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  • Top 10 Best Performing Term Insurance Plans in India

    Insurance in general has garnered more attention in the last quarter of 2015, partly due to the changing outlook of people towards insurance products and also due to the fact that the Insurance Regulatory and Development Authority of India (IRDAI) has given a green to insurers to allowed increased stake of foreign partners in insurance companies born out of joint ventures. As of the latest mandate, foreign partners can increase their stake in the company to 40%. An increased stake in the insurance sector just goes on to say how confident foreign investors are considering the growth of the insurance business in India. For the insured, it means better stability and more transparent policies as well as streamlined processes for availing insurance products.

    Out of all other forms of insurance, by far the most important and crucial is life insurance. Under life insurance, traditional life insurance schemes as well as term insurance schemes are available. While traditional schemes come with a plethora of options, often needing the help of an advisor and substantially larger funds to pay for the premium, term insurances are relatively simpler. A term insurance scheme is normally a product that allows a life cover for a predefined range of time. In case the insured passes away within the same time and the policy is in force (is active), a death benefit will be payable. A term insurance doesn’t have too many clauses to deal with and is the most economical insurance product in terms of premium payment.

    Online term insurance plans have an extra edge over offline term plans, in the sense that their premiums are about 30-40% cheaper than offline policies. In addition to the entire application process being online, simpler details allow one to quickly choose a product without having to go through an advisor or agent.

    Some of the best performing term insurance plans in India, as of November 2015, have been chosen based on the criteria mentioned below

    1. Affordability (in terms of premium payment)

    2. Service Quality (through the policy buying process as well as policy life)

    3. Ease of Purchase online

    4. General feedback on policies

    5. Brand name

    Top 10 Term Insurance Plans in India

    Term Insurance PlansMin. Entry Age (years)Maximum Cover Age (years)Sum Assured (INR) Minimum Maximum Premium
    ICICI Prudential iProtect10 years30 years20753 lakhsN/A12247
    HDFC Life Click 2 Protect10 years30 years186510 lakhs10 crores11910
    LIC e-Term Plan10 years35 years187550 lakhsN/A16405
    Max Life Online Term Plan10 years35 years187025 lakhs100 crores8314
    Kotak Life Preferred e-Term10 years40 years187525 lakhsN/A8287
    SBI Life eShield5 years30 years187020 lakhsN/A13135
    Bajaj Allianz iSecure10 years30 years187020 lakhsN/A13438
    Aegon Religare iTerm5 years40 years187510 lakhsN/A8202
    Aviva Life i-Life10 years35 years187025 lakhsN/A3389
    Tata AIA iRaksha TROP10 years35 years187550 lakhsN/A17854
    1. ICICI Prudential iProtect: With a claim/settlement ratio of 94.1%, ICICI Prudential offers a smartly created plan known as iProtect. An optional rider of Accidental Death Benefit can also be availed and the maximum sum assured as per that is INR 50 lakhs

    2. HDFC Life’s Click 2 Protect: A term insurance from HDFC Life which has an exemplary claim/settlement ratio of 94%. The maximum sum assured is INR 10 crores and there is an advanced version of the plan known as Click 2 Protect Plus

    3. LIC’se-Term Plan: LIC has the highest claim settlement ratio at 98.14% though its online term insurance plan might be costly compared to plans offered by private insurers. e-Term plan is about 35% cheaper than LIC’s offline term plans

    4. Max Life Insurance’s Online Term Plan: One of the lowest premiums for term insurance schemes are offered by Max Life. There is an option for Accidental Death Benefit Rider and with slight differences in the premium amounts, one can opt for either of two options apart from the basic plan. These options are

      1. Basic Life Cover with Monthly Income

      2. Basic Life Cover with Increasing Monthly Income

    5. Kotak Life’s Preferred e-Term Plan: Among the plans that have the lowest premium amounts, Kotak Life offers a basic plan as well as a Recurring Payout that allows the nominee of the insured to get a fixed amount in payment for the next 15 years post the death of the insured

    6. SBI Life’se Shield: Has a higher premium amount but is lesser than LIC’s term plans. There are four options available under eShield, namely

      1. Basic Plan

      2. Basic Plan with Accidental Death Benefit

      3. Increasing cover (Basic sum assured increases at a simple interest rate of 10% per annum after every 5th year without increasing the premium amount)

      4. Increasing cover with Accidental Death Benefit

    7. Bajaj Allianz’si Secure: A term insurance wherein the applicant can opt for individual or joint life insurance coverage

    8. Aegon Religare’si Term Plan: Though Aegon Religare has a relatively lower claim/settlement ratio of around 81%, it offers one of the cheapest plans as per the premium rates. The plan can also have optional riders for Critical Illness and Accidental Death Benefit. The former rider can waive off future premiums on diagnosis of any illness mentioned in the policy document

    9. Aviva Life’si - Life Term Plan: The cheapest term insurance in this batch as per the premium rates. Though there are no additional options available, females get an extra 5% rebate on premium rates

    10. Tata AIA’si Raksha TROP: Among the highest of premium rates in the market. This plan has an Accidental Death and Dismemberment Rider that can be opted for. Offering premium payment modes as single, limited and regular pay, this policy can also be surrendered and some portion of the premium can be recovered as per the policy regulations

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