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Best Term Insurance Plans in 2024
We always want the best for our family but when considering buying term insurance why don’t we do proper research and choose the best term insurance plan? We know selecting the best term insurance plan is a tricky and time-consuming task. But, we are here to help you choose the best term insurance policy to keep your family financially stable despite your unfortunate demise.
To choose the best term life insurance policy, you must consider several important factors before making the final decision.
- CSR (Claim settlement ratio) of the insurance company
- Solvency ratio of the insurance company
- Market reputation of the insurer
- Additional riders offered with the plan
- Customization options available with the plan
- Customer reviews and testimonials
- Consider your liabilities
- Choose the right sum assured
We understand that considering all the above factors can be hectic for you. But don’t worry we have provided you with a list of best-term insurance plans in India by considering the above factors for your reference.
Best-Term Life Insurance in India in 2024
Below is the list of the best-term insurance in India that can help you choose the right term insurance policy for you.
You can compare term insurance plans in India 2024 to choose the best for you.
Brand value of the insurer - The brand value refers to how well-known the insurer is based on its 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 claims they received.
Affordability - It refers to how budget-friendly the plan is.
Rating indicators:
4.5 to 5- Best Good
4 to 4.5- Good
Below 4- Average
Benefits of Buying a Best Term Insurance Plan
Buying a term plan offers a range of benefits to the policyholders and their loved ones. Let’s understand these benefits in detail:
Financial security for the family or loved ones
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 when you are not with them.
Return of Premiums
A term plan with a return of premium pays back the premium paid towards the plan to the policyholder at the end of the policy tenure if they outlive the policy term.
Joint Life Option
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.
Tax Benefits
Tax Benefits Under Section 80C and Section 10 (10D) of The Income Tax Act, 1961, you can avail of a tax deduction of up to ₹1.5 lakhs annually for the premiums paid towards a term plan.
Additional Riders to Choose From
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.
Smart Exit Option
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.
Premium Breaks
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.
Voluntary Sum Assured Top-up
With a 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.
Factors to Consider When Choosing the Best Term Insurance Plan.
You have to consider certain factors when choosing the best term insurance plan. Let’s understand these factors in detail.
CSR (Claim settlement ratio) of the insurance company
The claim settlement ratio of an insurer indicates the number of claims settled by them out of the received claims. A high claim settlement ratio is a positive indicator of a good insurance company.
Solvency ratio of the insurance company
The solvency ratio of an insurer indicates the ability of an insurance company to settle the received claims. Every insurance company must maintain a solvency ratio of at least 1.5 as per the IRDAI.
Market reputation of the insurer
Before buying a term plan from an insurer you should check their trustworthiness and market reputation (number of years in the insurance business, number of branches, customer support quality, etc) to make the right decision.
Additional riders offered with the plan
You should check whether the plan you are opting for is offering additional riders to enhance the coverage of your plan as per your requirements.
Customization options available with the plan
A good term plan can be customized as per the requirements of the policyholder in terms of policy tenure, premium payment tenure, sum assured, etc.
Customer reviews and testimonials
You must check the customer reviews and testimonials of the plan you are thinking of buying. It gives you a brief idea of whether that term plan is right for you or not.
Which Factors Affect Your Term Insurance Premiums?
Various factors affect your term insurance premiums. Let’s understand these factors in detail:
Age
The age of the policyholder is directly proportional to their premium amount. The higher the age, the more will be the premium amount. Buying a term plan at an early stage of life means you’ve to pay less premiums.
Health
The health of an individual directly impacts their premium amount. A healthy individual is likely to pay less premiums as compared to an individual who is suffering from any disease.
Lifestyle habits
Smoking, drinking, or risky activities can lead to expensive premiums due to the health risks. An individual who is involved in such activities is likely to pay high premiums.
Occupation
Your term insurance premiums also depend on the occupation you choose. If you are involved in a risky and hazardous occupation then your premiums are going to be high.
Policy Duration
Your premiums also depend on the policy duration you choose. Longer duration policies have higher premiums as compared to policies with short duration.
Gender
The premium amount also depends on your gender. Generally, insurers offer special premium rates for women.
Why Buy the Best Term Plan From PolicyX?
Here, we’ve listed a few reasons why you should buy the best term insurance plan in India from PolicyX.
- Dedicated claim support and guidance to family for free.
- The best prices from top life insurance companies in India.
- Get an extra discount on buying term plans online.
- Online free helpdesk.
- Free-of-cost policy comparison.
- 100% recorded calls to reduce misselling
Conclusion
Choosing a best-term plan is a hectic and time-consuming process. To ease your search we have provided a list of the best term plans based on several parameters including CSR (claim settlement ratio), solvency ratio, the market reputation of the insurer, customer testimonials and reviews, experience in the insurance industry, etc.
If you are still confused about which term plan is best for you then you can contact us at PolicyX.com. One of our insurance experts will contact you shortly, understand your requirements, and help you choose a plan that best fits your requirements.
Best Term Insurance Plans in India: FAQs
1. Which company is best for term insurance?
As per claim settlement ratio, solvency ratio, and various other parameters Max Life is considered as the best term insurance company.
2. Which is the best-term plan to buy in 2024?
Max Life Smart Total Elite Protection Plan is considered the best term plan you can consider to buy in 2024 in India.
3. Which term plans based on CSR are best in India?
There are various best-term plans based on CSR in India including the 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%), etc.
4. Are there any term plans that are highly recommended?
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.
5. How can I find the best term insurance plan for me?
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.
6. What are the types of term plans available in India in 2024?
There are three basic types of term plans in India 2024 including basic term plan, return of premium, and whole life plan.
7. As an NRI, can I buy the best term insurance plan in India?
Yes, NRIs can buy term life insurance plans in India. You can do so through video/telemedial examination from their residential country.
8. How to compare term insurance plans in India 2024?
You can compare term insurance plans in India in 2024 on various parameters including CSR, solvency ratio, customer testimonials, market reputation, etc.
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Written By: Himanshu Kumar
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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