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The uncertainty of the future can uproot the life of your whole family, especially if the bread-winner of the family is affected. Term Life Insurance Plan helps to mitigate this risk and is a great financial tool if you want to secure your family’s future with a substantial life cover through an affordable premium.
About Term Life Insurance
Term Life Insurance provides you a life insurance cover only for the chosen term period. Term insurance is a pure life risk cover and don’t not offer maturity benefits on survival of the term.This is one of the reason one can avail huge life insurance cover for low premium. In the case of the death of the policyholder during the policy term, the beneficiary is liable to be paid the insured amount by the Life Insurance Company.
Benefits of Term Life Insurance
- Get a lump sum payment or monthly instalments payment in the event of a sudden death of the policy holder during the policy term
- Peace of mind for the family members
- Provides sufficient coverfor the family members so that they continue to maintain their lifestyle even in absence of the income of the breadwinner
- Provides supplementary income in the case of disability due to an accident
- Empowers you and your family to pay-off any loans or liabilities
Term Life Insurance Best Rates
Here are some of the best affordable Term Life Insurance Plans that you can find on Coverfox.com right away! This list has been curated for a 30-year-old non-smoking male with an annual income of 6 Lakhs who is looking for a cover of 50 Lakhs for a tenure of 65 years. Monthly premiums of all these policies lie in an affordable range of about INR 400 – 550. You can make the necessary tweaks according to your requirements on Coverfox.com and get more personalized options!
1. Aegon Life Term Insurance
Policy Features:
- Terminal illness cover is included in the policy which proves to be a massive help in the case of a financially challenging critical illness.
- Income Tax benefits on the amount of premiums paid.
- Death benefit pay-out included
- 25% of the cover amount is paid for the diagnosis of a critical illness and no future premiums have to be paid
- Multiple payment options for monthly premiums or lump sum payments
- Additional cover riders available that can be easily added to the plan like cover against Accidents and Disabilities
- Easy online buying and renew
Claim Settlement Rate: 97.11%
2. Future Generali Term Insurance
Policy Features:
- Mandatory Medical test
- The complete process of the medical test to policy insurance is done within 15 days
- Additional riders of accident or disability can be easily added
- Income Tax Benefits as per section 80C
- 30-day money refund policy
- Fixed income protection option where your family receives monthly income after you
- This income increases by 10% every year to protect from inflation
- Lump sum payout option also available
Claim Settlement Rate: 90.61%
3. Max Life Term Insurance
Policy Features:
- Comprehensive life insurance that covers death, disease, and disability
- Pay only till the age of working (60 years) and receive the additional years for free
- Multiple Plan types with both Lump sum pay-out and monthly income options. These can also be clubbed
- Protect from inflation with an annually increasing cover amount
- Income Tax benefits included
- Additionally, available covers like Critical illness, Waiver of premium, etc
Claim Settlement Rate: 97.81%
4. ICICI Prudential Term Insurance
Policy Features:
- Mandatory Medical test required
- The whole process from medical test to policy issuance takes just 7 days
- Additional rider of Accidental Death can be added for just INR 5 a month
- 30 days refund policy
- Income tax benefits under Section 80C
- Multiple payment options of annual or yearly premiums
- Nominee can be changed anytime during the policy tenure
Claim Settlement Rate: 96.87%
5. HDFC Life Term Insurance
Policy Features:
- Comprehensive security option for your family
- Cover against all uncertainties of death, disability, and disease
- Flexible policy tenure and payment terms
- Assured sum on the diagnosis of a critical illness
- Waiver of the premium on diagnosis or disability
- Terminal illness and maturity benefit options
- Death + Accidental death benefit
- Income Tax benefits according to 80C
Claim Settlement Rate: 96.87%
Conclusion
If you’re still looking for that perfect Term Life Insurance Plan, head to Coverfox.com to key in your requirements and get a tailor-made quote for yourself today!
