Best Top 5 Term Insurance Plans in India for the year 2020-21
Hello friends, how are you all? Today we are going to talk about term insurance plan. Imagine if an accident happens to an earning member in a household, what would happen? What if the breadwinner of the household suffers from a serious illness and then dies? Such loss in a family cannot be compensated in any way. This increases the financial and mental problems of a family. Such a loss ruins the marriage of a daughter, the education of a spouse and children. To avoid similar problems in our life, choosing a term insurance plan is the best option. This can save us from many kinds of troubles. There are many types of term insurance plans available. Term insurance plan for middle class is also available with low cost as well as high sum insured, Which can help to a great extent in compensating your family in every way. Now the difficulty is how to choose a term insurance plan? Which are the best term insurance plans for 2020-2021? Which are the companies offering the best term insurance plans for the year 2020-21, and what is their claim settlement ratio?
What is a term insurance plan?
If you already know about term insurance plans, then this paragraph is not for you.
Term insurance plan is like a normal insurance, in which if the insured person dies in an accident or in any way, then his family members or a nominated person is provided the amount of insurance claim. . Although term insurance plans do not have any maturity amount, but still they are asked to deposit a certain amount. Term insurance plans are such insurance plans, which are covered only in case of any dangerous risk or death. There is no maturity period of a term insurance plan. Your nominated member will get the money invested in the term insurance plan only on death.
Some Tips To Test India’s Top And Best Term Insurance Insurance
1. Insurance Claim Settlement Ratio (CSR): While choosing a term insurance plan, CSR is not taken into account by anyone, but it is still very important to consider. There are a total of 75 insurance companies registered in India as of 2020-21, which offer term insurance plans. Of these, only 10 per cent are companies that have settled more than 95 per cent of the claims. CSR means the number of insured and how many out of all those insurance companies have been completely settled. A low CSR of a term insurance insurer means that this company rejects most of the claims of term insurance plans, and it is not suitable for your future. We will tell you about the companies offering full coverage of such term insurance plans.
2. Reputation of the insurance company: – No one can guarantee that the company providing which term insurance plan is so good. The longer the term insurance plan, the better it proves to be. That’s why we will tell you about the long term insurance plan only.
3. Some Other Features of Term Insurance Plans :- Whatever are the top 10 top term insurance plan companies, they do not have much choice of their insurance, which is very difficult to choose. It is very important to have information about how much amount will be received after the death of the insured in a term insurance plan, when and how.
4. Low Term Insurance Plans / Plans with Premium :- While choosing a term insurance plan, one should not choose a term insurance plan only by looking at the premium amount, along with it you should also know about the sum insured, the status of the insurance coverage, and the profile of the insurance company. You should also have a good understanding. One should choose only such term insurance plans which can last long and provide better claims.
Top 5 Best Term Insurance Plans in India in 2020-2021
1. LIC E-Term Insurance Plan –
- The name of LIC is included in the companies with top term insurance plans in India. Anyone can blindly take LIC plans. When it comes to term insurance plans of LIC, the best term insurance plan is the e-term insurance plan. It is very important to have some basic information about any LIC plan.
- The minimum age for LIC’s term insurance plan is 18 years and the maximum age is 60 years.
- The maximum age of maturity of a term insurance plan is 75 years.
- The tenure of LIC’s term insurance plans can range from 10 years to 35 years depending on the plans.
- The minimum term insurance plan in LIC has a sum assured of Rs 25 lakhs. The minimum sum insured for a person who does not smoke can be up to Rs 50 lakh.
- There is no limit on the maximum sum assured in LIC’s term insurance plan.
- LIC’s term insurance plans have a claim settlement ratio of more than 95 per cent.
- LIC’s term insurance plans cover the death of a person due to various reasons ranging from accidental death to death, excluding suicide in the first year itself.
- Whoever takes LIC’s term insurance plan, then the nominee will get the full benefits of the plans in the event of the death of the insured even before the maturity period of the plans.
- If you are planning to work or settle abroad anytime in future, then LIC’s term insurance plan will prove to be better for you.
- LIC’s e-term insurance plan was one of the top 5 plans in India in 2020-2021, on which millions of Indians have reposed their faith.
2. Max Life Term Insurance Plan Plus
The key features of this term insurance plan of Max Life Company are as follows:-
- The minimum age can be 18 years and the maximum age can be 60 years to take Max Life term insurance plan.
- The maturity age of this term insurance plan is 70 years.
- Max Life’s term insurance plans come with a tenure of 10 years to 40 years with a minimum sum assured amount of up to Rs 25 lakh.
- The most important thing about Max Life Insurance is that it also includes Comprehensive Accident Benefit Rider Plan.
- The term insurance plans of this company include three types of coverage- a) Basic life cover b) Basic life cover + Monthly cover c) Basic cover + Increasing monthly income