Term insurance is a life insurance plan offered by various insurance companies in India, which provides a lump sum amount against the premium to the policyholder. During the term of the policy, if the policyholder’s sudden death, then the insured company provides the coverage under the term insurance plan, is paid as a death benefit if the insured person.
In this article, we are sharing the list of the best 5 term insurance plan in India. you will choose one of the plans as per your requirement and insure your life. so Let’s take a look at the list of the 5 best term insurance plans in India 2022
5 Best Term Insurance Plans in India
1. Max Life Smart Term Plan
Max Life Smart Term Insurance plan offers comprehensive protection that service to people from different age groups and stages of their life. Max life smart term plan is one of the most reliable companies for special term insurance. because the company has settled a claim ratio of 99.22% for the year 2019-20. Max Life Insurance gives you the flexibility to customize coverage protection at a reasonable price. Max Life Insurance offered multiple death benefit options and also protects against critical weaknesses such as kidney failure, heart attack, cancer, etc. This term insurance plan also gives you financial protection for your family in your deficiency. Max term insurance premium is less for term plans as compared to other company plans.
Benefits and Features of Max Life Smart Term Insurance
- Max life smart term insurance provides you multiple death benefit option
- You can have a term plan cover up to 85 years of age.
- By paying a small additional premium you can enhance critical illness cover and accident cover
- The plan offers budget-friendly multiple premium payment options
- The term insurance plan offers a COVID rider plan which benefits both death and diagnoses.
a) There are seven death benefit options of Max Life Smart Term Insurance plan which are as follows..
Income protector Option: – Under this option, the monthly income is paid for 10,15 or 20 years
Life cover Option: – Under this option, the sum assured is paid on death
Life cover + Income Option:– Under this option, the sum assured is paid on death + monthly incomes are paid @0.4% of the sum assured for 10 years
Life cover + increasing income Option: – Under this option, the sum assured is paid on death + increasing monthly incomes are paid @0.4% of the sum assured for 10 years. The income increases by 10% per annum
Income + Inflation Protector Option: – Under this option, an increasing amount of monthly income is paid for 10, 15, or 20 years and the income increases by 10% per annum
Reducing cover Option:– Under this option, the sum assured reduces by 5% every year
Increasing cover Option: – Under this option, the sum assured increases by 5% every year
b) There is an accelerated critical illness (ACI) cover which covers 40 illnesses with 2 options to choose from
Increasing ACI benefit where the ACI sum assured is paid on diagnosis of any of the listed critical illnesses and the coverage increases at a simple interest rate of 5% every year and is paid out for the entire policy tenure.
Level ACI benefit where a fixed amount of money (ACI sum assured) would be payable to the insured on the diagnosis of any of the listed critical illnesses for the entire policy tenure.
c) The premiums are refunded on maturity if you choose so.
2. HDFC Life Click 2 Protect Life Plan
HDFC Life Click 2 Protect Life plan is an affordable term insurance policy that provides financial protection as well as allows different types of coverage options like critical illness rebalance, life protection, Income plus plan. HDFC life click 2 protect term insurance plan comes with an affordable cost. also, the company’s Term Life Insurance Individual Death Claims Paid Ratio is around 88.63%. That is why we can consider this as one of the Best 5 Term Insurance Plans in India.
Benefits and Features of HDFC Life Click 2 Protect Life term insurance
- Coverage can be taken for whole life
- An extra benefit of this term plan at a low premium option for females or non-smoker.
- You can increase your present term insurance sum assured at childbirth or marriage.
- Availability of 9 different plan options in this term insurance. you can choose as per your need.
- Buy a term insurance premium online, you can get an extra discount.
Best 5 Term Insurance Plans in India
3. Tata AIA Life Insurance Sampoorna Raksh+ Plan
Tata AIA Life Insurance Sampoorna Raksh+ plan gives you complete financial security with full return of premium as maturity benefits on survival. This term insurance plan has optional riders that are available which helps in increasing the scope of coverage. Tata AIA term life insurance provides you two death benefits are Lump Sum amount plus monthly income for a decade and Lump Sum amount on death. Individual Death Claims Paid Ratio of the TATA AIA Term Life Insurance is, over 94%
Benefits and Features of Tata AIA Life Insurance Sampoorna Raksh+ plan
- You can choose 2 death benefits option in Tata AIA term life insurance plan
- You can have a term plan cover up to 100 years of age.
- This term plan gives you 50% of the basic sum assured in advance if the insurer is diagnosed with an illness because the plan comes with an inbuilt payout accelerator benefit.
- Tata AIA Life Insurance Sampoorna Raksh+ plan provides higher protection discount of up to 25% for a sum assured of over Rs. 75 Lacs.
4. Bajaj Allianz Life Smart Protect Goal Plan
Bajaj Allianz Life Smart Protect Goal term insurance plan provides full life coverage at an affordable price. This plan also grants financial assurance at the time of diagnosis of any listed dangerous illness. Bajaj term insurance plan provides a maturity benefit that allows the policyholder to retrieve the total premium paid at the time of maturity. Bajaj Allianz Term Life Insurance Individual Death Claims Paid Ratio is 83.94% and its premium is budget-friendly that is why we listed this term insurance company in Best 5 Term Insurance Plans in India
Benefits and Features of Bajaj Allianz Life Smart Protect Goal term insurance
- Availability of cover till the age of 99 years and surrender benefit in Bajaj Allianz term insurance life
- The term policy can be bought jointly along with the spouse
- This term insurance protection covers 55 major or minor critical illnesses mentioned in its term and conditions page.
- The add-ons available under the plan are Accidental Death Benefit (ADB), Waiver of Premium Benefit, Critical Illness Benefit (CIB), and Accidental Total Permanent Disability Benefit (ATPDB).
Best 5 Term Insurance Plans in India
5. Aegon Life iTerm Insurance Plan
Aegon Life iTerm Insurance plan is just like all term insurance plans that provide financial protection to policyholder’s family members in case of policyholder’s sudden death. This term insurance plan offers you accidental death rider and low premiums, especially for women and non-smokers. Aegon Life iTerm Insurance plan claim paid ratio of Individual Death is 98.01% also this company gives you two death benefit payout these areas monthly income or lump sum amount, for those affordable features we selected this company in Best 5 Term Insurance Plans in India
Benefits and Features of Aegon Life iTerm Insurance
- Aegon Life iTerm plan offers lower premium rates for female lives and for non-smokers.
- This plan coverage is available till the age of 100 years.
- The plan offers the flexibility to choose two coverage options under the policy i.e. as monthly income or as a lump sum amount.
- You can choose the death benefit payout as a fixed monthly income, a lump sum for 100 months, or a combination of fixed monthly income and lump sum payout.
Best Term Insurance Plans in India are very important for your life. when the time of selecting a term plan, a person always keeps in mind the purpose of the plan. why he is taking this term plan. and also ha should assess the benefit of every different term plan and should be decided one of the best as per your requirement.