Best Term Insurance Plan – Keep These Things In Mind Before Taking a Term Plan

Term insurance is a life insurance plan offered by an insurance company that provides comprehensive financial coverage to the policy beneficiary against premiums paid for a limited period. This coverage provided under the term insurance plan is paid as a death benefit upon the death of the insured during the term of the policy. In a term plan, the person who buys insurance continues to pay the premium for a predetermined period. If the insured dies during this period, his family or whoever represents him gets the amount.

Term plan is the right life insurance product. It provides financial security for your family in case of any untoward incident. However, in this, the policyholder does not get any amount on maturity of the plan. Investment advisors also recommend a separation between insurance and investment. If you separate insurance and investment, you will get better insurance coverage and also be able to earn a good return on investment.

More Details Here – What is Term Life Insurance? Learn More About the Benefits of Buying Term Insurance


Best Term Life Insurance Plan in Details

Term insurance is a unique, traditional form of life insurance plan that provides the financial coverage needed for your family in difficult times such as your death. The insurance policy aims to support your family in managing your daily expenses and handling all your obligations in your absence. This is the simplest and best way to secure you and your family. Hereby, by paying a basic premium, you will be guaranteed a greater guaranteed amount. In addition, it will help the family to live happily and maintain the standard of living after your death.

In India, 24+ life insurance companies offer insurance plans. With so many options, you may be confused with who you trust to secure your family’s financial future. To ease your concerns, here is a list of the 6 best insurance plans for 2021, which are highly effective and can help in tough times.

There are the Best Term Life Insurance Plan below:

ICICI Prudential IProtect Smart Term Plan

iProtect Smart from ICICI Prudential is an effective term insurance policy that provides 360-degree coverage at very reasonable rates. It also allows you to file claims against serious illnesses. Due to its attractive features, it has been ranked as one of the best term insurance plans for 2021.

Features and benefits:

  • Under the policy, you will be given options to choose a payment option that includes a lump sum, income, and increased income for your candidate.
  • It also provides the benefit of an incurable disease. This means that you will get the claim amount even in the event of a serious illness.
  • It comes with a comprehensive cover that also includes a comprehensive list of critical illnesses.
  • Suicides are also subject to coverage under this plan.
  • The minimum term of the policy is 10 years and the maximum is 35 years
  • The minimum guaranteed amount is 8 lakhs.

Lic Tech Term Insurance Plan

It is a full-term insurance plan that provides the necessary financial protection for the family of the insured in the event of his unfortunate death. This scheme is not related to the stock market.

Features and benefits:

  • The premium is applied to deduct taxable income under the Income Tax Act 1961.
  • Non-Resident Indians (NRIs) will also be covered under this scheme, even if they are not in the state, but will have to be in the state at the time of medical examinations.
  • The company provides a Freelook period of 15 to 30 days. Within this time, the policyholder can return the document if he is not satisfied with its terms.
  • You can take advantage of the scheme through the online application process and no broker will be involved.

SBI Life Eshield

SBI, trusted by many and a brand that has been in the banking and financial industry for a long time. SBI Life eShield is the purest insurance policy offering a range of benefits at affordable prices.

Features and benefits

  • The plan provides the option to choose a cover on life and take advantage of increased coverage.
  • Comes with an inbuilt incurable terminal illness benefit and two options for the rider.
  • If you are a non-smoker, you will likely get a significant discount on the premium.
  • The minimum term of the policy is 5 years and the maximum is 30 years.
  • Under the same order, you will get coverage up to 75 years.

HDFC Click 2 Protect 3D Plus Term Plan

HDFC Click 2 Protect 3D Plus Term Plan is a special term insurance policy that covers three uncertainties: death, disability, and illness. It is an effective and affordable insurance policy.

Features and benefits

  • HDFC Click 2 Protect 3D Plus currently offers different coverage options.
  • It comes with a unique Life Stage Protection feature that allows you to increase your insurance coverage at certain levels.
  • It also provides the option that allows you to increase your coverage on an annual basis.
  • Tobacco users and non-smokers can easily benefit from attractive discounts on insurance premiums
  • This plan provides full coverage along with a waiver of premium in case of critical illness.
  • The minimum term of the policy is 5 years and the maximum is 40 years.

Max Life Smart Term Plan

The Max Life Smart Term Plan provides comprehensive protection for the policyholder against serious illnesses, disabilities, and death and provides complete financial protection for your family in your absence.

Features and benefits

  • In this, optional riders such as accident coverage and critical illness coverage can be increased by paying an additional premium.
  • There are different options for getting the amount guaranteed under the plan.
  • The plan offers several premium payment options which include limited payments, regular payments, and payments up to 60 years.

Aditya Birla Sun Life Protector Plus Plan

This is a traditional protection plan that offers a higher guaranteed amount at a nominal premium price. The plan secures the financial future of the insured’s family against any kind of eventuality. Moreover, the plan also takes care of future responsibility and helps in maintaining a good lifestyle even in the absence of the family breadwinner. Below are some of the salient features of the document and the benefits it offers.

Features and benefits

  • The plan provides complete financial protection with the lowest premium rate.
  • Protects against rising cost of living with the option to increase the guaranteed amount.
  • The plan comes with inbuilt full and permanent disability coverage to enhance policy coverage.
  • The beneficiary can receive a death benefit as an annual income.
  • Policy rewards are offered for maintaining a healthy lifestyle.
  • The plan offers the rider options to enhance policy coverage.
  • The policyholder can save on taxes under Section 80C of the Income Tax Act.

Kotak e-Term Plan

Kotak e-Term Plan is a complete risk coverage plan that will protect your loved ones. It really provides a high level of protection and is available at an affordable cost especially for women and non-tobacco users.

Features and benefits

  • It is low-cost insurance that provides high coverage at a pocket-friendly price.
  • With the escalation option, cover can be improved in private life events.
  • Choose from three payment options and three plan options.
  • Choose passenger benefit options such as Accidental Death Benefit, Permanent Total Disability, and Critical Illness Benefit.

PNB Metlife Mera Term Plan

The PNB Metlife Mera Term Plan, which ranks among the term insurance plans, offers protection to the insured’s family at a low premium rate. The PNB Metlife Mera Term Plan also offers the option to increase your monthly coverage by 12% annually. Moreover, the policy also provides coverage for the spouse under the same policy. Aside from death benefits, the plan also provides tax benefits under Sections 80C and 10(D10) of the Income Tax Act of 1961.

Features and benefits

  • This is a comprehensive insurance plan that can be purchased online.
  • The policy offers individual coverage to the spouse under the same plan.
  • The plan provides flexibility to enhance policy coverage.
  • The plan comes with a maximum maturity of 75 years.
  • Lower premium rates are offered to non-smokers and women buyers.
  • The policyholder can take advantage of tax benefits under Section 80c of the Information Technology Act.

Now Tell Us About the Things You Should Keep in Mind Before Buying a Term Insurance Policy?

Take cover as per requirement

Financial advisors say you should buy insurance at least 10 times your annual income. Besides, keep increasing your insurance coverage as your income increases or with the change in life or the purchase of a separate term plan.

Accordingly, if you earn INR 15,000 in a year, you should buy a term plan of at least Rs 1.5 crore.

A premium of Term Plan

The term plan premium actually depends on three factors – your age, the amount of coverage, and the term of the policy. For the same age, term, and life coverage, the insurance company may charge different amounts from different people. You can compare different features on the website before purchasing a term insurance policy. Only after that, should you purchase the term plan.

How many types of term plans are there?

The older you are, the higher your insurance requirements will be. When you’re young, the need for insurance is going to be a thing. Insurance cover must be increased after marriage. Likewise, having children will require more coverage for you. Many insurance companies sell plans where you can increase or decrease the amount insured over time.


Nomination is the most important part of any insurance policy. You are taking a term plan for your family’s financial security. Filtration ensures that only the person you want gets the security deposit in case of any unforeseen circumstances. You must provide candidate information while purchasing insurance, especially the term plan.

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Read More:

What are the Types of Insurance? Know Before Buying, There Are 9 Types of Policies
What is Life Insurance? What Are the Benefits of Life Insurance Plans? [Full Details]


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