Since the beginning of 2020, the major concern for people has been the COVID-19 that infected numerous people. We have been trying to take as many precautions as we could to keep ourselves protected against the virus. Despite so many measures, we have witnessed the death of a countless number of people in May 2021 across the country. And as the next wave is expected in the same year, all that we are doing is being worried about our lives and family members and the further precautions that we can take. Well, truth be told, we can only maintain the protocols and pray that we do not contract the virus. And as we are concerned about the life and future of our family and kids, something very important that we can do is buying a term insurance plan.
What is term insurance?
Term insurance is a life insurance plan which you can purchase for a certain time and pay the premium throughout the tenure of the plan. However, in case you pass away within the tenure, the beneficiary of the policy will get a good return, which can even be around INR 1 Crore, depending on the plan you choose. There is no maturity amount that you can get from this plan. If you survive through the plan, you will not get any benefit out of it.
How do I find out the right term insurance plans?
Since several insurance companies in the market offer term insurance plans, it can be a little challenging to choose any one term insurance plan. Well, before you finalize a particular term insurance plan, you can consider the following points, which include:
- The number of family members who are dependent on you
- The stage of your life
- The liabilities that you need to cover
- Claim settlement ratio of the term insurance company
- Riders that can improve your base cover
- The kind of cover amount which you have to choose depends upon the requirement of your family.
A few of the term insurance plans in 2021 that you can opt for are mentioned herein below:
Max Life Online Term Plan Plus
Max Life Online Term Plan Plus is an all-inclusive protection plan that offers coverage against three types of life risks such as critical illness, dismemberment, and death. With this term plan, you can get three variety of death benefits such as Basic Life Cover + Monthly Income, Basic Life Cover, and Basic Life Cover + Increasing Monthly Income. As you buy this term plan, you will also get the flexibility of topping up your cover amount through several riders and get benefits. This plan also enables you to pay the premium till the age of 60 years and get coverage till 85 years of age.
Bharti Axa Flexi Term Plan
You can call this term plan, a pure protection plan that offers maximum coverage for up to 75 years of age. The plan has been designed very carefully to provide all-inclusive life coverage against the tough times. The three benefit payout options that this term plan offers include Monthly income, Lump sum, and Lump sum plus increasing monthly income. These factors and benefits make it one of the popular plans in the country.
Canara HSBC OBC iSelect Star Term Plan
The iSelect Star Term Plan is offered by Canara HSBC OBC, and while you opt for this plan, you can choose from three variants such as Plan Option Life with Return of Premium, Plan Option Life, and Plan Option Life Plus. With this, you can get the flexibility to choose between various premium payments and options for payout. The minimum entry age that this plan offers is 18 years, and the maximum is 65 years. Apart from this, the other benefits you can get include an increase in life cover, spouse coverage, and more at a reasonable premium amount.
Apart from these options, there are several other term insurance plans that you can choose from. However, before making the final decision, make sure you understand the plan and try to find that it matches your requirements. To find some of the best term insurance plans in India, you can also take a look at the website of IIFL.