Which Is The Best Term Insurance Plan In India In 2022

Life insurance has been a choice in India for many years. But the arrival of the COVID-19 pandemic has made people realize the importance of the best term plan. People now understand the need for life insurance.

In general, a term insurance policy protects the family of the policyholder in the form of financial assistance on the death of the policyholder – but only for a given time period. A term insurance policy is designed to secure the future of your family. It offers financial stability and assistance to the needs of your family.

The time period of the payout is determined during the inspection of the policy. It is applicable only to the policyholder and the death benefit is paid to the family. The death benefit is the amount paid by the policy to your family if you pass away. With the payout from the insurance provider, your family can live a comfortable life in your absence. They will be able to clear all existing debts and provide high cover at the cost of an affordable premium.

Below is a list of top term insurance plans you can buy in 2022 in India.

Insurance CompanyName of the policyClaim Settlement Ratio (CSR) FY20
Bajaj Allianz IndiaBajaj Allianz eTouch Online Term Plan98.02%
Ageas IndiaAgeas Federal iSurance Flexi Term Plan96.47%
Aegon IndiaAegon Life iTerm Plan98.01%
Aviva IndiaAviva Life Shield Advantage Plan97.53%
Aditya Birla IndiaAditya Birla Sun Life Protector Plus Plan97.54%

Bajaj Allianz eTouch Online Term Plan

It is one of the most affordable term insurance policies offered by Bajaj Allianz. Buy it online in a hassle-free way. The policy guarantees to offer an annual payout to the family for 15 years in case of the demise of the policyholder. You can also enjoy tax benefits under Section 80D and 10 (10D). Moreover, the policy is designed to provide two different options for payouts. 70 is the maximum maturity age under the policy. There is a free look period of 15 days.

Ageas Federal iSurance Flexi Term Plan

Under this term insurance plan, the policyholder has an option to choose an accidental death benefit rider and increase the policy coverage. This particular policy provides a rebate on a higher sum assured amount to the female policy buyer. As a policyholder, you will be able to save tax under Section 80D of the Income Tax Act.

Aegon Life iTerm Plan

Going ahead, you can buy Aegon Life iTerm Plan online in a simple process. 18 years is the minimum age limit to be eligible for buying this term plan. The maximum age is 65 years whereas the maximum maturity age of the plan is 80 years. Tax benefits under Section 80D of the Income Tax Act, 1961 are available for the insured.

In the event of the death of the insured, the death benefit is paid to the beneficiary of the policy. The Aegon Life iTerm Plan provides buyers with the flexibility to premium payment mode. You can choose to pay monthly, quarterly, or yearly premium payment mode. In addition, the policy offers a lower premium rate for non-smokers and female insurers.

Aviva Life Shield Advantage Plan

This is another term insurance online you can buy online. This plan provides complete protection to the family of the insured at a low premium cost. The premium paid under the plan is returned in case the insured survives the term of the policy. As the policyholder, you can opt for either paying the premium through a regular premium payment option or a single premium payment option. The tax benefits under Section 80D and 10 (10D) of the Income Tax Act, 1961 are also available.

Aditya Birla Sun Life Protector Plus Plan

This particular policy offers complete financial protection at a minimum premium cost. It gives protection against costs of living with the feature of increasing the sum assured. This policy of Aditya Birla has a total and permanent disability cover that improves the policy cover. As a beneficiary, you can avail of the death benefit as an annual income. In addition, policy rewards are available for those who maintain a healthy lifestyle. It allows you to enhance your cover as well as save tax under Section 80D of the Income Tax Act, 1961.

Bottom Line

Many people in India are purchasing term insurance plan because it is simple and affordable. If you want to buy the best term plan, you have many options to choose from. It is advisable to compare different policies online in order to select the plan that is most suitable to your needs and that comes at affordable premium rates. The aforementioned policies are among the best term insurance plans you can buy online in India in 2022.

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