This article delves deep into the realm of holding multiple term insurance policies, highlighting the benefits and answering your pressing queries regarding this facet of financial planning.
Term insurance is a type of life insurance offering financial protection to the dependents of policyholders. These plans are designed to provide death benefits to the beneficiaries if the insured individual passes away during the policy term.
term insurance presents an economical way to secure one's family's financial future and have cover for their financial obligations such as mortgage payments, education expenses, and daily living costs. With flexible policy terms and several more features available, term insurance plans can help individuals meet their specific needs during uncertain times.
The following table enlists some of the available best term insurance plans in India -
|Name of the Insurance Company||Name of the Plan||Minimum and Maximum Entry Age||Minimum-Maximum Maturity Age||Sum Assured (Minimum-Maximum)|
|life insurance Corporation of India||LIC Tech Term Insurance Plan||18-65 years||80 years||50 Lacs - No limit|
|Aditya Birla Sun Life Insurance||Aditya Birla Sun Life Insurance DigiShield Plan||18-65 years||85 years||30 Lacs - No limit|
|SBI Life Insurance||SBI Life eShield Next||18-65 years||85 years||50 Lacs - No limit (For smokers - 99 Lacs)|
|Bharti AXA Life Insurance||Bharti AXA Flexi Term Pro||18-65 years||99 years||24 Lacs - No Limit|
|IndiaFirst Life Insurance||IndiaFirst e-Term Plus Plan||18-55 years||80 years||50 Lacs - No limit|
|Aegon Life Insurance||Aegon Life iTerm Comfort||18-65 years||70 years||25 Lacs - 1.25 Cr|
|Edelweiss Tokio Life Insurance||Edelweiss Tokio Total Protect Plus||18-55 years||100 years||25 Lacs - No limit|
|Kotak Mahindra Life Insurance||Kotak e-Term Plan||18-65 years||75 years||25 Lacs - No limit|
|Canara HSBC OBC Life Insurance||Canara HSBC iSelect Smart360||18-65 years||99 years||Life Secure - 25 Lacs and 15 Lacs for ROP and Income benefit|
|PNB MetLife India Insurance||PNB MetLife Mera Term Plan Plus||18-60 years||99 years||25 Lacs - No limit|
|Bajaj Allianz Life Insurance||Bajaj Allianz eTouch Lumpsum||18-45 years||85 years||50 Lacs - 1 Cr (2 Cr with rider)|
|TATA AIA Life Insurance||TATA AIA SRS Vitality Protect||18-60 years||100 years||50 Lacs - 20 Cr|
|Max Life Insurance||Max Life Smart Secure Plus||18-65 years||85 years||20 Lacs - No limit|
|HDFC Standard Life Insurance||HDFC Life Click 2 Protect Super||18-65 years||85 years||50 Lacs - 20 Cr|
|ICICI Prudential Life Insurance||ICICI Prudential iProtect Smart||18-65 years||75 years||5- Lacs - 10 Cr|
Here are some key points that you must take into account to select the best term insurance for you and your dependents -
The first step here is to assess your current financial requirements when selecting term insurance. This is because the coverage should be sufficient to cater to one’s dependents’ financial requirements in case of the former’s unfortunate demise.
As a thumb rule, your policy must provide sufficient financial protection to cover existing debts, future expenses such as children's education and marriage, and daily living expenses of dependents. If you determine your financial needs incorrectly, it may result in insufficient coverage amount, which can leave your dependents financially vulnerable in case of an unfortunate scenario.
When looking for a term insurance plan, make sure to check the providers’ claim settlement ratios as it is a good indicator of the said providers’ ability to honour claims. CSR is fundamentally the percentage of claims settled by the insurance company against the total number of claims received. A higher claim settlement ratio indicates that the provider is efficient in settling claims and vice versa.
It is always a wise choice to shortlist a few plans beforehand and look for the inclusions in each plan once done. Some of the features to look for include critical illness coverage, accidental death benefits, disability cover, and so on. These benefits offer additional financial protection to you and your loved ones in case of unforeseen events.
Note: As term insurance plan inclusions vary across insurance providers, it is necessary to compare thoroughly and choose a plan that best suits your specific requirements.
Checking for plan exclusions is as important as understanding the inclusions as this can help you understand in which situations or circumstances your insurance provider will not cover your requested claims.
Some of the common exclusions of term insurance include suicidal death, involvement in illegal activities, death due to pre-existing medical conditions, and so forth. It is advisable to be aware of the exclusions to avoid any hassle in the future. Additionally, with each insurance company and plan having different exclusions, make sure to read the policy documents carefully beforehand.
Add-ons are the coverage options that you can opt for as an additional cover with your primary policy. These plans offer enhanced financial protection to you and your dependents. Some of the add-on plans are accidental death benefits, critical illness cover, waiver of premium, disability cover, and others.
Discussed below are the primary benefits of having a term insurance policy -
You can easily use our digital platform - policybazaarinsurance.ae - to get the best term insurance plan in India. For this, simply follow the steps mentioned below -
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