Still on the edge about which term insurance to pick? Here’s a simplified solution!

Still on the edge about which term insurance to pick? Here’s a simplified solution!

Choosing a trusted and reliable term insurance plan is important for individuals who have several family members relying on them for survival. Moreover, while there are several types of investment options in the market, term insurance is proven to provide the highest value for money.

It is the most basic type of life insurance that offers a fixed assured sum paid in the occurrence of your death to your selected nominee. In case you survive till the end of the policy tenure, nothing will be paid, unless specified by your chosen insurance company.

The amount of premiums that you’re required to pay for a term insurance plan depends on various factors like assured sum, age, policy terms, health condition, and so on. A lot of people have a misconception revolving around their heads that this policy doesn’t offer adequate coverage.

However, contrary to the belief, many financial experts have admitted that term insurance plans offer the highest coverage than other insurance plans, that too at a very affordable premium rate. The process to gain this policy is extremely straightforward and easy.

As it is the simplest type of life insurance available, a lot of insurers provide it at varying rates in the market. This allows you to choose the most comprehensive plan as per your suitability and requirements. To give you an idea, here’s a list of best term insurance plans available currently:

  1. TATA AIA Maha Raksha Supreme

The Maha Raksha Supreme plan offered by TATA AIA is a term plan that makes sure your family never feels short of financial resources in your absence and continues living a stress-free lifestyle without any financial obligations.

It is a completely non-linked financial product and doesn’t get affected by other financial burdens such as home or education loans. The plan features various choices to safeguard a financially secure future for your family. With this term plan, you can enjoy a life cover of up to 85 years.

There are various riders available to increase the coverage of your policy to a great extent as well. Additionally, if you opt for a greater level of security, you can also enjoy exclusive discounts on your premium payments.

On the other hand, for female and non-smoking policy buyers, the company provides a standard rate of premium too. As per the current laws, the plan is also eligible for tax benefits under section 80C of the Income Tax Act.

  1. SUD Life Abhay

The SUD Life Abhay is a non-participating term insurance plan that provides coverage for your life to safeguard the future of your loved ones in case of your unfortunate demise. You can either choose the plain life cover or enjoy the benefit of this term plan with return of premiums.

There are three different payout options available with this plan that can be chosen by your nominee when required. The plan offers great flexibility as well by allowing you to choose between two premium payment terms.

It also provides coverage of up to 40 years of age and the life cover can go as high as Rs. 100 Crores. The plan is also eligible for tax benefits and deductions under section 10(10D) and 80C of the Income Tax Act of India.

  1. SBI Smart Shield

The SBI Smart Shield is a very convenient term insurance plan that offers great protection to your family by providing life insurance at a very genuine premium rate. It is a pure non-participating term policy that provides the returns on investment to your nominee without any concessions.

You can choose from four different life cover options from this plan as per your needs, and select from various additional riders such as critical illness benefit or accidental death benefit to extend the coverage of your policy even more.

With this term plan, you can also have a free-look period of fifteen days to determine the efficiency of the plan. On top of that, it is also eligible for tax benefits under section 80C of the Income Tax Act of India.

  1. PNB MetLife Mera Term Plan

Being one of the most competitive plans in the market, the Mera Term Plan offered by PNB MetLife offers all-around financial protection at a very low premium rate. Moreover, the plan also features an increasing monthly cover with 12% PA.

If you want to get a policy for your spouse too, the plan allows you to add them under the same policy. This plan can also be availed online which makes it extremely convenient and accessible with a very minimal amount of paperwork required.

The maximum maturity age for this plan is 75 years and for female and non-smoking policy buyers, this term plan offers lower premium rates. It is also eligible for tax benefits under section 80C of the Income Tax Act.

  1. Canara HSBC Oriental Bank of Commerce iSelect Star Term Plan

The iSelect Star Term Plan by Canara HSBC Oriental Bank of Commerce provides financial security to your family against all the uncertainties of life. It is an extremely convenient and flexible term plan that can be modified as per the different stages of your life and financial requirements.

The plan also offers live coverage for a very limited number of required premiums. Additionally, you can choose from various options for premium payment, coverage, and payout benefits to make it extremely personalized as per your needs and goals.

Furthermore, the plan also makes it extremely easy for you to reevaluate the policy during different phases of your life by allowing you to increase the life cover easily. Canara HSBC OBC also provides loyalty discounts to their existing customers.

The Takeaway

There are several insurers available in the market that offer term plans at varying rates and features. The one that suits you the best requires to be aligned with your future financial goals and current capabilities.

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