Term Insurance Plans For Family
The top reasons why you should opt for a term insurance plan for the entire family. Listed are the features and benefits of such term insurance plans, the top term insurance plans for offered by the best insurers in the country.
Term Insurance Policies
Your family is your first priority. While you cannot have any guarantees in life, you can protect your family from financial insecurity in the event of your unfortunate death or even critical illness.
Term life insurance policies are the most simple and fundamental insurance products available in the market. Customers can choose from several term insurance policies available in the market.
Features of Term Insurance Policies for Family
The salient features of Term insurance policies are listed in the table below:
Product feature | Description |
Cheapest form of life cover | Compared to other forms of insurance, term life insurance cover is cheaper |
Pure protection plan | Designed to protect your family from unexpected circumstances |
No investment option | Term insurance cover provide cover to the dependents. The sum assured is not reinvested in any manner |
More coverage for low premium | Term insurance policies provide more coverage for a lower premium |
Flexible premium payments | Customers can choose from a range of premium payments options |
Cover for a specific period | Cover is provided for a specific period only |
Risk management | If a customer takes a housing loan for 10 years, he or she can take a term policy of corresponding value |
Riders | Several additional riders such as critical benefit rider, accidental death benefit and partial permanent disability are available |
Simple and hassle-free | Easy to understand product |
Variants | Several companies offers term insurance plan with variants such as level benefit, increasing benefit and decreasing benefit |
No maturity benefits | In most term insurance plans, there are no maturity benefits in that if a policyholder survives, he or she doesn't get any maturity benefits. However, some insurance providers are coming out with maturity benefits as well. |
Top Term Insurance Policies in India
Some of the sought-after term insurance policies in India include the following:
- HDFC Click2Protect
- Kotak Life ePreferred Term Plan
- LIC Online e-Term
- ICICI Prudential iCare
- Max Life Online Term Option I
Details related to top term insurance plans are listed in the table below:
Insurance policy | Company | Solvency ratio | Claim settlement ratio (%) |
LIC e-term | LIC | 1.54 | 97.7 |
Click2Protect | HDFC Standard Life | 2.17 | 95.8 |
e-Preferred | Kotak | 2.67 | 92.1 |
iTerm | Aegon Life | 3.22 | 66.1 |
iSecure | Bajaj Allianz | 2.86 | 90.6 |
Some of the other term insurance policies available in the market include the following
Company Name | Product Name |
Bharti Axa | e-Protect |
Metlife | Met-Protect |
ICICI Prudential | i-Care |
Future Generali | Smart Life |
Star-Union Dai-ichi | Term Plan |
SBI life | Smart Shield |
Max Life Online Term Plan
The features of Max Life Online Term Plan are listed below:
- Customers can choose from three death benefit options as listed in the table below:
Death benefit | Description |
Option 1 | 100% of the Sum Assured |
Option 2 | Sum assured + monthly income (level). i.e, 100% of sum assured +0.4% of sum assured p.m for 10 years |
Option 3 | 100% of sum assured + monthly income (increasing) for 10 years (in the first year, the monthly income is 0.4% of sum assured. Ths sum assured increases by 10% p.a. |
- Offers comprehensive accident benefit rider
- Does not offer any maturity benefits
- Premium rates are lowered for non-smokers
- Customers can avail of discounts for higher sum assured
- Offers annual mode of premium payment
- The minimum sum assured is Rs.25 lakh while the maximum is Rs.100 crores
- The table below shows the premium rates* for a sum assured of Rs.50 lakh
Age (Male) | Level monthly income sum assured (non-smoker) | Increasing monthly income sum assured |
30 | Rs.5,350 | Rs.5,800 |
40 | Rs.10,150 | Rs.16,800 |
*excluding service tax and other applicable rates
Example
Sanchit Sharma, a 30-year-old IT employee opts for Max Life Online Term plan for a sum assured of Rs.30 lakh for 20 years. Sharma dies after paying seven premiums. Consequently, his nominee will receive 100% of the sum assured, i.e, Rs.30 lakh upon his death, following which the policy will be terminated.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.