Term insurance plans have become a popular choice for many, thanks to the affordable premium rates and high coverage offered by these plans. Since term insurance plans are purely protection-oriented, they only offer a death benefit to the nominee upon the policyholder’s death. Thus, the policyholder will not receive any payout at maturity of the policy or in the form of survival benefits during the policy term. If you are looking to buy a term insurance plan, make sure to read through this list of term insurance plans that are offered by life insurance providers with the highest claim settlement ratios for FY16-17.
1.LIC’s Amulya Jeevan II Plan: The Amulya Jeevan II Plan from LIC is a comprehensive term insurance policy that provides financial protection to the life assured’s dependents in case of the former’s untimely demise.
Key Features of LIC’s Amulya Jeevan II Plan:
The minimum sum assured that must be opted for to purchase this plan is Rs.25 lakh.
Individuals betwee
18 years and 60 years can purchase the Amulya Jeevan II Plan.
This policy can provide coverage up to the age of 70 years.
Policy buyers can opt for a policy term betwee
5 years and 35 years.
2.Max Life Super Term Plan: The Super Term Plan from Max Life Insurance is a non-participating, non-linked, term insurance policy that offers comprehensive coverage at an affordable rate. The insurer also offers two benefit payouts – lump sum or lump-sum benefit plus increasing monthly payouts. Thus, policyholders can opt for a benefit payout as per their needs.
Key Features of the Max Life Super Term Plan:
The sum assured that is opted for increases at the rate of 5% every policy year without an increase in the premium payable.
Individuals betwee
18 years and 65 years can buy this policy.
The maximum maturity age for this policy is limited to 75 years.
Individuals can opt for a policy term betwee
10 years and 35 years when purchasing this policy.
3.HDFC Life Click 2 Protect Plus Plan: The Click 2 Protect Plus Plan is a non-participating, non-linked, term insurance policy that comes with a number of coverage options to choose from. This policy will help your loved ones meet significant milestones in their lives even in case of your absence.
Key Features of HDFC Life Click 2 Protect Plus Plan:
This plan provides insurance coverage up to the age of 75 years.
Policy buyers can choose to pay the due premiums throughout the policy term, for a limited number of years, or as a lump sum while purchasing the plan.
To purchase this plan, one needs to be betwee
18 years and 65 years.
The minimum sum assured that one must opt for is Rs.25 lakh.
4.Aegon Life iTerm Insurance Plan: The iTerm Insurance Plan is an online term insurance plan that is offered by Aegon Life Insurance. The plan provides comprehensive life coverage to the policy buyer at a cost-effective premium rate.
Key Features of Aegon Life iTerm Insurance Plan:
Policy buyers can enjoy the coverage provided by this policy up to the age of 100 years.
This policy comes with an inbuilt terminal illness benefit.
Prospective buyers need to be between the age of 18 years and 65 years to be eligible to purchase this policy.
Policy buyers can opt for a customised policy tenure betwee
5 years and 62 years or can opt for fixed coverage up to 100 years of age.
The minimum sum assured that needs to be opted for under this plan is Rs.25 lakh.
5.SBI Life – Smart Swadhan Plus Plan: The Smart Swadhan Plus Plan from SBI Life Insurance is a protection-oriented term insurance plan that also returns all premiums paid during the policy tenure to the policyholder at maturity.
Key Features of SBI Life – Smart Swadhan Plus Plan:
Individuals betwee
18 years and 65 years can purchase this plan. The maximum maturity age for this policy is 75 years.
Policy buyers are required to opt for a sum assured of at least Rs.5 lakh when purchasing this plan.
Policy buyers can opt for a policy term betwee
10 years and 30 years.
Premiums can be paid as a lump sum when purchasing this plan, or can be paid on an annual, bi-annual, quarterly, or monthly basis.
6.ICICI Pru Life Raksha Plan: The Life Raksha Plan from ICICI Prudential is a term insurance plan that provides financial security to the policyholder’s loved ones in case of an untimely eventuality. In the case of the Life Raksha Plan, policy buyers must choose a policy term of 5 years when purchasing this plan.
Key Features of ICICI Pru Life Raksha Plan:
To purchase the Life Raksha Plan, individuals need to be betwee
18 years and 60 years.
Policy buyers can opt for a sum assured betwee
Rs.50,000 and Rs.5 lakh.
Premiums will have to be paid for the duration of the policy tenure.
Policyholders can pay their due premium amounts on an annual, bi-annual, or monthly basis to keep the policy coverage active.
Term insurance is the
purest form of life insurance. In addition to providing comprehensive coverage to the life assured, these plans also offer tax benefits under Sectio
80C and Sectio
10(10D) of the Income Tax Act. In addition, policy buyers can also choose to customise and enhance the coverage offered by the base policy by purchasing riders offered by insurers.