Anyone who buys term insurance gets the benefit of having a life cover at a low rate. This is the greatest benefit of buying term insurance. It is also the reason behind its massive popularity. The best term insurance plan with lowest premium is much sought after. Thankfully, there are many good life insurance companies in India that offer excellent term plans at inexpensive rates. As a result, it is not difficult to find a good term insurance cover with a low premium. Read on to know more about these plans and their beneficial features.
Benefits of Buying the Best Term Insurance Plan with Lowest Premium
Here are some benefits you get when you buy an affordable term life insurance cover:
- Life Cover: It is extremely risky to live without a life cover nowadays. There is no certainty that a person would return home at the end of the day. With pollution levels going up, diseases resisting medication and lifestyle conditions deteriorating, lives are constantly at stake. You should, therefore, cover your life at the earliest. When you buy a term life insurance policy, you have a very good and high life cover. If anything happens to you, your family is assured of getting substantial financial compensation with which they can continue their regular lives, even when you are not around any more.
- Low Cost: The term insurance plans are inexpensive. They cost much less than the other types of life covers such as the endowment insurance plans and unit-linked insurance plans. As a result, you get a good life cover without having to empty your pockets. The premiums are low and affordable, making it easy for you to pay them regularly and on time. You can even choose the premium payment terms as yearly, bi-yearly, quarterly or monthly to make the structure more suitable for yourself.
- The Option of Riders: Like in all other forms of term insurance, in the best term insurance plan wit lowest premium too you can add riders to the base policy. Riders are nothing but add-on covers that allow you to make the plan more flexible. You can add the popular riders such as the critical illness rider, the personal accident rider, etc to your term insurance policy. Just remember that a rider is available at an added cost, so adding too many riders may push up the premium rates. Make a budget and stick to it and you will know exactly how to get the best coverage for yourself.
- Tax Rebate: The term insurance plans offer tax benefits to the policyholders. The premium paid towards a term cover is tax exempted up to a maximum amount of Rs 1,50,000. This is possible due to the clauses under Section 80 C of the Indian Income Tax Act.
- Customisable Plan: The best term insurance plan with lowest premium is very flexible and you can customise them as per your own needs. This means you can choose a suitable coverage amount. If you have only one teenaged child dependent on you, you may need a lower cover. But if you have two young children, a spouse and aged parents dependent on you, you will need a much larger cover. Similarly, your policy tenure will be decided after considering your age. You have the flexibility to choose the cover and the tenure as per your requirements when you buy the best term insurance plan with lowest premium.
- Helps Cover Debts: You should get a good term insurance cover if you have any loan. If you die, your family can use the death benefit to clear the loan without getting pulled into a financially difficult situation.
These are some of the main reasons why everyone needs the best term insurance plan with lowest premium. Look for a good option and stay protected against life’s uncertainties.
The Best Term Insurance Plan with Lowest Premium
Here’s a list of the best term insurance plan with lowest premium in India:
- LIC e-Term Insurance Plan
- ICICI Pru iProtect Smart
- SBI Life e-Sheild
- HDFC Life Click 2 Protect 3D Plus
- Max Online Term Plan Plus
- SBI Smart Shield
- Aegon Life iTerm Plan
- Aviva iLife Plan
The life insurance industry in India is thriving at present. As a result, customers have a lot of choices. Take advantage of this and choose the best term insurance plan with a low premium to stay covered in a comprehensive way.
To Wrap It Up
As you can clearly see from the points mentioned above, there is a lot to choose from when buying term insurance in India. The plans are all priced reasonably and you get to have a life cover at a low cost. So go over all the options, compare them and then find the best term insurance plan with lowest premium that suits your requirements perfectly.