List of Best life insurance plans in the India 2020 | Term Insurance Plans in India

Term Life Insurance Plans are just what you need to add to your list. It’s the best way to protect your life from the insecurities and uncertainties of life. Term insurance plans are also known as Pure life insurance plans, they are a type of life insurance plan that guards you for a term period in exchange for a premium amount. This premium amount is fixed depending on various features such as the age of the insured, medical history of the insured, as well as the sum assured which is appointed for the insurance policy. This sum assured is the money which the beneficiary gets after the insured dies in the form of the death benefit. It is important to note here that the policy is only valid for the fixed term period, upon its expiration, the policyholder is required to renew the policy, if not the policy is considered invalid. Thus, the insured person is no longer under the protection of the policy and no death benefit is paid.

Best life insurance policy Plan in India

Key Benefits of the policy :

  • Death Benefit – The phrase ‘death benefit’ in itself is quite contradictory because of its ironic indication. How can anyone benefit from death? The meaning here is that the insured prepares to shield his/her family against any future financial crisis. The insured here appoints a person, most preferably a family member to be the beneficiary of the policy so that he/she gets the death benefit upon the demise of the insured.
  • Critical Illness – The term life insurance may seem like a plan with protection only from death. But some term plans with an additional rider for critical illnesses protects the insured from the medical expenses during the treatment of a critical illness such as heart attack, cancer, kidney failure etc. These illnesses can cause a big financial burden over the insured if he/she is not prepared for it. The policy upon detection of a critical illness offers a fixed amount of cash to the insured to assist in hospitalization and other needs.
  • Liability Cover – The crucial part of term life insurance plan is that it provides mental support to the insured along with financial aid. The insured may have liabilities like loan, debt, EMIs etc and all this can be transferred to the family if something happens to the insured. In that case, death benefit which the family receives upon the death of the insured can be used to pay and cover such liabilities.
  • Reasonable Price – One of the biggest concern of most people is to be able to afford life insurance policies. Term life insurance is reasonable and affordable and so it is preferred by most people. Being able to secure one’s family is a dream come true for every individual. Therefore, term insurance plans are one of the leading life insurance plans in the india.
  • Add-On – This is a feature that allows you to add extra features to your policy. It enhances your basic term life insurance plan by adding extra beneficial features to the policy. Some of the popular add-ons are terminal illness cover, accident cover etc

Premium Calculator

Premiums are considered as the lifelines of any insurance policy because that is the amount which makes the policy valid and alive. Premium is the cash paid to the insurer by the insured either monthly or yearly depending on the agreement of the policy. But it is hard to know the exact premium amount, therefore, a premium calculator is the free online tool which helps the insured calculate the due premium amount. It is easily available on the insurance company’s official website and needs no permission to access it.

Knowing the premium amounts helps the insured calculate and adjust the budget accordingly. It is hard to calculate the premium on your own because it requires several pieces of information such as the sum assured amount, the term period etc. Also, if there are Add-Ons attached to the policy then their additional costs are also added to the premium amount. Thus, an online premium calculator helps the insured calculate the exact premium amount before due. Along with this, there are also tools which remind the insured of the due date of the premium in order to avoid any chance of missing it.

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