Life. A straightforward four-letter word, yet something that we take for granted, particularly when we are occupied with our regular day to day lives.
When we get caught up in the “Daily Grind”, it's hard to comprehend what might happen in the future. But as uncertain and obscure as ‘the future’ might be, we all want to ensure that our loved ones reach there all safe and secure.
And when it comes to securing our family’s financial future, what better than term insurance! One of the simplestforms of life insurance covers, term plansoffer coverage against the risk of loss of life.
Therefore, one of the key things you can do nowis consider signing up for a term insurance plan and secure your family’s financial well being.
To help you make aprudent choice, we have put together top four term insurance plans in India based on the features that are offered on these plans:
- Future Generali Flexi Online Term Plan
Given the unpredictability of life, maintaining a desired lifestyle in the absence of breadwinner can become difficult. Thisis where Future Generali’s Flexi Online Term Plan comes into play.It is one of the most favourable term insurance plans in India, especially for those who have dependents and financial liabilities.
It is designed to providea robustfinancial cushion to the insured’s family andallows the dependents to continue living their life without any financial constraints.
After paying your bills and rents, paying term insurance premium may seem difficult. However Future Generali’s Flexi Online Term Plan will make sure, it isn’t. You can make premium payments either monthly or annually,as per your convenience.
Customization is the biggest benefit of this term plan. Meaning, you can choose the payment option which best suits the need of your family. There are three payout options as follows:
- Basic Life Cover
- Fixed Income Protection
- Increasing Income Protection
The plan also features the option to add additional ‘Accident Rider’which offers accidental death or disability benefit.
Other features of this plan include:
- Lower premium rates for non- smokers and female lives
- Discounts on choosing higher sum assured
- Tax deduction under Section 80C
- HDFC Click 2 Protect Plus
This term plan offered by HDFCprovides financial assistance to you and your loved ones in case of untoward events like untimely death, diagnosis of a critical illness, or accidental disability. The plan comes equipped with many cover options, including:
- Life option: offers death benefit
- Income option: offers theoption to receive the payout as lump sum (10% of sum assured) and monthly income (90% of sum assured)
- Extra life option: offers death benefit and accidental death benefit
Further, the coverage is provided up to the age of 75 years, with flexible policy term options ranging from 10 – 40 years. The minimum sum assured for this plan is Rs. 25 lakhs and the maximum sum assured has no limit.
The best thing about HDFC’s term plan is that it provides you with theflexibility to pay the premium as per your convenience - you can pay it as single pay, regular pay or limited pay.
- ICICI Prudential iProtect Smart
Again a comprehensive term plan, ICICI Prudential’s iprotect smart plan is equipped with lots of features and benefits.It offers financial coverage against death, disability and terminal illnesses, with provision to cover you till 99 years.
It also offers claim payout on the diagnosis of any of the 34 critical illnesses mentioned in the policy document. Further, you can add an accidental cover to your base plan during or after purchase.
Another advantage of this plan is the option to increase the sum assured at key milestones of your life like your marriage or birth of your first and second child.
- Aegon Life iTerm Insurance Plan
This online term plan aims to fulfilthe protection needs of policyholders at affordable costs. Under this plan, policyholders can pay premium in one lump sum (single pay option) or over the duration of the policy (regular pay option).
One can choose the payout option as a lump sum payment, a fixed monthly income or a combination of the two. Also, on the diagnosis of any terminal illness, 25percent of the sum assured is paid to the insured immediately,and the future premiums are waived off.
To make the plan more comprehensive, additional riders like critical illness rider, total and permanent disability rider or women care rider can also be added.
So, these are some of the best term insurance plans in India. However, before buying one, know the needs and goals of your family, your budget and compare all the plans to avail the most comprehensive protection!
(Image Source: Shutterstock)