The ground of Life, no matter small or big, is guarded by an undeniable uncertainty. This moment you are here and the very next moment, you don’t know. Much harsh as it seems is the reality of life. But if you accept it and prepare for it, there’s not a shadow of worry you’ll have to deal with.
Everyone cares for one’s family but with that there comes a fear of what will happen of them when one’s not around, may be due to unfortunate death. Especially in case of sole breadwinners, this concern is at the peak of their minds bustling 24×7. To curb this, many companies come up with an insurance plan called Term Insurance Plan. A Term Insurance plan ensures that your dear ones keep on receiving a steady income even when after your demise, so that they don’t have to compromise their happiness.
Below listed are the top 10 best term insurance companies in India to sustain your peace of mind, your family’s too.
10. PNB MetLife
Metlife Mera Term Plan – Mera Plan, Meri Family
PNB MetLife combines the duo of trust from PNB and expert service from Metlife Inc. Their term insurance Metlife Mera Term Plan provides a cover up to the age of 75 years. In addition to securing the insured’s family, this plan includes the person’s better half. That is, in case of person’s death, all premiums on his partner will be waived off. Another interesting feature of this plan is that it gives you the chosen life cover benefits without any medical examination, thus making the process hassle-free.
Claim Settlement Ratio: 91.01%
9. Kotak Mahindra Life
Kotak Preferred e-Term Plan – Custom design your family’s life
Kotak Mahindra’s Term insurance plan provides life covers for incidents of temporary or permanent disability and death. In case of disability, the insured person can waive off basic premiums according to the plan opted at the beginning. The person can choose either from Recurring Payout or Immediate Payout options. In Recurring option, the beneficiary will be paid 10% of the sum assured on death plus 6% of Sum assured till 15 years after death; while in the Immediate payout option, the total sum assured is claimed at once and the policy is terminated thence.
Claim Settlement Ratio: 94.08%
8. Star Union Dai-ichi
Those who work for you deserve a care as good as you are
Star Union Dai-ichi mainly deals in term insurance plans for groups accommodating employees, communities, banks, societies etc. It includes many policies in term insurance that employers can gift to their employees. The insurer company also provides a year long Pradhan Mantri Jeevan Jyoti Bima Yojana for protection of your family starting at a premium as affordable as Rs. 330 per annum.
Claim Settlement Ratio: 95.30%
7. Bajaj Allianz
eTouch – Stay in Touch with freedom
Bajaj Allianz’s slogan Jiyo Befikar explains it all in itself. The company’s policy chain offers some amazing term insurance plans that are easily affordable. eTouch term insurance cover purveys an online form on the website through which you can calculate the premium, generate the quote and choose the plan. Apart from eTouch, the insurer’s term insurance plans include i-Secure, i-Secure More, i-Secure Loan, Life Secure and Lifestyle Secure.
Claim Settlement Ratio: 94.47%
6. SBI Life
eShield – To shield your sweetheart
eShield and eIncome Shield, these two term insurance protection plans offered by SBI Life allow you to secure the future of your loved ones in case of any misfortune. These plans are mainly for persons with dependencies or those who are the sole bread winners of their family. For instance, according to eIncome Shield, after the insured’s death, his family will keep on receiving a percentage of his monthly income as per the Benefit Plan chosen. In addition, it includes annual increase in the monthly pay so that your family can retain the normal lifestyle even when you’re not around.
Claim Settlement Ratio: 95.8%
5. Tata AIA Life
iRaksha Supreme – Gift Security beyond lifetime
The term insurance plans by Tata AIA offer a maximum cover of 2 crores with premiums that can be paid in monthly, half-yearly or annually options. For female customers, the company provides considerable lowering of rates. Other term plans include iRaksha TROP, Maha Raksha, Sampoorna Raksha and Sampoorna Raksha+. Additionally, the insurer’s product chain showcases solutions in wealth, child, savings and riding.
Claim Settlement Ratio: 95.70%
4. ICICI PruLife
iProtect Smart – Protect & Preserve
ICICI Pru iProtect Smart is an award winning term insurance plan that provides cover against unfortunate events like death, permanent disability, terminal illness, critical illness or accidental death. In case of accidental death, the Life Plus Benefit Plan offers double the amount of Life cover to the nominee. Premium for this plan start with an amount of Rs. 2,400 and can be availed from the age of 18 years.
Claim Settlement Ratio: 96.20%
3. Birla Sunlife
BSLI Protect@Ease Plan – Ease During Emergency
Established in 2000, Birla Sunlife carries the label of trust from its parent Aditya Birla group. Its term insurance plan offers a sum assured ranging from 30 lakhs to 2.5 crores with two choices viz. Level Term Insurance and Increasing Term Insurance. In Level Term, the sum assured remains fixed throughout the policy period. However, in Increasing Term, the sum assured can be increased with increasing needs by 5% to 10%. There are also options for nominee to decide how he wishes to receive the sum assured amount.
Claim Settlement Ratio: 96.20%
2. Max Life
Max Life Term Plan Plus – For maximum protection
A recipient of numerous awards and top ranking in claim settlement & customer service, Max Life epitomizes a care towards people. Easily affordable by a middle-class Indian person, their term insurance plan comes in three packages. Basic package includes lump sum amount of sum assured paid to the beneficiary while in advanced plans, the beneficiary receives a lump sum amount followed by regular monthly income. As far as the amount of this income is concerned, the Life Insured can choose from Fixed or Increasing Income.
Claim Settlement Ratio: 96.23%
Anmol Jeevan – Live even after you’re not alive
Life Insurance Corporation, or LIC is not unfamiliar when it comes to expert care. They are perhaps the first to introduce term insurance plans in India. Their term insurance plans, Anmol Jeevan and Amulya Jeevan house a lot of benefits to secure your family’s future. For technical friendly, the leading insurer has recently launched e-Term in which you can purchase the insurance policies online.
Claim Settlement Ratio: 98.19%
A wise man said Life is not to be feared, it is to be understood. In similar terms, don’t let your family’s future become a matter of stress for you and them. Take action well in time, so that your ground is fertile enough to bear fruits for those you care for the most, even when you’re no longer with them.