There is no doubt in saying that nowadays the living standard of the people has already become quite expensive as the prices are growing high with the necessities. Everyone wants to lead a good lifestyle. Gone are the days when people used to be afraid when it came to buy an insurance plan. In today’s world, to provide ultimate protection to their family, people are moving towards insurance and mostly for the term insurance plan.
Term insurance policies are popularly known as death benefit policies which are specifically designed to provide financial support to the family members of the insured in case of an unfortunate event. It is not necessary that only the people with good pay can take advantage of it, even a person with an average payout can also get this cover at a nominal premium.
Any individual of the age group between 30-35 years and the only earning member of the family is included in the category of people who should go for a term life insurance with cover of Rs. 1 crore to protect the future of their family in case of his/her demise or any unfortunate incident.
In India, there are many insurance companies that deal in term insurance plans with a cover of Rs 1 crore. In the initial days of the plan premium displayed by several insurance companies went through a rate war ranging. But after the new regulations passed by IRDA, insurers have reduced the premium rates for a cover of 1 crore or more. Even the insurance companies of the private sector, such as ICICI Prudential life, HDFC Life, Birla Sun Life are providing quite lower rates around Rs.15000. Whereas, LIC provides a rate of around Rs. 25000 to 32000. On comparing various insurance companies, it is necessary to check the underwriting norms as many private insurance companies can ask for lower premiums but with stringent rules.
It might be difficult for you to search for the best term insurance plan as there are several insurance companies which claim to be best in the industry. While searching for an effective term insurance policy, it is advisable for you to look for its benefits, exclusions, inclusions, features, etc. thoroughly so that you can compare them easily. Don’t compare them on the basis of premium, search for other relevant things which are more important. It is true that premium rate is important to be taken care about, but, it is not the only thing to be looked at. Search out for something which is best for you and your family’s future. You must also look for available riders under the policy. Most important thing you should not forget is to check the claim settlement ratio, this will provide more ease at the time of filing claim.
Being the best and the most simplest form of life insurance, term insurance is available with several companies and most of the companies offers cover of more than Rs 1 crore. People should understand that there are many ways through which one can rate any particular insurance product. By far, the most important criteria would be the claim settlement ratio of the insurer. So, in the table below you’d find a gradation and rating of the best term insurance plans available in India.
|Company||Plan Info||Plan Benefits||Premium|
|Max Life Insurance||Online Term Plan Plus-Basic Cover||- Complete online process|
- One time payment
|HDFC Life||Click 2protect 3D Plus Life Option||- No monthly payout|
- One time payment
|ICICI Prudential||Iprotect Smart Lump Sum Plan||- Monthly income or lump sum benefit|
- Inbuilt terminal illness cover
|Edelweiss Life Tokio||Total Secure+||- Accelerated Critical Illness Cover|
- Discount for non
- smoker, female lives and Higher Sum Assured
|Future Generali Life Insurance||Flexi Online Term Plan||- One Time: Rs. 10,000,000 on death|
- Life cover till the age of 75
|Max Life Insurance||Online Term Plan Plus Life Cover - Monthly Income||- Monthly income of Rs. 40,000 for 10 years|
- One Time: Rs. 10,000,000 on death
Max Life Online Term Plan Plus: This plan offers a secure financial future for your loved ones, with protection against the risks of death, disease, and disability. A trusted brand since you will be associated for 35-40 years with the brand.
HDFC Life Click 2 Protect 3D Plus: It is an online term insurance plan that offers comprehensive security at an affordable price. 3D stands for the three uncertainties that you face at some point in time, i.e. death, disability, and disease. With this online term policy, ensure that your family is protected financially if an unexpected eventuality occurs. HDFC Life Click 2 Protect 3D Plus offers a wide range of 9 plan options to help one choose as per their need. All future premiums are waived on accidental total permanent disability (available under all options) and on the diagnosis of critical illness (available under 3d life & 3d lifelong protection options).
ICICI Pru iProtect Smart: It is an award-winning term plan that aims to give protection to your loved ones along with an added financial protection to you against 34 critical illnesses up to Rs.1 Cr. and an accidental death cover up to Rs.2 Cr.
Edelweiss Tokio Life – Total Secure+ : It is a comprehensive online term insurance plan which provides life cover and covers against 35 critical illnesses. It provides comprehensive protection that secures your family and also fulfills your need for critical illness insurance. This online term insurance plan comes with multiple customization options. You can choose the life cover, critical illness benefit, policy term, premium paying term and pay out options
Future Generali Flexi Online Term Plan: It offers a monthly income on your death until the time when you would have turned 60 or for 10 years whichever is higher. Moreover, you can also choose the lump sum payout option.
Max Life Online Term Plan Plus: It is a pure term plan with three death benefit options. 1. Max Life Online Term Plan Plus Basic Life Cover, 2. Max Life Online Term Plan Life Cover + Monthly Income, 3. Max Life Online Term Plan Life Cover + Increasing Monthly Income
Unlike traditional life insurance policies which provide insurance for the entire life, you need to be more choosy with term insurance as they are for a limited period of time. It is true that premium is an important thing to consider, but they are not the only aspect. One needs to pay attention to the exclusion list, benefits and other terms of coverage. Checking with real-life cases and speaking to the insurance agents is also helpful to find out the claim settlement ratio and time. An insurance policy which takes a long time to provide benefits will not be helpful for your family in any manner. So, choose wisely.
Last updated on 21-05-2020