Term Insurance February 27, 2021

Many life insurance companies conduct a pre-acceptance medical examination to know whether the insured has any illness or condition before purchasing a term insurance plan. When these tests get conducted, ensure you disclose your smoking habits, if you have, besides other health conditions for a hassle-free claim settlement experience later. However, if you are a non-smoker, you will get better term insurance plans having impressive coverage and attractive premiums. But how much sum assured will be enough for your dependents in case you die during the policy term? This is where you need to factor in inflation of today and calculate the desired amount assuming a 5% annual hike. We hope a 1 crore cover amount would help your dependents maintain their lifestyle in your absence. And there are multiple term insurance plans offering such a bounty. Let’s read about these plans on this page.

Term Insurance

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ICICI Prudential iCare Term Insurance Plan

You can buy this life insurance cover from ICICI Prudential Life through a simple online application process. Under this term insurance plan, you can choose your life cover option from the following:-

  1. Option I – Death Benefit will be payable to the nominee if the life assured dies during the policy term. This would be equal to the sum assured.
  2. Option II – Along with the death benefit, your nominee will get an additional accidental death benefit equaling the sum assured or INR 50 lakhs,

whichever is lower. The additional benefit shall be payable in case of death due to accidents only.

ICICI Prudential iCare Term Insurance Plan’s maximum sum assured is as follows:-

  1. Non-smoker individual aged between 18 to 50 years – INR 1.5 Crore
  2. Non-smoker individual aged between 51 to 65 years – INR 70 Lakh

The minimum premium amount for this ICICI Term insurance plan is INR 3,000 excluding applicable service tax and education cess.

HDFC Life Click 2 Protect Life

Under this term life insurance plan, non-smokers will get a sum insured up to INR 1 Crore at a premium as low as INR 658 per month. The company provides special premium rates for female lives and non-tobacco users under HDFC Life Click 2 Protect Life. The policy provides comprehensive financial protection to you and your family. And with the auto balance feature of Death and Critical Illness benefits, you can increase your sum assured with your increasing age. Get the benefit of waiver of premium on diagnosis of Critical Illness. Also, you can have an additional sum assured to your policy by adding the HDFC Life Accidental Death Benefit Rider.

PNB MetLife Mera Term Plan

Get life cover till the age of 99 years with PNB Met Life Mera Term Plan. Under this policy, you will get different payout options that are as follows:-

  1. Lump Sum Payout – Here, the life protection cover is INR 1 Crore and the minimum premium amount is INR 683/- per month. So, in case of your unfortunate death, your family will receive a lump sum payout of INR 1 Crore.
  2. Lump Sum Payout + Regular Monthly Income – This payout option will have a protection cover worth INR 1 Crore at a premium of INR 607 per month. Your family will receive a lump sum payout of INR 41.8 lakh and the rest of INR 58.2 lakh as monthly income for the next 120 months, at an installment of INR 48,495 per month.
  3. Lump Sum Payout + Increasing Monthly Income – Life cover of INR 1 Crore at a premium of INR 596 per month where the death benefit will be first paid in a lump sum of INR 41 lakh + INR 59 lakh as monthly income for 120 months starting at INR 31,948 per month increasing at 12%per annum simple interest.
  4. Lump Sum Payout + Regular Monthly Income till the age of the child is 21 years – Under this payout option, you will need to pay a premium of INR 567 per month for a life cover of INR 1 Crore. So, in case of an unfortunate event of death, your family will receive a lump sum payout of INR 39 lakh + INR 61 lakh in monthly installments until your child reaches 21 years of age.

Star Union Dai-ichi Premier Protection Plan

This term insurance plan ensures financial protection at an affordable cost. Under the Star Union Dai-ichi Premier Protection Plan, your family will get the sum assured immediately in case of your death. You can also provide additional protection to your family by opting for the Star Union Dai-ichi Life Accidental Death and Total and Permanent Disability Benefit Rider.

Star Union Dai-ichi Premier Protection Plan sum assured ranges from INR 25 Lakh – 100 Crore. The premium shall be calculated for this term insurance plan under specific modal points like smoker/nonsmoker, female, male, etc. The minimum premium amount for this term insurance plan for the non-smoker is as follows:-

  1. INR 5,000 for yearly mode
  2. INR 2,500 for half-yearly mode
  3. INR 500 for monthly mode

You can use ECS/SI payment modes for your premium payment.

Max Life Smart Term Plan

Max Life provides you 7 death benefit choice under this term insurance plan which is as follows:-

Life Cover – Your nominee receives 100% of the sum assured, which is INR 1 Crore if you die during the policy term.

Income Protector – A fixed monthly income will be payable to the nominee for 10 years, 15 years or 20 years as chosen by you, in case of your death.
Inflation + Income Protector – An increasing monthly income will be payable to the nominee for 10 years, 15 years or 20 years. The income will increase by a simple interest of 10% per annum.

Life Cover + Income – On the death of the life insured, the nominee will receive a lump sum amount immediately plus a level monthly income of 0.4% of the life cover amount for the next 10 years.

Life Cover + Increasing Income – Under this option, the death benefit is the same as the Live Cover + Income. Just the level of income will increase by 10% p.a. Every year.

Increasing Cover – With this option, your sum assured will be increased by 5% per annum for each policy anniversary. And in the event of the death of the life insured, the sum assured as on the last policy anniversary shall be payable in a lump sum to the nominee.

Note:- The sum assured won’t increase from the 22nd policy year onwards and it remains the same as it was on the last policy anniversary.

Reducing Cover – Under this option, the sum assured decreases by 5% p.a. On the completion of every fifth policy year. So on the death of the life insured, the sum assured effective as on the last policy anniversary will be payable in a lump sum to the nominee.

Note:- This option will be available to you if the chosen sum assured is >= INR 1 Crore

Aviva i-Life

In case of your death, this term insurance provides a sum assured to the beneficiary, so your family’s financial needs are taken care of in your absence. Aviva i-Life is a pure protection plan and hence there is no maturity benefit available. The minimum sum assured under this plan is INR 25 Lakh, whereas there’s no maximum sum assured. It will depend on the company’s underwriting. You can also avail of a premium rebate on your term insurance plan depending on the size of the Sum Assured – < INR 50 lakh, INR 50 lakh to < INR 1 crore, INR 1 crore to < 5 crore and INR 5 crore & above.

Aegon Life i-Term Insurance Plan

Get life cover up to the age of 100 years under Aegon Life i-Term Insurance Plan. In case of your death during the policy term, the death benefit will be payable to the nominee in a lump sum, provided all due premiums have been paid. The total sum assured which shall be payable in the event of the life assured death will be as follows:-

  1. Lump-sum Sum Assured paid immediately
  2. 1.2% of the income benefit sum assured will be paid monthly for up to 100 months

Note:- At the time of the death claim, the nominee can choose to get the total sum assured in one single lump sum.

Aegon Life i-Term Insurance Plan minimum sum assured is INR 25 Lakh and the maximum sum assured will be subject to underwriting.

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