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Best Term Plan Investment

Choosing the best term insurance plan to meet your needs and requirements is important. The type, amount of cover, plan tenure, and the premium payment terms all determine whether a term plan will be beneficial for you or not. Let us understand the process of selecting the best suitable term plan.

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How to Choose the Best Term Insurance Plan?

Comprehend the following listed aspects before choosing the ideal term insurance plan: 

  • Avoid extremely cheap premiums: A very cheap premium can be misleading at times. Before you purchase the plan, read the terms and conditions carefully. Read for the inclusions as well as exclusions. 

  • Read the riders that are available such as critical illness, accidental death benefit, accelerated terminal illness, a permanent disability rider, and so on. 

  • Understand the requirements: Ascertain a coverage amount required as per your lifestyle and goals in the future. 

  •  Choose a plan with high coverage amount: Term Insurance plans have high coverage at affordable premiums. The coverage amount should be ideally 15 to 20 times. Also, take into view your current lifestyle and inflation rate.  

Top Term Insurance Plans with Features

  1. Bajaj Allianz eTouch Online Term Plan

    Bajaj Allianz is an online term plan which provides a financial shield for your family; the features are listed below: 

    Tenure of the Policy Maximum of 40 years and minimum of 10 years. 
    Paying term of the premium  10-40 years, equal to the policy term chosen
    Premium Paying Mode Yearly, Half-Yearly, Quarterly, Monthly
    Sum Assured Minimum Rs. 50,00,000/- Maximum Life Benefit: No Limit  
    Benefits  Critical Illness Benefit Accidental Total or Permanent Disability Benefit  Death Benefit  Tax Benefits   
    Documents Required  Identity Proof  Age Proof  Address Proof Recent Photograph 
    Entry Age  Minimum 18 years and Maximum 65 years  
    Maturity Age  Minimum 28 years  and Maximum 75 years 
  2. Bharti AXA Term Plan eProtect

    With an easy and hassle-free application process. The term is customizable depending upon the age of the policyholder. 

    Sum Assured  Minimum: 25,00,000 Maximum: No Limit
    Entry Age  Minimum: 18 years Maximum: 65 years 
    Maturity Age  Maximum of 75 years 
    Policy Term Minimum 10 years Maximum 30 or cover ceases as per (chosen age-entry age)
    Premium Paying Term in Years  Equivalent to the policy term 
    Premium Paying Frequency  Annual or Half Yearly 
    Yearly Premium  Subjective to the sum assured and policy term 
    Benefits Life Insurance Benefit  Family Care Benefit Tax Benefits 

    Five things to know before buying Term Plan Five things to know before buying Term Plan
  3. Aditya Birla Sun Life Protector Plus Plan

    Entry Age  Minimum 18 years and Maximum 65 years 
    Maturity Age  Minimum 26 years and Maximum 65 years 
    Sum Assured  Minimum 30,00,000 Maximum No Limit 
    Features  Two cover options of Level sum assured and Increasing sum assured Pure term plan with regular premium payment options
    Benefits  No Maturity Value under the plan On the death, the sum assured is paid to the nominee
  4. Future Generali Flexi Online Term Plan 

    Policy Tenure Basic Life Cover -  10 years minimum  A Maximum of 65 years – Entry Age  for Smokers and 75 years –Entry Age for Non-Smokers 
    Premium Payments  Annual  and Monthly  
    Entry Age  For Basic Life Cover:  18 – 55 years  For Income Protection:  25-55 years 
    Maturity Age  For Basic Life Cover:  Minimum: 45 Years Maximum: 65 years for Smokers and 75 years for Non-Smokers For Income Protection: 45-65 years 
    Benefits  Death Benefit  Tax Benefit  Maturity Benefit Premium Savings 
    Exclusions If the policyholder dies on account of suicide, the beneficiary receives only 80% of the premiums paid to date. 
    Documents Required  Age proof, Identity Proof, Income Proof, and Address Proof  
    Sum Assured  For Basic Life Cover:  Minimum: Rs. 50,00,000/- Maximum: No Limit 
    For Fixed Income Protection:  Minimum: Rs. 25,000 (For 25-43 Years) Minimum: Rs. 35,000 (For 44-48 Years) Minimum: Rs. 42,000 (For 49-55 Years) Maximum: No Limit 
    For Increasing Income Protection: Minimum: Rs. 25,000 (For 25-48 Years) Minimum: Rs. 30,000 (For 49-55 Years) Maximum: No Limit  *Subject to underwriting norms

    Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar
  5. Tata AIA Maha Raksha Supreme Plan

    Eligibility  Entry Age: Minimum 18 years and a maximum of 65 years at issue (45 years for Pay to Age 60 option) Maturity Age:
    • Non-whole life term: Minimum 28 years, Maximum 85 years
    • Whole life term: 100 years
    Features  Premium Rebate to Females Minimum Sum Assured of 50 Lakhs Two options to choose from – Pure Protection Cover and Life Stage Plus Option  (at key milestones)
    Benefits  The plan offers the following benefits:  Payout Accelerator Benefit Tax Benefit Death Benefit Life Stage Plus Option  Reinstatement Benefit  High Cover Discount 
  6. SBI Smart Shield 

    Entry Age  Minimum 18 years and a maximum of 60 years 
    Maturity Age  80 Years 
    Options Level Term Assurance and Increasing Term Assurance 
    Sum Assured  Minimum 25,00,000; No Limit for the maximum amount 
    Benefits Death Benefit Maturity Benefit  Survival Benefit  Tax Benefits 
    Yearly Premiums  Single Pay – 11000 Regular Payments – Yearly: 3000 Half Yearly: 1500 Quarterly: 750 Monthly: 300

In Conclusion

A term insurance plan secures your family's future by providing flexibility of coverage, tax benefits, and affordable premiums and also provides financial security. Choose your term plan wisely before purchasing one to get adequate coverage.

FAQ's

  • What are the exclusions of a Term Insurance Policy? 

    Some aspects are not covered under a term insurance policy. They have been listed out hereunder: 
    • Death caused due to intoxication: Death due to intoxication refers to the death caused due to consumption of alcohol, drugs, or other intoxicants of the same kind. 
    • A pre-existent medical condition: Any pre-existing medical condition is not covered under a policy. No benefit is provided to the nominee in such a case. Thereby, the medical conditions should be appropriately disclosed at the time of application. 
    • Unlawful activities: Unlawful activities include participation in theft/robbery, civil war, rebellions, and riots. When an individual dies during unlawful activities, the same is not covered in a term plan. 
    • Hazardous Activities: Activities such as sky diving mountain climbing are not covered in such a policy. 
    • Suicide: Death benefit is not provided in the case where the policyholder attempts suicide (refer to the policy document)
  • What are the documents required to purchase Term Insurance Policy?    

    The following list of documents is required for the life insurance policy: 
    • Income Proof: Form 16, Income Tax Returns for last two years, Certificate issued by the CA, Salary slips for last 6 months, Bank statements of Last 6 months. 
    • Proof of Identity: Pan Card, Voter Id Card, Passport, Aadhar Card
    • Age Proof: Ration Card, Marriage Certificate, Driving License, Birth Certificate, Voter Id Card, Passport, Aadhar Card
    • Proof of Address: Pan Card, Voter Id Card, Passport, Aadhar Card, Passbook, Utility Bills for Last three months 
  • What is the claim initiation process?

    Follow the steps mentioned below to initiate the process online: 
    • Initiation of Claim: Visit the official website and look for the claim section. Login with your registered mobile number, enter details of your policy and procedures.
    • File the supporting documents: Upload documents such as filling in forms and medical records. 
    • Settlement of the claim: After the documents are assessed, the insurance provider passes the claim within 30 days.
    Claim can also be processed offline by visiting the insurer's branch office. 
  • What factors affect Term Insurance Premiums?

    Some factors that affect the Term Insurance premiums are listed underneath: 
    • Age 
    • Gender
    • Health Condition
    • Gender
    • Smoking Habits
    • Occupation 
    • Sum assured Chosen 
  • What are the Term Insurance Premium Payment Options? 

    The premium payment options are mentioned below: 
    • Regular Pay
    • Limited Pay
    • Single Pay
  • What are the types of Term Insurance policies? 

    There are the following types of Term Insurance Policies:
    • Level Term Plans 
    • Term Plans with Return of Premium 
    • Increasing Term Plan
    • Decreasing Term Plan
    • Convertible Term Plan

Different types of Plans


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