Purchasing term insurance is one of the excellent ways to protect the future of your family. The main reason why you should consider buying one is that it will secure your loved ones even in your absence. You can find plenty of insurance companies offering both offline as well as online term insurance plans.
Term Insurance Plans typically come with a low cost along with a high sum assured that secures the ones you love, even when you are not around them in this world.
Before discussing the Top 7 Best Term Plans for 2019-2020, you should know what exactly this particular insurance?
What is Term Insurance Plan?
If you already know about the Term insurance plan, then you are free to skip this part.
Term insurance plan is a very simple insurance policy wherein if the insured dies, his/her family or nominee will acquire the total amount assured.
There is no such maturity sum in the term insurance plan. Term insurance policies serve risk coverage only. You will not acquire any money back at maturity.
According to the guidelines from IRDA, a claim cannot be rejected citing any reason after three years from the date of the policy. Therefore, the claim settlement ratio is no longer a major criterion to decide the best term insurance plan. But, it still requires and is considered as a major point when purchasing a term insurance plan.
Top 7 Best Term Insurance Plans in India in 2019-20
- Max Life Term Insurance Plan Plus
- LIC Tech Term Insurance Plan
- ICICI iProtect Smart Term Insurance Plan
- HDFC Click 2 Protect Plus Term Insurance Plan
- SBI Life eShield Term Insurance Plan
- TATA AIA Life iRaksha Supreme Online Term Insurance Plan
- Aditya Birla Sun Life DigiShield Plan
There are numerous good term insurance plans available in India. No one can ever predict the claim settlement ratio in the near future. Also, you should thoroughly examine term insurance, compare and then pick-up a term plan that suits you.
Term Insurance plans are excellent that carry low premiums & high-risk coverage!!
It should be your very first step in your financial planning!!!