Best Term Insurance Plan In India

5 Best Term Insurance Plan in India in 2019

Are you searching for the best term insurance plan in India? It is one of the impudent requirements of an individual having a family or dependent. It has been proven that it provides the best value for money scheme. Now before going to discuss the best term insurance plan, you must know the following details.

What is Term Insurance?

Well! It is a type of life insurance where in case if the policyholder dies during the policy period, then his/her nominee will get the sum assured. But in case if the policyholder is alive till the end of the period, he/she will get any maturity amount. This is the primary reason why most of these policies are very less.

This is pure life insurance and very important for those who have financial dependents. But nowadays there are several varieties of term insurance plans like premium return, term life insurance up to 100 years ago.

Before selecting the best term insurance plan in India, you should consider the following factors.

• Companies age – After all, life insurance is a long term bond between you and the insurance company. Therefore, if the company is old, then you will feel more comfortable and safe signing bond with them. With new companies, you will not get a guarantee that it will run or not. If it shutdowns in the middle you will lose all your investments. Older the company, more safe you are.

• Claim settlement ratio – It is the ratio of the number of policies received and a number of policies settled. For making it easy for customers to understand everything easily, IRDA has made it compulsory to utilize secure methods for calculation of claim settlement ratio. Higher the ratio more reliable and trustworthy the insurer and lower the ratio means low credibility of the insurer.

• Cost of premium – This is another factor to consider while selecting insurance plans. Depending on your capability to afford the cost of premium the insurer charges, you can choose a company.

An insurance policy is advantageous if the best strategy is selected that benefits your family after you. Now let’s have a look at some of the best term insurance plan in India.

LIC e-Term Insurance Plan

LIC is one of the leading insurance providers with a high claim settlement ratio of 98%. LIC e- Term Insurance plan is one of the non-participating policy that offers the best financial protection. The maximum policy period is 35 years, and anybody who is above 18 years can take this policy. If the death of the policyholder occurs within 12 months of buying insurance, 80% of the premium amount will be paid.

ICICI Pru iProtect Smart

This is an insurance plan given by ICICI Bank, and it provides claim payment after diagnosis of 34 critical sicknesses. The claim settlement ratio is 96.68%. Under this plan, you will get covered up to 75 years and offers tax benefits.

SBI Smart Shield

SBI smart Shield is one of the best term insurance plan in India that provides full financial protection to the family in case of death of the policyholder. The minimum amount of sum assured is Rs.25 lakhs, and there is no limit for upper age.

HDFC Click 2 Protect Plus

This is a term insurance plan provided by HDFC bank that offers your family protection in the event of your death and disability. The maximum tenure is up to 40 years. It is equipped with four options; it has four options Life option, income option, Extra life option, and income plus option. You can select based on your needs.

Max Online Term Plan Plus

This term insurance plan cover buyers death, disability, and disease. Maximum coverage, you can get up to 75 years. It has a claim settlement ratio of 95%. It also comes with three options basic life cover, basic life cover + increasing monthly income and basic life cover + increasingly monthly income.

Selecting a term insurance plan is one of the best decisions as it highly benefits your dependents in case of any unwanted incidents. But you should keep in mind that they are not an investment but safety coverage for your family. Source

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