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Term Insurance 705 views February 8, 2021
Want to secure your family’s financial future in your absence? Put your money in a term insurance plan that is best suited to serve this purpose. So in case you die, this term insurance plan ensures that your family’s financial needs are met without any problem. But choosing from a myriad of term insurance plans in the market can become tough for you. The term plan that you choose should come with an adequate sum assured amount that can help manage your family’s future financial expenses in your absence. At the same time, the plan should come at an attractive price i.e. premium. Understanding these concerns, we have come with a list of top 5 term insurance plans that serve the purpose stated above. Just go through these plans carefully and select the one that you feel is the best for your family members.
Table of Contents
It’s a non-linked non-participating individual pure risk premium life insurance plan from MAX LIFE. Under Max Life Online Term Plan Plus, you can customize your death benefit as the company provides you three different death benefit options. You can pay premiums for Max Life Online Term Plan Plus either up to the age of 60 years or for up to 10 years as per your preference. Let’s check out the top benefits of this term plan –
Death Benefit
If you die during the policy term, your nominee/beneficiary will receive the highest of the following –
See how you’ll receive the death benefit payout as per your chosen option –
Accelerated Critical Illness Payout
You can choose your sum assured for critical illness cover from INR 5 lakh to INR 50 lakh, but it shouldn’t exceed 50% of the sum assured. The critical illness sum assured shall be payable to you on the first occurrence of any of the critical illnesses as specified in the policy bond.
With this top 5 term insurance plan, you can get life cover up to the age of 85 years. And with its flexible options, you can customize HDFC Life Click 2 Protect Plus at your own convenience. The plan options are as follows for this HDFC Life insurance plan –
Death Benefit
In case of your death, your nominee will receive a higher of 125% of the single premium or sum assured if your premium payment frequency is single pay. Otherwise, the highest of the following will be payable –
ICICI Prudential Life provides this non-linked non-participating pure risk premium term insurance plan to you, so your family’s financial future will be secured. You can choose your coverage under ICICI Pru iProtect Smart Plan from the following options –
Death Benefit
You can get your death payout using the following option –
Note – The nominee/legal heir can convert the monthly installment into lump sum anytime during the payout period. But the lumpsum amount will be calculated at a discount rate of 4.00% per annum.
Among the top 5 term insurance plans, TATA AIA Life Insurance Maha Raksha Supreme is such a non-linked, non-participating, individual plan that will give you an option to enhance your coverage as per the life stage. Under this plan, your nominee will receive any of the following, whichever is the highest, in the event of your death.
In the case of single pay, your death benefit will be higher of the basic sum assured or 125% of single premiums.
Other than the death benefit, you’ll get the following benefits under the TATA AIA Life Insurance Maha Raksha Supreme plan.
Note – You can enhance your base sum assured by 10%-50%, subject to a maximum of INR 50 lakh.
Lastly, we come to the Bharti AXA Life POS Saral Jeevan Bima Yojana plan in the list of top 5 term insurance plans. This plan provides financial back-up to your family in case of an unfortunate event. The best part about it is that you don’t have to go through a medical examination for pre-acceptance of the plan. The nominee will be entitled to the highest of the following, in case of death of the life assured, during the policy term.
In case the death arises due to an accident, 2X the above-mentioned death benefit shall be payable to your nominee.
Note – If the life assured dies during a waiting period of 90 days, only 100% of the premiums paid till the date of death will be payable. Also, if the death of the life assured happens after the expiry of the policy term but within 120 days after the date of the accident (if it happens during the policy term), there will be no alteration in the death benefit.