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Which is the Best Term Insurance Plan for My Mother?

Earlier, buying life insurance coverage for women was often ignored. The scenarios have changed now, and more and more people are buying term plans for their mothers to ensure the future financial security of their families. Some suggested term plans for your mother are Edelweiss Tokio Zindagi Plus Plan, Max life term plan plus, etc.

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What are the Benefits of Term Insurance Plans for Mothers?

Following are some of the benefits of a term insurance plan for mothers:

  • Cost-Effectiveness:  Term insurance plans are available in the market at a reasonable cost. They provide high coverage at low premiums. You can buy a term plan for your mother to get the good sum assured at affordable premium rates.

  • Tax Benefits: You can claim tax deductions based on the premiums payable under Sec 80C of the Income Tax Act, 1961 for up to Rs.1.5 lakhs. The tax benefit is also available to the nominees/ family members on the death benefit. This means your mother won't have to pay any tax on the insurance money as it is exempted. 

  • Discounts for Women: Many insurance companies in the market offer special discounts on term plans for women. These discounts are generally offered to provide low premium rates on the plan and reduced term period. 

What Are the Factors That You Should Consider Before Buying a Term Plan for Your Mother?

You need to consider the following factors before buying a term insurance plan for your mother:

  • Insurance Company: You need to choose the right insurance company to buy the term plan. Check the claim settlement ratio (ratio between the number of claims resolved by the insurer and the number of claims filed by the policyholder/nominee) and solvency ratio (the ability of the insurer to meet its debts). It is advisable to go for an insurer with a high claim settlement ratio and good solvency ratios.

  • Policy Tenure: Choose a suitable policy tenure according to your requirements.  However, while choosing the tenure, you have to keep in mind that smaller tenure will mature before you meet the financial goals. On the other hand, longer tenure comes with a longer premium paying term.

Which Are the Best Term Insurance Plans for My Mother?

Some of the best term insurance plans for your mother are:

Plan name  Entry age
Aegon Life iTerm plan Minimum- 20 years Maximum- 65 years
Bajaj Allianz eTouch Term Plan Minimum-18 years Maximum- 65 years
Canara HSBC iSelect+ Term plan Minimum- 18 years Maximum- 70 years
Edelweiss Tokio Zindagi Plus Plan Minimum- 18 years Maximum- 60 years
HDFC Life Click 2 Protect 3D Plus Minimum-18 years Maximum- 65 years
Max life term plan plus Minimum- 18 years Maximum- 60 years
SBI Life eShield Minimum-18 years Maximum -65 years
Tata AIA Sampoorna Raksha plan Minimum-18 years Maximum -70 years
  • Aegon Life iTerm plan: This term insurance plan offers life coverage till the age of 80 years. You can avail of this plan with the inbuilt terminal illness benefit and some additional riders such as accidental death benefit rider.

  • Bajaj Allianz eTouch Term Plan: It is a non-participating pure term policy. It is one of the best term plans provided by Bajaj Allianz Life Insurance Company. This plan provides financial security to the insured family members at low premium rates.  

  • Canara HSBC iSelect Plus Term Plan: This plan provides multiple coverage options to the insured, such as whole life coverage, multiple premium payment options, along the coverage of spouse in the same plan. The plan aims to establish financial security and fulfill the financial needs of the insured's family on her death.

  • Edelweiss Tokio Zindagi Plus Plan: It is a limited pay term insurance plan. It provides the life cover to the insured's spouse under the option of better half benefit.

  • HDFC Life Click 2 Protect 3D Plus: It is the online term plan offered by HDFC Standard Life Insurance Company. It provides comprehensive life coverage to the whole family of the insured by offering the 9 plan options to choose from.

  • Max Life Term Plan Plus: It is a non-participating pure term insurance plan that provides the insured with three additional life cover options. Also, it provides additional riders; one such is the premium waiver benefit, in which the plan continues even if the insured is unable to pay the premiums.

  • SBI Life eShield: This term plan provides comprehensive coverage at an affordable premium with an inbuilt accidental death cover. The important factor of this plan is that for the healthy lifestyle insured persons, the premium rates will be less. This plan is designed with various benefit structures such as level cover and increasing cover.

  • Tata AIA Sampoorna Raksha Plan: It is a non-participating and non-linked term insurance plan. It provides an option of protection up to the age of 100. Also, it provides various benefits, especially to the women, along with the discount on the premiums.

In Conclusion

A person has to buy the term insurance plans for their mother according to their mother's needs and requirements. The selected term plan should provide maximum coverage along with the additional riders. As many insurance companies provide various term plans with various benefits to women, you can choose the better term plan for your mother. 

FAQ's

  • Why do I need to check the claim settlement ratio while buying the term insurance plan for my mother?

    The claim settlement ratio (CSR) is the ratio between the number of claims resolved by the insurer and the number of claims filed by the policyholders. A high claim settlement ratio indicates that the company is successful in settling maximum claims. A high CSR can foretell that your family won't face any trouble getting a successful claim if you meet all the requirements. 
  • Why do I need to check the solvency ratio while buying the term insurance plan for my mother?

    The solvency ratio is the ability of the insurer to meet their debts. You have to buy the term insurance plan from such an insurer who can resolve all its debts/ liabilities. 
  • How can I apply for the term insurance plan for my mother?

    You can either visit the insurance company physically and buy the plan or apply for it online by visiting the insurance company's web portal.
  • Is the medical test required for availing of the term insurance plan for my mother mandatory?

    No, the medical tests for availing of the term insurance plan are not mandatory. It depends on one insurance company to another. It also depends upon the sum assured and the age of the insured.

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