Best Term Insurance Plans in India 2022

Life is very unpredictable, and so is a financial crisis. In the event of your sudden demise, you would not want your family to be stranded in the middle of nowhere. So, here the need for a term insurance plan arises. It is one of the most cost-effective ways to curb any financial crisis because of its low premium rates and its coverage.

What is a Term Insurance Plan?

An insurance policy for a set number of years is known as a term policy. A death benefit will be paid if the policyholder dies during the period stipulated in the plan and the policy is active or in force.

Compared to permanent life insurance, term insurance is at first much less expensive. The cash value of term insurance policies is much lower than that of most permanent policies. Basically, a policy’s only value is its death benefit guarantee.

Why is it Important to Have a Term Insurance Plan?

Having term insurance is very important, as it gives comprehensive coverage to the individual and protects their future financial well-being. Below are some of the listed reasons why a term insurance plan is a must-buy:

You can get a high coverage by only paying a minimal price
Term insurance plans provide coverage of up to 99 Years.
You can save tax up to Rs 46,800 by paying the premium for Term Insurance Plan
Term Insurance Plan helps protect your family and loved ones from any financial crisis by paying off the debts and liabilities in case of your untimely death.
Premiums are low when purchased at a young age
Term Insurance provides add-ons benefits such as – waiver of premiums, critical illness and disability to protect you from income loss

Benefits of Term Insurance Plans

Out of numerous benefits offered by a term insurance plan, some of them are listed below:

You will get complete protection at a minimum premium
The nominee can receive the annual income as a death benefit
Protection against rising inflation
Generally, term insurance offers policy rewards for maintaining a healthy lifestyle
To enhance the policy coverage, a term insurance plan offers riders as well
The best part is – a policyholder can save taxes under section 80C of the Income Tax Act
Apart from critical illness coverage, the plan also comes with inbuilt complete and permanent disability cover

There are several term insurance plans available in India. Some of the best term insurance plans in India 2022 are:

Aditya Birla Sun Life Protector Plus Plan
Bajaj Allianz eTouch Lumpsum
Aegon Life iTerm Plan
Bharati AXA Term Plan eProtect
Edelweiss Tokio Life My Term
IndiaFirst Anytime Plan
ICICI Prudential iProtect Smart
Canara HSBC iSelect + Term Plans
Future Generali Flexi Online Term Plan
Aviva LifeShield Advantage Plan
Kotak e-Term Plan
LIC e-Term Plan
Sahara Kavach
SBI Life eShield Plan
PNB MetLife Mera Term Plan
TATA AIA Maha Raksha Supreme
SBI Smart Shield
Shriram Cash Life Back Term Plan

Each plan has its own benefits and drawbacks. It is very important to understand that you should never buy a plan based on just the benefits. Check all the possible factors, such as:

CSR (Claim Settlement Ratio)
Market Value
Fund Performance
Background Check

Conclusion

Now that we understand the importance and the best term insurance plan available in India, it is easy to buy one for the family’s financial well-being. Make a checklist of all the important factors required to consider while buying an insurance policy. Compare the term insurance plans at Cover 360 and buy the most suitable one.