Mr Sharma has a family of 5 members, including 3 children. He works in an MNC and the family lives happily. One day he lost his close friend, Mr Nishant, to a fatal accident. The wife of Nishant is now struggling to look after her 2 children on the untimely death of her husband.
Mr Sharma closely observes the financial difficulties his friend’s family is facing. Unfortunately, Mr Nishant didn’t avail a term insurance plan when he was alive. If Mr Nishant had availed a term insurance plan, his family would be free from financial worries, today.
Mr Sharma does not want to repeat the mistake his friend committed and intends to keep his dependents financially secure in his absence by purchasing term insurance. Is it not a good idea? Yes, it is. What about you?
This is possible through term insurance, which is gaining popularity, today. Term insurance is a pure risk protection plan which offers coverage to the insured for a given time period. The nominee gets the sum assured if the insured dies during the term of the plan.
Various types of term insurance plans are offered today with different features and riders. Policyholders also enjoy different payout options. Today’s term insurance plans are flexible in terms of premium payment options. One can choose to make annual payments, semi-annual payments, quarterly payments and monthly payments according to convenience.
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Plan Name |
Claim settlement ratio |
Premium amount (pa) |
Sum assured (Rs) |
Maturity age |
HDFC Life Click2Protest Plus Term Plan |
97.6% |
NA |
Minimum-25 lakh Maximum- No restriction |
Maximum- 75 years |
Birla Sun Life Digi Shield Plan |
96.40% |
Rs 11,440 |
Minimum-Rs 50 lakh Maximum- No restriction |
Maximum – 80 years |
India First eTerm Plan |
92.0% |
Rs 8,378 |
Minimum- Rs 50 lakh Maximum- No restriction |
Maximum – 80 years |
Max Life Online Term Plus |
98.3% |
Rs 19,599 |
Minimum- Rs 50 lakh Maximum- No restriction |
Maximum – 85 years |
TATA AIA Sampoorna Raksha |
98.0% |
Rs 14,101 |
Minimum- Rs 50 lakh Maximum- No restriction |
Maximum – 80 years |
IDBI Federal iSurance Flexi Plan |
90.3% |
Rs.10,018 |
Minimum-Rs.50 lakh Maximum- NA |
Maximum – 80 years |
Canara HSBC Life Insurance iSelect |
93.20% |
Rs.8,438 |
Minimum- Rs.50 lakh Maximum- No restriction |
Maximum – 80 years |
Future Generali Flexi Online Term Plan |
93.20% |
Rs.10,252 |
Minimum-Rs.50 lakh Maximum- No restriction |
Maximum – 75 years |
Aegon Life iTerm |
97.10% |
Rs.10,252 |
Minimum-25 lakh Maximum- No restriction |
Up to 100 years |
See Also: Benefits of Buying Term Insurance Online
See Also: What is a Term Insurance Plan?
The quantum of cover you need can be computed considering your current income, liabilities, expenses and investments. Use the human life value calculator to compute the sum assured for your family. According to experts, if you are in the age group of 18-35 years, the life cover should be 15-20 times yearly income. If you are in the age group of 36-45 years, it should be 20 times annual income; if you are in the age group of 46-50 years, the cover must be 15 times of the yearly income; and if you are in the age group of 51-60 years, the life cover has to be at least 10 times of the annual income.
See Also: What to Consider While Buying a Term Insurance Plan?
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