Categories
Finance

5 Leading Indian Term Insurance Plans and Their Best Features

One of the best ways to secure your family’s future in your absence is to consider buying a term insurance plan, which may give them an extra safety cover. Many companies in India offer such term plans with several other benefits. You can buy term insurance online or offline as part of your long-term investment plan to safeguard your family against uncertain events of life.

Term insurance comes with low and high sum insured plans, which secures your family’s financial needs after your ill-fated decease.

Family

There are different term insurance plans to meet all your requirements. As the sector has several players, it becomes difficult to buy term insurance online.

Here are a few parameters which you must consider before buying insurance for your long-term investment plan:

  1. Insurance claim settlement ratio
  2. Insurance company reputation
  3. Sum assured and cost of the premium
  4. Features and benefits of the plan

After considering all such parameters, you must choose the one best fitting your needs.

Some of the leading companies in the insurance sector, which provides the best plans are:

1. Max Life Online Term Plan Plus

The term plan offers protection against death, disability, and critical illness of the policyholder. It contains three different types of covers where you can choose according to your needs. Max life online term plan plus also provides additional rider benefits like the accident cover to enhance insurance coverage.

Some of the key features are:

  • Minimum and maximum age to buy the policy are 18 and 60 years
  • Options for limited pay premium
  • Additional covers of accidental death, premium waiver, critical illness
  • The maximum covered period is 85 years for all term plans
  • Options to pay premiums monthly, quarterly, half-yearly or annually

Max Life has a claim settlement ratio of 98.26% for FY 2017-18.

2. ICICI iProtect Smart Term Insurance Plan

ICICI iProtect Smart term plan is the only plan, including 34 critical illnesses. It amongst the best plans in India, which provides many benefits along with low premium costs.

Some of the benefits of the policy are:

  • Provides cover against 34 critical illnesses
  • Protects against terminal diseases including AIDS
  • Options to cover accidental benefits

The policy offers options to choose from four different options based according to your needs. The plan also has a provision to cover till the age of 99 years.

The claim settlement ratio of ICICI Prudential is 97.88%.

3. HDFC Click 2 Protect 3D Plus Term Insurance Plan

The term plan from HDFC provides comprehensive coverage to the nominee or family of the insured at affordable rates. The plan offers protection to the family of the policyholder in case of unforeseen events.

The policy covers death, disability, and critical illness.

Some of the features of the policy are:

  • Choose from 9 customized options
  • A premium waiver on accidental total permanent disability and critical illness
  • Flexibility to choose premium payment terms and policy
  • Special premium rates for female

The average age to buy policy varies from 18 to 75 years. If you buy term insurance online as a long-term investment plan, there are special discounts offered by the company.

Claim settlement ration for FY 2017-18 of HDFC life is 97.98%.

4. SBI Life e-Shield Term Insurance Plan

SBI Life e-shield term plan is amongst the best plans to provide comprehensive coverage to your family. It contains two different plans to choose from according to your requirements.

Some of the key features of the policy are:

  • Provides two comprehensive coverage plans and two-rider cover options
  • Offers discounts on premiums for non-smokers
  • Covers terminal illness and death of the policyholder
  • Facilitates medical second opinion in case of critical illnesses

The insurance plan also has an in-built accelerated terminal illness benefit. If you buy term insurance online, you can avail of special discounts from SBI.

The claim settlement ratio for FY 2017018 of SBI Life is 96.76%.

5. TATA AIA Life iRaksha Supreme Online Term Insurance Plan

The term insurance plan from TATA provides coverage of critical illness and the death of the policyholder. It is a non-participating complete term plan which is available online.

Some of the key benefits of the plan are:

  • Low rates of premium
  • Choice of premium payment to suit your needs
  • Preferential premium rates for a non-smoker and lower cost for female

The plan gives high coverage at low-cost premiums.

Claim settlement ration for the financial year 2017-18 of TATA AIA is 98%.

These are the 5 leading Indian term insurance plans.

By AtulHost

Hi, I'm Atul Kumar Pandey; also known as AtulHost on the web, a full-time blogger by profession with an objective of sharing fresh and honest contents in business and technology niche.