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Buying the best term insurance plan for themselves is everyone's priority because the family's well-being is what we all seek. However, selecting and buying the best term insurance plan in India 2024 is tricky. Several factors can help you decide whether a term plan is accurate for you or not.
No doubt, customer feedback gives you hands-on experience and plays a key role when buying the best term life insurance. To help you find the best term plan for yourself, we've listed the top term insurance plans based on different factors so that you can buy the most fitting term plan for yourself.
We've customized the list of the best term insurance plans for you from the top insurance providers based on following factors:
Brand value - The brand value refers to how well known the brand is based on brand recognition and the annual premiums of the company declared by the IRDAI in the 2022-23 annual report.
CSR - Claim Settlement Ratio indicates the percentage of claims the insurer has settled during the financial year against the ones they received
Affordability - It refers to how budget friendly the plan is.
Indicators:
Good
Average
Not so good
The sample premium is calculated for a 30-year-old male earning 10 - 15 lakhs annually who is looking for insurance coverage of 1 crore till 60 years.
Being an earning member of the family, it's your responsibility to look after the well-being of your family. Buying term insurance is a wise decision to ensure that your family will be taken care of, even in your absence.
With a term insurance plan, you'll get a guaranteed death benefit payout. However, the life cover is given to the beneficiaries and typically paid out within 30 days of the claim being made.
Term insurance is the most cost-effective life insurance product, offering a high life cover in exchange for an affordable premium rate. However, the sum assured amount shall be payable to your nominee in the event of your unfortunate demise.
Generally, term insurance providers offer coverage for critical illness to help you gain financial security against various life-threatening health conditions without worrying about hospital bills.
A basic term insurance is a pure protection plan and does not provide any maturity benefits. However, a term plan with a return of premium plan level up the plan perks beyond your expectations. Under this variant, the insurer pays back the premium paid towards the plan to the policyholder at the end of the policy tenure if they outive the term.
Uncertainties can happen to anyone, anywhere, and may even lead to greater consequences, like permanent disability. With an accidental total and permanent disability rider in term insurance, you can get financial protection against total and permanent disability caused by an accident during the policy term.
With the premium break option, you can take a break from paying premiums for a specific period without canceling the policy. Throughout the premium break option, the policy remains active, and you can still get coverage benefits.
Under the joint-life option, you can add a husband or wife to a single plan. Upon the unfortunate death of one partner, the other will get a lump sum death benefit. However, the death payout can be used to maintain household expenses.
It is an additional benefit that allows you to enhance life coverage at certain life stages. This benefit is designed to address the evolving financial needs of your over time.
With Voluntary Sum Assured Top-up, you can increase your life coverage at any time during the policy term. This benefit is ideal for young investors to upgrade their life cover without repeated documentation or paperwork.
With a term plan, you can get long-term coverage for 99/100 years at a nominal premium to leave an inheritance for your family.
Under Section 80C, you can avail of a tax deduction of up to ₹1.5 lakhs annually for the premiums paid towards a term plan.Under Section 80D, you can avail of a tax exemption for premiums paid toward health riders in the financial year.
Under this option, you can surrender your plan during a specified period and get back all premiums paid against the death benefit during the policy's duration. Remember that no additional premiums are payable for this option.
With add-on riders, you can enhance your base cover by paying a nominal premium. These add-ons provide additional financial support to the nominee beyond the base policy if an unfortunate event occurs, such as an accidental death, disability, or critical illness diagnosis.
Finding the best term insurance plan can be challenging, so you must consider the following factors. Here is a list of all the steps to choose the best term insurance plan in India in 2024:
The claim settlement ratio (CSR) is essential for choosing the right term plan. It is a percentage of claims an insurer settles in a financial year out of the total claims received. It is an ideal way to check the insurer's credibility and reliability.
The solvency ratio is the parameter by which you can determine whether your insurer is financially capable of settling your claim if the need arises. It is often referred to as the leverage ratio, and as per the IRDAI, every life insurer should maintain a solvency ratio of at least 1.5.
Before you make a final decision, check whether your insurer offers 24/7 customer assistance online so you can get quick assistance when you need it. It is also advisable to buy term plans online, as it saves time and may give you an extra discount.
Flexible payout options allow you to select the payout option that best suits your needs, whether you want a death benefit in monthly installments, a lump sum at once, or a combination of both.
Each term plan comes with an extra benefit that sets it apart from other plans. So, it would be best to look for a plan that offers higher benefits.
When buying the best-term plan, choose a plan that best fits your financial goals and personal responsibilities altogether. The insurance premium that you will pay is calculated on the basis of your:
Buying a term plan at an early stage of life means you've to pay less expensive premiums.
Your family medical history can impact the premium cost.
Smoking, drinking, or risky activities can lead to expensive premiums due to the health risks.
If the risk factor associated with your occupation is higher, it may affect your premiums.
How long protection you need or how much coverage you seek can also affect the premium.
Generally, insurers offer special premium rates for women.
For instance, we've listed below 4 sample premiums for different coverage amounts with constant age (30 year old male) and policy term (30 years of policy term) to give you a better idea of how a premium is calculated.
50 Lakhs
| Age | Policy Term | Coverage Amount | Monthly Premiums |
| 30 years/Male | 30 years | 50 lacs | Rs. 777/- per month |
Here, we've listed a few reasons why you should buy the best term insurance plan in India from PolicyX.
According to the IRDAI report for 2023-2024, Max Life Insurance has the highest claim settlement ratio, 99.65%.
Yes, Bajaj Allianz Life Insurance is among India top life insurers. With a claim settlement ratio of 99.04%, it provides the best life insurance policies at reasonable premiums.
Listed below are the documents required to buy the best term insurance plan online: Identity Proof - Passport, Voter ID, Adhaar Card, PAN Card Income Proof - Last 3 months salary slips and bank statements. Address Proof - Adhaar Card, Rent Agreement, Electricity Bill Medical Proof - Latest medical test reports allocated by the insurer
HDFC and Max Life Insurance are top-term insurance providers, both in the top 10 based on Assets Under Management. However, Max Life has a slightly better track record of settling claims than HDFC Life.
These are the best term plans based on CSR is best in India: Max Life Smart Term Plan (99.65%) HDFC Click 2 Protect Life (99.39%) PNB MetLife Mera Term Plan Plus (99.06%) Bajaj Allianz Life eTouch Term Plan (99.04%) Bandhan Life iTerm Prime (99.66%)
Max Life Smart Secure Plus plan is one of the best-selling term plans, offering multiple inbuilt benefits, such as a premium break, joint life, and Sum Assured Top-up.
To find the best term plan for yourself, you must consider factors such as claim settlement ratio, solvency ratio, customer reviews, flexible payout options, and multiple benefits.
Its wise to buy term life insurance as early as possible. In fact, with an affordable premium, you can easily ensure a safe and protected financial future for your loved ones.
The maximum age limit to buy the best term plan is 60, while the minimum age to buy term insurance is 18.
10. What are the types of term plans available in India 2024? These are the basic types of term plans in India 2024: Basic Term plan: It is a pure protection plan that offers death benefits to the nominee upon the policyholder& 039;s unfortunate death. Return of Premium - Under this plan, you can get back all your premium paid at the maturity of the policy. Whole Life Plan - A term insurance policy offers coverage for a specific time, but some policies allow you to purchase coverage for a lifetime.
Private life insurance providers are better than LIC because they offer upgraded plans, higher claim settlement ratios, and free in-built benefits. LIC term plan still needs to be upgraded, and it has a slightly lower claim settlement ratio.
Term insurance covers you for a certain period, whether whole life insurance is a permanent life plan that provides coverage throughout your entire life.
No, basic term insurance does not offer any maturity benefits. On the other hand, with a Term Return of premium (TROP) option, you can get back all your premium paid once you outlive the policy term.
It would be best to buy the best term insurance plan in your 20s because premiums are less expensive when you are younger and healthier.
Yes, NRIs can buy term life insurance plans in India. You can do so through video/telemedial examination from their residential country.
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Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.
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