Best Term Insurance Plans

Posted in: Insurance | on: August 20, 2020

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Many insurance companies are competing with each other in providing the best insurance policy at attractive premiums with additional coverage benefits to the customers. If you are planning to buy the best term insurance plan, here we provide you a proper guidance in choosing the best term insurance company which offers best term insurance plans with maximum benefits at low premiums.

HDFC Term Insurance:

HDFC term insurance offers insurance plans at affordable rates. It provides complete protection and financial assistance to the family of the insured in the case of any unfortunate event. It presents large life insurance cover at low premium.

The term insurance plans offered by HDFC are,

1. HDFC Life Click 2 Protect Plus:

  • This plan comes with 4 cover options - Life Option, Extra Life Option, Income Option and Income Plus Option.
  • If the insured is no more, his/her family will receive monthly income under Income option and Income plus option.
  • Riders which cover accidental disability and critical illnesses are available for extra protection.

2. HDFC Life Click 2 Protect Health:

  • This is an affordable and comprehensive plan which brings together the benefit of life and health insurance.
  • This plan comes with a choice of 9 plan options.
  • In the case of accidental total permanent disability and diagnosis of critical illnesses, all future premiums will be waived off.

3. HDFC Life Click 2 Protect 3D Plus:

  • This online term insurance plan offers complete security at affordable premium.
  • 3D stands for uncertainties faced by a person in his/her lifetime i.e., Disease, Disability and Death.
  • This plan comes with 9 plan options.

LIC Term Insurance:

LIC, the oldest insurance company in India, is one of the best company which offers term insurance policies. LIC offers term insurance plans in the name of Term Assurance Plans. As the needs and requirements differ for each individual, LIC offers term plans that suits the requirements of the individual.

LIC offers two types of term insurance plans in order to meet the needs of the customers. They are,

1. LIC's Jeevan Amar Plan:

  • This is a non-linked, profitless and pure protection plan which offers best coverage at low premiums.
  • This plan offers financial assistance to the family in the case of unfortunate death of the insured.
  • This plan comes with two death benefit options such as Level Sum Assured and Increasing Sum Assured.
  • There are two categories of premium rates such as  Non-Smoker rates and Smoker rates.

2. LIC's Tech-Term Plan:

  • LIC Tech Term plan is a non-linked, profitless and pure protection plan.
  • It is an online term assurance policy which offers financial support to the family in the case of sudden death of the insured.
  • This plan is available only in online.

ICICI Term Insurance:

ICICI Prudential Life offers wide range of term insurance plans from which customers can select plan according to their budget. Many people opt for ICICI term insurance policy due to its claim settlement ratio and loyalty. It provides financial protection as well as timely coverage for critical illnesses.

ICICI offers six types of term insurance plans to meet the requirements of the customers. They are:

1. ICICI Pru iProtect Smart:

  • This is the best-selling insurance plan in online.
  • This plan offers critical illness cover and complete protection to the family of the insured at low premium.
  • This plan provides accidental death benefit of up to Rs. 2 crore.

2. ICICI Pru iCare II:

  • This plan offers financial security to the family in the absence of the insured.
  • This plan comes with tax benefits for the premiums paid.
  • In the case of death due to accident, this plan offers additional protection.

3. ICICI Pru Precious Life:

  • This plan offers life cover for individuals with existing health problems such as high BP, obesity, diabetes, etc.,
  • This plan provides safety cover with accidental death benefit.
  • The benefits and premiums paid are eligible for tax benefits under Section 80C and 10(10D).

4. ICICI Pru Life Raksha:

  • This plan offers complete protection to the family if the insured is no more.
  • In the case of sudden demise of the insured, the family will receive a lump sum as compensation.
  • This plan is eligible for tax benefits.

5. ICICI Pru POS iProtect Smart:

  • ICICI Pru POS iProtect Smart offers life cover at affordable premiums.
  • This plan comes with an option to choose additional accidental death benefit.
  • This plan is eligible for tax benefits.

6. ICICI Pru POS Life Raksha:

  • ICICI Pru POS Life Raksha offers financial protection to the family in the case of the death of the insured.
  • Tax benefits are available for this plan.

Max Term Insurance:

Max term insurance offers financial assistance to the family of the insured in the case of his/her sudden demise. If the insured dies during the policy period, the nominee will receive lump sum as death benefit.

Max Life insurance company offers three types of term insurance plans. They are,

1. Max Life Online Term Plan Plus:

  • This online plan offers financial support in the case of critical illness.
  • This plan offers premium at lower rates for non-smokers and rewards for healthy lifestyle choices.
  • This plan comes with 3 different options to meet the requirements of the insured.

2. Max Life Super Term Plan:

  • This plan offers comprehensive coverage at affordable premium rates.
  • In the absence of the insured, this plan offers complete financial protection to the family.
  • This plan offers flexibility to the insured in choosing the options such as sum assured, policy term and premium paying term.

3. Max Life Premium Return Protection Plan:

  • This is a non-participatory and non-linked term plan that offers protection cover to the insured.
  • This plan offers guaranteed return of premium at the end of the policy term.
  • According to the future financial needs, customers have the freedom to choose the sum assured and policy term.

TATA AIA Term Insurance:

TATA AIA insurance company offers various choices to its customers in order to meet their insurance requirements. The plans offered by TATA AIA provides financial support to the customers to live their dream life.

TATA AIA offers two types of term insurance plans in online and offline with new options in each plan. They are,

1. TATA AIA Life Insurance Maha Raksha Supreme:

  • This pure term insurance plan offers financial protection to the family with the flexibility to choose the premium payment term.
  • Standard premium rates for non-smokers and discounts rates for females are available.
  • Tax benefits are available for this plan.

2. TATA AIA Life Insurance iRaksha TROP:

  • This plan protects the insured from any uncertainties and offers return of premiums paid on survival till maturity.
  • Tax benefits available as per the Income Tax Act, 1961.
  • Standard premium rates for non-smokers and discounts rates for females are available.

Which is the Best Term Insurance Plan?

As it is really difficult to compare the term insurance plans, here we provide you all details about term insurance plans with which you can easily compare and choose plan according to your requirements!

Term Plan Age of Entry Age of Maturity Policy Term Sum Assured Premium Paying Term Premium Paying Frequency Tax Benefits
HDFC Life Click 2 Protect Plus 18 - 65 years 23 - 85 years 5 - 85 years

Rs. 25 lakh- Unlimited

Single Pay, Regular Pay and Limited Pay. Yearly/Half-Yearly/Quarterly/Monthly Available
HDFC Life Click 2 Protect Health 18 - 65 years 23 - 85 years 5 - 85 years Rs. 1 lakh - Unlimited
HDFC Life Click 2 Protect 3D Plus 18 - 65 years 23 - 85 years 1 month and 5 years - 85 years Rs. 1 lakh - Unlimited
LIC Jeevan Amar Plan 18 - 65 years 80 years 10 - 40 years Rs. 25 lakhs - Unlimited
LIC Tech-Term Plan 18 - 65 years 80 years 10 - 40 years Rs. 50 lakhs - Unlimited Regular Pay and Limited Pay.
ICICI Pru iProtect Smart 18 - 65 years 23 - 75 years 5 - 99 years Subject to minimum premium Single Pay, Regular Pay and Limited Pay. Single/Yearly/Half-Yearly/Monthly
ICICI Pru Precious Life 18 - 65 years 23 - 70 years ----- Minimum: Rs. 2 lakh ----
ICICI Pru POS iProtect Smart 18 - 60 years 23 - 65 years 5 - 65 years Unlimited ----
ICICI Pru iCare II 18 - 60 years 65 years

Regular Pay: 5 - 67 years

Single Pay: 5 or 10 years

Unlimited Single Pay and Regular Pay. Yearly/Half-Yearly/Monthly
ICICI Pru Life Raksha 18 - 60 years 65 years 5 years Rs. 50,000 - Rs. 5 lakhs Same as policy term
ICICI Pru POS Life Raksha 18 - 60 years ----- 5 years Rs. 50,000 - Rs. 5 lakhs ----
Max Life Online Term Plan Plus 18 - 60 years 85 years 10 - 50 years Rs. 25 lakhs - Rs. 1 crore Same as policy term Yearly/Half-Yearly/Quarterly/Monthly
Max Life Super Term Plan 18 - 65 years 75 years 10 - 35 years Rs. 25 lakhs - multiples of Rs. 1 lakh
Max Life Premium Return Protection Plan 21 - 55 years 75 years 20/25/30 years Rs. 5 lakhs - Rs. 1 crore
TATA AIA Life Insurance Maha Raksha Supreme 18 - 70 years 80 years 10 - 40 years Rs. 5 lakhs - Unlimited Same as policy term/Single Pay
TATA AIA Life Insurance iRaksha TROP 18 - 65 years 75 years 10 - 30 years Rs. 50 lakhs - Unlimited Same as policy term/Limited Pay/Single Pay Yearly/Half-Yearly

Note: The term insurance plan details for each company might change according to the time period. Before buying term insurance plan, do check the plan details in the official sites of respective insurance companies to know the updated details.

Term Insurance Calculator:

Term insurance calculator is an online tool offered by the insurance companies in their official sites to calculate the premium amount according to your requirements. Term insurance calculator helps you to choose the best term insurance plan which suits your need. This tool will inform you how much coverage you need to protect your family. With term insurance calculator, you can compare various plans and can choose the best plan which offers maximum coverage at low premiums.

To calculate term insurance premium,

  • Visit the insurance company website which you want to purchase the term insurance plan.
  • Enter your personal details such as date of birth, gender, marital status, age, annual income, etc. and choose whether you are a smoker or non-smoker.
  • Enter the sum assured you want and for how many years. Select whether your family want to receive the sum assured in one lump-sum or monthly income.
  • Once you have provided all these details, the term insurance calculator will show you the best term plans which matches with the details you have provided.
  • Compare the plans systematically and choose the best term plan. Then proceed to buy the plan.

Thus, it is wise to use term insurance calculator before buying any insurance plan to avoid worrying later.


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