10 Popular Term Insurance Plans in India
Table of Contents
A term insurance plan is a necessary component that everyone must have in their life. It safeguards the financial interests of your family and prevents them from falling into a helpless state in case of your untimely demise. Term insurance plans also assure you of help in case of disabilities, accidents and critical illnesses with a choice from a variety of riders that you can add to your basic term insurance plan.
What is a Term Insurance Plan?
A term insurance plan is an insurance plan that provides you cover for a certain period or "term". If you encounter any inconvenience (covered by a rider) or untimely demise, there will be a benefit payout from the insurance company. However, there is no maturity benefit provided in the case of a term insurance plan.
Nevertheless, it still provides incredible cover at very affordable prices. Term insurance plans are one of the cheapest insurance plans. They also have simple terms and conditions which makes them an appealing choice for most.
Also Read:- Tax Benefits Under Term Insurance Plans in 2021
10 Popular Term Insurance Plans in India
There are many term insurance plans available from various insurance companies. This can make the choice of a good term insurance plan difficult. Take a look at the 10 most popular term insurance plans in India to gather more insight into which plan might be good for you.
There are several factors that must be taken into consideration to judge the perfect term insurance plan for yourself. The following most popular term insurance plans have been compared to some of the most important categories.
|
Term Insurance Plan |
Maximum Entry Age |
Premium Waiver |
Accidental Death Rider |
|
Aviva LifeShield Advantage Plan |
55 Years |
Not Available |
Included |
|
Edelweiss Tokio Life My Term Plus |
55 Years |
Available |
Available |
|
Aditya Birla Sun Life Protector Plus Plan |
65 Years |
Available |
Included |
|
Bajaj Allianz eTouch |
65 Years |
Available |
Available |
|
Future Generali Flexi Online Term Plan |
55 Years |
Not Available |
Available |
|
LIC e-Term Plan |
60 Years |
Not Available |
Not Available |
|
PNB MetLife Term Plan |
65 Years |
Not Available |
Available |
|
SBI Smart Shield |
60 Years |
Free |
Available |
|
ICICI Prudential iProtect Smart |
60 Years |
Available |
Available |
|
Kotak e-Term Plan |
65 Years |
Available |
Included |
Endnotes
As evident, there are a variety of choices when it comes to term insurance plans. It is important that you judge the term insurance plans with respect to your personal needs and circumstances such as your income, lifestyle choices as well as your family’s requirements and expenses. If you are planning to take a new loan or have growing children, you must take it into consideration when calculating the ideal insurance amount to build a comprehensive term insurance plan.
You May Also Like to Read:- When Should I Purchase a Term Insurance Plan?
