Your financial planning starts as soon as you start working and rightfully so. You have to secure not only your future but that of your family’s too. In modern times, life is full of financial uncertainties and only with proper planning can you avoid them from affecting you.
There are various essential components of a sound financial plan, but none is as important as life insurance. A life insurance policy acts as a financial security cover for your family and in case of the policy holder’s untimely demise, reimburses them with a specified amount that offers them much-needed financial stability. But, the high premium required by a general life insurance policy for a substantial cover makes it unaffordable for most individuals. In such a situation,term insurance plans come to the rescue.
A term insurance plan is a pure risk cover that offers a substantial risk cover at low premium amounts. Additionally, there are options to avail protection against critical illness and disabilities through several optional riders. The benefits offered by term insurance plans is the major reason behind the significant rise in the number of individuals opting for it. This growth in demand has led to many insurance companies coming up with new term insurance plans to meet the specific requirements of the customers.
If you are also wondering as to which term insurance plan is right for you, then here are the 4 best term insurance policies available in India: –
- Aviva i-Term Smart: – Aviva Life Insurance Company Ltd., the leading insurance company in India, offers one of the most comprehensive term insurance plans in the form of i-Term Smart. With a minimum risk cover of Rs. 75 Lakhs and maximum risk cover of Rs. 25 crores, this plan offers you the flexibility of choosing the death benefit amount as per your financial requirements. The minimum entry age for this policy is 18 years, while the maximum age is 65 years. You have the option of availing protection against critical illness and disability with the Aviva Critical Illness and Disability Rider. The maximum maturity age with the critical illness and disability rider is 70 years while without the rider it is 80 years. You can opt to pay the premium monthly, quarterly or annually with the optional change in premium payment frequency on any policy anniversary. Moreover, you also have the option to increase the sum assured on specific life events like marriage, childbirth, home loan etc.
- LIC e-term insurance plan: – LIC is one of the biggest insurance companies in India and has been operating since last many years. It offers you the opportunity to avail life insurance protection in the form of LIC e-term insurance plan. It is an online plan only and can not be availed from the branch office. The minimum entry age for this term plan is 18 year, while the maximum entry age is 60 years. On the other hand, the minimum policy duration is 10 years, and the maximum available duration is 35 years with the maturity age being capped at 75 years maximum. The minimum sum assured available is Rs. 25 Lakhs with no cap on the maximum amount, but there are no options of any riders to enhance the protection through riders. Also, you only have the option to pay the premium annually.
- ICICI PruiProtect Smart Term Insurance Plan
ICICI is one of the leading private sector financial institutions in India and offers you the opportunity to enjoy a comprehensive life insurance cover through its ICICI iProtect Smart Term Insurance Plan. This plan comes with a minimum entry age of 18 years and the maximum entry age of 65 years with the maximum maturity age capped at 99 years. The maximum policy tenor that you can opt for is 40 years with an optional rider for protection against 34 critical illnesses. While there is no maximum sum assured limit applicable on this plan, the minimum risk cover available is subject to payment of minimum Rs. 2,400 as an annual premium.
- HDFC Click 2 Protect Plus Term Insurance Plan
HDFC is a major private-sector financial institution of India that offers a range of financial and insurance products for its customers. HDFC Click 2 Protect Plus Term Insurance Plan is the most popular term plan from HDFC. It comes with a minimum entry age of 18 years while the maximum age limit is capped at 65 years with the maximum tenor being 40 years. There are a few riders available to enhance the protection cover offered by this plan. The maximum maturity ageacceptable under this term plan is 85 years and the minimum sum assured is Rs. 10 Lakhs with no upper limit applicable.
With the most comprehensive insurance coverage, low premiums and maximum benefits, Aviva i-Term Smart is definitely the stand-out option in the crowded market for term insurance plans.