Top 5 Best Term Insurance Plans in India 2024
Explore the best term insurance plans in India for 2024. Learn how to choose the best term plan, use term insurance calculators, and find the best term insurance for ₹1 crore coverage.
1.LIC Tech Term Plan
The LIC Tech Term Plan is one of the most popular term insurance plans in India, known for its extensive coverage and flexibility.
- High Coverage: Offers up to ₹1 crore coverage.
- Flexibility: Option to choose between regular, limited, and single premium payment.
- Special Benefits: Includes accidental death benefit rider.
Why It Stands Out: Trust of LIC: A reputable brand with high claim settlement ratio. Online Availability: Can be bought online, making it convenient and hassle-free.
Click here to know More about Lic Tech Term Plan2. HDFC Life Click 2 Protect Plus
HDFC Life's Click 2 Protect Plus is designed to provide comprehensive protection and financial stability.
- Multiple Options: Provides life cover, extra life option, income option, and income plus option.
- Policy Term: Flexible policy term ranging from 10 to 40 years.
- Coverage Increase: Option to increase coverage at significant life stages.
Why It Stands Out: Versatility: Caters to various life stages and needs with different coverage options. Affordable Premiums: Competitive premium rates for extensive benefits.
Click here to Know More About HDFC Life Click 2 Protect Plus3.Max Life Smart Term Plan
Max Life Smart Term Plan is known for its customizable benefits and customer-centric features.
- Flexible Payout Options: Offers lump sum, monthly income, or a combination of both.
- Rider Options: Includes critical illness and accidental death riders.
- Return of Premium: Offers a return of premium option on survival till maturity.
Why It Stands Out: Customizability: Allows policyholders to tailor the plan according to their needs. Return of Premium: Unique feature providing a safety net if the insured survives the policy term.
Click here to know more about Max Life Smart Term Plan4. ICICI Prudential iProtect Smart
ICICI Prudential's iProtect Smart plan is a popular choice for its comprehensive coverage and additional health benefits.
- Critical Illness Cover: Includes coverage for 34 critical illnesses.
- Death Benefit: Offers accidental death benefit rider.
- Special Benefits for Women: Lower premium rates for female policyholders.
Why It Stands Out: Health Benefits: Extensive critical illness cover alongside life insurance. Customer-Friendly: Provides various riders and benefits at competitive rates.
Click here to know more about ICICI Prudential iProtect Smart5.SBI Life eShield
SBI Life eShield is a cost-effective term insurance plan that provides substantial coverage with minimal premium outlay.
- Affordable Premiums: Competitive premium rates.
- Enhanced Protection: Option to add accidental death and accelerated critical illness benefit riders.
- Policy Term: Flexible term options ranging from 5 to 30 years.
Why It Stands Out: Affordability: Provides high coverage at low premium rates. Flexibility: Multiple term and rider options to suit individual needs.
Click here to know More About SBI Life eShieldFAQs
1. Which is the best term insurance plan in India 2024?
Choosing the best term insurance plan depends on individual needs. However, LIC Tech Term Plan and HDFC Life Click 2 Protect Plus are among the top contenders due to their comprehensive coverage and flexible options.
2. How to choose the best term insurance plan in India?
When choosing a term insurance plan, consider factors such as coverage amount, policy term, premium rates, claim settlement ratio, and additional benefits like riders for critical illness or accidental death.
3. Which term plan is best?
The best term plan varies based on individual needs and circumstances. Plans like Max Life Smart Term Plan and ICICI Prudential iProtect Smart are highly recommended for their customizable features and extensive coverage.
4. Which LIC term plan is best?
The LIC Tech Term Plan is widely regarded as one of the best LIC term plans due to its high coverage options and flexibility in premium payments.
5. What is the best investment plan for short term?
For short-term investments, consider options like fixed deposits, short-term debt funds, or systematic investment plans (SIPs) in mutual funds. These provide relatively stable returns with lower risk.
6. Who among the following is best advised to purchase a term insurance plan?
Individuals with dependents, young professionals, and those with significant financial liabilities are best advised to purchase a term insurance plan to ensure financial security for their families in case of an untimely demise.
7. Which is the best term insurance plan for ₹1 crore?
For ₹1 crore coverage, LIC Tech Term Plan and HDFC Life Click 2 Protect Plus are excellent choices due to their high coverage limits and flexible premium payment options.
8. What is a term insurance calculator?
A term insurance calculator is an online tool that helps you estimate the premium you need to pay for a specific amount of term insurance coverage based on factors like age, health, and policy term.
9. How can I buy term insurance online?
You can buy term insurance online by visiting the official websites of insurance providers or using insurance comparison platforms like PolicyBazaar, ET Money, or BankBazaar. Fill in the required details, compare plans, and make the purchase online.
