Imagine a 35-year old man is happily living with his 5-year old son and wife in Bangalore. He has recently bought an apartment in a gatedsociety and working hard every single day to provide the best life to his family.One fine day when he was busy attending calls from clients and putting all the efforts into the official meetings, he started showing some symptoms of COVID-19 and in just a week he lost his battle with the infection.He left behind his old parents, his wife, and his son, for whom he meant the whole world. The void of losing a young son, a husband, and a father of a 5-year old boy can never be filled but this 35-year old man bought a term insurance plan with the coverage of INR 1 Crore, which now the wife as the beneficiary will get.
This is a hypothetical situation, which might have happened to many families in India and even the world in the last one anda half years.And by this time we all should accept the fact that life is uncertain and we should be better prepared for the worst situation. While we take so many measures, buying a term insurance plan can never be the wrong idea. When you purchase a term plan, you secure the future of your family, make sure they can take care of the finances, etc.A term life insurance plan is also known simply as a term plan is a pure life insurance plan that provides financial relief to the beneficiary in the event of death of the policyholder. The reason for death can be anything such as accidents, disease including COVID 19, terminal illnesses, etc. Many policies also let you get the insured amount in case you have been diagnosed with a terminal illness. Term Insurance is very beneficial as it provides a huge sum assured against a low premium. And if you buy a term insurance plan in your 30’s you stand a chance to get a lower premium as the premium amount usually goes up with age.
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If you plan to buy a term insurance plan, you will come across a lot of them. For your benefit we have tried to shortlist some of the best term insurance plans in India 2021to choose from include:
LIC Tech Term
The minimum entry age of the policyholder has to be 18 years and the maximum age is 65 years. The minimum tenure of the policy is 10 years while the maximum is 40 years. The minimum sum assured is INR 50 lac. The claim settlement ratio is 96.69%.
HDFC Click2Protect Plus
The minimum entry age of the policyholder for HDFC Click2Protect Plus is 25 years and the maximum is 65 years. The minimum policy tenure is 5 years while the maximum is 85 years. The minimum sum assured is INR 10 lac. The claim settlement ratio is99.07%.
Tata AIA Maha Raksha Supreme
The entry age of Tata AIA Maha Raksha Supreme is 18 years and the maximum age has to be65 years. The minimum policy tenure is 10 years and the maximum is 40 years. The minimum sum assured is INR 50 lac. The claim settlement ratio is 99.06%.
Bajaj Allianz Smart Protect Goal Term Plan
The entry age of this policy is 18 years, while the maximum age is 65 years. The minimum policy tenure is 5 years and the maximum is 40 years. The minimum sum assured is INR 50 lac. The claim settlement ratio is 98.02%.
Canara HSBC OBC iSelect Star Term Plan
Like many other policies, the entry age of the policy is 18 years and the maximum entry age is 65 years. The minimum policy tenure is 5 years and the maximum is 60 years. The minimum sum assured is INR 25 lac. The claim settlement ratio is 98.12%.
Apart from these, there are several other policies that you can opt for. If you want to take a look at various types of policies, you can visit the website of IIFL. You can compare the policies and their prices, and even can do a bit of research before making the final call. One of the best parts of planning for the term life insurance plan is before going ahead you decide that you can plan for all the financial obligations that you have. This may include an outstanding debt such as a loan, commitments such as marriage, and even the education of your child. All of this helps you in making the right choice and safeguards your family against any possibilities of financial hardships after your untimely demise. Your absence will be always felt by the family but your family will be safeguarded against the financial setback if you buy a term insurance for the same.