List of Top 10 Term Insurance Plan in 2019-20

top 10 term insurance plan

Term insurance plans are a pure protection plan and help in providing financial security to your loved ones in your absence. They provide life cover for a certain period and the sum assured is paid to the nominee of the policyholder in case of his demise. The sum assured payout is in the form of a lump sum and is known as the death benefit. Term insurance plans are quite cheaper than other life insurance plans as they do not contain any investment component and hence, have low premium rates. 

Term insurance plans are known for providing high sum assured at a lower premium. Additional riders can be included in the base insurance plan to enhance the policy coverage. Policyholders can avail the benefit of flexibility in payment of premium and can pay either by limited pay, single pay or regular pay.

Various insurance providers are providing numerous term insurance plans in the market and online comparison of policies should be done before purchasing one.

Let us list down the best 10 term insurance plans in 2019-20 as below.

Aegon Life iTerm Plan

  • Aegon Life iTerm Plan is a pure term insurance plan consisting of terminal illness benefit as one of the inbuilt features.
  • The minimum age for entry into this plan is 18 years and the maximum age is 65 years.
  • The Aegon Life iTerm Plan provides maturity at the age of 80 years and can be purchased easily online without any hassles.
  • Additional riders such as critical illness benefit and accidental death rider benefit can be included to enhance the coverage of the policy.
  • Tax benefits can be availed on the premium of the plan under Section 80C of the Income Tax Act, 1961.
  • The plan also offers rebates on premium for non-smokers and female policyholders.

LIC e-Term Insurance Plan

  • The LIC e-Term Insurance Plan can be purchased easily by online means without any hassles.
  • This term plan offers a death benefit and the maturity age for the plan is 75 years.
  • The premium for the LIC e-Term Insurance Plan is low and tax exemption can be availed for the premium paid under Section 80C of the Income Tax Act, 1961.
  • The tenure of the term plan can be for a period of 10 years to 35 years.

Aviva iLife Plan

  • The Aviva iLife Plan provides a death benefit to the nominee of the policyholder in case of the death of the policyholder.
  • The payout can be done by two options i.e. either by lump sum payout or by a guaranteed annual payout for 15 years.
  • This plan offers a free look period of 15 days to its policyholders.
  • Tax benefits can be availed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
  • The maturity age for this term plan is 70 years.

ICICI Pru iProtect Smart

  • The ICICI Pru iProtect Smart Plan provides enhanced coverage in the form of riders for terminal illness, death, and disability, etc.
  • The sum assured payout can be done by three different options i.e. monthly income, lump sum, and increasing income.
  • There is a provision of rebate on premium for female policyholders.
  • Tax benefits on the premium paid can be availed under Section 80C of the Income Tax Act, 1961.

Max Online Term Plan Plus

  • This is a non-participating term insurance plan which provides financial coverage at a reasonable premium rate.
  • The payout of the sum assured can be done by 3 different options as chosen by the policyholder.
  • Additional riders such as accidental death benefit, waiver of premium, etc. can be included in the base term plan for enhanced coverage.
  • Rebates on premium are offered for non-smoker and female policyholders.
  • Tax benefits can be availed under Section 80C, 80D, 80DD, 10 (10D) of the Income Tax Act, 1961.
  • The minimum age for entry into the plan is 18 years and the maximum age is 60 years. The age for the maturity of the Max Online Term Plan Plus is 70 years.

SBI Life eShield

  • The minimum age for entry into this plan is 18 years and the maximum age is 65 years. The maximum age for the maturity of the plan is 70 years.
  • Tax deductions on insurance premium can be availed under Section 80C of the Income Tax Act, 1961. Tax exemptions on the sum assured payout can be availed under Section 10 (10D) of the Income Tax Act, 1961.
  • Inbuilt accidental death cover benefit is available with this plan.
  • Reasonable premium rates are available for those policyholders who maintain a healthy lifestyle.

HDFC Life Click 2 Protect 3D Plus

  • This HDFC term plan consists of 9 different plan options to suit up to the requirements of the policyholders.
  • The plan offers a free look period of 30 days.
  • Rebate on the premium is available for female and non-smoker policyholders.
  • Tax benefits can be availed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
  • The minimum age for entry into the plan is 18 years and the maximum age is 65 years. The maximum age for the maturity of the plan is 75 years.

Bajaj Allianz eTouch Online Term Plan

  • In this plan, the death benefit can be paid in two different payout options and an additional sum assured the amount of Rs. 1 lakh can be availed above the base sum assured.
  • Rebates on premiums are available for female and non-smoker policyholders.
  • Tax benefits can be availed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
  • The minimum age for entry into the plan is 18 years and the maximum age is 65 years. The maximum age for the maturity of the plan is 70 years.

Future Generali-Flexi Term Plan

  • The minimum age for entry into the plan is 18 years and the maximum age is 55 years.
  • The minimum sum assured for this plan is Rs. 50, 00,000.
  • The death benefit can be paid either in a lump sum or divided into a lump sum and income benefit.
  • The premium payment is done annually and tax benefits can be availed under Section 80C of the Income Tax Act, 1961.

PNB MetLife – Mera Term Plan

  • This plan helps in enhancing the coverage of the policy as per the requirements of the policyholder.
  • The policyholder can include his spouse in the same plan and provide coverage to his spouse.
  • Tax benefits can be availed under Section 80C of the Income Tax Act, 1961.
  • Premium rebates are available for non-smoker and female policyholders.
  • The minimum age for entry is 18 years and the maximum age is 65 years.

Hence, with numerous term insurance plans available in the market; it is always advisable to compare term insurance plans online through insurance aggregators and select the ones which meet up all your requirements.