Term Insurance Plans For Family

Your family is your first priority. While you cannot have any guarantees in life, you can protect your family from financial insecurity in the event of your unfortunate death or even critical illness. Term life insurance policies are the most simple and fundamental insurance products available in the market. Customers can choose from several term insurance policies available in the market.

Features of Term Insurance Policies for Family

The salient features of Term insurance policies are listed in the table below:

Product feature	Description
Cheapest form of life cover	Compared to other forms of insurance, term life insurance cover is cheaper
Pure protection plan	Designed to protect your family from unexpected circumstances
No investment option	Term insurance cover provide cover to the dependents. The sum assured is not reinvested in any manner
More coverage for low premium	Term insurance policies provide more coverage for a lower premium
Flexible premium payments	Customers can choose from a range of premium payments options
Cover for a specific period	Cover is provided for a specific period only
Risk management	If a customer takes a housing loan for 10 years, he or she can take a term policy of corresponding value
Riders	Several additional riders such as critical benefit rider, accidental death benefit and partial permanent disability are available
Simple and hassle-free	Easy to understand product
Variants	Several companies offers term insurance plan with variants such as level benefit, increasing benefit and decreasing benefit
No maturity benefits	In most term insurance plans, there are no maturity benefits in that if a policyholder survives, he or she doesn’t get any maturity benefits. However, some insurance providers are coming out with maturity benefits as well.

Top Term Insurance Policies in India

Some of the sought-after term insurance policies in india include the following:

HDFC Click2Protect
Kotak Life ePreferred Term Plan
LIC Online e-Term
ICICI Prudential iCare
Max Life Online Term Option I

Details related to top term insurance plans are listed in the table below

Insurance policy	Company	Solvency ratio	Claim settlement ratio (%)
LIC e-term	LIC	1.54	97.7
Click2Protect	HDFC Standard Life	2.17	95.8
e-Preferred	Kotak	2.67	92.1
iTerm	Aegon Life	3.22	66.1
iSecure	Bajaj Allianz	2.86	90.6

Some of the other term insurance policies available in the market include the following

Company Name	Product Name
Bharti Axa	e-Protect
Metlife	Met-Protect
ICICI Prudential	i-Care
Future Generali	Smart Life
Star-Union Dai-ichi	Term Plan
SBI life	Smart Shield

Max Life Online Term Plan

The features of Max Life Online Term Plan are listed below:

Customers can choose from three death benefit options as listed in the table below:

Death benefit	Description
Option 1	100% of the Sum Assured
Option 2	Sum assured + monthly income (level). i.e, 100% of sum assured +0.4% of sum assured p.m for 10 years
Option 3	100% of sum assured + monthly income (increasing) for 10 years (in the first year, the monthly income is 0.4% of sum assured. Ths sum assured increases by 10% p.a.