Prices Increasing Soon
All our lives we work towards providing our family a secure present and future. To this effect, we take a term insurance policy to ensure that our family is taken care in case of sudden death. However, what we often fail to consider before buying the policy is how the death benefits i.e., sum assured, would be paid to our nominee(s) and the ways by which they would use it.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Due to limited financial knowledge, most families fail to use the lump sum amount wisely. So even though you had the best of intentions while buying that policy, your family could still not be looked after.
To deal with this problem, insurance companies have started offering a staggered or monthly payout option. Instead of a lump sum payment, your nominee will receive 10% of the insured amount and the rest would be paid as monthly installments over the next 15-20 years.
One can select from any of the combinations available:
Part sum assured (high proportion) + monthly income: Usually, 50%-70%of the sum assured is paid to the nominee immediately after the death of the policyholder and the remaining part is paid in the form of monthly installments to support the family’s regular financial requirements.
Part sum assured + monthly income (equal proportion): In this case, the nominee gets both the sum assured and the monthly income in equal proportions.
Sum assured and monthly income increasing yearly: In this case, the monthly income increases annually by 10%-20%. It is a very useful feature as it helps dependents deal with inflation.
Term Plans
Here’s a look at some of the best available online term plan options in the market:-
| Lump Sum + Monthly Income Plan | ||||
| Name of the insurer | Plan Name | Premium | Lump sum amount | Monthly payout |
| HDFC Life | Click 2 Protect Plus Income Option | Rs 8,679 | Rs 1 crore | Rs 50,000 for a period of 15 years |
| Max Life | Online Term Plan- Life Cover + Monthly Income | Rs 7,400 | Rs 1 crore | Rs 40,000 for a period of 10 years |
| Reliance Life | Online Income Protect | Rs 15,725 | Rs 1 crore | Rs 50,000 for a period of 15 years |
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
*Above calculations are for a 30-year old male looking for Rs 1 crore coverage for a 30-year tenure.
Conclusion
With the option of staggered payment, you get to customize the plan as per your family’s needs. With a combination of lump sum and monthly installments, you can rest assured that in your absence, your family would be financially secure.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2025 policybazaar.com. All Rights Reserved
+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Buying a home is a major milestone, but it also comes with
Read more
Amit was a 38-year-old marketing professional with big dreams
Read more
Are you looking for an affordable way to protect your family's
Read more
Term insurance is a crucial financial safety net for families
Read more
HDFC Life is a well-known insurance provider in India, offering
Read moreInsurance
Calculators
Payment Methods
Secured With
Follow us on
