Term Insurance Plans in India

Term Insurance Plans in India

Term insurance Plans in India

Term insurance plans in India - If you are finding the best term insurance plan in India it is a personal necessity of an individual who has a family or dependents. It has been proved that term insurance offers a valuable money proposition. It is a primary form of life insurance plan where a sum assured is paid on the demises of the life assured. This insurance rate for the best term insurance policy is based on three basic factors:

  • Age
  • Sum assured you choose
  • The term of the policy.

Best Term Insurance

Term Insurance

Term insurance can be known as a sort of protection that is profited for a specific time or fixed term. The fundamental discriminating features of term insurance plan are not normal for other different sorts of life insurance policies. A term insurance policy is more affordable since it does not have any cash value. This best term insurance policy is only helpful when a policyholder dies within the time frame during which the term insurance policy is in power. Also, different term plan offers different term benefits.

Needs of term insurance plan in India

Financial security- Term insurance policy is the best method to build a financial safety net. This is particularly valid in today’s world, as such a policy plan makes the provision of money related security of the policyholder in case of any his/her demises.

Policy term- Term policy offers coverage for a fixed term. This specifies that you can take a term insurance plan for fix duration wherein your family is financially secured.

Flexibility- Most term insurance plans in India offers the flexibility of purchasing the policy online or offline. Additionally, numerous back-up plans do not demand health check-ups if the sum assured under the plan.

Survival benefits- While standard term insurance plan does not have any survival benefits, various insurer have designed the plans that are, TROPs (Term Return of Premium Plans) that offers the survival benefits as a premium discount at the development.

Flexibility payment options- This term insurance policy in India offers flexible premium installment choice, permitting policyholders to choose the payment plan that is based on their comfort. The premium can be either single pay, limited pay or regular pay. A policyholder who chooses regular pay and limited pay plans can pay their premium either monthly, quarterly, half-yearly or every year.

Choice of plan- Various insurers offers policyholder a choice with regards to the kind of plan they wish to choose. The policyholder can choose the plan between joint-life or single plans, this depends on their needs. They can choose to extend the inclusion for subordinate life partners or choose the plan only for the provider of the family.

Tax benefits- Last but not the least; Premium payment towards the term insurance policy is qualified for the tax benefits, under section 80C of the Income Tax Act. The demises benefit by the nominee under the insurance plan is eligible for a tax reduction under section 10D as well.

Types of term insurance plans in India

  • Renewable- These plans can be renewed toward the finish of the policy term. The insured may need to give proof of good health before renewal.
  • Convertible- It permits the clients to exchange their policy for a money esteem plan. In any case, changing to a traditional plan may increase the premium.
  • Level- The sum assured and the premium are stable all through the policy under this plan.
  • Decreasing- The premium in such plans stay stable while the sum assured decreases at are relentless rate over a particular time frame.
  • Increasing- In such cases, the sum assured increments at a consistent rate yet the premium amounts stay constant.
  • Return of premium- These plans give a return of the insured survives the policy time frame.

Eligible criteria for Term Insurance Plans in India

Some of the general requirements for the best term insurance policy in India are the following:

  • Minimum entry age- 18 years
  • Maximum entry age – 60 to 70 years
  • Maximum age of maturity- 80 years
  • Minimum sum assured- Rs. 10 lakhs
  • Maximum sum assured- Rs. 100 crore
  • Premium Payments- Monthly, quarterly, half-yearly, annually or single pay.

Requirements of documents for term insurance plans in India

The following documents required for the term insurance plans are as follow:

  • ID proofs- Driving license, Voter ID, Passport, PAN card, Aadhar card.
  • Proof of Residence- Bank accounts statements, pension payments order, Letter of allotments of accommodation, Post office saving accounts statements, Utility bills.
  • Extra documents- Proof of age, Proof of income, Photograph.

Lists of term Insurance policy in India

There are some lists of the best term insurance policies in India that are given below:

  • ICICI Prudential iProtect Smart Plan
  • HDFC Life click2Protect Plus
  • Max Life Online Term Plan Plus
  • PNB MetLife Mera Term Plan
  • Canara HSBC OBC iSelect Term Plan
  • LIC e-term Plan
  • SBI Life eShield Plan
  • EGON Life iTerm Plan

Term insurance policy online

There is a step for making your term insurance plans online and can provide easy insurance are the following:

  • Visits the insurer official websites and click on the following menu options for online term insurance plans.
  • If the insurer offers more than one online term insurance plan, you should select the policy that you are interested in purchasing.
  • Then you will have to fill some certain details like name, contact number, the sum assured, policy tenure, etc. After filling this, post it you will be able to see the premium status for policy.
  • If you are satisfied with the following policy term and conditions and for the premium quote than you can proceed for premium payments.
  • For premium payment, you have to choose your preferred premium payment mode. You can view an acknowledgment if your transaction is successful.
  • Then post this, your insurance provider will get back to you in a few days to let you know about the insurance application approved by them.
  • If the application is approved by the insurer, then they will send a soft copy of the policy documents to you. You will also receive one actual copy of the policy documents.


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