Are you searching for the best term insurance plans? If yes, you’re on the right page. I will share a detailed guide on term plans, including a list of the top 5 term insurance plans that you should buy right now.
Let’s dive right into the article to understand the term insurance plan and why you should buy at least one for yourself.
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What is Term Insurance Plan?
Term insurance is insurance that is taken for a fixed period of time. Therefore, it is cheaper than other types of beams as it does not have a fixed price. And this claimed benefit can also be taken only if the policyholder dies within that period.
Almost all major insurance providers offer term insurance. Term insurance can be taken for different periods like ten years, 15 years or 20 years, etc.
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Why should you buy a Term Insurance Plan?
This policy is generally ignored as compared to other insurances. The main reason for this is that its benefit is available only on the policyholder’s death. Otherwise, it only refunds your deposit without any return.
Being Parents, You Should Buy Term Insurance Plans.
If you have children and a dependent family, all are your responsibility. Then it would help if you bought a Term Insurance Plan. It is essential to make them free from financial crises.
Being A Young Individual, You Must Buy Term Plan.
If you are a young individual, it is the best age to buy a Term Insurance plan. Because the premium of Term Insurance is meager at this age, and rates will not increase over time, you also have fewer responsibilities to pay its premium quickly.
If You’re A Newly Married Couple, You Should Buy Term Plans.
You can make your future financially secure by buying Term Insurance Plan. If you are a newly married couple, your responsibilities start to increase day by day. That’s why it is essential to buy a Term Insurance Plan.
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Top 5 Term Insurance Plans You Must Check
#1. LIC e-Term Policy
LIC e-Term plan is one of the new term insurance policies offered by LIC. The age limit for this plan is 18 to 60 years. It is an Annual Premium Payment plan, so you can quickly pay for it. It Provides minimum insurance of 25 Lakh for the Aggregate category and 50 Lakh for Non-Smackers.
#2. Tata AIA iRaksha Supreme
Tata AIA iRaksha Supreme is also a good option for Term Insurance. The age limit for this plan is 18 to 70 years. Thus, it secures your 80 years of life. Monthly, half-yearly, and onetime payment option is available for this policy. It Provides minimum insurance of 50 Lakh for all categories.
#3. ICICI Prudential – iProtect Smart Plan
ICICI Prudential is one of the best plans provided by ICICI bank. The age limit for this plan is 18 to 65 years. It covers 75 years of age for the claim. You can pay for it monthly, half-yearly or annual. You can also buy it by paying one time. Its sum depends on your minimum premium.
#4. Max Life Online Term Plan
Max Life Online Term Plan is also a good option for Term Insurance. The age limit for this plan is 18 to 60 years. It covers 70 years of age for a claim. It is also an Annual Premium Payment plan to pay for it quickly. It Provides minimum insurance of 25 Lakh for all categories.
#5. PNB Metlife – Mera Term Plan
For PNB Metlife – Mera Term Plan, you need to be between the 18 – 65 years of age group. They offer you to pay Monthly and as well as Annual Premium at your convenience. It Provides a minimum insurance of 10 Lakh for all categories.
The bottom line
So, these were some of the best term insurance plans that you should buy if you’re looking for the best suitable term plans for yourself. I hope this guide will undoubtedly clear your doubts regarding what term plans are and why you should buy them. Well, if you still have any questions, feel free to ask us using the comment section below.