5 Best Term Insurance Policies in 2023

 

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Term insurance is a type of life insurance plan that provides financial protection to the family of the policyholder in case of his/her death. Term insurance plans offer high coverage at low premiums and are ideal for people who have dependents. There are many term insurance plans available in India, but choosing the best one can be a daunting task. Here are some factors to consider while selecting the best term insurance plan in India:


- Claim Settlement Ratio: This is the percentage of claims that the insurance company has settled out of the total claims received in a financial year. A high claim settlement ratio indicates that the insurer is reliable and trustworthy. The best term insurance plans in India have a claim settlement ratio of above 95%.

- Coverage and Sum Assured: The coverage and sum assured are the amount of money that the policyholder's nominee will receive in case of his/her death. The coverage and sum assured should be adequate to meet the financial needs of the family and cover any liabilities or debts. The best term insurance plans in India offer a minimum sum assured of Rs. 50 lakhs and a maximum sum assured of up to Rs. 20 crores or more.

- Policy Term and Premium Payment Term: The policy term is the duration for which the policyholder is covered by the term insurance plan. The premium payment term is the period for which the policyholder has to pay the premiums. The policy term and premium payment term can vary from 5 years to 40 years or more, depending on the plan and the insurer. The best term insurance plans in India offer flexible policy terms and premium payment terms to suit the needs and preferences of the policyholder.

- Riders and Benefits: Riders are additional features that can be added to the basic term insurance plan to enhance its coverage and benefits. Some common riders are accidental death benefit, critical illness benefit, disability benefit, waiver of premium, etc. The best term insurance plans in India offer various riders and benefits at an affordable cost to provide comprehensive protection to the policyholder and his/her family.

- Customer Service and Online Availability: Customer service and online availability are important aspects to consider while buying a term insurance plan. The insurer should provide prompt and efficient customer service through various channels such as phone, email, chat, etc. The insurer should also provide online facilities such as buying, renewing, paying premiums, filing claims, etc. through its website or mobile app. The best term insurance plans in India have excellent customer service and online availability to make the process of buying and managing the plan easy and convenient.

Based on these factors, some of the best term insurance plans in India are:

- ICICI Prudential iProtect Smart: This plan offers coverage till 99 years of age, terminal illness benefit, accidental death benefit, critical illness benefit, etc. It has a claim settlement ratio of 97.82%.

- HDFC Life Click 2 Protect Super: This plan offers coverage till 85 years of age, income replacement benefit, life stage protection benefit, return of premium option, etc. It has a claim settlement ratio of 98.66%.

- Max Life Smart Secure Plus Plan: This plan offers coverage till 85 years of age, comprehensive accident benefit rider, waiver of premium plus rider, etc. It has a claim settlement ratio of 99.34%.

- TATA AIA SRS Vitality Protect: This plan offers coverage till 85 years of age, health rewards program, wellness benefit rider, etc. It has a claim settlement ratio of 98.53%.

- Bajaj Allianz eTouch Lumpsum: This plan offers coverage till 99 years of age, waiver of premium benefit rider, accidental total permanent disability rider, etc. It has a claim settlement ratio of 99.02%.

These are some examples of the best term insurance plans available in India now. However, the best term insurance plan for you may vary depending on your specific needs, goals, budget, etc. Therefore, it is advisable to compare different term insurance plans online before buying one.

Disclaimer: This post is solely for educational purposes. The securities/investments quoted here are not recommendation.