Top 10 Term Insurance Plans in India 2021

Top 10 Term Insurance Plans in India 2021

There are 24 life insurance providers in India and each one of them offers different types of life insurance solutions. Term insurance, in this aspect, is no different. While we all look for the best term insurance plan to buy, we also tend to look for the one that offers maximum coverage for the lower premium.

So keeping this in mind, and various other important factors that you look for while looking for a good term insurance policy here’s the list of the top 10 best term insurance plans in India in 2021 that you can consider buying.

Aditya Birla Sun Life Protector Plus Plan

This is a traditional insurance plan that provides a higher sum guaranteed at a low premium rate. The policy covers the insured's family's financial future in the event of a catastrophe. Furthermore, the policy covers potential liabilities and aids in maintaining a decent standard of living even though the family's breadwinner is no longer present. Here are some of the most notable features of the plan:

Features and Benefits

  • At a low premium rate, the plan offers full financial security.
  • Protects against increasing living costs by allowing you to increase the total sum assured amount.
  • To supplement the policy's coverage, the plan has an inbuilt complete and permanent disability benefit.
  • The death benefit may be considered as a source of annual income for the beneficiary.
  • Maintaining a safe lifestyle is rewarded by policy.
  • The package provides rider options that expand the policy's coverage.
  • Section 80C of the Income Tax Act helps the policyholder to save money on taxes.

Aegon Life iTerm Plan

Aegon Life iTerm Plan is a pure term insurance policy with an inbuilt terminal illness payout, and it is one of the top 10 term insurance policies available in India 2021. The policy protects you for the remainder of your life before you hit the age of 80. The method of purchasing this policy as an online term plan is very easy and painless. Additional rider benefits, such as accidental death and serious illness, are included in the package to enhance the coverage of the policy.

Features and Benefits

  • This plan is available for purchase online in a convenient and hassle-free way.
  • The policy's minimum entry age is 18 years, and the policy's maximum entry age is 65 years.
  • The policy's full maturity age is 80 years.
  • Section 80C of the Income Tax Act provides a tax advantage to the insured.
  • The death benefit is offered to the nominee of the policy in the event that the insured passes away.
  • The policy allows flexibility for premium payment.
  • Nonsmokers and female insurance buyers will have to pay a lower premium under this policy.

Aviva Life Shield Advantage Plan

This is a non-linked, non-participating insurance term policy that protects your loved ones' financial future in the event of a disaster. The scheme not only offers a death benefit to the insured's family in the event of an unforeseen event, but also a survival benefit in the form of a premium refund if the policyholder survives the policy's entire term. This package can be purchased online in an easy and hassle-free manner as a term return of premium plan (TROP). Let's take a look at the policy's special features and benefits.

Features and Benefits

  • At a low cost, the policy offers complete security to the insured's loved and close ones.
  • In a TROP scheme, the premium charged for the policy is refunded if the insured lives for the entire policy term.
  • The policyholder can choose between a standard premium payment option and a single premium payment option for paying the premium.
  • The policy gives you the choice of choosing between two separate coverage options, namely,
    • Option A- Life Protection
    • Option B- Life cum disability protection along with the return of premium.
  • Avail tax benefits under Section 80C and 10(10D) of the Income Tax Act.

Bajaj Allianz eTouch Online Term Plan

The Bajaj Allianz eTouch Online Term Policy is one of Bajaj Allianz Life Insurance's term insurance policies. The plan offers financial security to the policyholder's family at a low premium rate. Bajaj Allianz eTouch Online Term Plan is a non-participating pure term insurance policy that provides 4 different life cover options. In addition to the death benefit the plan also provides tax benefit under section 80C and 10(10D) of Income Tax Act 1961.

Features and Benefits

  • This is a flexible term insurance plan that you can buy online.
  • Over and above the basic sum assured amount, a higher sum assured rebate of Rs.1 lakh is available.
  • In the event of an unforeseen event, the policy offers financial security to the insured's relatives.
  • The death benefit payment is offered in 2 different pay-out options.
  • Avail tax benefits under section 80C and 10(10D) of the IT Act.
  • The plan offers a considerably lower premium rate for non-smokers and female insurance buyers.

Bharti AXA Term Plan eProtect

This is an online term insurance policy that offers extensive return to the insured's family in the event of a catastrophe. It can be purchased online in a convenient and hassle-free manner as an online term plan. In addition to the advantages of insurance coverage, the policy also assists in tax savings. The following are some of the policy's characteristics and benefits.

Features and Benefits

  • The package has special family care opportunities.
  • The plan allows you to customize the insurance coverage amount and policy term based on your needs and suitability.
  • The premiums can be paid monthly or semi-annually by the policyholder.
  • The policyholder can personalize the plan to meet their specific needs.
  • Avail tax benefits under Section 80C of the Income Tax Act.

Edelweiss Tokio Life My Term Plan +

This is a limited-pay term insurance contract that offers insurance coverage to the insured's relatives in the event of a catastrophe. Furthermore, under the better half-benefit alternative, the package offers an extra life cover for the partner. Let's take a look at some of the policy's main features and benefits.

Features and Benefits

  • The package includes a range of coverage choices from which to choose.
  • The policy includes coverage for serious illnesses.
  • The policyholder will pay the policy premium using the restricted premium payment option.
  • As a premium rider waiver, the package includes add-on rider incentives.
  • Get tax benefits under Section 80C and 10(10D) of the Income Tax Act.
  • The death benefit may be received as a lump sum payment, a monthly income payment, or a combination of the two.

HDFC Life Click 2 Protect 3D Plus

HDFC Life Click 2 Protect 3D Plus is an online term plan that offers comprehensive insurance coverage to the life insured's family at a low premium rate. The HDFC Life Click 2 Protect 3D Plus's 3D feature applies to life's uncertainties, such as death, illness, and disability. The policy offers financial protection to the life insured's family in the event of any unexpected circumstances during the policy's duration. There are 9 HDFC Life Click 2 Protect 3D Plus plans to choose from.

Features and Benefits

  • This is a term insurance policy that can be paid online in a quick and easy way.
  • The policy offers financial protection to the insured's family in the event of a catastrophe.
  • The policyholder may choose from 9 different plan choices based on their needs and suitability.
  • This is one of the most competitive term plans, with a 30-day free-look span.
  • Get tax benefit under section 80C and 10(10D) of the Income Tax Act.
  • The policy offers a lower premium rate for non-smokers and female insurance buyers

ICICI Pru iProtect Smart

ICICI Pru iProtect Smart Plan is a term insurance plan that provides a range of life cover options to choose from. ICICI Pru iProtect Smart is a comprehensive term insurance policy that offers financial security to the insured's family at a low premium rate. The policy also includes rider benefits such as an accidental death benefit and a serious illness benefit.

Features and Benefits

  • This is one of the term plans that can be purchased online in a quick and easy manner.
  • The package offers complete protection against terminal illness, death, and disability.
  • The insured has 3 payment options: monthly income, lump-sum, and increasing income.
  • Get the benefit of tax exemption U/S 80C of Income Tax Act.

India First Anytime Plan

This is purely a protection plan that ensures your loved ones are cared for even though you are not present. This plan can be purchased in an easy and hassle-free way through the internet. Along with providing financial protection for the family, the scheme also covers the family's potential obligations in the event that the insured individual dies during the policy period. Some of the special features and benefits of the plan are as follows:

Features and Benefits

  • At a low premium rate, the policy offers coverage for up to 30 years.
  • In the tragic event of the insured person's death during the policy period, the death benefit is paid as a lump sum to the policy's beneficiary.
  • To pay the policy premium, the policyholder has the choice of making a single premium payment or making monthly premium payments.
  • Tax benefits can be availed under section 80C of the Income Tax Act.

Max Online Term Plan Plus

Max Online Term Cover Plus is another suitable term insurance plan that makes it to the list of top 10 term insurance plans in India 2021. Max Online Term Plan Plus is a non-participating pure term insurance product that provides 3 separate life cover options. The package also includes an extra rider benefit known as the accidental death rider benefit, which extends the policy's coverage. It also includes a waiver of premium rider, which ensures that the policy is maintained even though the life insured is unable to pay the premium due to sickness or dismemberment.

Features and Benefits

The Max Online Term Plan Plus includes a number of features and benefits. The following are some of them:

  • This is a cost-effective term plan that can be purchased online in a simple and hassle-free way.
  • The policy provides 3 different pay-out options from which to choose.
  • Extra rider incentives are included in the package to expand the policy's scope.
  • The package allows for premium payment mode versatility.
  • Avail tax benefit under section 80C, 80D, 80DD and 10(10D) of IT Act.
  • It offers a free-look period of 30 days.
  • The plan offers a lower premium rate for non-smokers and female insurance buyers.

Conclusion:

So these were the top 10 best term insurance plans in India that you can consider buying in 2021. Meanwhile, you can read about some of the best term plans here.

 

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