurance
      "The cover offered is insufficient"
      0.5 3.0/5 "Satisfactory"
      Three years back I had taken an insurance policy by the name Jeevan Saral with Life Insurance Corporation of India. Its a 20 year policy which on payment of Rs.7.20 Lakhs will yield twice or thrice the amount paid at the maturity of the policy. It has tax benefits under section 80C and an accidental cover of Rs.7.5 Lakhs.
      Was this review helpful? 0
      , asansol
      Reviewed on Apr 26, 2016
    • LIC Life Insurance
      "Disappointed with their service but recommendable insurance"
      0.5 1.0/5 "Really Bad"
      I had taken two insurance policies from LIC. One is a ULIP and the other was Jeevan Bhima. I took a Rs.50,000 policy in 1995 of 20 year tenure which recently matured and I got Rs.1.20 Lakhs which was double. It has a bonus of 5% and tax exemption benefits. I pay the premiums by ECS quarterly. I did have a tough time claiming one policy at maturity as they made me run from pillar to post.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Apr 18, 2016
    • LIC Life Insurance
      "Good plan with less charges "
      0.5 5.0/5 "Blown Away!"
      Since 10 year i am related with lic of India. I have Jeevan praskah policy. In which the maturity amount will be given after 20 year of the policy . Premiums is paid every quarterly of rs.770 . Policy coverage is seventy thousand. It is easy to make the payment as i am doing through online.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Apr 07, 2016
    • LIC Life Insurance
      "Its is good, safe and dependable"
      0.5 5.0/5 "Blown Away!"
      I have taken two insurance policies with Life Insurance Corporation of India. One is a money back policy and the other is a Jeevan Saral. Both are 20 year policies. The money back policy has a scheme that after every 5 years there is a payout. I got Rs.25,000 last year. I pay my premiums online and sometimes through the agent. Both the policies have tax exemption benefits as well.
      Was this review helpful? 1
      , new delhi
      Reviewed on Mar 31, 2016
    • LIC Life Insurance
      "Average"
      0.5 3.5/5 "Pretty good"
      I have two 15 year policies and a 20 year policy with Life Insurance Corporation of India. The premium I pay is Rs.35,000 yearly through online payment. It has an insurance cover for both my wife and me. Iâ??m not too happy with the LIC policies as on one of them I was charged 40% of the premium after 3 years of taking the policy and Iâ??m yet to receive the reason behind it.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 22, 2016
    • LIC Life Insurance
      "Excellent !!!!"
      0.5 5.0/5 "Blown Away!"
      My opinion is that lic is very good for the future. I have taken life insurance plan with the tenure of 20 year which is name Jeevan Joythi. After the maturity will get eh lump sum amount . Accidental and natural death coverage is given. Payment options are flexible only after two months.
      Was this review helpful? 0
      , thane
      Reviewed on Mar 16, 2016
    • LIC Life Insurance
      "Very good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance plan with lic of India for the tenure of 20 year.. After the maturity will get lump sum amount . Accidental and natural death coverage is given.Premium charged are less. Payment is done through lic agent by cash..
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 04, 2016
    • LIC Life Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      I have taken Jeevan Anand plan from lic of India for the tenure of 20 year. After the maturity will get the lump amount . Accidental and natural death coverage is given. Premiums is done every six months through online. Lic is good with their service too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 13, 2016
    • LIC Life Insurance
      "Fine for IT returns..."
      0.5 3.0/5 "Satisfactory"
      LIC is fine and everybody has life insurance. I am not happy with the life insurance as I don't believe it infact. Basically I took the plan for income tax returns. On my plan I get assured returns in terms of casualty and if I deposit for 20 year I get bonus plus invested amount.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 01, 2016
    • LIC Life Insurance
      "Great!!!"
      0.5 4.0/5 "Great!"
      Lic is overall very good insurance company . . I have life insurance plan for the tenure of 20 year . After the maturity period will get the sum assured amount. Life is cover under the accidental and natural death. Payment can be done through online.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 27, 2016
    • LIC Life Insurance
      "enhance the communication..."
      0.5 4.0/5 "Great!"
      Great in customer support. My plan is jeevan anand and that is for 20 year and the sum assured is about 20 lakhs. LIC has good plans but they are week in communication as they can enhance on that. They should also need to improve mail communication.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 21, 2016
    • Aviva Life Insurance
      "Awesome"
      0.5 4.0/5 "Great!"
      From Aviva i have taken a term plan which have to continue for 20 year. We can withdraw the plan any time. Policy coverage offered is 50 lakhs . In case of unfortunate take place to the insure due to accidental or natural death the amount will be given to the nominee.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 08, 2016
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