• Term Insurance Plans For Family

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    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

    Description

    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

    Riders

    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

    Variants

    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

    Company

    Solvency ratio

    Claim settlement ratio (%)

    LIC e-term

    LIC

    1.54

    97.7

    Click2Protect

    HDFC Standard Life

    2.17

    95.8

    e-Preferred

    Kotak

    2.67

    92.1

    iTerm

    Aegon Life

    3.22

    66.1

    iSecure

    Bajaj Allianz

    2.86

    90.6

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

    Company Name

    Product Name

    Bharti Axa

    e-Protect

    Metlife

    Met-Protect

    ICICI Prudential

    i-Care

    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

    Description

    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

    30

    Rs.5,350

    Rs.5,800

    40

    Rs.10,150

    Rs.16,800

    *excluding service tax and other applicable rates

    Example

    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.

    Term Insurance Plans For Family Reviews

  • Page 1 of 31 1 2 3 4 5
    • LIC Life Insurance
      "Trusted policy "
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,i pay a premium amount of 36,000 including the family members.The plan name is jeevan anand,the policy is for 20 years.I get a sum assured of three lakhs for an individual.I have no claim experience with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 13, 2018
    • Aegon Life Life Insurance
      "Good Coverage for family"
      0.5 4.0/5 "Great!"
      I took life insurance from Aegon before three years, at the time I came across it. Hence I availed that term insurance for my family, the premium was around Rs. 30k per annum but I am not sure about the tenure. I have selected sum assured which is suitable for family. I do have critical illness cover.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 08, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with LIFE INSURANCE CORPORATION OF INDIA. The premium amount is 2400 per month. The total policy period is for 15 years. It covers my whole family. The customer service and response with the insurance company is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with LIFE INSURANCE CORPORATION OF INDIA. The premium amount is 609 per month. The total policy period is for 15 years. It covers my whole family. The customer service and response with the insurance company is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance with LIFE INSURANCE CORPORATION OF INDIA. The premium amount is 3540 for an year. The total policy period is for 10 years. It covers my whole family. The customer service and response with the insurance company is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • SBI Life Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a term insurance with Sbi before one year. The documents procedure was been easy but I am disappointed that I have not received my card yet it was been 20 days so I feel the process was little delay. The benefits is for the single family,it was a average service from Sbi life insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance corporation of India. I have not much explored with them like I am holding it for the future coverage and secure value of my family and its not a kind of investment purpose policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 06, 2018
    • LIC Life Insurance
      "Good Family Coverage"
      0.5 5.0/5 "Blown Away!"
      They have provided me with a good coverage in the Insurance. The premium I have paying for this Insurance is around Rs.1500 and the coverage that I am getting is around Rs.2.5 Lakhs. The whole family is covered in the plan. The overall experience with it has been pretty good.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Feb 02, 2018
    • LIC Life Insurance
      "Retirement policy"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. The premium amount will be deducted monthly from my salary. I have to pay till my retirement and its a life cover policy. And it will get benefited to my family as well.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Feb 01, 2018
    • LIC Life Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      Its a single investment policy with Life Corporation of India in the year of 2004. Actually my parents paid for the family. I took this policy in my native long time ago so I don't know whether the maturity period is over or not. We have not linked the mobile number.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 30, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a policy before 3years with LIC. It is a tenure of 20 years, also which is an cashback scheme. Have applied for this life insurance for my entire family. The payment is made once in a year via cheque and payment was done directly to the office.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2018
    • ICICI Prudential Life Insurance
      "Life insurance with ICICI"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from ICICI PRUDENTIAL. The premium which i have to pay yearly is 40000. Its a term insurance. If any thing happens to me then my family will get all the benefits. I make my payment through credit card. The benefit for the policy is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 10, 2018
    • LIC Life Insurance
      "Good Insurance"
      0.5 5.0/5 "Blown Away!"
      My Insurance would get matured by the years 2024 and is the time when I would be needing it the most. It's more for safe guarding of the family. It's more for safety of them and life after me. I took this Insurance when there was not much competitor for LIC.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 28, 2017
    • LIC Life Insurance
      "Good Return"
      0.5 5.0/5 "Blown Away!"
      This Insurance I got from the suggestion of a very Close Family Member. I have been paying Rs.24000 for six months and the return expected for this Loan is pretty good. The payment options available is pretty good. The return with them is pretty good too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 21, 2017
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have also taken a Life insurance service from State bank of India and the benefits was for my whole family coverage ,I have taken it directly from the State bank off India branch and the payments where through online it was a good experience with State bank of India Life insurance service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 20, 2017
    • LIC Life Insurance
      "Better "
      0.5 5.0/5 "Blown Away!"
      I have taken 3 policies in that 2 policies for me and 1 policy for family. The policy coverage and plan benefits are good with LIC. The customer service and response was average. I am paying approximately 10,000 rupees per year for all three policies. My policies are cash back and long term policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 20, 2017
    • LIC Life Insurance
      "Good secured policy"
      0.5 5.0/5 "Blown Away!"
      When my life insurance gets matured with LIC, they provide Rs. 2 lakhs of policy coverage, it has total tenure of 20 years. If some thing happened to me after the tenure, it provide Rs. 4 lakhs as life cover to my family. I make the premium around Rs. 5600 on half yearly. Policy name is called Jeevan Anand, its has tax benefits too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 13, 2017
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a term insurance service with max life ,it was a good response from max if I have any issue it will get fixed on time also they provide me with good benefits for my whole family the process will be fully online I dont need to approach them directly ,It was happy experience from max life insurance service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 08, 2017
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Life insurance service of India they provide me a better benefits for my family for the term period of 30 years and I have eight policy with lic the payments where generally payed directly it was a excellent service from Life insurance corporation of India.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 01, 2017
    • LIC Life Insurance
      "Term insurance "
      0.5 3.5/5 "Pretty good"
      I have taken term insurance from LIC. The insurance amount is 10000 andd that is to be paid annually. The maturity period is 35 years for 35 years i have to pay 10000 and in future if any thing happens to me then, my family will get 50 lakhs as insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2017
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