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Term insurance is an essential part of securing your loved ones’ future in case an unfortunate event occurs. There are online term insurance plans available in India that you can compare based on parameters such as premium, benefits, claim process, and more. By comparing the plans, you can choose the best one for your needs.
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Term Insurance Benefits – Pre-Secure Your Loved Ones’ Future
One of the key benefits of term insurance is that it provides financial security to your loved ones in case of any unfortunate event. The policy will pay out a lump sum amount to your beneficiary if something happens to you during the term of the policy. The payout can be used to cover expenses such as mortgages, loans, education, and daily expenses.
Compare Online Term Insurance Plans India: 8 Parameters
When comparing online term insurance plans in India, there are eight parameters that you should consider:
- Premium
- Sum assured
- Riders
- Claim settlement ratio
- Policy term
- Tax benefits
- Policy exclusions
- Company’s reputation
You can compare the plans based on these parameters and choose the best one that suits your needs.
Term Insurance Plan – Why Splitting Cover is a Great Idea
Splitting cover in a term insurance plan is a great idea as it provides you with more flexibility and coverage. In case of a joint policy, you can split the cover based on the needs of each individual. It also allows each individual to have their own nominee, which can be useful in case of a dispute.
Best Online Term Insurance Plans in India for 2015 – A Comparative List
Here is a comparative list of the best online term insurance plans in India for 2015:
| Plan Name | Premium | Sum Assured | Policy Term | Claim Settlement Ratio | |
|---|---|---|---|---|---|
| 1 | ICICI Pru iProtect | Rs. 5,455 | Rs. 1 crore | 30 years | 96.68% |
| 2 | LIC e-Term | Rs. 5,525 | Rs. 1 crore | 30 years | 98.04% |
| 3 | HDFC Life Click2Protect | Rs. 6,870 | Rs. 1 crore | 30 years | 97.62% |
| 4 | SBI Life eShield | Rs. 7,200 | Rs. 1 crore | 30 years | 95.17% |
| 5 | Max Life Online Term Plan Plus | Rs. 8,179 | Rs. 1 crore | 30 years | 98.74% |
Top 5 Best Online Term Insurance Plans in India 2020 – BasuNivesh
Here are the top 5 best online term insurance plans in India for 2020, as recommended by BasuNivesh:
- Max Life Online Term Plan Plus
- HDFC Life Click2Protect 3D Plus
- ICICI Pru iProtect Smart
- Aegon Life iTerm Plus
- PNB MetLife Mera Term Plan
Tips to Choose the Right Online Term Insurance Plan
Here are some tips to help you choose the right online term insurance plan:
- Compare plans from various insurance companies based on premium, sum assured, policy term, and claim settlement ratio.
- Choose a plan that offers riders such as accidental death benefit, critical illness cover, and more.
- Check the policy exclusions and ensure that they do not affect your requirements.
- Choose a plan that offers tax benefits under section 80C and 10(10d) of the Income Tax Act.
- Consider the reputation of the insurance company and their customer service record.
Ideas to Increase Your Term Insurance Cover
Here are some ideas to increase your term insurance cover:
- Opt for a policy with a longer term.
- Choose a plan that offers a higher sum assured.
- Add riders such as accidental death benefit, critical illness cover, and more.
- Split the term insurance cover among different insurance companies.
How to Buy an Online Term Insurance Plan
Here are the steps to buy an online term insurance plan:
- Visit the website of the insurance company that you have chosen.
- Select the online term insurance plan that you want to buy.
- Enter the required details such as personal information, beneficiary details, and more.
- Choose the premium payment frequency and mode.
- Pay the premium using a credit card, debit card, net banking, or any other payment mode accepted by the insurance company.
- Once the payment is made, you will receive the policy document via email.
By following the tips and ideas mentioned above and comparing the plans based on parameters such as premium, sum assured, riders, claim settlement ratio, and more, you can choose the best online term insurance plan that suits your needs and provides financial security to your loved ones in case of any unfortunate event.
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