Paisawiki is a Part of Logo
699,432
*Please note that the quotes shown will be from our partners

Best Term Insurance Plans in India 2020

With the growing uncertainties of life, it is very important to secure the financial future of the family and the best way to do so is to have a term insurance plan. A Term Insurance Plan provides comprehensive coverage to the family of the insured against any type of eventualities. Moreover, it takes care of the liabilities of the family and helps them to maintain a good lifestyle even in the absence of the insured. 

With an extensive range of term insurance plans available in the market choosing the best term insurance plan can be a difficult task. Nowadays, insurance companies offer comprehensive term insurance plans to cater to the requirements of insurance buyers. Further in this article, we will discuss in detail the best term insurance plans in India.

What is Term Insurance Plan?

Term life insurance plans are specifically   designed to provide financial security to the family in the event of demise of the policyholder during the tenure of the policy.  It is thus the simplest form of life insurance in India. The reasons why it is considered to be so is that, term insurance plans only provides death benefit and no maturity benefit is offered under the policy. 

It is a simple contract between the insurer and the insured where a fixed premium is paid to the insurer for a pre-defined period called policy term. In the event of the unfortunate demise of the insured during this period, the nominee or beneficiary will receive the sum assured in full, as defined in the policy contract. 

However, if the insured survives the policy tenure, no maturity or survival benefit is paid to the policyholder and the policy tenure comes to an end. Thus, a term plan works on the principle of protecting the insured for financial loss on death, and the beneficiary is paid the sum assured.

As a pure protection plan, the best term insurance plans offer higher coverage to the insured at an affordable premium rate.

Type of Term Insurance Plans

There are different types of term insurance plans available in the market. To choose the best term plan in India, it is important to know the types of term insurance plans offered by the insurance companies.

  • Standard Term Insurance Plan

    It is a pure Term Insurance Plans wherein the insured pays  a fixed premium amount towards the policy regularly until the completion of the policy tenure. The , premiums of the policy can be paid in annual, half-yearly, quarterly, and monthly mode. A Standard term insurance plan provides a death benefit to the beneficiary of the policy which is equal to the total sum assured amount in the event of the unfortunate demise of the insured person. In case the policyholder outlives the policy term, no maturity or survival benefit is paid.

  • Term Return of Premium (TROP)

    Under this plan option, the entire premium of the policy is paid back to the policyholder in case he/she survives the entire tenure of the policy. TROP plan also offers the option to add on riders benefit along with the basic coverage of the policy to enhance the coverage of the policy.

  • Increasing Term Insurance Plan

    Under this plan option, the coverage and the premium rate of the policy keep on increasing at a specific rate till the overall value of the cover reaches 1.5 times the original cover offered under the term policy. The Increasing term insurance plan not only provides financial protection to the family of the insured but also help them to deal with risk from rising inflation cost or any type pf emergency expenses.

  • Group Term Insurance

    This is a type of term insurance plan which is specifically designed to provide coverage to the group of individuals like company employees, societies, large families, etc. the plan provides coverage for all the members of the group. The benefits offered by group term insurance plans are the same as the individual term insurance plan. However, the overall coverage offered by these plans is more in terms of illness and other factors as compared to pure term insurance plans.

  • Convertible Term Plan

    In this type of plan, the policyholder has the flexibility to convert the existing term plan to Whole Life or Endowment Plan at a later stage in  life.

  • Joint Life Term Plan

    Under the life annuity plan, the pension amount will be paid to the annuitant until death. After choosing the option of ‘with spouse’, the amount of pension will be given to the spouse of the policyholder, in case of the death of the policyholder.

List of Best Term Insurance Plans in India

Now that we know what are the types of term insurance plans available in the market, let’s take a look at the list of the best term insurance plans in India.

Insurer Online Term Plan Name Claim Settlement Ratio
AEGON Life Insurance iTerm Plan 96.50%
Aviva Life Insurance Life Shield Advantage 96.00%
Bajaj Allianz Life Insurance eTouch Online Term Plan 95.00%
Bharti AXA Life Insurance Term Plan eProtect 97.30%
Aditya Birla Sun Life Insurance Life Shield Plan 97.15%
Canara HSBC OBC Life Insurance iSelect+ Term Plans 95.20%
Pramerica Life Insurance TruShield 96.60%
Edelweiss Tokio Life Insurance Zindagi+ My Term 95.82%
Exide Life Insurance Smart Term Plan 97.00%
Future Generali India Life Insurance Flexi Online Term Plan 95.20%
HDFC Standard Life Insurance Click 2 Protect 3D Plus 99.00%
ICICI Prudential Life Insurance iProtect Smart 98.60%
IDBI Federal Life Insurance iSurance Flexi Term Plan 96.20%
IndiaFirst Life Insurance Company Ltd Online Term Plan 94.20%
Kotak Life Insurance e-Term Plan 97.40%
Life Insurance Corporation of India (LIC) Tech Term Insurance Plan 98.00%
Max Life Insurance Online Term Plan Plus 98.70%
PNB MetLife Insurance Mera Term Plan 96.21%
Reliance Life Insurance Digi Term Insurance Plan 97.71%
Sahara Life Insurance Samooh Suraksha 90.21%
SBI Life Insurance eSheild 96.80%
Shriram Life Insurance Cash Back Term Plan 80.23%
Star Union Dai-ichi Life Insurance Abhay 92.26%
Tata AIA Life Insurance Maha Raksha Supreme 99.10%

Source: IRDAI Annual Report for FY 2018-19

Disclaimer: *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Best Term Insurance Plans in India

Insurance Company

Policy Name

Sum Assured

(in Rs)

Annual Premium

Aditya Birla

Protector Plus

30 Lakh

No Limit

Rs 3024

AEGON Life 

iTerm

10 Lakh

No Limit

Rs 4674

Aviva

iLife Term Insurance

25 Lakh

No Limit

Rs 8960

Bajaj Allianz

iSecure

2.5 Lakh and 20 Lakh

No Limit

Rs 4486**

Bharti AXA 

e-Protect

25 Lakh

No Limit

Rs 4100

Canara HSBC

iSelect + Term Plan

25 Lakh

No Limit

NA

Edelweiss Tokio

My Life+ Plan

25 Lakh

No Limit

Rs 2500

Exide Life

My Term Insurance

25 Lakh

25 Crore

Rs 2000

Future Generali

Flexi Online Term Insurance

50 Lakh

No Limit

NA

HDFC Life 

Click 2 Protect Plus

25 Lakh

No Limit

Rs 5829

ICICI Prudential

iProtect Option

25 Lakh

No Limit

Rs 5085

IDBI Federal

Grameen Suraksha Yojana

100 times the single premium

 

Rs 50, 100, 150, 200

Kotak Mahindra

Kotak Preferred e-Term Plan

25 Lakh

No Limit 

Rs 4952

LIC

e-Term

25 Lakh and 50 Lakh

No Limit

Rs 8988 (includes Rs 1138 as service tax)

Max Life

Max Life Online Term Plan – Basic Cover

25 Lakh

100 Crore

Rs 4250

Met Life

Mera Term Plan – Full Lump Sum Payout

10 Lakh

NA

Rs 5267

PNB Metlife 

Mera Term Plan

10 Lakh

5 Crore

NA

Sahara Life

Kavach Term Plan

5 Lakh

No Limit

NA

SBI Life

eShield

20 Lakh

No Limit

Rs 3500

Star Union Da-ichi

Premier Protection Plan

25 Lakh

No Limit

NA

TATA AIA

Sampoorn Raksha Plan

50 Lakh

No Limit

NA

Source: IRDA Annual Report 2018-19

Disclaimer: *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

The grid for of comparison allows one a cursory glance at a few parameters which differentiate one another. It is in fitness of things, that these are studied in greater details, as no two term plans are exactly alike. In fact, most insurers have more than one plan to offer, obviously with differences to broaden the choice of the customer. The first approach confined the selection to the best ten from among the term plans across insurers, to provide insight about the best to allow the customer to make an informed choice.

While purchasing a term insurance plan, it is important to consider the various aspects.  Different insurance companies offer different types of term insurance plans, which vary from one another on the basis of various factors.  Thus, before zeroing in on the best term insurance plan it is important to compare the plans online and consider the various factors of it.

  • Aegon Life iTerm Plan

    It is a comprehensive protection plan at affordable premium providing whole life coverage till 100 years of age. Add-on facility customizes the plan with three options to match individual needs. The best part is, the plan offers additional lump sum payout on diagnosis of 36 critical illnesses up to 80 years of age.

    Key Highlights

    • Life Protect: It provides for 100% payout on diagnosis of terminal illness and enhancement of sum assured at important life stages at defined rates
    • Protect Plus: Provides for 100% payout on diagnosis of terminal illness and enhancement of sum assured at 5% every year without raising the premium amount during the policy term
    • Dual Protect: Provides for 100% payout on diagnosis of terminal illness, besides life cover and regular monthly income payable from 60 years till maturity
    • Death benefit is paid in lump sum or regular monthly installments
    • Lower premium for women and non-smokers
    • Smokers who quit can reduce their premium subsequently
  • Aviva Life Shield Advantage

    It is a comprehensive protection term plan at nominal cost offering return of premium on survival at end of policy term.

    Key Highlights

    • Option A: Life Protection with death benefit, equivalent to the sum assured
    • Option B: Life Protection + Disability Cover + Return of Premium as maturity benefit
    • Premium payment in regular or single pay modes
  • Bajaj Allianz eTouch Online Term Plan

    It is regular premium payment pure risk plan combined with Health, Accidental Death and Accidental Disability protection cover.

    Key Highlights

    • Shield Life Benefit: In case of Accidental Permanent Disability, Waiver of Premium is applied
    • Shield Plus Life Benefit: Covers for both Accidental Permanent Disability and Waiver of Premium benefit in case of disability
    • Shield Super Life Benefit: Covers for Accidental Death Benefit plus Accidental Permanent Disability and Waiver of Premium in case of disability
    • Shield Supreme Life Benefit: Covers for Critical illness, Accidental Death Benefit plus Accidental Permanent Disability and Waiver of Premium in case of disability
    • Premium payment in regular frequency mode
    • There is no maturity benefit
    • Minimum Sum Assured: Rs 50 Lakh
    • Maximum sum assured: Rs 2 Crore
    • Offers premium discount for all policies
  • Bharti Axa eProtect Term Plan

    It is an affordable term plan with unique additional feature of Family Care Benefit of Rs.1 lakh within 48 hours of the demise of the policyholder

    Key Highlights

    • Fixed Policy Term: Options for 10, 20, 25 and 30 years
    • Customized Policy Term: Till cover ceasing age of 60, 65, 70 and 75 years
    • Premium payment in regular frequency mode
    • Maturity benefit is absent in this plan
    • Minimum Sum Assured: Rs 25 Lakh
    • Maximum sum assured: No limit
    • Offers premium discount for non-smokers for plans with sum assured over Rs.50 lakhs
  • HDFC Life Click 2 Protect 3D Plus

    It is a must have term plan for the protection of family providing whole life cover with survival benefit in select plans

    Key Highlights

    • Life Option
    • 3D Life Option
    • Extra Life Option
    • Income Option
    • Extra Life Income Option
    • Income Replacement Option
    • Return of Premium Option
    • Life Long Protection Option
    • 3D Life Long Protection Option
    • Life stage protection with enhancement of sum assured at defined milestones at pre-determined rates
    • 2 additional Rider options for accidental Disability and Critical illness cover
    • Premium payment in Single Pay, Limited and Regular Pay modes
    • Maturity benefit with return of premium in select plans
    • Minimum Sum Assured: Rs10,000
    • Maximum sum assured: No limit
    • Offers premium discount for non-smokers and women
  • ICICI Pru iProtect Smart

    It is a term plan that also covers for 34 Critical Illness, Terminal Illness,  including AIDS and Accidental Benefit of Rs.2 Crore.

    Key Highlights

    • Lump sum
    • Monthly Income
    • Increasing Monthly Income
    • Lump sum plus Monthly Income
    • Life stage protection with enhancement of sum assured at defined milestones
    • Premium payment in Single, Limited and Regular pay modes
    • Option to increase life cover
    • Open for online purchase
    • Minimum Sum Assured: Linked to minimum premium
    • Maximum sum assured: No limit
    • Offers premium discount for non-smokers and women.
  • LIC Tech Term Insurance Plan

    It is an online term plan offered by the oldest life insurer in the country, providing financial protection to the family when the breadwinner is not around.

    Key Highlights

    • Level sum assured
    • Increasing sum assured
    • Premium payment in Single Pay, Limited and Regular pay modes
    • Option to increase life cover
    • Open for online purchase
    • Minimum Sum Assured: Rs 50 Lakh
    • Maximum sum assured: No limit
    • Offers premium discount for non-smokers
  • Max Online Term Plan Plus

    It is an affordable term plan providing comprehensive protection for critical illness, accidental disability and a hassle free online purchase.

    Key Highlights

    • Basic Life Cover: It provides for 3D Benefit – Death, Disability and Disease
    • Basic Life Cover plus Monthly Income:
    • Basic Life Cover plus Increasing Monthly Income: It is aimed at protection against inflation
    • 2 additional Rider options for Accidental Disability and Waiver of Premium Plus cover
    • Premium payment in Regular mode
    • Option to pay till retirement at 60 years and enjoy cover till maturity
    • No maturity benefit is payable in this plan
    • Minimum Sum Assured: Rs 50 Lakh
    • Maximum Sum Assured: No limit
    • Offers premium discount for non-smokers
  • PNB Metlife Mera Term Plan

    A term plan which allows joint life cover, rider benefit for critical illness for cancer and heart attack  and extended cover for whole life  till 99 years.

    Key Highlights

    • Lump sum payment on death
    • Lump sum payment on death plus Regular Monthly Income for 10 years
    • Lump sum payment on death plus Increasing Monthly Income for 10 years
    • Lump sum payment on death plus Regular Monthly Income till child turns 21 years
    • Life stage protection with enhancement of sum assured at different milestones at defined rates
    • 4 Rider options for Critical Illness, Accidental Death, Accidental Disability and Serious Illness cover
    • Premium payment in Regular mode
    • No maturity benefit is payable
    • Minimum Sum Assured: Rs 10 Lakh
    • Maximum Sum Assured: No limit
    • Offers premium discount for non-smokers
  • SBI Life eSheild

    The unique features of this term plan from the insurance arm of the largest bank in India,  is security, simplicity, flexibility, affordability and reliability.

    Key Highlights

    • Level Cover: The sum assured remains the same during the entire policy term
    • Increasing Cover: The sum assured increases at 10% every 5 years of the policy term
    • Life stage protection with enhancement of sum assured at defined milestones
    • 4 Rider options for Critical Illness, Accidental Death, Accidental Disability and Serious Illness cover
    • Premium payment in Regular mode
    • No maturity benefit is payable
    • Minimum Sum Assured: Rs 10 Lakh
    • Maximum Sum Assured: No limit
    • Minimum Sum Assured: Rs 10 Lakh
    • Maximum Sum Assured: No limit
    • Offers premium discount for non-smokers

The descriptions above are for the best term plans meeting different parameters. However, the same insurers also have other term plans in their portfolio. In trying to enhance the ambit of knowledge regarding the different types of term plans in the market, irrespective of their ranking, it is now time to find out what has been left out from the selection in the first place for the same insurers . Quality wise, differences are not much, which makes it all the more important to undertake this exercise.

List of Insurers and their Term Plan Products of Best Insurers

Name of the Insurer 

Term Plan Name 

Aegon Life Insurance

None specified

Aviva Life Insurance

Jan Suraksha

Bajaj Allianz Life Insurance

Smart Protect Goal

iSecure

iSecure More

iSecure Loan

Life Secure

LifeStyleSecure

Bharti AXA Life Insurance

Life Premier Protect Plan

Life Smart Jeevan 

POS Saral Jeevan Bima Yojana

Income Protection

HDFC Life Insurance

Click 2 Protect Plus

ICICI Prudential Life Insurance

None Specified

Life Insurance Corporation of India (LIC)

Jeevan Amar

Max Life Insurance

Critical illness

Smart Term Plan 

Return of Premium Plan

PNB MetLife Insurance

Mera Jeevan Suraksha Plan

Loan and Life Suraksha

Aajeevan Suraksha Plan

POS Suraksha

Family Income Protector Plus

SBI Life Insurance

Poorna Suraksha

Sampoorna Cancer Suraksha

Smart Shield

Saral Shield

Smart Swadhan Plus

Saral Swadhan+

Grameen Bima 


Name of the Insurer 

Term Plan Name 

Aditya Birla Sun Life Insurance

Life Shield Plan 

Income Shield Plan 

Canara HSBC OBC Life Insurance

iSelect+ Term Plans

POS Easy Bima Plan

Pramerica Life Insurance

TruShield

U-Protect

Edelweiss Tokio Life Insurance

Zindagi+

My Term+

Simply Protect

Protection

Exide Life Insurance

Smart Term Plan

Elite Term Insurance

Smart Term Plus

Term with Return of Premium

Future Generali India Life Insurance

Flexi Online Term Plan

Care Plus

Jan Suraksha

Express Term Insurance Plan

IDBI Federal Life Insurance

iSurance Flexi Term Plan

Income Protection Plan 

Termsurance  Life Protection 

IndiaFirst Life Insurance 

Online Term  Plan

Term Life Insurance 

Kotak Life Insurance

e-Term Plan

Term Plan 

Reliance Nippon Life Insurance

Digi Term Insurance  Plan

Protection Plus 

Sahara Life Insurance

Samooh Suraksha 

Shriram Life Insurance

Cash Back Term Plan

Online Term Plan 

Star Union Dai-ichi Life Insurance

Abhay 

Tata AIA Life Insurance

Maha Raksha Supreme

Raksha TROP

Sampoorna Raksha +

Factors to Consider Before Purchasing a Term Insurance Plan

While purchasing a term insurance plan, it is important to consider the various aspects.  Different insurance companies offer different types of term insurance plans, which vary from one another on the basis of various factors.  Thus, before zeroing in on the best term insurance plan it is important to compare the plans online and consider the various factors of it.

  • Claim Settlement Ratio

    It is arrived at by calculating the percentage of claims paid against the number filed. Higher percentage indicates that the beneficiary may have a seamless claim experience. The policyholder primarily aims not only secure the financial future of the family, but also to ensure that they smoothly ease into comfortable life in his absence. Thus it makes sense, to look at the ratio from two angles – number of claims as well as the amount of claims settled.

  • Solvency Ratio

    It is an important factor that indicates whether the insurer is capable of settling claims financially. As per IRDAI guidelines, all insurers are mandated to maintain a minimum solvency ratio of 1.5

  • Additional Covers Available

    The base sum assured of the term plan is meant to provide life risk cover. However, insurers incorporate a host of optional covers to help augment the coverage of individuals to suit their preferences. Some of the covers commonly offered to customers are:

  • Terminal illness

    It is an inbuilt cover that enables the policyholder to receive the sum assured on diagnosis of the illness

  • Critical illness Cover

    It is one of the popular riders that cover for critical illnesses that are a part and parcel of modern society due to prevalent lifestyle. The sum assured is disbursed in the event of diagnosis of listed diseases. The number of critical illness covered varies from insurer to insurer and may number more than 35

  • Accidental Death

    With this rider the base sum assured can be increased substantially, sometimes up to 100% as Death Benefit due to  Accidental Death

  • Accidental Permanent Disability

    With this rider, the policyholder can ensure the financial security of the family to cover for loss of income, protection of assets and liquidation of existing debts through the disbursed sum assured

  • Waiver of Premium

    in the case of acquired permanent disability, all future premiums are waived, but the life cover continues till the end of policy term

  • Life Stage Benefits

    important milestones in the life of policyholder, also entails higher responsibilities. It becomes imperative to augment the sum assured, in sync with the importance of life events. Some of the typical provisions are:

    • Marriage:50% enhancement of sum assured
    • Birth of child:25% enhancement of sum assured
    • Purchase of house:25% enhancement of sum assured
  • Step Up and Down

    By this facility the policyholder is permitted to revise the sum assured either upwards or lower, depending on the purpose it is deemed to serve

  • Income Benefit

    Some term plans have the facility to incorporate regular monthly income to the beneficiary in lieu of the lump sum death benefit payout, to enable them to sustain the existing lifestyle

  • Cost of Premium

    It is one of the vital parameters where the customer is expected to weigh in terms of all the benefits. However, it should not act as a clincher by compromising the security of the family, despite lot of emphasis on this feature

    Having considered all the above determining factors spread across different insurers, it is now possible to short list the few, which can be classified as ten best term insurance plans in India

    • LIC Tech Term Insurance Plan
    • ICICI Pru iProtect Smart
    • SBI Life eSheild
    • HDFC Life Click 2 Protect 3D Plus
    • Max Online Term Plan Plus
    • Aegon Life iTerm Plan
    • Aviva Life Shield Advantage
    • Bajaj Allianz eTouch Online Term Plan
    • PNB Metlife Mera Term Plan
    • Bharti Axa eProtect Term Plan

How to Apply for the Best Term Insurance Plans?

Applying for a suitable term plan has never been easier. Both the Offline and Online options are open to the customer. While one has to rely on others for the purchase in Offline, one is in full self-control in Online. 

Besides inherent advantages, digitalization has opened up a host of opportunities to the insurers and aggregators who provide robust mechanisms for online purchase of best term plans in India. It also offers ample scope to analyze the specific requirement and suitability of different term plans by the generous use of digital tools like Premium Calculator and the facility to compare plans before making the right purchase. 

The entire process can be accomplished in a few defined steps by invoking the “Buy Online” or “Buy Now” Tab in the portal. The involved steps are:

  • Choose the suitable Term Plan and proceed
  • Select the sum assured, policy term, the premium payment mode, frequency and specific payout terms
  • Choose the appropriate riders to augment sum assured
  • Fill in all the personal details, inclusive of lifestyle habits and health profile
  • Wait for the quote. Analyze it and look for the applicable conditions
  • Accept the quote and pay the premium amount digitally
  • The process is completed by filling up the proposal form finally and submitting the requisite documents
  • The policy document is sent to the registered Email address after due verification and processing

Features of the Best Term Insurance Plans

Term Plans are not a tool for investment, as returns are absent on survival and maturity. It comes into play only on the demise of the policyholder during the policy term. The hefty sum assured is the ideal safety net for the family is such an eventuality. The importance of term loan lies in the following:

  • Affordable Financial Security

    High sum assured against the affordable premium makes it the ideal security tool for the dependent family in the absence of the policyholder

  • Protection of Assets

    The sum assured death benefit is sufficient to liquidate the liabilities, thus protecting the assets

  • Multiple Payout Options

    Choice of different modes of payout including lump sum and regular monthly income help the survivors to sustain existing lifestyle comfortably

  • Flexibility

    It is amply demonstrated in selection of policy term, premium payment mode and frequency suiting financial resources of the policyholder

  • Hassle Free Claim Settlement

    The mechanism is designed to provide beneficiaries a seamless claim settlement experience. Additionally, term plans suffer low repudiation as compared to other life insurance policies

  • Choice of Riders

    A range of riders are available for enhancing the sum assured in harmony with individual needs and the family profile

Benefits of the Best Term Insurance Plans in India

Apart from various salient features, the best term insurance policies in the country offer a defined of benefits. The core benefits of the best term insurance policies are as follows:

  • Multiple Purchase Options

    Purchase of best term plan is fairly simple with both Offline and Online facilities

  • Free Look Period

    Almost all insurers provide 15 days cushion, in which a policy can be returned and cancelled

  • Tax Benefits

    There are multiple tax savings features in the best term insurance plans defined by Income Tax Act, 1961. . The premium paid in a financial year is deducted under Section 80C. Premium component of Critical illness is exempt under Section 80D. Death and Maturity benefit is exempt under Section 10(10D). All these are subject to compliance of underlying conditions in the Act.

Things to consider while buying the Best Term Insurance Plan

Buying the best term plan is indeed challenging because of several factors involved. It is wise to keep a few time tested thumb rules in mind before one buys the policy which can be claimed as the best term insurance plan in India.

  • Reliance on Claim Settlement Ratio:

    While it is an indicator, it can also mislead as one is unaware about the types of plans settled

  • Life Cover Amount:

    Ideally adequate cover should be 15 to 20 times of annual income

  • Ensure Data Accuracy:

    Sharing data, including health profile accurately and transparently without hiding is beneficial in the long run

  • Policy Tenure:

    It is ideal and sensible to fix the term till retirement to sustain the policy

  • Avoid Split Policy:

    It does not make sense to split policies as claim settlement of each policy in future is never guaranteed

  • Lure of Riders:

    Choose riders judiciously confined to absolutely necessary. Combination of Life and General Insurance features adds to complications. Claim settlement may get cumbersome for the family with multiple riders. A basic term plan is the best bet

  • Section 45 of Insurance Act:

    The primacy of the customer is assured as no policy can be called in question after expiry of 3 years of commencement of risk

  • Periodic Cover Review:

    A review every five years helps in realigning the cover suitably

  • Cautious Premium Payment:

    It is important to keep the policy in force without lapsing. Longer premium frequency is ideal

  • Ensure Full Control:

    Rely on self-instincts and what is best for the family. It is wise not to be swayed by the aggregator or any advisor. Always be the decider and buy only what is comfortable and necessary

FAQs

You May Also Want to Know About
Types of Death Covered and Not Covered by Term Insurance
Types of Death Covered and Not Covered by Term Insurance With so many different kinds of term ins...
Life Insurance Benefits
Life Insurance Benefits What is life insurance? Life insurance is a financial contract between t...
Types of Life Insurance
Types of Life Insurance Life insurance is a legal contract between the policyholder and the insur...
Term Insurance Benefits
Term Insurance Benefits Term Insurance is a type of life insurance policy that ensures financial ...
Joint Term Insurance Plan
Joint Term Insurance Plan As more and more women join the workforce and become financially indepe...