Top 10 Best Term Insurance Plans in India- 2021

Term insurance is one of the most common forms of insurance available. You’ve probably come across term insurance at some point. Term insurance is a form of family security plan. It costs a set sum to cover your family’s financial needs in the event of your untimely death. Are you your family’s main breadwinner? Consider this for a moment: What will your family do if anything tragic happened to you soon? How do you feel about your child’s education and future prospects? How can your family do without you? This is where a term insurance policy will save the day!

There are numerous best affordable term insurance policies available in the market as the most basic type of life insurance policy. Customers can compare plans online and select the most detailed plans available in the market based on their needs and suitability. This article will help you better understand the best term insurance contracts, as well as their claim settlement ratios.

The most significant reason to purchase term insurance is to protect the future of your family. You will never know what the future holds for you. You should, however, prepare for it. Do it with a term insurance contract to ensure your peace of mind and that of your colleagues.

• Here are five reasons why you should have a term plan:
• When you are not there, it will protect your family.
• It will provide you financial security and help with your family’s needs.
• Your family will be able to live comfortably thanks to the bonus.
• Any of your remaining debts will be paid off by your kin.
• A term plan offers extensive coverage for a low premium.

Below is the list of Top 10 Best Term insurance plans in India in 2021.

List of top 10 Term Insurance Plans in India- 2021

1.     Click 2 Protect 3D plus Term Plan- HDFC Life

HDFC Life Click 2 Protect 3D Plus is an online term plan that offers comprehensive insurance coverage to the life insured’s family at a low premium rate. The HDFC Life Click 2 Protect 3D Plus’s 3D feature applies to life’s uncertainties, such as death, illness, and disability. The scheme offers financial insurance to the life insured’s family in the event of any unforeseen circumstances during the policy’s term. There are nine HDFC Life Click 2 Protect 3D plus plans to choose from. The package provides affordable financial security for you and your family.

Features and Benefits

The following are some of the main features and advantages of the HDFC Life Click 2 Protect 3D Plus plan:

• This is a term insurance contract that can be paid online in a quick and easy manner.
• The scheme offers financial security to the insured’s family in the event of a disaster.
• The policyholder may choose from nine different plan choices based on their needs and suitability.
• This is the one of the affordable term plans with a free-look period of 30 days.
• Sections 80C and 10(10D) of the Income Tax Act have tax benefits.
• Nonsmokers and female insurance holders will pay a lower premium under this scheme.

2.   Smart Term Plan- Max Life

Max Life Smart Term Plan is another suitable term insurance plan. Max Life Smart Term Plan is a non-participating pure term insurance product that provides three separate life cover options. The package also includes an extra rider benefit known as the accidental death rider benefit, which extends the policy’s coverage. It also includes a waiver of premium rider, which ensures that the policy is maintained even though the life insured is unable to pay the premium due to sickness or dismemberment. Max Life Smart Term Plan provides comprehensive coverage against 40 serious diseases, disability, and death, as well as full financial insurance for your family in the event of your death.

Features and Benefits

Smart Term Plan includes a number of features and benefits that include:

• This is a cost-effective term plan that can be bought online in a convenient and straightforward manner.
• The package provides three different pay-out options from which to choose.
• Extra rider incentives are included in the package to expand the policy’s scope.
• The package allows for premium payment mode versatility.
• Sections 80C, 80D, 80DD, and 10(10D) of the Internal Revenue Code provide tax benefits.
• This is the term package, which includes a 30-day free trial period.
• Nonsmokers and female insurance holders will pay a lower premium under this scheme.

3.     E-Term- Kotak Mahindra

The Kotak e-Term plan is a comprehensive risk protection plan that will safeguard your family. It provides excellent security and is available at a reduced price for women and non-tobacco consumers. The Kotak Mahindra E-term plan is a non-linked, pure protection life insurance policy that offers financial security to your family in the event of your untimely death.

Features and Benefits

The following are some of the main features and benefits of the Kotak e-Term plan:

• It is a low-cost insurance that provides comprehensive coverage at a reasonable cost.
• The cover can be improved at special life events by using the step-up option.
• There are three payout choices and three plan options to choose from.
• Choose from a variety of rider benefits, including sudden death, complete and permanent disability, and serious illness.

4.     Life Flexi Term Plan- Bharti AXA

This is an online term insurance plan that offers extensive compensation to the insured’s family in the event of a disaster. It can be purchased online in a simple and hassle-free manner as an online term plan. In addition to the advantages of insurance coverage, the package also assists in tax savings. The following are some of the policy’s characteristics and benefits. Bharti AXA Life Flexi Term Cover is a flexible term insurance plan that protects your family financially in the event of your untimely death.

Features and Benefits

The following are some of the Bharti AXA policy’s characteristics and benefits.

• The package has special family care opportunities.
• The plan allows you to customize the insurance coverage amount and policy term based on your needs and suitability.
• The premiums can be paid monthly or semi-annually by the policyholder.
• The policyholder will personalize the plan to meet their specific needs.
• Section 80C of the Income Tax Act provides tax advantages.

5.     Life Shield – Aditya Birla

This is a classic insurance package that provides a higher sum guaranteed at a low premium rate. The scheme protects the insured’s family’s financial future in the event of a disaster. Furthermore, the package covers potential liabilities and aids in maintaining a decent standard of living even though the family’s breadwinner is no longer present. Aditya Birla Sun Life Shield ensures that all of its customers’ financial needs are met with its eight distinct plan choices.

Features and Benefits

The following is a list of the features and key advantages of the Aegon Life iTerm Plan, which is an attractive and one of the best term insurance policy in India:

• At a low premium rate, the package offers full financial insurance.
• Protects against rising living costs by allowing you to increase the total assured amount.
• To supplement the policy’s coverage, the package has an inbuilt complete and permanent disability benefit.
• The death benefit may be seen as a source of annual income for the beneficiary.
• Maintaining a safe lifestyle is rewarded by policy.
• The package includes rider options that extend the policy’s coverage.
• Section 80C of the Income Tax Act allows the policyholder to save money on taxes.

6.     Smart Term Edge- Exide Life

This is a non-participating, non-linked individual insurance package that protects the policyholder’s family financially in the event of a disaster. The package provides more insurance coverage at a lower premium. If the insured lasts the entire insurance period, the entire premium is returned to him or her as a term return of premium plan. The following are some of the policy’s characteristics and benefits. Exide Life Smart Term Edge is a fantastic term insurance product that provides adequate coverage to ensure your family’s financial security in the event of your death.

Features and Benefits

The following are some of the Exide Life policy’s characteristics and benefits.

• To increase the policy’s scope, the policyholder will add serious illness and unintended rider benefits.
• At the end of the insurance term, the insured individual receives a refund of the total premium charged.
• The package allows for a variety of premium payment choices.

7.     iTerm Plan- Aegon Life

Aegon Life iTerm Plan is a pure term insurance policy with an inbuilt terminal illness payout, and it is one of the best term insurance policies available in India. The package covers you for the rest of your life before you reach the age of 80. The method of purchasing a policy as an online term plan is very easy and painless. In order to improve the policy’s coverage, the package includes extra rider benefits such as accidental death rider and serious illness rider. The Aegon Life iTerm plan is a non-linked, non-participating life insurance plan that provides life insurance coverage up to the age of 100 and includes a terminal illness payout.

Features and Benefits

The following is a list of the features and key advantages of the Aegon Life iTerm Plan, which is an attractive term insurance policy:

• This plan is available for purchase online in a convenient and straightforward manner.
• The policy’s minimum entry age is 18 years, and the policy’s maximum entry age is 65 years.
• The policy’s full maturity age is 80 years.
• Section 80C of the Income Tax Act provides a tax advantage to the insured.
• The death benefit is charged to the insurance recipient in the event that the insured passes away.
• The package allows for premium payment mode versatility.
• Nonsmokers and female insurance holders will pay a lower premium under this scheme.

8.     Life Shield advantage- Aviva

The Aviva LifeShield Advantage Policy is a structured term insurance plan that protects the policyholder’s family from financial hardship in the event of his or her untimely death. This is a non-linked, non-participating insurance package that protects your loved ones’ financial future in the event of a disaster. The scheme not only offers a death benefit to the insured’s family in the event of an unforeseen event, but also a survival benefit in the form of a premium refund if the policyholder survives the policy’s entire term. This package can be purchased online in an easy and hassle-free manner as a term return of premium plan. Let’s take a look at the policy’s functionality and benefits.

Features and Benefits

The following are some of the policy’s characteristics and benefits of this one of the top term insurance policy in India.

• At a low cost, the package offers complete security to the insured’s relatives.
• In a TROP scheme, the premium charged for the policy is refunded if the insured lives for the entire policy term.
• The policy holder has the option of paying the premium in two ways: on a monthly basis or in one lump sum.
• The package gives you the choice of choosing between two separate coverage options, namely,

Option A: Life Insurance

Option B: Life and disability insurance with a refund of premiums.

• Sections 80C and 10(10D) of the Income Tax Act have tax advantages.

9.     My Term plus – Edelweiss Tokio

This is a limited-pay term insurance plan that offers insurance coverage to the insured’s relatives in the event of a disaster. Furthermore, under the better half-benefit alternative, the package offers an extra life cover for the partner. Let’s take a look at some of the policy’s main features and benefits. It’s a non-linked, non-participating pure risk premium life insurance package that covers you and your partner while also allowing you to pay your premiums for a shorter period of time.

Features and Benefits

The following are some of the policy’s characteristics and benefits.

• The package provides a variety of coverage options from which to choose.
• The package provides coverage for serious illnesses.
• The policyholder will pay the policy premium using the restricted premium payment option.
• As a premium rider waiver, the package provides add-on rider incentives.
• Sections 80C and 10(10D) of the Income Tax Act can be used to obtain tax benefits.
• The death benefit may be received as a lump sum payment, a monthly income payment, or a combination of the two.

10.     Smart Protect Goal- Bajaj Allianz

The Bajaj Allianz Smart Protect Goal Plan is one of Bajaj Allianz Life Insurance’s term insurance policies. Bajaj Allianz Life Smart Protect Goal is a non-linked, pure life term insurance product with all-inclusive coverage. The plan includes four add-on covers for added protection. The package offers financial security to the policyholder’s family at a low premium rate. Bajaj Allianz smart protect goal Term Plan is a non-participating pure term insurance policy that provides four different life cover options. In addition to the death benefit, the scheme offers a tax benefit under sections 80C and 10(10D) of the Income Tax Act of 1961.

Features and Benefits

The following are some of the advantages and features included in this term insurance plan in India:

• This is one of the most competitive term plans available, and it can be purchased easily and quickly online.
• In the event of the insured’s death, the policy provides a 15-year fixed annual payout to the family.
• Sections 80C and 10(10D) of the Income Tax Act have tax benefits.
• Payouts are available in two separate ways under the plan.
• The package comes with a 15-day trial period.