Best Term Insurance plans in India 2021 you should know about

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Whether you are a family man or a single individual who is yet to start a family of his/her own, planning for the future is very important. Amidst all these, we need to understand the fact that our life is absolutely unpredictable, especially when a pandemic is going on. If you want to take care of your family even when you are not around, you must consider term insurance.

How can term insurance help my family?

Term insurance is a life insurance policy that you can buy and have to pay a certain amount of premium either monthly, quarterly, half-yearly, or yearly. When you buy a term insurance plan, you have tokeep on paying the premium for the tenure that you have chosen. However, if you pass away within the tenure, the sum assured will be paid out to the beneficiary that you chose for the plan. The sum assured can go up to 1 crore or even higher, depending upon the kind of term plan and tenure you choose. To receive added benefits, you can choose riders, which are also often called add-ons.

There are many term insurance policies offered by different term life insurance companies in India. And to make a sensible decision, you must compare the various term insurance policies and then choose the one that will be suitable for your family in the future. Let us take a look at some of the best term insurance plans in India 2021.

Aditya Birla Sun Life Protector Plus Plan

This plan offers a higher sum assured at a minimal premium rate. The plan helps in making the future of the family secured against any kind of eventuality. The feature and benefits of the plan include:

  • With the help of this plan, your family can get financial protection at an affordable premium rate
  • To improve the coverage policy, the plan offers an inbuilt total and permanent  disability cover
  • The beneficiary will be able to get the death benefit as annual income
  • There are policy rewards offered to the nominees
  • You can take riders with the policy
  • You can save taxes under Section 80C of the Income Tax Act.

Aegon Life iTerm Plan

The Aegon Life iTerm Plan offers life coverage till 80 years of age. The steps of buying this plan are hassle-free and simple. You can get added rider benefitssuch as critical illness benefits and accidental death benefits. The features and benefits of this plan are:

  • You can purchase the plan online
  • The minimum entry age for this policy is 18 years, while the maximum age is 65 years
  • The maximum policy maturity age is 80 years
  • You can avail of tax benefits under Section 80C of the Income Tax Act
  • Non-smokers and female insurance buyers can enjoy lower premium rates
  • You can also enjoy flexibility on premium payment mode.

Bajaj Allianz eTouch Online Term Plan

This is one of the most sought-after term insurance plans in India, preferred mostly for the low premium rate. The plan offers tax benefits under section 80C and 10 (10D) of the Income Tax Act 1961.The features and benefits of this plan include:

  • This is one of the most affordable plans that you can very easily buy online
  • In case the policyholder dies within the tenure of the policy, the beneficiary will get a payout for 15 years
  • The plan comes with two different payout options
  • The plan also comes with 15 days free-look period.

To find more such plans, you can take a look at the IIFL website. You will come across several term insurance companies offering terms plans with varied features and benefits. You can make up your mind about choosing the suitable one that can benefit your family.

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By David Smith

Professional blogger writing about different niche.

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