Top 10 Best Term Insurance Plan in India

Introduction

What is a term insurance policy?

Top 10 best term insurance plan in India in 2021:

a. Name of the Company

b. Name of the plan.

c. Entry Age.

d. Maturity Age

e. Claim Settlement Ratio Table.

Explain all the plans in pointers

Factors you can choose the Term plan

Conclusion

Top 10 Best Term Insurance Plan in India

Time has taught us to be extra precautionary whether it is food, travel, or health. Do you remember our grandparents telling us to save and be mindful to make our living? No matter how hard we ignore the fact of unexpected events, they are destined to happen. Wisdom is to prepare oneself for the worst. You can’t avert the evil but can create a safety net to absorb the last minute stress. In today’s hassled time, nothing is more important than having financial security. This is why people buy life insurance policies to build a reserve for crises.

In India, term insurance is the widely sold life insurance policy because of the cover it offers and the cost at which it is available.

If you are looking for a safe way to build safety for your family, then this is the genuine initiative you can take. Looking for the best term insurance plans, here are some which you can consider in the year 2021.

Top 10 Best Term Insurance Plans in India in 2021.

These are the top term insurance to buy in India.

Name of the Company	Name of the plan	Minimum Entry Age in years	Maximum Entry Age in years	Claim Settlement Ratio
Aditya Birla Sun Life Insurance	ABSLI DigiShield Plan	18	85	98.4%
Aditya Birla Sun Life Insurance	ABSLI Life Shield Plan	18	85	98.4%
HDFC Life Insurance Company	HDFC Life Click 2 Protect Life	18	85	99.07%
ICICI Prudential Life Insurance Company	ICICI Pru iProtect Smart Plan	18	75	97.9%
Max Life Insurance Company Limited	Max Life Online Term Insurance	18	85	99.35%
Aviva Life Insurance Company Limited	Aviva LifeShield Advantage	18	65	98%
HDFC Life Insurance Company Limited	HDFC Life Click 2 Protect 3D Plus Plan	18	75	99.07%
Bajaj Allianz Life Insurance Company Limited	Bajaj Allianz Smart Protect Goal Term Plan	18	85	98.02%
Tata AIA Life Insurance Company Limited	Tata AIA Sampoorna Raksha Supreme	18	70	99.06%
SBI Life Insurance Company limited	SBI Life Poorna Suraksha	18	75	94.52%

ABSLI DigiShield Plan

ABSLI DigiShield Plan offers a plan to protect multiple needs with one plan that is possible. It is a comprehensive plan that provides ten plan options to choose from, based on the requirements.

Features:

ABSLI DigiShield Plan offers 10 plan options to suit your varied protection needs.
The term plan covers individuals for 1 year or till 100 years of age.
The death benefits are flexible and can be received on monthly or a lump sum basis or both.
Option to avail survival benefit as monthly income on attaining age 60 years. This is for a worry-free retired life.
Minimum entry age is 18 years.
Maximum maturity age is 85 years for Options 1 to 10, except 4,5 and 8. For plan 4 and 5, the maturity age is 100 years, and for option 8, it is 69 years.

ABSLI LifeShield Plan

ABSLI Life Shield Plan offers you wide options to choose your cover from. You do not have to compromise on your family’s needs when you have an easy way to secure life.

Features:

You have 8 plan options to choose the suitable cover.
The plan gives you the option to cover your spouse also.
The term plan comes with the Return of Premium Option.
The LifeShield Plan gives you an inbuilt terminal illness benefit.
Minimum entry age is 18 years.
Maximum maturity age is 85 years.

HDFC Life Click 2 Protect Life.

HDFC Life brings for you a term plan that enables your family to arrange funds for the uncertainties of life.

Features:

HDFC Life Click 2 Protect Life gives you an option to avail cover for your whole life.
It gives you a chance of income payouts for age 60 onwards.
You can opt to reduce premium payment terms from regular pay to limited pay.
The company provides you an option to expand the coverage with the riders like Critical Illness Plus Rider, Accident Disability Rider, and others.
There are 3 plan options available in the product namely; Life Protect Option, Life and CI Rebalance Option, and Income Plus Option.
The policyholder can choose to pay the single, annual, half-yearly, quarterly or monthly premium.
Minimum age at entry is 18 years.
Maximum age at maturity is 85 years.

ICICI Pru Iprotect Smart Plan

ICICI Pru iProtect Smart Plan is a competitive product which provides different options to buy financial security for your family.

Features:

ICICI Pru iProtect Smart Plan is available in 3 options Life Option, Life Plus Option, and Life and Health Option.
The policy term is allowed under the plan for 5-40 years.
Premium payment option allowed is single pay, regular pay, and limited pay.
Minimum age of entry allowed is 18 years.
Maximum maturity age is 75 years.

Max Life Online Term Insurance Plan.

Max Life Online Term Insurance Plan covers you against specified 64 critical illnesses. It comes with the terminal illness coverage.

Features

Max Life Term Insurance gives you an option to skip a premium after 10 policy years.
The policy is an affordable protection with high life cover at a relatively low premium.
You can purchase the policy after paying a monthly, semi-annually, quarterly, or yearly premium.
Cover duration allowed under the Term Life Insurance is 10 and 50 years.
The minimum entry age is 18 years.
The maximum maturity age is 85 years.

Aviva LifeShield Advantage.

Aviva LifeShield Advantage provides comprehensive life cover to the individuals to protect their family members from financial stress after the demise. Furthermore, if you survive at the conclusion of the Policy Term, you will receive a refund of all premiums paid. This plan can be purchased online in a simple way.

Features

The plan comes at a nominal cost and is available in two options. Option A is for Life Protection and Option B is for Life cum disability protection along with return of premium.
There are two premium payment options available which can be either regular or a single premium payment.
It is a term return of premium plan in which the premium paid towards the policy is returned in case the insured survives the policy period.
Minimum Entry Age is 18-55 years.
Maximum Maturity Age allowed is 65 years.

HDFC Life Click 2 Protect 3D Plus Plan:

Apart from providing the death benefit, HDFC Click 2 Protect 3D Plus Plan gives you a 3 dimensional coverage against death, disability, and diseases.

Features:

You get 9 plan variants under this term plan. Choose the cover that suits your requirements.
All future premiums are waived off if the policyholder is rendered permanently disabled after an accident.
All future premiums will be waived off if the policyholder is diagnosed with critical illnesses.
Minimum entry age is 18 years.
Maximum maturity age is 75 years.

Bajaj Allianz Smart Protect Goal Term Plan

The comprehensive term plan from Bajaj Allianz allows you to have financial protection for the family with the feature to buy multiple add-ons.

Features:

Covers several major and minor 55 critical illnesses.
The plan offers you to get child education cover also.
You can choose the Return of Premium option at maturity.
Minimum entry age of 18 years.
Maximum maturity age with return of premium option is 75 years, without return of premium is 85 years, and for whole life is 99 years.

TATA AIA Sampoorna Raksha Supreme:

Tata AIA Sampoorna Raksha Supreme is a non-linked and non participating life insurance plan for your family’s security. The plan allows you to select from different options to choose from.

The company provides low premium rates for female lives.
The term plan gives you an option to increase cover at important milestones with the Life Stage option.
The term plan has inbuilt payor accelerator benefit.
You can enjoy the life cover up to 100 years of age.
The plan has a feature to get death benefits along with regular income.
Minimum entry age is 18 years
Maximum maturity age is 70 years.

SBI Life Poorna Suraksha:

SBI Life Poorna Suraksha plan is a traditional term insurance plan that comes with the increasing critical illness cover.

Features:

You get a premium waiver benefit on diagnosis of critical illness.
The term plan is available at the fixed premium rate.
You get to rebalance your life and critical illness cover on every policy anniversary.
On diagnosis of any of 36 critical illness diseases, you get the lump sum payment and waiver of all future premiums.
Minimum entry age is 18 years.
Maximum maturity age is 75 years.

Conclusion:

Term insurance has become a requisite in life especially when you know that your current income levels are low in comparison to the liabilities. You cannot leave your family in the financial crisis. Hence, you must research and explore the best term insurance to buy and create a financial asset for the family in the time of need.

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