A Term Insurance Policy cover is a type of protection plan. The purpose of this protection plan is to provide financial aid in case anything were to happen to you (the policyholder) in the near future. The financial assistance is in the form of a fixed payout. The amount is pre-decided at the time of inception of the policy and can be availed as a lump sum or via regular installments.
Term insurance is indeed one of the most popular types of term insurance covers available in the market. The reason being that it is available at the cost of a lesser premium. For example, an average person aged 30 years can easily buy a term insurance cover of Rs. 1 Crore at the cost of Rs. 500 per month. Such types of plans are easy on the pocket and also help to mitigate the risk arising out of your uncertain future.
As an added benefit, many insurance companies provide term plans with the return of premium options. Under this plan, the beneficiary of the policyholder will receive a certain or complete portion of the premium invested along with the death benefit. The death benefit is the sum assured. It is the payout to the beneficiary of the policyholder in case of death.
Note: A term insurance cover policy provides cover only within a specific term that is pre-decided during the time of buying the policy. There is no survival or maturity benefit in a term plan. For example, Mr. A has purchased a term plan that comes with a cover of Rs. 1 Crore up to the age of 65 years. This means that, in case of the unfortunate demise of Mrs. A, anytime up to the age of 65 years (as specified in the term policy), his family will receive the payout of Rs. 1 Crore. If the same incident occurred post the age of 65 years, his family will not be entitled to any form of death benefits along with maturity and survival benefits.
As mentioned above, a term policy will help your family financially in your absence. To help you understand better, here are six reasons why you should buy a term insurance cover policy online:
The premium amount is what makes a term plan less expensive than any other type of insurance policy. In fact, a term plan is the cheapest form of insurance cover that you can buy for your family online. With so many term policies in the market, you can easily compare and buy the best term plan at an affordable premium. An ideal term cover should be 15x to 20x of your annual income.
If you are the sole breadwinner in your family, there are a lot of responsibilities and financial obligations on your head. But what will happen if you are no longer available to continue providing for the same? This is where a term policy will come to the rescue of your family. A comprehensive online term insurance policy will provide complete financial stability to your family in your absence.
Most of the term insurance policies and their respective insurance providers offer full customization options. You can easily select premium payment term, policy term, add/remove nominee, update your KYC details, and much more through the online mode.
Now, you have the option to compare and buy a term insurance cover online. At Coverfox, you can easily get top term insurance quotes from the best insurance companies in India for 2020.
Many term insurance policies come with multiple rider options that can be availed at the cost of an additional premium. Riders enhance the overall protection offered by your existing term cover. Examples of term insurance riders are; accidental death benefit, critical illness cover, waiver of premium, partial disability cover, income benefit cover, and much more.
The very purpose of a term insurance policy is to provide cover to the beneficiary/nominee/dependent of the policyholder. When it comes to protecting your loved ones, there is no better option than a comprehensive term insurance cover.
Now that you are aware of the importance of purchasing a term insurance policy cover for your family. It is advisable to look for a few options. To help you with the same, we have created an entire list for you
Here is a list of best term insurance plans in India for 2020
| Best Term Insurance Policy in India for 2020 | Policy Term | Entry Age | Cover Amount (Min/Max) |
|---|---|---|---|
| Tata AIA Maha Suraksha Supreme | 10-40 years | 18-70 years | Rs. 50 lakhs to Rs. 2 Crores |
| SUD Life Abhay | 15-40 years | 18-65 years | Max. life cover of Rs. 100 Crores |
| Shriram Life Cash Back Term Plan | 10-25 years | 12-50 years | Rs. 2 lakhs - Rs. 20 lakhs |
| SBI Smart Shield | 18-60 years | 18-60 years | Rs. 25 lakhs |
| Sahara Kavach | 15-20 years | 18-50 years | Rs. 5 lakhs minimum |
| PNB MetLife Mera Term Plan | 18-65 years | 18-65 years | Rs. 10 lakhs to Rs. 5 Crores |
| IndiaFirst Anytime Plan | 5-40 years | 18-60 years | Rs. 10 lakhs to Rs. 49 lakhs |
| HDFC Life Click2Protect 3D Plus | 18-65 years | 18-65 years | Rs. 1 Crore |
| Exide Life Smart Term Plan | 10-30 years | 18-65 years | Rs. 5 lakhs to Rs. 10 lakhs |
| Edelweiss Tokio Life My Term+ | 10-85 years | 18-65 years | Rs. 25 lakhs to Rs. 50 lakhs |
| Aviva LifeShield Advantage Plan | 10-30 years | 18-65 years | Rs. 50 lakhs |
| Aditya Birla Sun Life Protector Plus Plan | 5-70 years | 18-65 years | Rs. 30 lakhs minimum |
Here is a list of the best online e-term plans available in India for 2020
| Best Online Term Plans in India | Policy Term | Entry Age | Cover Amount (Min/Max) |
|---|---|---|---|
| SBI Life eShield Plan | 18-65 years | 18-65 years | Rs. 25 lakhs |
| Max Life Online Term Plan Plus | 18-60 years | 18-60 years | Rs. 2 Crores |
| LIC E-Term Plan | 5-75 years | 18-65 years | Rs. 25 lakhs | Rs. 50 lakhs | Rs. 75 lakhs |
| Future Generali Flexi Online Term Plan | 10-65 years | 18-65 years | Rs. 50 lakhs |
| IDBI Federal iSurance Flexi Term Plan | 10-62 years | 18-60 years | Rs. 50 lakhs to Rs. 30 Crores |
| ICICI Prudential iProtect Smart | 18-60 years | 18-60 years | Rs. 50 lakhs to Rs. 1 Crore |
| Canara HSBC iSelect+ Term Plan | 5-62 years | 18-65 years | Rs. 15 lakhs to Rs. 3 Crores |
| Bajaj Allianz eTouch Lump sum | 18-65 years | 18-65 years | |
| Aegon Life iTerm Plan | 18-65 years | 18-65 years | Rs. 35 lakhs to Rs. 50 lakhs |
Disclaimer: The above information has been sourced from the official website of the respective insurance company. (last updated on 26-10-2020)
In Simple Words,
Buying a term insurance plan via the online mode is the best possible option. Before buying, you can also compare the different suitable quotes as per your favorite term policy. Plus, you can buy the policy immediately in a matter of 5 minutes. Know more about it on Coverfox today!