Searching for the best term plan in India has never been easy, but you can find a good one by analyzing some factors like CSR, solvency ratio, range of products, benefits offered, affordability of premiums, and customer reviews.
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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.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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May 10, 2024
I was looking for a term plan to secure my family& 039;s future. So I contacted PolicyX and they helped me compare various term plans. So I choose Bharti Axa term plan.
May 10, 2024
Mr. Suresh from PolicyX helped me get my Bharti AXA term plan approved after it was initially rejected.
May 10, 2024
I wanted to buy life insurance policy. So I contacted Bharti Axa Life Insurance. They helped me compare and choose the plan that is suitable for me.
May 10, 2024
I am a little bit confused about my Edelweiss Tokio life insurance premiums rates, So I decided to visit Policyx.com. An. An agent named Vishal helped to solve my all problems without any hassl...
May 10, 2024
I have purchased Bharti Axa life insurance from policyx.com overall, the experience was good and satisfactory.
April 20, 2024
Review: HDFC Life Insurance Term Policy HDFC Life Insurance Term Policy stands out as a beacon of financial security and peace of mind in the ever-changing landscape of life insurance offering...
April 8, 2024
I am very grateful to the insurance experts of PolicyX and Mr. Ankur, who kindly helped me settle the claim of Aegon Life Insurance. Thanks again, I& 039;ll always remember this favor.
April 8, 2024
I bought a Bajaj Allianz Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.
Priya has been in the content writing industry for over 8 years. She has been religiously following the insurance sector since the start of her career which makes her an avid insurance expert. Her forte lies in health, term, and life insurance writing, along with her knowledge of the latest developments in the insurance sector.
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