Top 3 Best Term Insurance Plan In India 2019-20

What is Term Insurance Plan?

If you know about the term insurance plan, then skip this section.

The term insurance plan is a simple insurance plan where if the insured dies, his family/nominee will get the sum assured. There is no maturity amount in the insurance plan. These are insurance plans that have only risk coverage. No one will get any money back at maturity.

As per IRDA guidelines, after 3 years from the policy date, the claim cannot be dismissed citing any reason. Therefore, the claim settlement ratio is not a major criterion in deciding the best term insurance plan. However, this should still be considered as a point when purchasing a term insurance plan.

Why do we need a term insurance plan?

The whole family, including children, will depend on the earning members in the family. What would happen if the head or earning member of the family met through an accident and did not live in this world? While the loss of a family member cannot be replaced by anything, it also affects the financial condition of the family. Such a loss can affect the child’s education, delay the daughter’s marriage, and the spouse’s daily life. One of the best way to protect from such negative surprises in our life is term insurance plan. Since term insurance plans come with low cost and provide high coverage of insurance, it is one of the best ways to secure your life.

We Are Presenting Top 3 Best Term Insurance Plan In India 2019-20 All Are Listed Below

Top 3 Best Term Insurance Plan In India 2019-20

Top#1 – Max Life Term Insurance Plan Plus

Top 7 Best Term Insurance Plans in India in 2019-2020-Maxlife term insurance plan plus

Max Life Term Insurance Plan Plus comes with 3 options in its plan. The

main features of this term insurance plan of Max Life are given below.

The minimum entry age is 18 years and the maximum entry age is 60 years

The maximum maturity age is 70 years.

The term of the policy is between 10 years to 50 years.

The minimum sum assured is Rs 25 lakh.

Maximum Sum Insured – Rs 100 Crore.

Premium payment mode can be monthly, quarterly, half-yearly and yearly.

A limited premium payment option is available where you can pay the premium for a limited period, however, enjoy the insurance plan for the entire term of the plan. You can save a premium of up to 30% of this.

A comprehensive accident benefit rider is available in this plan.

This plan is available in 3 coverage a) Basic Life Cover b) Basic Life Cover + Monthly Cover c) Basic Term Plan Cover + Insurance Month Income

The claims settlement ratio for the FY 2017-18 is 98.26%, the highest among all insurance companies.

Its basic premium is approx. Rs 8,378 (axle tax) annually for a 30-year non-smoker for a 30-year policy of Rs 1 crore for basic life cover.

Its basic premium is approx. Basic Life Cover + Increased Monthly Income Option Rs. 12,272 (Axle Tax) for 30-year Non-Smoker for 30 Year Policy of 1 Crore Assured for Monthly Income Option.

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Top#2 – LIC Tech Term Insurance Plan (Updated in Oct-2019 as earlier LIC eTerm plan was discontinued now)

LIC is the trusted brand in the insurance segment in India, catering to insurance

LIC Tech Term Insurance Plan – Positive and Negatives-min

insurance for several decades. One of the best term insurance plans coming from LIC is the Take Term Insurance Plan. LIC’s tenure is a regular premium non-participating “online term insurance policy” that provides financial security for the insured’s family in case of his unfortunate demise. This is an online plan and there will be no middleman involved.

Here are the features of the LIC term insurance plan.

The minimum entry age is 18 years and the maximum entry age is 65 years

Risk coverage is up to 80 years of age.

The term of the policy is between 10 years to 40 years.

The minimum sum assured is Rs 50 lakhs.

Maximum Sum Insured – No Limit.

It provides both the level of sum insured and incremental sum insured. In the sum assured, the sum assured is fixed during the policy term. However, in increasing insurance, the sum assured will increase from 6th year to 15th year from year to year and from there, they are stable beyond that period. However, the premium will be higher for such level insured option.

LIC Tech Term Insurance Plan offers Accidental Death Benefit Rider which is optional and comes with additional premiums.

The claim settlement ratio for the FY 2017-18 is 98.04%.

All types of deaths including accidental death except suicide during the first year are covered under this scheme.

One can only propose in his own name and not take the name of the spouse who is not working.

LIC offers flexible premium options like regular premium (monthly, quarterly, half-yearly and annual), single premium and limited-term premium options.

The premium in LIC is slightly higher. If you take LIC Tech Term Insurance plan for Rs 1 crore and opted for regular annual premiums, then in simple sum assured, the premium works out to Rs 5,368 for 20 years and for a policy term of individual 20 years. It will be Rs 7,216 for 30 years and Rs 13,770 for 40 years in person. No exemption is applicable here.

NRIs can also apply if they are residing in India and the insurance scheme is valid in the specified countries list.

Generally, individuals who want to increase their insurance amount have to buy a new insurance plan with additional insurance amount. However, they can opt for increased insurance amount where the sum assured will be increased during their tenure.

LIC Tech Term Insurance Plan is one of the top online term insurance plans in 2019-2020 because of its brand value as well as the trust of millions of people in India.

If you have any questions on LIC Tech Term Plan, you can contact online_mdt@ilindia.com or call toll free number 1800 227 717 or landline number 022-26127303-05,022-67819282,022-67819284 .

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Top#3 – ICICI iProtect Smart Term Insurance Plan

Top Best Term Insurance Plans in India in 2019-2020-icici iprotect smart

Here are the key features of the ICICI iProtect Smart Term Plan.

The minimum entry age is 18 years and the maximum entry age is 65 years

The maximum maturity age is 99 years.

The term of the policy is between 5 years to 40 years.

Minimum Sum Assured – Based on the minimum premium of Rs 2,400 per year.

Maximum Sum Insured – No Limit.

The alternative rider is that it pays if any of the 34 critical illnesses are diagnosed.

It comes with 4 levels of protection 1) life 2) life plus 3) life and health and 4) all in one.

Claim settlement ratio for the financial year 2017-18 is 97.88%

The premium is approx. Rs 8,279 per year for a 30-year non-smoker and a 30-year non-smoker for a policy of Rs 1 crore. Accident death cover will cost an additional premium of Rs 2,803 for Rs 50 lakh coverage and Rs 15,569 for critical illness cover for Rs 10 lakh coverage. These are 2 optional riders that you can consider depending on your requirements.

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