Best Term Life Insurance For Over 55 - Sir. Ranjan, 45, worked with MNC IT, lives with his wife, two children and parents in Bangalore. He took out a $1 million term insurance policy in hopes of covering the family's financial obligations after his absence. Due to frequent travel that was involved in his work, he contracted the Covid-19 infection, which also spread to all members of his family.
Despite all the efforts of the doctors to keep his life stable, Mr. Ranjan due to multiple organ failure and hypoxia. His family members recovered from covid 19 but were devastated by their loss.
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With the sole breadwinner no more, the future could have looked bleak for them, but luckily, Mr. Ranjan informed his wife about his tenure plan, who sent a claim to the insurance company and accepted the death. A benefit of Rs.1 million.
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Without his insurance plan, Mr. Ranjan's family had no other source of income to run their daily lives or pay for the child's education. Therefore, a term policy is a useful tool for anyone who prefers to ensure the financial obligations of their loved ones, even after their death.
As in the example above, no one can predict the future, but we can plan for it after understanding the risk factors. The Covid-19 pandemic that is spreading around the world and taking people's lives is a classic example of how things can become unsafe very soon.
Only in such situations should you explore ways to secure the financial situation for a better tomorrow through devices like life insurance. Tell us more about this effective financial tool called term insurance.
A term insurance policy is a pure protection plan to ensure the financial future of the family in the event of any adverse event such as death, terminal illness, disability, etc. However, unlike other investment products, these plans do not offer any return on premiums paid at the end of the policy term.
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Therefore, if you are thinking of buying a long-term plan, you must first know the risks in your life, the number of dependents and what amount will be enough for them to have the same quality of life they are experiencing now after your death.
There are many insurance companies on the market, each offering a wide variety of policies to choose from. It is undoubtedly a big task to choose the best term plan from this extensive list, but you should invest time and effort in searching as it ensures peace of mind for you and a stress-free future for your family.
Here we have listed the 11 best insurance plans in India from leading insurance companies for you to choose and buy the best term plan for your family in 2021 as mentioned below:-
Below is a list of the top 11 term plans in India from some of the top rated insurance companies here, along with their salient features, that you can choose and buy in 2021-2022.
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This is a traditional term plan that provides financial support to the insured's family in the event of his untimely death. This term plan comes with several important features such as 2 death benefit options - level sum assured and increasing sum assured, policy term between 10-40 years and term up to 80 years.
This comprehensive term plan offers 3 coverage options - Life and CI Rebalancing, Life Protect and Income Plus, from which the insured can choose according to his requirements. It comes with an option that automatically balances death and critical illness benefits with advancing age and offers whole life.
The Smart Secure Plus plan from Max Life Insurance gives you the flexibility to customize your cover affordably by offering 2 term life policies to choose from. It also provides various payment options according to the needs of the insured, consisting of a one-time payment, a monthly income payment, partly as a lump sum and partly as a monthly income. In addition, it provides coverage for terminal illnesses and refunds all premiums paid at the maturity date of the policy.
The policy offers four plan options, and you can choose the best one among them, depending on your requirements. This is the best life insurance for your family and you can apply for the same online without the tedious paperwork. Some of the benefits covered in this policy include renewal, minimum sum assured of 20 lakh, facility waiver, grace period and so on.
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Maha Raksha Supreme by Tata AIA Life Insurance comes with an inbuilt booster that provides up to 50% assured payout on diagnosis of terminal illness. This plan also offers flexibility to choose between different payment terms for the rider.
This plan is available in 3 options and you can choose the right plan after doing full research. Some of the benefits offered by the policy include death cover, terminal illness, premium exemption benefit, accident benefit, tax benefits, buyback benefits, etc.
This plan offers death benefits at reasonable premiums and maturity benefits by refunding the premiums paid on the maturity date of the policy. It also provides financial support if diagnosed with any critical illnesses listed in the scheme.
This term plan comes with a whole life insurance option and offers you the flexibility to upgrade your life insurance to suit your changing lifestyle. It also comes with return of premium options, spouse cover and built-in protection. In addition, it offers several payment options for a death benefit that include a lump sum, a monthly income or a lump sum plus a monthly income.
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This range plan offers comprehensive protection at an affordable cost. In addition, it gives flexibility to choose coverage against fatal diseases, serious illnesses, disability and death alongside different coverage options for life, such as spouse and whole life.
This is a pure protection plan, and anyone between the ages of 18 to 50 (for salary capped up to 60 years) or 65 years (except salary capped to 60 years) can purchase this term plan. The minimum sum assured under this scheme is Rs 25 lakh. Kotak e-Term plan offers various premium payment modes including monthly, annual, half-yearly and quarterly. Furthermore, it comes with 3 different payment options – instant payment, level recurring payment and increasing recurring payment. It also provides an option to add riders for additional protection - Kotak Permanent Disability Benefit Rider and Kotak Critical Illness Plus Benefit Rider.
This Aditya Birla Sun Life Insurance term plan offers 8 different cover options that policyholders can choose to meet the specific requirements of their family members. It guarantees that the members of the insured's family will be financially secure in the event of the insured's sudden death within the policy period. Additionally, this plan provides terminal illness benefits and options to increase life cover by adding riders.
When looking for an ideal plan, you should also consider certain factors. Here are some of them.
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Before proceeding to search for the best life insurance in India, we recommend you to understand all the policies and their benefits in detail from the brochures available on their website. If necessary, you can also get advice from insurance experts or visit and clear your doubts before investing, as this single decision can change the future of your family in your absence.
There are plenty of term insurance policies available in the market with different features and benefits. But here is the list of best internship programs in India 2021:
All insurance companies have their advantages and disadvantages; However, you should choose a company to buy a term plan in India based on its claims settlement ratio, solvency ratio and reviews.
Claim settlement ratio (CSR) is the number of claims settled during a year by an insurance company. Higher social responsibility more reliable is the insurer.
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The solvency ratio refers to the measure of risk that an insurer faces and that it cannot absorb. Insurers with higher solvency are more financially stable and thus better equipped to pay insurance claims.
The ideal age to purchase term insurance is at the earliest stage of your life to get the most benefits. However, you can buy a term plan as early as after 18 years.
You can purchase more than one insurance plan to meet your requirements. You can also have more than one trustee on your policy.
According to IRDA Life Insurance Claim Settlement Ratio 2021, Max Life Insurance has the best claim settlement ratio of 99.00%, HDFC Life 99.07% and Tata AIA 99.06%.
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Financial experts often recommend that insurance coverage should ideally be 15 to 20 times your annual income. So, for example, if your annual income is Rs 10 lakh, your cover amount should be at least Rs 1.5 crore.
The perfect way to choose the best term plan for your parents is by considering the tips below when purchasing the plan:
An insurance plan is a significant financial option for every person. It serves as a financial cushion in times of uncertainty and helps the insured's family member lead a comfortable life
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