Life is full of uncertainties and nobody knows when anything unfortunate takes place. To make sure your family sustains a proper living in tough times, you must prepare beforehand with a reliable plan. The least you can do for your loved ones is to secure their future in your absence.
For this purpose, a term plan certainly fits the bill for you. It not only provides you greater coverage as compared to traditional policies but also features a host of other exclusive benefits that you’ll surely love right away.
Although term insurance doesn’t provide any survival benefit, the fixed sum assured provided to your family in the event of your demise is adequate to help them cope up with their daily expenses, pay mortgages, support child’s education, and a lot more.
What is a Term Insurance Policy?
A term plan is a complete protection-based insurance policy that helps you secure your family’s future in the event of any unfortunate incident like death, disability, or terminal illness of the policyholder. However, unlike other insurance plans, they do not provide any returns in case you survive till the end of the policy tenure.
This is further facilitated by the extremely lower costs of these policies. If you’re looking to purchase a term plan, you need to consider certain aspects such as risk involved, family members depending on you financially, and the expected required capital for your family to sustain their living conditions after you’re no longer with them.
You can find a slew of insurance companies in the market, offering a variety of term plans to choose from. Undoubtedly, it’s a very daunting task to shortlist a specific plan from such an array of options, but you need to invest adequate time and effort to choose a plan that resonates with your requirements and enjoy complete peace of mind.
Best Term Plans Available in India
PNB Metlife Mera Term Plan
The Mera Term Plan by PNB MetLife is a pure protection plan that allows you to protect your family and loved ones financially. It fulfills your coverage needs at very affordable costs and ensures that your family doesn’t have to rely on anyone financially in the event of your unfortunate demise.
Kotak Mahindra eTerm
The Kotak Mahindra eTerm is a non-linked and individual term insurance that provides complete financial security to your family in case of your untimely death. With this plan, you can also choose to increase your cover through additional riders available with the policy.
SBI Life eShield
The eShied Term Plan by SBI Life is a non-participating and non-linked pure risk premium plan that provides high coverage at very affordable premiums. It features a wide range of benefits available at very low costs as compared to other plans, including additional discounts for non-smokers too.
LIC Tech Term Insurance Plan
The LIC Tech Term Insurance is also a pure risk premium non-participating term plan that allows you to choose from two different benefit options namely increasing sum assured and level sum assured. You can choose your preferred benefit option as per your prevailing coverage needs to provide all-around protection to your family.
HDFC Click 2 Protect 3D Plus Term Plan
The Click 2 Protect 3D Plus by HDFC is an exclusive term plan that offers protection against three different conditions namely disability, death, and disease. With this plan, you can choose from a large variety of options to personalize your insurance needs at your convenience.
Canara HSBC Oriental Bank Of Commerce iSelect Star Term Plan
The iSelect Star Term Plan by Canara HSBC Oriental Bank Of Commerce is one of the most comprehensive and best term plan for 1 crore in India. It’s an ideal option to protect your loved ones from all the eventualities of life. The plan offers an array of unique features like whole life coverage, multiple premium options, spouse coverage in the same policy, and a lot more that make it one of the best term insurance plans available in the market.
Bajaj Allianz Life Smart Protect Goal
The Smart Protect Goal by Bajaj Allianz Life is a pure non-linked term insurance plan that provides extensive coverage. To make sure that you’re covered adequately, the plan allows you to choose from four different options along with the ability to customize any plan as per your financial requirements.
Aditya Birla Sun Life Shield
Featuring over eight different plan options to choose from, the Aditya Birla Sun Life Shield is complete financial protection for your family and dependents. The plan consists of an inbuilt terminal illness benefit in addition to five optional riders to provide you all-around protection. You can choose from various available riders like accidental death, disability, surgical care, hospital care, and a lot more.
Tata AIA Maha Raksha Supreme
The Maha Raksha Supreme term plan by Tata AIA is another non-linked individual term insurance policy that provides a slew of variants to choose from as per your requirements. Depending on your family’s financial needs, the plan provides a variety of benefits in the event of your unprecedented death.
Aegon Life Shield Advantage Plan
The Aegon Life Shield Advantage Plan is a non-participating plan that allows you to secure your family’s future in the event of any unforeseen circumstances. The plan also provides survival benefits in form of the ‘Return of premium’ option along with the standard death benefit. You can also purchase this plan online without any paperwork or mediators involved in the process.
When it comes to life, you can’t even predict what may happen the very next minute. This makes choosing reliable term insurance extremely important for the protection of your family’s future in case of your absence. Therefore, you should act now and choose the desired policy from the list of term plans stated above.