10 Best Term Insurance Plan in India

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For a person who has dependents or a family, seeking the right term insurance package is an impertinent necessity. It is an established fact that the most ‘value for the money proposal is given by the best term insurance. It is the basic type of life insurance where a predetermined fixed amount is paid on the death of the guaranteed life. No maturity gain in the case of survival of the life insured during the policy period.

Many individuals also get into the illusion that insurance policies do not have enough coverage and they do not provide any benefit from maturity. Contrary to this, however, different term insurance policies at a more competitive premium rate provide high insurance coverage. In addition, with the flexibility of the best term insurance package, a hassle-free method of premium payment ensures protection.

There are broad ranges of the best affordable term insurance policies available on the market as the simplest type of life insurance product. The consumer can compare the plans online and select the most detailed plans available on the market, according to one’s need and suitability. This post, along with their corresponding claim settlement ratio, will give you a clearer understanding of the best term insurance policies.

Let’s see: before we dive into the nitty-gritty of the most stable and best term life insurance plans

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#1. Aditya Birla Sun Life Protector Plus Plan

This is a conventional protection package that at a nominal premium rate provides a higher sum guaranteed amount. Against every form of eventuality, the scheme secures the financial future of the insured family. In addition, also in the absence of the family breadwinner, the scheme still cares for potential liabilities and helps to sustain a healthy lifestyle. Here are some of the policy’s influential features and the advantages it provides.

Features and Benefits:

Here is a list of the features and key advantages of the Aegon Life iTerm Plan affordable term policy:

  • At a minimum premium rate, the package offers full financial insurance.
  • Protects against rising living costs with the option of raising the sum guaranteed.
  • In order to increase the coverage of the scheme, the package comes with an incorporated total and permanent disability cover.
  • The death benefit may be received by the receiver as an annual salary.
  • Policy benefits for adopting a healthy lifestyle are given.
  • The package provides riders with options to expand the policy’s coverage.
  • Under Section 80C of the Income Tax Act, the policyholder is eligible to save on tax.

#2. Aegon Life iTerm Plan

Aegon Life iTerm Plan is a pure term insurance policy that comes with inbuilt terminal disease benefit as one of the term insurance policies in India. Up to the age of 80, the package offers life coverage. The method of policy purchase is very easy and hassle-free as an online term plan. In order to increase the coverage of the program, the package also includes additional rider benefit as an accidental death rider benefit and serious disease benefit.

Features and Benefits:

Here is a list of the features and key advantages of the Aegon Life iTerm Plan affordable term policy:

  • In a quick and easy method, this plan can be purchased online.
  • The minimum entry age of the policy is 18 years, while the maximum entry age of the policy is 65 years.
  • The policy’s full maturity age is 80 years.
  • Under section 80C of the Income Tax Act, the insured can obtain tax benefits.
  • The death benefit shall be paid to the beneficiary of the policy in the event of the insured’s demise.
  • In the premium payment mode, the package provides versatility.
  • For non-smokers and female insurance customers, the package provides a lower premium rate.

#3. Aviva Life Shield Advantage Plan

This is a non-linked, non-participating insurance plan that, in case of any eventuality, secures the financial future of your loved ones. The scheme not only provides the families of the insured with a death benefit in the event of an eventuality but also provides survival benefit as a premium refund in the event that the policyholder survives the entire tenure of the policy. As a premium plan (TROP) term return, this plan can be purchased online in an easy and hassle-free manner. Let’s take a look at the policy’s functionality and benefits.

Features and Benefits:

There are some of the strengths and advantages the strategy provides.

  • The scheme provides the families of the insured with complete security at a nominal rate.
  • In the event that the insured lasts the entire tenure of the policy, the premium charged for the policy is returned as a TROP plan.
  • Via a standard premium payment option or a single premium payment option, the policy buyer may choose to pay the premium.
  • The package provides two separate choices for coverage from which to choose, i.e.
  • Option A- Protection for Life
  • Choice B- Security of life cum disability along with the return of the premium.
  • Under Section 80C and 10(10D) of the Income Tax Act, tax advantages can be included.

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#4. Bajaj Allianz eTouch Online Term Plan:

Bajaj Allianz eTouch Online Term Cover ranks among Bajaj Allianz Life Insurance’s term insurance policies. The package provides the policyholder’s family with financial security at a low premium rate. The Bajaj Allianz eTouch Online Term Plan provides 4 different life cover options to choose from as a non-participating pure-term insurance policy. The scheme also includes tax benefits in compliance with Sections 80C and 10(10D) of the Income Tax Act 1961, in addition to the death benefit.

Features and Benefits:

The Aviva iLife Plan is filled with some advantages and features, such as:

  • This is one of the inexpensive term plans that can be bought in an easy and hassle-free way online.
  • In the event of the death of the insured, the policy provides the family with a fixed annual pay-out of 15 years.
  • Under Sections 80C and 10(10D) of the Income Tax Act, tax benefits can be received.
  • For pay-outs, the package offers two separate choices.
  • The policy’s full maturity age is 70 years.
  • The plan provides a 15-day free-look period.

#5. HDFC Life Click 2 Protect 3D Plus

HDFC Life Click 2 Protect 3D Plus is one of the online term plans that provide the family of the life insured with comprehensive insurance cover at a reasonable premium rate. In the HDFC Life Click 2 Protect 3D Plus, the 3D option refers to the complexities in life, such as death, sickness, and disability. The scheme provides the families of the life insured with financial protection in case of any eventuality during the tenure of the policy. The choice of 9 plans to choose from is offered by HDFC Life Click 2 Protect 3D Plus.

Features and Benefits:

The following are some of the main characteristics and benefits of the HDFC Life Click 2 Protect 3D Plus plan:

  • This is the term online insurance plan, which can be bought in a simple and hassle-free way.
  • The scheme provides the families of the insured with financial security in case of any eventuality.
  • As per their need and suitability, the insurance holder can choose from 9 different plan options.
  • This is the one with a free-look span of 30 days of affordable term plans.
  • Under Sections 80C and 10(10D) of the Income Tax Act, tax benefits can be received.
  • For non-smokers and female insurance customers, the package provides a lower premium rate.

#6. Bharti AXA Term Plan eProtect

This is an online term insurance plan which provides the family of the insured with comprehensive coverage in the event of any emergency. As an online term plan, a simple and hassle-free way is to buy it online. The package also aims to save on taxes, along with the advantages of insurance coverage. The following are some of the policy’s attributes and advantages.

Features and Benefits:

There are some of the strengths and advantages the strategy provides.

  • The package comes with special incentives for family treatment.
  • The package includes the option of choosing the amount of insurance coverage and the tenure of the policy according to one’s requirements and suitability.
  • Annually or semi-annually, the policyholder may pay the premiums.
  • As per their need, the policyholder may customize the plan.
  • Under Section 80C of the Income Tax Act, tax advantages may be made available.

#7. Canara HSBC iSelect+ Term Plan

The Canara HSBC iSelect+ term plan is a comprehensive insurance plan primarily designed to provide the family of the insured with financial stability and to take care of the family’s potential financial needs in the absence of the family’s breadwinner. The plan provides different choices, such as including partners under the same program, full life coverage, several options for premium payment, etc. Here are some of the excellent features and advantages that the policy provides.

Features and Benefits:

Some of the attributes and advantages provided by the policy are below.

  • The package offers multiple coverage options, benefiting from payouts to choose from.
  • The policyholder will pay the policy premium either through a single option for a premium payment or through a restricted option for a premium payment.
  • The 5 different cover choices that the plan provides are:

Schedule Alternative

1: Life

2: Life with premium return

3: Life plus

Coverage Option (Valid only with the plan option life)

1: Stage 1:

2: Rise

3: Declining

In-built optional cover

1: Death Accidental Gain

2: Absolute & Permanent Disability Accidental-Premium security

3: Absolute & Permanent Disability Unintended, premium cover plus

4: Benefit from child care

  • Under Section 80C of the Income Tax Act, tax advantages may be made available.

#8. Edelweiss Tokio Life My Term Plan +

This is a limited-pay term insurance package that, in the case of any eventuality, offers insurance coverage to the insured family. In addition, under the better half-benefit alternative, the arrangement also provides the spouse with extra life cover. Let’s take a look at some of the advantages and salient features provided by the policy.

Features and Benefits:

The following are some of the policy’s attributes and advantages.

  • The package includes multiple coverage choices to choose from.
  • The package provides protection from critical diseases.
  • In order to pay the policy premium, the policyholder may select the restricted premium payment option.
  • As a premium rider waiver, the package provides add-on rider incentives.
  • Under Section 80C and 10(10D) of the Income Tax Act, tax benefits can be used.
  • The benefit from death may be used either as a lump-sum or monthly income benefit or a mixture of both.

#9. Exide Life Smart Term Plan

This is a non-participating, non-linked individual insurance plan that provides the family of the policyholder with financial coverage against some form of an unfortunate occurrence. At a nominal premium rate, the package provides greater insurance coverage. The entire premium of the policy is returned to the insured as a term return of the premium plan whether he or she lasts the entire tenure of the policy. Here are some of the strengths and advantages the strategy provides.

Features and Benefits:

  • The following are some of the main characteristics and benefits of the HDFC Life Click 2 Protect 3D Plus plan:

1: Classical

2: Step-up The Step-up

3: Comprehensive-scale

  • To maximize the coverage of the scheme, the policyholder may opt for vital disease rider and accidental rider benefits.
  • The refund of the total premium is charged to the insured individual upon completion of the tenure of the policy.
  • Flexible premium payment options are offered by the contract.

#10. Future Generali Flexi Online Term Plan

This is a non-participating, non-linked, pure security plan. The scheme is expressly intended to provide the families of the insured with adequate compensation to take care of their potential obligations in the event of the insured person’s tragic demise during the tenure of the policy. A flexible coverage choice to choose from is offered by the plan. Let’s take a look at the excellent functionality and advantages that the policy provides.

Features and Benefits:

  • The following are some of the main characteristics and benefits of the HDFC Life Click 2 Protect 3D Plus plan:

1: Simple Cover of Life

2:Protection of profits

Defense of Fixed Income

Rising security of income

  • For female policy consumers, the package provides a rebate.
  • It is possible to use the death benefit as either a lump-sum amount or as a monthly payment.
  • Under Section 80C and 10(10D) of the Income Tax Act, tax advantages can be included.

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