Term Insurance 231 views February 26, 2021

What can be the best way to protect your loved ones in case you are not around? Well, the answer would be a term insurance plan. Considering the uncertainty and the fast-paced life of us, having a pure term life insurance plan can help deal with the financial problem owing to losing the sole breadwinner of the family. Term insurance plans with lump sum benefits are quite popular among the customers. With this benefit payout option, a term life insurance plan provides the sum assured at once to the nominee or beneficiary if the policyholder dies during the policy term.

Term Insurance

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One of the best things about term insurance plans is that other than this lump sum benefit payout option, individuals can also choose to get this amount via monthly installments or a combination of both lump sum and monthly income. However, lump sum benefit ensures that the family of the insured person receives immediate cash flow at their disposal that can be used according to their needs.

So what are some top pure term life insurance plans with lump sum benefits that you can choose to protect your family’s future? On this page, we are showing the same along with their striking features for you to glance at. Keep reading to know more!

What are Top Pure Term Life Insurance Plans with Lump Sum Benefit?

Several insurers such as HDFC Life, ICICI Prudential, Canara HSBC Life Insurance, PNB Metlife, and Aditya Birla Capital Life provide some of the top pure term life insurance plans with lump sum benefit. Let’s look at the features of these plans one after another.

HDFC Life Click 2 Protect Life

HDFC Life Click 2 Protect Life is one of the top pure term plans with a lump sum benefit that offers comprehensive protection against any uncertainties at an affordable premium. Have a look at some of its key features mentioned below.

  1. Flexibility to choose from 3 plan options – Life Protect, Life & Critical Illness (CI) Rebalance Option, and Income Plus
  2. Lump sum benefit upon the death of the policyholder with the life protect option
  3. Lump sum payment on maturity along with regular income starting from the age of 60 with Income Plus option
  4. Strikes balance between death and critical illness benefits with the rebalance option
  5. Option to enjoy coverage for the whole life
  6. Return of premium option with an additional payment

ICICI Prudential iProtect Smart Term Plan

With the ICICI Prudential iProtect Smart Term Plan, individuals can protect their families financially while also getting a critical illness cover. Let’s look at the striking features of this term plan with lump sum benefit.

  1. Death Benefit with Different Payout Options such as Lump Sum, Income ( 10% of the benefit amount every year for 10 years), Lump Sum + Income, and Increasing Income
  2. Accidental Death Benefits with a minimum of INR 1,00,000
  3. Accelerated Critical Illness Benefit with a minimum of INR 1,00,0000
  4. Several benefit options to choose from – Life, Life Plus, Life & Health, and All-in-one option
  5. Policy term of 5 years up to 99 years less the age at the time of entering into the policy
  6. Flexibility to pay the premium amount once, for a limited period, or regularly throughout the policy term

Canara HSBC OBC iSelect Star Term Plan

Canara HSBC OBC iSelect Star Term Plan is an individual non-linked pure term life insurance plan with which you can also increase your life cover at some of the key milestones of your life. Check out its highlights.

  1. Multiple options to receive benefits as a lump sum, monthly income, or part lump sum part monthly income with the option to choose either level or increasing income
  2. Flexibility to choose plan options from Life, Life with Return of Premium, and Life Plus
  3. Optional coverage like Accidental death benefit, Child support benefit, accidental total, and permanent disability benefit
  4. Discount on the premium for adding spouse in the policy
  5. Option to increase your life cover according to life stage and needs
  6. Multiple premium payment options
  7. Loyalty discounts for existing customers

PNB MetLife Mera Term Plan Plus

If you are looking for an affordable term plan with a lump sum benefit, PNB MetLife Mera Term plan plus could be the right option! To know the reasons, you can check its key features mentioned below.

  1. Protection against death, critical illness, disability & terminal illness
  2. Flexibility to choose benefit options from Life, Life Plus, and Life plus Health
  3. Different benefit payout options – Lump sum, Monthly income for 10 years, and Lump sum plus monthly income
  4. Premium payment according to your convenience
  5. Additional options of spouse coverage, the return of premium at maturity, etc.
  6. Cover enhancement options – step-up benefit, life stage benefit, child education support, surrender benefit, etc.

Aditya Birla Sun Life Insurance Life Shield Plan

With different customizable options, Aditya Birla Sun Life Insurance Life Shield Plan could be the most suitable plan if you want to protect your loved ones from any uncertainties. Let’s check its striking features so that you can understand it better!

  1. Multiple options to receive a death benefit
  2. Multiple plan options according to varying needs of individuals — Level term assurance, Level term assurance with a waiver of premium, Increasing term assurance, Increasing term assurance with the waiver of premium, Decreasing term assurance, Decreasing term assurance with a waiver of premium, Return of premium, and Return of premium with a waiver of premium benefit.
  3. Inbuilt terminal illness benefit
  4. Spouse coverage under the same policy
  5. Option to increase coverage at key milestones of life

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