If you are the only breadwinner of your family, then finding a good term insurance policy is surely a necessity for you. With proper research, you can easily gain a better value for your investment and provide a safer financial future for your family.
Opting for one of the best term insurance plans that provides an assured sum in the event of your death to your selected nominee would ensure financial safety for your near and dear ones. Throughout the tenure of your policy, you need to pay regular premiums that are calculated based on your age, sum assured, and policy term.
A lot of people have a misconception revolving around their heads that a term insurance plan is incapable of providing a sufficient coverage amount as there is no maturity benefit involved with the policy. However, the truth is that term policies are available at a very affordable rate with high returns.
Additionally, the process of signing up for this policy is completely easy and hassle-free with an unparalleled level of safety and convenience. Furthermore, they’re also one of the most commonly available financial investment plans available in the market.
With that said, there are numerous term insurance plans available in India, and you have the liberty to choose amongst multiple plans as per your requirements and financial sustainability. This article will provide you a review of some of the best term insurance plans available in India:
1. Aditya Birla Sun Life Protector Plus Plan
The Aditya Birla Sun Life Protector Plus Plan is a traditional term life insurance policy that provides you a good amount of assured sum at a very affordable premium rate. It is a great plan for securing the future of your family financially and helps them stay protected against many eventualities.
Moreover, the plan also allows you to increase the amount of assured sum during the tenure of your policy to help you strategically plan for the growing costs of living and allow your dependents to live a good lifestyle in your absence.
There’s also an inbuilt permanent disability cover in this plan, and you can choose from various additional riders to extend the coverage of your policy. It also allows you to save money on taxes under section 80C of the Income Tax Act.
2. Aegon Life iTerm Plan
The iTerm plan provided by Aegon Life is a term insurance policy that also provides you a terminal illness benefit by default. Additionally, it offers you a coverage of 80 years that allows you to generate a supple amount of corpus for the well-being of your family.
Moreover, as it is an online life insurance plan, the process of opting-in for this policy is extremely easy and hassle-free with very little paperwork required. If you want to extend the coverage of your policy, you can also choose riders like death benefit and critical illness benefit.
Even this plan offers you tax saving and deduction benefits under section 80C of the Income Tax Act of India. Furthermore, if you are a non-smoker, you can enjoy lower premium rates as compared to other policyholders who have the habit of smoking.
3. Ageas Federal Insurance Flexi Term Plan
The Ageas Federal Insurance Flexi Term Plan is a non-linked and non-participating term insurance policy that offers a good amount of assured sum in the event of the untimely death of the policyholder. It is a very comprehensive plan to safeguard the future of your family.
The plan is available to purchase online and the process is extremely convenient and easy. It allows you to choose from multiple options to receive the assured sum such as lump-sum with a conversion option, fixed monthly income, or a combination of both.
There are various optional riders available with this term insurance plan such as death benefit rider that helps you enhance the coverage of your policy. You can also save money on taxes under section 80C of the income tax act of India.
4. Aviva Life Shield Advantage Plan
Aviva Life Shield Advantage Plan is also a non-participating and non-linked insurance policy that allows you to build a financially secure future for your family after you can no longer take care of them in case any eventuality takes place.
Along with the standard death benefit to your family in the event of your unfortunate demise, the plan also provides survival benefits in form of the return of premiums in case you manage to survive till the end of the tenure of your policy.
This plan can be also purchased online and makes the process highly flexible and convenient for you by involving a minimal amount of paperwork. With the help of this plan, you can get complete protection for your family at a very nominal cost.
5. Canara HSBC Oriental Bank of Commerce – iSelect Star Term Plan
The iSelect Star Term Plan provided by Canara HSBC Oriental Bank of Commerce is one of the best term insurance plans available in India. It acts as an all-around financial safeguard for your family after your unfortunate demise by providing your selected nominee an assured sum of money.
It offers various customization features that help you personalize the plan as per your preferences. With this plan, you can choose your preferred mode of pay-outs, a timeline of premium payments, and a lot more that makes it a highly flexible insurance policy for you.
There is also an increasing life cover option that allows you to modify your plan accordingly with the growing cost of living and achieve varying milestones in your life. You can also enjoy several discounts if you are a female customer as well.
If you want to make sure that your family doesn’t struggle to afford even the basic necessities of life after your unfortunate demise, you need to plan ahead of time by purchasing a term insurance policy. The benefits offered by this insurance policy will help you safeguard a financially secure future for your loved ones.