Term Insurance Plans For Family

The top reasons why you should opt for a term insurance plan for the entire family. Listed are the features and benefits of such term insurance plans, the top term insurance plans for offered by the best insurers in the country.
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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.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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