Life insurance helps your family stay afloat in case something happens to you. This is why having an insurance policy that secures your life is very important to have from a long-term perspective.
Within life insurance, you have whole and term policies. Term life insurance is the type of policy that covers your life for a certain period of time whereas a whole life policy matures only upon your death. If you have a low budget or other liabilities to pay off, then a term life insurance policy is the best one for you. To make this process easy for you, here is a list of the top five-term insurance plans that you can choose from:
1. LIC e-Term
Compared to all other insurance providers, the claim settlement ratio of LIC e-Term policy is much higher at 98%. Under this plan, you can obtain a duration ranging anywhere between 5 to 35 years at a low premium. One of the highlights of this policy is that you are provided with international coverage as well, which means that this policy is still effective even if you are travelling abroad during its tenure.
2. SBI Smart Shield
One of the best features of the SBI Smart Shield policy is that there is no maximum limit on the sum assured meaning that there is no restriction on the coverage amount you want. Also, there are three rider options with this plan that you can take for additional benefits such as in the case of accidental death or disability. Further, over the last year, SBI’s claim settlement was at nearly 97%, making this an excellent policy to purchase.
3. ICICI Pru iProtect Smart
The iProtect Smart plan is highly beneficial as it provides payment of a claim for 34 different illnesses which are currently only being offered by ICICI. With a claim settlement ratio above 96% and four different pay-out preferences, this is definitely an excellent policy option for you and your family.
4. TATA AIA Life iRaksha
Under this policy, you can obtain a tenure of even 40 years duration. Like the SBI Smart Shield, there is no upper limit on the sum assured that you choose. Further, with a consistent CSR of 96%, you can be rest assured that the iRaksha is one of the best policies to choose from.
5. Max Life Online term Plan Plus
With an overall coverage of death, illness or even disability, this plan is one of the top five in India because of its varied features. The CSR provided by Max Life is 95% which has been constant over the last three years. Further, at the time of any unforeseen circumstance, you can opt for basic coverage or even coverage plus a monthly income.
Why Should You Buy Term Insurance?
To balance the uncertainty of life, you need an insurance policy. With a term policy, you have multiple benefits that you can enjoy. Some of these are:
As the tenure of a term policy is usually lower than a whole life policy, and there is no investment involved, the premium is very low even when the sum insured is high. This is a benefit if you have other liabilities you need to take care of and can’t shell out a lot of money for a life insurance premium payment.
Availability of Riders
Riders are a good way of enhancing your existing policy so that you can avail additional benefits at a minimal cost. Some popular riders are the accidental death rider and the accidental disability rider which provide you with extra coverage if and when required.
As mentioned above, due to the low premium, getting a good coverage of sum insured for a lesser cost is a possible option with term insurance policies. Further, most term policies don’t come with a limit on the amount of coverage you want which makes it flexible for you.
Is Buying Term Insurance Really Important?
Nowadays, life insurance has become a necessity in every person’s life. A term insurance policy is the simplest and most cost-effective solution to help your family in case of a sudden unfortunate event such as your disability or death.
Term insurance policies provide you with financial security that will give your family the support they need. Further, having an insurance policy will make your life stress free as you will have the assurance that your loved ones have finances to fall back on in case the need ever arises.
It is always better to conduct appropriate research prior to purchasing a policy than to regret your decision later and not be able to do anything about it. If you are worried about making the right choice for yourself and for your family, then Coverfox.com will be able to provide you with all the answers you need. In this aggregator website, you can compare various policies, weigh the pros and cons and then make your final choice with confidence. So, get ready to insure yourself!