Enjoying life without having a good Term Life Insurance Policy is risky

Enjoy complete peace of mind with a good term Life Insurance Policy

You love your family but hate to think of what will happen to them after you’re gone? Hectic lifestyles and busy schedules are taking its toll on thousands of people every day but buying term life insurance is not a decision you should put off anymore.

Analysis Of Term Life Insurance

Term life insurance covers you and your family for a certain period of time, like 10, 20 or 30 years. It is the least expensive insurance and is sufficient coverage for most families. Buy a term plan that will last till your kids have grown up, your home is paid off, and till you’re financially well-off.

Premium amount

The premium amount for term life insurance is on the lower side as compared with other insurance plans, and it increases as your age advances. If you’re in your twenties, you should consider buying the policy now, as buying it later may make the premiums more expensive.

Sum Assured

You should buy a sum assured equal to almost 10 times your annual income. So, if you’re earning INR 5 Lacs per year, then opt for a policy of INR 50 Lacs.

Term of the policy

The insurance cover you opt for should be till your retirement age. So, if you plan to retire at 60, and you’re 30 now, you should take a cover for 30 years. The term of your policy is also referred to as a cover ceasing age by insurance companies.

Tax Savings

Term life insurance policies offer tax savings on the premiums paid up to the amount of INR 1.5 lacs under Sec 80C of the Income Tax Act. Some companies offer new-age term plans with critical illness cover and additional tax savings benefits under section 80D on the premium you pay up to the amount of INR 25,000. You are also eligible for tax benefits under Section 10(10D) on the amount your family will get in case of an unfortunate life event.

Easy Online Purchase

You can buy term life insurance plan  online through the web portal of the insurance company or web aggregator websites like Coverfox.com where you ca compare plans of different life insurance companies. Buying it online will be easy and cheap in comparison to offline insurance policies.

Best Term Life Insurance plans in India

Here are the 4 best Term Plans in India:

HDFC Life Click2Protect 3D Plus

This term life insurance policy is a superior term plan which protects your family’s future in the event of an unfortunate life event.

Some of the best features of this plan are:

  • The benefit of a whole life cover.
  • On the diagnosis of a terminal illness or death of the life assured, you get a lump sum pay-out.
  • It has a survival benefit in a select plan option.
  • Get monthly income and be financially stable.
  • Premiums can be waived off in case of an accidental total permanent disability or a critical illness.

ICICI Pru iProtect Smart

This term plan is one of the top selling plans online from ICICI Pru and has a 96.68% Claims Settlement rate.

Some of its best features are:

  • Premiums are low
  • Option of receiving pay-outs in customized ways
  • Your loved ones get paid the life cover on the diagnosis of terminal illness
  • Get a life cover up to 75 years of age
  • Option of Accidental Death rider

Max Life Super Term Plan

This unique term plan takes care of your family’s needs if anything happens to you.

Some of the best features of this plan are:

  • With this plan, your family gets an increasing life cover option, which helps them counter inflation.
  • It gives you a comprehensive insurance cover in low premium amounts.
  • The option of selecting the pay-out as either a lump sum pay-out or a lump sum plus increasing monthly income.

SBI Life – Smart Shield

This term plan from SBI provides financial security to your family in case of an unforeseen situation in your family.

Some of its benefits are:

  • In case of death of the life assured, the nominee receives benefits either as Level Term Assurance or Increasing Term Assurance
  • The plan is eligible for tax exemptions as per section 80C of the Income Tax Act.
  • Enhance your life cover with 3 rider options of Accidental Death Benefit Rider, Accidental Total and Permanent Disability Benefit Rider, and Criti-Care 13 Non-Linked Riders.

Conclusion

Life can be much more enjoyable when you have secured your family with a term life insurance. So, if you’re a working person with a family and still don’t have term insurance, then make term life insurance your best friend today and have complete peace of mind.

 

Author: Robin Gupta