Best Term Insurance Plan in India 2024: We all know that we cannot put a price on someone's life. However, death is a part of life and that's entirely true, but you can financially plan for it and gift your family a term insurance plan. In this article, we will explore the best term insurance plans in India for 2024.
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Term Insurance Plan: An invaluable gift that you can leave for your family. The COVID-19 pandemic has highlighted the need for term insurance. During emergencies, one may face various financial hardships, but term insurance protects them from such troubles. Responsibilities like buying a house, children's education, and their marriage can be fulfilled with a term insurance plan. Therefore, you should search for the best term insurance plan to fulfill their future goals.
What is Term Insurance?
Term insurance is a type of life insurance policy that provides coverage for a specified period at a predetermined payment rate. If the insured person dies during the policy term, the nominated person receives the sum assured. It provides financial security to the family in uncertain or death situations.
For an annual premium of only ₹12,000 to ₹15,000, you can get coverage of up to one crore rupees. The premium depends on the age and lifestyle of the policyholder. Term insurance ensures that your family does not face financial difficulties in your absence.
HDFC Term Insurance Plan
At the top of our list of the Best Term Insurance Plans in India 2024 is HDFC Term Insurance Plan. HDFC Term insurance provides life coverage for a specific term or duration. HDFC Life Insurance is a well-established and trusted brand in India, known for providing quality insurance products and services. HDFC Life Insurance commenced its operations in India on October 23, 2000. HDFC Life Insurance has opened more than 400 branches in various cities, towns, and villages. HDFC Life Insurance Plan can be purchased online without any hassle, and buyers also get a 5% discount on online purchases.
Kotak Mahindra Insurance
Second on our list of Best Term Insurance Plans in India 2024 is the Kotak Mahindra Term Insurance Plan. Kotak Mahindra Bank Limited is a 100% subsidiary company of Mahindra Kotak Life Insurance, which was started in 2001. Kotak Mahindra Life Insurance is one of the most prestigious insurance companies in India and is one of the rapidly growing insurance companies in India, covering more than 34.8 million lives across the country by December 2021. Kotak Insurance offers special discounts on premiums to non-tobacco users and women.
MAXLife Insurance Plan
Third on our list of Best Term Insurance Plans in India 2024 is the Max Life Insurance Plan. Max Life Insurance Company Limited is an Indian life insurance company headquartered in Kanata Place, New Delhi. It is one of the smart term insurance plans in India designed to provide extensive coverage with security features and no hidden benefits for the insured person and their family. This plan provides additional coverage to insured individuals such as premium breaks, death benefits, joint life cover, etc.
LIC Term Insurance Plan
Fourth on our list of Best Term Insurance Plans in India 2024 is LIC Term Insurance Plan. Life Insurance Corporation of India was established on September 1, 1956, with the aim of spreading life insurance on a large scale, especially in villages, so that every citizen of India can be provided with adequate financial assistance at reasonable rates.
More information about Best Term Insurance Plan In India 2024 is provided below.
| N. | Insurance Company | Scheme Name | Maximum Cover Amount | Minimum Premium | Notes |
|---|---|---|---|---|---|
| 1 | LIC | nectar | ₹2 crore | ₹5000 per annum/year | Title Major Motivations & Endorsements |
| 2 | HDFC Life | Samaarth | ₹5 crore | ₹6000 per annum/year | Online and offline application process |
| 3 | ICICI Pru | iProtect Smart | ₹1 crore | ₹4500 per annum/year | Riders and add-ons availability |
| 4 | SBI Life | SBI Protect | ₹2 crore | ₹5500 per annum/year | Super Survivor and Increment Options |
| 5 | Max Life | Online Term Plan Plus | ₹3 crore | ₹5000 per annum/year | Quick Claims and None Medical Options |
| 6 | Kotak Life | Advantage Aspire | ₹2 crore | ₹4800 per annum/year | In-Bullet Critical Illness Riders |
| 7 | Tata AIA | Public Protect Plus | ₹1 crore | ₹4500 per annum/year | Developed bonus and online selection process |
| 8 | Bharti AXA | Elite Plan | ₹5 crore | ₹6000 per annum/year | Flexible Premium Options |
| 9 | Reliance Nippon | Desire 2 Secure | ₹2 crore | ₹5000 per annum/year | Increment options and rider availability |
| 10 | Bajaj Allianz | Esair Life Bar | ₹3 crore | ₹5500 per annum/year | Online Process and Buyback Options |
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