
There is a great deal of financial burden that falls on a family that loses its breadwinner due to an untimely demise. A term insurance plan is a safety net to ensure that your family is taken care of even in the worst of circumstances. Such a plan entitles your family to receive up to 20 times your annual income. All you have to do is to pay around 2 to 3% of your annual income as a premium every year to safeguard your family.
You can find the best term insurance plan to fit your family’s needs by comparing the plans offered by various insurance service providers. There are numerous variants and factors to be considered before you decide what is ideal.
Nominations for Top 3 Term Insurance Plans and Their Features
Term insurance plans differ greatly from one insurance company to the next, and it is important to do your research properly before you decide where to invest.
1. Edelweiss Tokio Life Total Secure +
This reputed insurance company is a collaboration between Tokio Marine Holdings Inc, a 130-year-old insurance company and Edelweiss Financial services.
Features & Benefits:
- They offer economical term insurance plans with three options for life insurance coverage. This may include a basic or comprehensive health cover or none at all.
- A life insurance coverage of up to 80 years covering 35 critical illnesses. Low premiums offered for women and non-smokers.
- The plan may be customized as per your requirement with respect to the duration of the policy, paying terms, and pay outs.
- The other benefits offered through this plan include:
-Death benefit
-Accidental death benefit rider
-Accidental total and permanent disability rider
-Waiver of premium rider benefit
-Hospital cash rider
2. Aviva i-Life Total Term Plan
Aviva i-Life Total is a comprehensive online term insurance plan that will protect your family financially in case of the untimely demise of the policyholder.
Features & Benefits:
- The plan may be bought online from the company’s website with minimum hassle.
- An inbuilt terminal illness and accidental benefit cover are offered through this plan.
- There are income tax benefits provided on the amount that is paid as a premium as per the plan.
- Other benefits offered through this insurance company’s term insurance plan include:
-Death benefit
-Terminal illness benefit
-Accidental and total permanent disability benefit
-Accidental death benefit
-Maturity benefit
-Life stage protection
3. Canara HSBC OBC iSelect Lumpsum
The winner of “The Economic Times Best BFSI Brands 2016” in the category of life insurance, Canara HSBC OBC was the first company to introduce an immediate payout on registering a death claim.
Features & Benefits:
- This budget-friendly term insurance plan has two options for coverage: level cover and increasing cover.
- The premiums may be paid annually or monthly, with rebates for women and those leading healthy lifestyles.
- 3.They also have an inbuilt terminal illness cover and offer income tax benefits.
- Other benefits offered by this plan include the following:
-Death benefit
-Terminal illness cover
-Optional spouse cover
-Accidental death cover
-Accidental total and permanent disability cover
These top term insurance plans have a few things in common with some additional features that you may wish to choose or pass on depending on your situation. A simple overview will not allow you to select the right policy as per your needs. Coverfox.com is a great tool to break down the whole process, allowing you to make the best possible decision to protect your family in case of a mishap.
Aviva I-Life Total Term Plan Is the Best Term Insurance Plan and Top Reasons for That Are:
Aviva i-Life Total Term Plan has a few extra features that give it an edge over the rest:
- There is a rebate on the premium for securing the high sum assured.
- Maturity benefit: Usually, in a pure term insurance plan, there is no benefit for the policyholder or the nominee if he/she survives the term of the policy. With a maturity benefit included in Aviva i-Life Total Term Plan – Protect Assured Option, 120% of the premiums are paid back once the plan reaches maturity.
- Life stage protection: This particular plan has a provision to increase the insured sum up to INR 25 lakhs within a period of 6 months from a particular event.
These factors are definitely advantageous and make Aviva i-Life Total Term Plan one of the top term insurance plans of 2018.
Term Insurance Plans Safeguard the Future of Your Family
You cannot replace a loved one, but you can make life easier for dependents with term insurance plans that offer sufficient coverage to repay loans or pending bills. It is an essential financial safeguard and should be a top priority for every family to ease the financial stress that comes with losing the primary breadwinner. Coverfox.com is an efficient tool to help you to choose the policy that is best-suited for you and your family with just the click of a button. Gain peace of mind; sign up for a term insurance plan today.