A term insurance policy is one of the best ways to plan for your family’s financial security in case you are not around to take care of them.
Without any doubt, it is a must-have financial protection instrument for the policyholder and his/her family. A good term policy covers most of your liabilities which mean your loved ones have a better chance to live with fewer worries from life’s surprises. All you have to do is choose the right policy after careful consideration.
If you are looking for the best term life insurance for yourself or your family, you may be confused by the bewildering variety of plans available in the market. This blog will walk you through the top 5 best term life insurance policies that would ensure coverage of up to Rs. 1 crore by going through each one’s unique features and benefits.
1. LIC e-Term Online Term Plan
Life is a long and uncertain journey and sometimes we don’t know when it ends. But if we prepare ourselves, we can make sure our family is taken care of after we die. The e-Term is a non-participating regular term plan from Life Insurance Corporation, which you can use to provide financial protection to your family.
To qualify for this plan, you must be an Indian citizen and earn a monthly income. Applicants should be at least 18 years of age and no older than 60 years of age. You must also commit to holding the plan for at least ten years. Moreover, as the plan is available online, there are no intermediates involved and you can purchase the policy with minimal paperwork required.
Premiums for this policy will be paid annually. The minimum sum assured amount is Rs 25 Lacs for an aggregate cover and Rs 50 lakhs for people who smoke.
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2. Max Life Online Term Plan
There are three different types of insurance plans provided by Max Life Insurance. You can buy them online or offline. The online policies are simpler to buy, while the offline policies require you to work with a sales representative, but both types are easy to understand and beneficial for the financial safety of your family.
The premium amounts paid and the final pay-out as per death benefit might be eligible for tax benefits in this policy. Additionally, the plan can also be used as collateral for banks to receive financial loans, which allow you to wave through critical financial situations without having to surrender your policy.
The minimum entry age for this plan is 18 years and you can enjoy a maximum sum assured of INR 100 crores.
3. PNB MetLife Mera Term Plan
Life is full of uncertainties and you certainly need proper financial planning to sustain proper living standards. The MetLife Mera Term Plan is one of the best term life insurance plans available in India. It provides simple solutions for financial security and also gives you protection against loss of income to ensure that your family members are not left in difficult circumstances.
At a significantly low cost, you can protects from financial issues for your family members in the event of your unfortunate demise. To be eligible for this plan, you need to be within the age limit of 18-65 years of age. The minimum sum assured offered by the policy is Rs. 10 Lakh with no maximum limit. With this term plan, you can enjoy coverage of up to 75 years.
If you buy this plan, you can choose from 4 different options to choose from based on your financial situation.
4. Bajaj Allianz iSecure Online Term Plan
If you’re concerned about how your family will cope financially if an unexpected event occurs, Bajaj Allianz iSecure is a great option for you. The plan offers low premiums and covers both you and your spouse in the same plan with minimal charges. It’s a non-linked, non-participating, level, regular premium term insurance plan.
You can tailor your coverage to fit your personal needs by choosing either an individual policy or a joint policy, selecting an appropriate amount of coverage, deciding the length of the term, and determining how frequently premiums are collected. However, your premium will be affected by how old you are, the size of the sum assured, and the length of the policy term.
5. Canara HSBC OBC iSelect Star Term Plan
The iSelect Star Term Plan provides a lot of options that make the protection more comprehensive, and it is priced aggressively. It comes loaded with great features and provides a lot of flexibility to the policyholder. It is essentially a pure term insurance plan that allows you to personalize the policy preferences as per your requirements.
With this plan, you can enjoy a large life cover at affordable rates that are based on your health. You can also increase your life cover at major milestones in life, such as marriage and parenthood, to protect your family’s future. It even allows you to cover your spouse in the same policy. Moreover, with riders like accidental death and disability benefits, the iSelect Star Term Plan is a comprehensive tool to protect your family’s future.
Life insurance is one of those things that people often forget about, but it’s extremely important. In the event of an untimely death, a life insurance policy can help your loved ones cover funeral costs and other expenses. Many companies also offer Rs. 1 crore term insurance and to get the right kind of policy for you, it’s important to understand what it will cover and how much you need. We hope this article has provided some helpful information about these policies so that you can choose the one that is best for your family.