Best Term life Insurance

Best Term life Insurance

Written by Sophie Robertson, In Finance, How To, Published On
October 29, 2022

The majority of people now view insurance as an “essential commodity.” People have an array of options when choosing the right term insurance policy for their families due to personalized insurance, affordability, and simplicity. However, it would be best to consider many factors before selecting a term insurance plan.

In India, many insurers make it difficult to choose the best term insurance plan. So in this article, we will help you decide the best term insurance policy.

What is the term insurance policy mean?

As a pure protection plan, term insurance safeguards the future financial stability of the family in the instance of death, terminal illness, disability, etc. However, unlike other investment products, these policies do not offer a return on the premiums paid. 

You need to know the risks associated with your life, the number of dependents, and what amount will allow them to lead the same quality of life after you are lost before buying a term plan. 

Several insurance companies are available on the market, each offering a variety of policies. It would help if you spent time and effort searching for the right term plan from this extensive list. It will ensure you and your family peace of mind. But do not fret over it; I have curated some of the best ones below. 

Best Term Life Insurance – How will it serve you?

Many people understand the importance of life insurance, leading them to seek the best term insurance plan based on their needs. Every family needs financial protection under a term plan if a loved one passes away, especially the breadwinner. In addition, it assists the family in paying off debts, such as car and home loans. 

Best Term Life Insurance in India 2022:

  1. LIC Term Life Insurance Plan (Tech Term Plan):

It is a traditional term policy that provides financial support to the insured’s family if they pass away untimely. The plan has several essential features, including two death benefit options – Level Sum Assured and Increasing Sum Assured, policy term between 10-40 years, and maturity age until 80.

  1. HDFC Term Insurance (Click2Protect Plus):

With this comprehensive term plan, policyholders can choose between Life and CI Rebalance, Life Protect, and Income Plus, according to their needs. The plan offers whole-life coverage with an option that automatically adjusts death and critical illness benefits as you age.

  1. ICICI Prudential iProtect Smart Term Plan:

After thorough research, you can pick the best plan from the three options. Policy benefits include death, terminal illness, premium waivers, accidental death, tax advantages, and surrender benefits.

  1. Max Life Smart Secure Plus Plan:

This plan offers two death benefit options that can be customized to meet your needs at a reasonable price. The policy also provides various payout options based on the insured’s needs, including lump-sum payouts, monthly income payments, and a combination of both. On maturity, all premiums are returned, along with terminal illness coverage.

  1. SBI Life-eShield:

Depending on your needs, you can choose from four different plan options. Your family will benefit from this term life insurance policy, and you can apply online without the hassle of paperwork. Renewal, 20 lakhs of minimum sum assured, surrendering facility, and a free-look period is some benefits of this policy.

  1. Tata AIA Maha Raksha Supreme:

With Maha Raksha Supreme by Tata AIA Life Insurance, you will receive a lump sum payout of up to 50% of the sum assured upon diagnosis of a terminal illness. This plan can also choose from various premium paying terms and riders.

  1. Aditya Birla Sun Life Insurance Life Shield Plan:

Aditya Birla Sun Life Insurance offers term insurance and eight different coverage options so policyholders can customize their coverage options according to their family’s needs. Upon the sudden death of the insured during the term of the policy, the insured’s family is financially protected. Aside from terminal illness coverage, this plan offers riders that can increase life insurance coverage.

  1. Bajaj Allianz Smart Protect Goal Term Plan:

With this plan, death benefits and maturity benefits are offered at affordable premiums. A critical illness listed in the plan can also qualify for financial assistance.

What is the most efficient way to buy term insurance?

Online and offline options are available to purchase your preferred term policy. Agents or the company can sell you an offline policy, or you can purchase it online directly from the insurer’s website.

Here’s how it works:

Buying from an insurer:

  • Visit the brand website of the insurance company you prefer.
  • Choose a plan that fits your needs.
  • Enter your details and check your premium.
  • Pay online, and you’ll receive a policy copy at your registered email address.

Wrapping up:

Before searching for the best term life insurance policy, ensure that you read the brochures available on their particular website to understand all insurance policies and benefits fully. You can also consult insurance experts and clarify any doubts you may have before investing since this decision can profoundly impact your family’s future.

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