Term insurance is certainly one of the best things that you can buy for your family. Life is uncertain, and if you meet with an accident and pass away way before time, it can be very tough for your family to cope with. It becomes even more difficult for the family to manage the finances. This is why investing in term insurance is so important. As you buy term life insurance, even when you are not there, your family will have financial support. The higher the sum assured is, the better it is for them.
While buying term insurance, you must consider the factor of inflation. The cost of everything is increasing each year. And if we think about life after 10 years, the cost will be much higher than we can even imagine. This is the reason you should buy a minimum of 5 crore term insurance plan.
Let us check out some of the 5 crore term insurance plans available in India.
Bharti AXA Premier Protect Plan
It is a non-linked, individual, non-participating, and pure risk premium life insurance policy offered by Bharti AXA. The minimum entry age for this plan is 18 years and the maximum entry age is 65 years. The maximum maturity age of this plan is 75 years. The nominees get death benefits with options such as monthly income, lump sum, lump sum plus monthly income for payout. To extend the benefits, the policyholders can add riders such as Bharti AXA Life Premium Waiver Rider, Bharti AXA Life Hospi Cash Rider, and Bharti AXA Life Accidental Death Benefit Rider.
Aegon iTerm Plan
The entry age of this non-linked, non-participating, and comprehensive protection plan is 18 years and the maximum entry age is 65 years. Depending upon the requirements, the policyholder can choose a plan from options such as Protect Plus, Life Protect, and Dual Protect. Apart from the risk of accidents, this term insurance plan also comes up with a cover for terminal illnesses. The highest maturity age for this plan is 100 years. One of the best features of this plan is that it covers the death claims of COVID-19. Another striking feature of this plan is the ‘It Pays to Quit Smoking’ feature. This means, if you quit smoking, you will get discounts on premium renewal from the second year of the policy.
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Max Smart Secure Plus Plan
Max Smart Secure Plus Plan is an excellent plan for people who want to invest in policies that provide the most financial stability. The policy has several features which the policyholders can customize according to their requirements. The minimum entry age of this policy is 18 years, while the maximum is 65 years. The maximum maturity age is 85 years. By paying an extra premium, the policyholders can get Accelerated Critical Illness Benefit, Joint Life Option, Accident Cover, etc., which will provide more benefits to the beneficiaries. By paying extra premiums, policyholders can also include riders such as Critical Illness and Disability Rider and Waiver of Premium Plus Rider.
Edelweiss Tokio Simply Protect Plan
This non-participating and non-linked term life insurance plan can be bought very easily and you have to pay quite affordable premiums. The policy is available for individuals between 18 years and 65 years of age. The maximum maturity age for this plan is 80 years. Apart from the death benefit, the policy also comes with riders such as Accidental Total and Permanent Disability Rider, Accidental Death Benefit Rider, Critical Illness Rider, and Waiver of Premium Rider.
If you wish to know more about such plans, you can consider visiting the IIFL website and browsing through the information present there. You will not only be able to compare the plans but also calculate the premiums as it will help in planning your finances efficiently.