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  • Term Insurance Plans For Family

    Term Insurance Policies

    Your family is your first priority. While you cannot have any guarantees in life, you can protect your family from financial insecurity in the event of your unfortunate death or even critical illness. Term life insurance policies are the most simple and fundamental insurance products available in the market. Customers can choose from several term insurance policies available in the market.

    Features of Term Insurance Policies for Family

    The salient features of Term insurance policies are listed in the table below:

    Product feature


    Cheapest form of life cover

    Compared to other forms of insurance, term life insurance cover is cheaper

    Pure protection plan

    Designed to protect your family from unexpected circumstances

    No investment option

    Term insurance cover provide cover to the dependents. The sum assured is not reinvested in any manner

    More coverage for low premium

    Term insurance policies provide more coverage for a lower premium

    Flexible premium payments

    Customers can choose from a range of premium payments options

    Cover for a specific period

    Cover is provided for a specific period only

    Risk management

    If a customer takes a housing loan for 10 years, he or she can take a term policy of corresponding value


    Several additional riders such as critical benefit rider, accidental death benefit and partial permanent disability are available

    Simple and hassle-free

    Easy to understand product


    Several companies offers term insurance plan with variants such as level benefit, increasing benefit and decreasing benefit

    No maturity benefits

    In most term insurance plans, there are no maturity benefits in that if a policyholder survives, he or she doesn't get any maturity benefits. However, some insurance providers are coming out with maturity benefits as well.

    Top Term Insurance Policies in India

    Some of the sought-after term insurance policies in india include the following:

    1. HDFC Click2Protect

    2. Kotak Life ePreferred Term Plan

    3. LIC Online e-Term

    4. ICICI Prudential iCare

    5. Max Life Online Term Option I

    Details related to top term insurance plans are listed in the table below:

    Insurance policy


    Solvency ratio

    Claim settlement ratio (%)

    LIC e-term





    HDFC Standard Life








    Aegon Life




    Bajaj Allianz



    Some of the other term insurance policies available in the market include the following

    Company Name

    Product Name

    Bharti Axa




    ICICI Prudential


    Future Generali

    Smart Life

    Star-Union Dai-ichi

    Term Plan

    SBI life

    Smart Shield

    Max Life Online Term Plan

    The features of Max Life Online Term Plan are listed below:

    • Customers can choose from three death benefit options as listed in the table below:

    Death benefit


    Option 1

    100% of the Sum Assured

    Option 2

    Sum assured + monthly income (level). i.e,

    100% of sum assured +0.4% of sum assured p.m for 10 years

    Option 3

    100% of sum assured + monthly income (increasing) for 10 years (in the first year, the monthly income is 0.4% of sum assured. Ths sum assured increases by 10% p.a.

    • Offers comprehensive accident benefit rider

    • Does not offer any maturity benefits

    • Premium rates are lowered for non-smokers

    • Customers can avail of discounts for higher sum assured

    • Offers annual mode of premium payment

    • The minimum sum assured is Rs.25 lakh while the maximum is Rs.100 crores

    • The table below shows the premium rates* for a sum assured of Rs.50 lakh

    Age (Male)

    Level monthly income sum assured (non-smoker)

    Increasing monthly income sum assured







    *excluding service tax and other applicable rates


    Sanchit Sharma, a 30-year-old IT employee opts for Max Life Online Term plan for a sum assured of Rs.30 lakh for 20 years. Sharma dies after paying seven premiums. Consequently, his nominee will receive 100% of the sum assured, i.e, Rs.30 lakh upon his death, following which the policy will be terminated.

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