Term Life Insurance Plans are just what you need to add to your list. It's the best way to protect your life from the insecurities and uncertainties of life. Term insurance plans are also known as Pure life insurance plans, they are a type of life insurance plan that guards you for a term period in exchange for a premium amount. This premium amount is fixed depending on various features such as the age of the insured, medical history of the insured, as well as the sum assured which is appointed for the insurance policy. This sum assured is the money which the beneficiary gets after the insured dies in the form of the death benefit. It is important to note here that the policy is only valid for the fixed term period, upon its expiration, the policyholder is required to renew the policy, if not the policy is considered invalid. Thus, the insured person is no longer under the protection of the policy and no death benefit is paid.
Key Benefits of the policy :
- Death Benefit - The phrase 'death benefit' in itself is quite contradictory because of its ironic indication. How can anyone benefit from death? The meaning here is that the insured prepares to shield his/her family against any future financial crisis. The insured here appoints a person, most preferably a family member to be the beneficiary of the policy so that he/she gets the death benefit upon the demise of the insured.
- Critical Illness - The term life insurance may seem like a plan with protection only from death. But some term plans with an additional rider for critical illnesses protects the insured from the medical expenses during the treatment of a critical illness such as heart attack, cancer, kidney failure etc. These illnesses can cause a big financial burden over the insured if he/she is not prepared for it. The policy upon detection of a critical illness offers a fixed amount of cash to the insured to assist in hospitalization and other needs.
- Liability Cover - The crucial part of term life insurance plan is that it provides mental support to the insured along with financial aid. The insured may have liabilities like loan, debt, EMIs etc and all this can be transferred to the family if something happens to the insured. In that case, death benefit which the family receives upon the death of the insured can be used to pay and cover such liabilities.
- Reasonable Price - One of the biggest concern of most people is to be able to afford life insurance policies. Term life insurance is reasonable and affordable and so it is preferred by most people. Being able to secure one's family is a dream come true for every individual. Therefore, term insurance plans are one of the leading life insurance plans in the india.
- Add-On - This is a feature that allows you to add extra features to your policy. It enhances your basic term life insurance plan by adding extra beneficial features to the policy. Some of the popular add-ons are terminal illness cover, accident cover etc
Premiums are considered as the lifelines of any insurance policy because that is the amount which makes the policy valid and alive. Premium is the cash paid to the insurer by the insured either monthly or yearly depending on the agreement of the policy. But it is hard to know the exact premium amount, therefore, a premium calculator is the free online tool which helps the insured calculate the due premium amount. It is easily available on the insurance company's official website and needs no permission to access it.
Knowing the premium amounts helps the insured calculate and adjust the budget accordingly. It is hard to calculate the premium on your own because it requires several pieces of information such as the sum assured amount, the term period etc. Also, if there are Add-Ons attached to the policy then their additional costs are also added to the premium amount. Thus, an online premium calculator helps the insured calculate the exact premium amount before due. Along with this, there are also tools which remind the insured of the due date of the premium in order to avoid any chance of missing it.
Claim settlement ratios of life insurance companies:
Here are the claim settlement ratios, as published by the Insurance Regulatory and Development Authority of India (IRDAI) for the financial year 2017-18 –
|Name of the company||Claim Settlement Ratio|
|Life Insurance Corporation of India||98.04%|
|HDFC Life Insurance Company Limited||97.80%|
|Max Life Insurance Company Limited||98.26%|
|ICICI Prudential Life Insurance Company Limited||97.88%|
|Kotak Mahindra Life Insurance Company Limited||93.72%|
|Aditya Birla SunLife Insurance Company Limited||96.38%|
|TATA AIA Life Insurance Company Limited||98%|
|SBI Life Insurance Company Limited||96.76%|
|Exide Life Insurance Company Limited||96.81%|
|Bajaj Allianz Life Insurance Company Limited||92.04%|
|PNB MetLife India Insurance Company Limited||91.12%|
|Reliance Nippon Life Insurance Company Limited||95.17%|
|Aviva Life Insurance Company Limited||94.45%|
|Sahara India Life Insurance Company Limited||82.74%|
|Shriram Life Insurance Company Limited||80.23%|
|Bharti AXA Life Insurance Company Limited||96.85%|
|Future Generali India Life Insurance Company Limited||93.11%|
|IDBI Federal Life Insurance Company Limited||91.99%|
|Canara HSBC OBC Life Insurance Company Limited||95.22%|
|Aegon Life Insurance Company Limited||95.67%|
|DHFL Pramerica Life Insurance Company Limited||96.62%|
|Star Union Dai-ichi Life Insurance Company Limited||92.26%|
|IndiaFirst Life Insurance Company Limited||89.83%|
|Edelweiss Tokio Life Insurance Company Limited||95.25%|
- Aditya Birla Health Insurance
- Bajaj Allianz Health Insurance
- Care Health Insurance
- Cholamandalam Health Insurance
- Digit Health Insurance
- Edelweiss Health Insurance
- Future Generali Health Insurance
- HDFC ERGO General Health Insurance
- HDFC Ergo Health Insurance
- IFFCO Tokio Health Insurance
- Kotak Mahindra Health Insurance
- Liberty Health Insurance
- ManipalCigna Health Insurance
- Max Bupa Health Insurance
- National Health Insurance
- New India Health Insurance
- Oriental Health Insurance
- Raheja QBE Health Insurance
- Reliance Health Insurance
- Royal Sundaram Health Insurance
- SBI Health Insurance
- Star Health Insurance
- Tata AIG Health Insurance
- United India Health Insurance
- Universal Sompo Health Insurance
Latest Blogs in Health Insurance Plans
List of Top Term Insurance Plans Companies in India 2020 are-
Here is a comparative list of Top #best term insurance plans in India –
- TATA AIA Life Sampoorna Raksha - Tata AIA Life Insurance Sampoorna Raksha Plus Plan gives you return of premiums paid on survival till maturity of the policy. A term assurance plan to help your family from financial crisis.
- ICICI Prudential iProtect Smart Term Plan - ICICI Pru iProtect Smart The Best Online Term Plan which fits into your tight budget & offers protection for your family.
- SBI Life eShield - SBI Life – eShield now gives you the advantage of an easy and seamless online process of obtaining a life insurance. For those seeking financial protection for their family, SBI Life - eShield offers a range of benefits at an affordable premium.
- DHFL Pramerica Flexi e-Term Plan - Pramerica Life Flexi Cash is a non-linked participating endowment life insurance plan which gives you the flexibility to control your policy. This plan helps you to manage your financial requirement as per you needs.
- HDFC Life Click 2 Protect 3D Plus - The HDFC Life Click 2Protect Plus 3D plan offers you the flexibility to choose your policy and premium payment terms.
- Kotak e-Term Plan - Kotak e-Term Plan is a pure risk cover term plan that is truly an economical means of providing you with a high level of protection.
- Max Life Smart Term Plan - Max Life Smart Term Plan is a customizable term plan that offers comprehensive protection against critical illness, disability, and death. This term plan provides 360-degree financial protection to your family in your absence.
- AEGON Life iTerm Plus Insurance Plan - iTerm Plus is a comprehensive online term plan where you can choose from a choice of four plan options which offer different in-built benefits like accidental death and critical illness.
- Bharti AXA Life Flexi Term Plan - Bharti AXA Life Flexi Term Plan provides term insurance that offers protection to you and your family against an unfortunate event. Buy the affordable term plan now!
- LIC’s Anmol Jeevan II - LIC's Anmol Jeevan - II is a protection plan which provides financial protection to the insured's family in case of his/her unfortunate demise.
- PNB MetLife Mera Term Plan - Best Term Life Insurance-Get financial coverage for your family with our online term insurance plans. Buy the best term insurance online 2020 in India with PNB MetLife
Frequently Asked Questions
Term insurance is a life insurance policy that provides financial coverage to the beneficiary of the policy if the life insured dies during the active term of the policy. Buy high cover term plan and save your family from financial crisis.