Best Term Plan
Which is the best term plan? The answer to this question is not easy. But if you keep a few things in mind, then you can easily find out which is the best term plan? Through this, if you are thinking of taking a term insurance plan, then you can take a wise decision. Because while taking a term insurance plan, you also have to think about various things so that you can get the best term insurance plan at a low cost.
Further in this article, we will tell you about the factors that affect a term insurance plan. You need to consider those factors while buying a good term plan. Along with this, we will also give you a brief description of the term insurance plans offered by various insurance companies. You can choose any term insurance plan from among those term insurance plans as per your requirement and convenience.
So before we tell you which is the best term insurance plan? Let us first discuss the factors that make a term insurance plan good or bad.
What Are The Factors To Be Considered For The Best Term Insurance Plan?
The following points should be kept in mind for the best term insurance plan-
- Claim Settlement Ratio:
Before choosing a good term plan, it is very important to see the Claim Settlement Ratio of that insurance company. Buying a term insurance plan from an insurance company with a higher claim settlement ratio proves to be very beneficial.
Claim settlement ratio refers to the ratio of claims made and claims settled by the insurance company. If a company has a high claim settlement ratio, it means that the claims made by the policyholder are successfully settled by the insurance company.
Hence, if you submit a claim for your term insurance policy, you have every chance of getting the claim settled successfully. Hence, you need to look at the claim settlement ratio of the insurance company while choosing the best term plan for you.
- Customer Services:
While buying any product from any company, it is very important to see the customer service of that company. If the customer service of a company is not good then you should avoid buying the product from that company. Because you may have to face problems later.
Such insurance companies, whose customer service is very good, the problems of the customers are resolved immediately by them. You can buy a term plan from such an insurance company. Because if you need any kind of assistance related to your term plan then you can get immediate solution to your problem from the customer care service of the insurance company.
While choosing the best term plan, it is also necessary to consider the coverage you will get through that term plan. You can buy a term insurance plan that offers you the maximum coverage at the lowest premium.
Also, you should choose your term insurance plan coverage keeping in mind your future financial needs. You can consider buying a term plan from an insurance company that gives you the option to extend your coverage from time to time.
A best term plan is the one which offers you maximum coverage at minimum premium. You should compare the premiums of term insurance plans offered by different insurance companies. You can buy a term plan from an insurance company that offers you the maximum term plan coverage at the lowest premium.
It is worth noting that you should not buy insurance from an insurance company that offers you less coverage in the name of minimum premium. Because your financial needs may be more in future. Therefore, you have to keep in mind that you should buy a term plan from such an insurance company which is also providing you adequate coverage as per your requirement at the lowest premium.
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Also, you need to see what options are available to you for paying your premium. If the insurance company is offering you multiple options for premium payment such as monthly, quarterly, half-yearly, yearly or single premium payment option, then you can buy term insurance plan from such insurance company.
- Death Benefits:
The best time plan is the one which offers you the maximum death benefit. While choosing a term insurance plan, you should go with an insurance company that offers you the maximum death benefit at the lowest premium. For this, you can compare term plans of different insurance companies. You can buy a term plan from an insurance company that is offering you higher death benefit.
- Maturity Benefits:
In a term insurance plan, you are not provided with any kind of maturity benefit. If the life assured is alive at the end of the policy term then no benefit is provided to him.
But now such term insurance plans are also being offered by insurance companies in which the premium paid by the insured is returned if he survives till the end of the policy term. Therefore, you can take a term insurance plan from an insurance company that will refund you your premium at the end of the policy.
It is worth noting that you may have to pay an additional premium for this facility. You can check which insurance company is providing you the facility of return of premium on payment of minimum premium.
While taking a term insurance plan, you also need to see whether you are getting the option of making changes according to your needs. Because you may want to enhance your term insurance plan coverage. So if any insurance company is giving you the option of increasing your term coverage by adding additional riders to your term insurance plan at a minimal premium, then you can buy a term plan from such insurance company.
You have to pay some premium for adding the rider. You should also compare this additional payout with term plans from other insurance companies, so that you can also avail the facility of adding riders at the lowest premium.
Best Term Plan List
Below we have provided a list of the best term insurance plans offered by some insurance companies. You can get the benefit of a term plan by comparing these plans and choosing any term plan as per your requirement.
- SBI Term Insurance Plans
SBI Life eShield
SBI Life Smart Shield
SBI Life Saral Shield
SBI Life Grameen Bima
SBI Life Saral Swadhan+
SBI Life Smart Swadhan Plus
- HDFC Term Insurance Plan
HDFC Life Click 2 Protect Life
QuickProtect by HDFC Life
- LIC Best Term insurance Plan
LIC Jeevan Amar Plan
LIC Tech Term Plan
- Bajaj Allianz Term Plans
Bajaj Allianz Life Smart Protect Goal
Bajaj Allianz Life eTouch Online Term
Bajaj Allianz Life Secure
Bajaj Allianz LifeStyle Secure
Bajaj Allianz iSecure
Bajaj Allianz iSecure More
Bajaj Allianz iSecure Loan
Bajaj Allianz Saral Jeevan Bima
- ICICI Term Insurance Plans
ICICI Pru iProtect Smart
ICICI Pru iProtect Return of Premium
ICICI Pro iCare II
ICICI Pru Saral Jeevan Bima
ICICI Pru Precious Life
ICICI Pru Life Raksha
ICICI Pru Loan Protect Plan
ICICI Pru Loan Protect Plus
ICICI Pru Group Term Plus
- Tata AIA Life Term Plans
Sampoorna Raksha Supreme
Saral Jeevan Bima
iRaksha TOO MUCH
Maha Raksha Supreme
- Kotak Life Term Insurance Plans
Kotak Term Plan
Kotak e-Term Plan
Kotak Saral Jeevan Bima
- Reliance Nippon Life Term Insurance Plans
Reliance Nippon Life Protection Plus
Reliance Nippon Digi-Term Insurance Plan
Reliance Nippon Saral Jeevan Bima