Term insurance is a must for a breadwinner of the family as that will take care of financial responsibility of the policy holder in the event of death.
Online term insurance are better than offline term plans as their premium is very less and one can compare easily before opting for the policy. Premium amount varies with age of the policyholder, smoking habits and the cover he is looking for.
There are various term plans available in the market, one has to choose the plan which will suit his lifestyle and can take care of financial responsibility during need.
LIC e-term plan will be available through online application process only and there will no intermediaries involved.
Under this plan, there are two categories of premium rates namely - Aggregate lives & Non-smoker lives.
The Minimum sum assured is Rs 25 lakhs and 50 lakhs with maximum policy term is 35 years.
The main highlight of the plan is that it is almost 30 per cent cheaper when compared to Anmol Jeevan or Amulya Jeevan.
The premium can be paid in annual mode only once. As per reports, LIC has the highest claim settlement ratio (98.14%) among the life insurers.
ICICI PRU i Protect Plan
ICICI Pru i Protect Plan provides lump sum amount to the nominee in case of an unfortunate event. Assume you take a home loan of Rs 25 lakh at the age of 30 and a life cover of Rs 1 crore under this plan.
In case of an unfortunate event during the policy term, your nominee will receive the entire lump sum amount i.e. Rs 1 crore to pay off the outstanding loan and take care of day to day expenses.
There is a premium waiver incase if there is any disability, critical illness Benefit, Death Benefit or Terminal Illness Benefit.
ICICI Pru i Protect Smart provides the flexibility to take the death benefit in a way that meets your financial requirement.
Which means one can choose the option for disbursal of amount either lumpsum or monthly income or increasing income.
HDFC Life Click 2 Protect
This plan is a pure protection plan and a simple way to get protection at a reasonable price and protect yourself and your loved ones against the uncertainties.
Premium can be paid in different ways such as single, annual, half-yearly, quarterly and monthly.
The policy holder can choose to be covered for any term from 10 years to 40 years, considering the maximum maturity age. An individual can avail minimum sum assured up to Rs 25,00,000 and minimum annualized payment should be Rs 3000.
As per IRDA, claim settlement ratio is 90.5 per cent for the financial year 2014-15.
SBI Life eShield
SBI Life eShield is an Individual, NonLinked, NonParticipating pure term plan, with options and benefits specially tailored for those who want the best financial protection at an affordable cost.
Minimum sum assured is Rs 20,00,000 would be in multiples of Rs 1, 00,000 only.
On death benefit sum assured will be paid provided all regular premiums are paid and the policy is in force as on the date of claim.
Individual can avail discount for being a non-smoker under this plan. If you are a nonsmoker, your premium rate will be lower if you choose Sum Assured of Rs 50 lakhs and above.
Bajaj Allianz iSecure
Bajaj Allianz iSecure is a term assurance plan that secures your family's financial needs by giving you a level term cover for high sum assured, but at a low cost.
The minimum tenure of the plan is 10 years and the maximum is 30 years. Individuals can select policy term of 10, 15, 20, 25 or 30 years depending on your requirement.
Max life Online Term Plan
Max Life Online Term Plan Plus offers an insurance cover which will take care of your loved ones in case you are not around, at affordable rates.
Individuals can add Max Life Comprehensive Accidental Death Benefit & Max Life Waiver of Premium Plus, and can also avail extra protection against the risks of accidental death, disease or disability.
Term insurance policy holders are eligible for tax deduction under 80C of Income Tax Act for the premium paid.
Maturity benefit, death benefit, and Surrender value are eligible for tax benefits under Section 10(10D) of the Income Tax Act which are subject to certain conditions.
Claim settlement ratio should be one of the main reason while selecting any term plan. Also, individuals should consider the objective of the plan, features, benefit, and premium among others.