Not many must be sure of choosing the right online term insurance with the hundreds of options available. But, this article will ease out your task by listing the top 10 online term plans in India. Let’s see how.
Today, there is so much of confusion in choosing the best online term insurance with the plenty of plans around. After all, we all tend to find the ones which are pocket-friendly as well as the full-fledged with excellent benefit and features. Here, we list the 10 popular online term insurance plans in India that would offer financial security to your loved ones, when you aren’t around.
ICICI Prudential iProtect Smart Term Plan
ICICI Prudential Company is the first Indian insurance company listed on NSE & BSE. ICICI Prudential iProtect Smart Term Insurance Plan is a comprehensive online term plan that offers a host of benefits and features. Let’s have a look at them:
- iProtect smart being a pure online term insurance plan offers four payout options which can be lump sum, Lump Sum plus Income, monthly income and increasing income.
- This plans offers a comprehensive protection to you and your family against death, terminal illness, and disability.
- ICICI Prudential iProtect Smart Term Plan offers protection in four available options such as - Life, Life plus, Life and Health, All in One. You can opt one as per your requirement.
- This plan offers a special discounted premiums for female lives, besides coverage for breast cancer and cervical cancer.
- You can also increase the sum assured for important milestones of your life such as marriage or birth/legal adoption of 1st and 2nd child.
- Here, you can get a surrender value benefit only in case of single premium.
- Offers tax benefit under Section 80C of the Income Tax Act, 1961 for premiums paid and also under Section 80D in case you buy a critical illness benefit cover under Life and Health or All in one . The ICICI Prrudential iProtect Smart Term Plan also offers tax benefit for the death benefit Section 10(10D) of the Income Tax Act, 1961.
HDFC Click 2 Protect 3D Plus Term Plan
HDFC also offers an advanced term insurance plan known as HDFC Life Click 2 Protect 3D Plus. The 3D here indicates disability, disease and death. Let’s have a look at the features and benefits offered by this plan.
- It provides a comprehensive insurance cover to you and your family at pocket-friendly rates.
- This is an online term insurance plan
- Offers 9 options to choose to make a tailor-made plan for.
- Premium as well as the payment terms as per your convenience
- Discounted term insurance premium rates for women.
- Offers discounts for people leading a healthy lifestyle such as non-smokers.
- Tax benefits under Section 80C, 80D and 10(10D) of the Income Tax Act, 1961
- Offers additional benefits under the Life Stage Protection wherein you can increase the basic sum assured amount for milestones such as first marriage, birth of first child and birth of second child
SBI Life eShield
SBI Life eShield term insurance plan is a pure term plan that has a provision of offering the accidental death benefit as optional. Being a non-participating plan and non-linked plan, there are no survival benefits as well as no exposure to stock market that this plan offers. Let’s find out some more information about this SBI Life eShield online term plan:
- This is an online term insurance plan
- This online term insurance plan offers two options to choose from, namely Level cover with inbuilt Accelerated Terminal Illness Benefit and Increasing cover with inbuilt Accelerated Terminal Illness benefit.
- The sum assured remains unchanged during the entire policy period in the Level cover with inbuilt Accelerated Terminal Illness Benefit.
- The basic sum assured increases by 10% at a simple interest on the completion of every 5th anniversary of the SBI Life eShield online term plan. The premium however remains unchanged.
- In case you get diagnosed with a terminal illness, you would paid the death benefit equivalent amount and the insurance policy would terminate.
LIC e-Term Insurance Plan
Being one of the most effective term insurance plans of LIC, the LIC e-term online insurance plan offers a wide range of benefits to its customers. Let’s have a look at them:
- You can buy the LIC e-term insurance plan online
- Offers discounted premiums to non-smokers since insurers consider them as a low-risk applicant due to greater probability of enjoying higher longevity
- Offers lower premiums to the female applicants since they live longer than male applicants
- Even NRI’s can buy this plan
- Non-participating and pure term insurance plan
- Offers only Death Benefit in case of death of the policyholder and does not provide Maturity Benefit
Aegon Religare iTerm Plan
The Aegon Religare iTerm Plan is a pocket-friendly online term insurance plan in India. Mentioned below are some of the features and benefits of this term insurance plan.
- Cost effective comprehensive online protection plan
- Life coverage option up to very old age of 100 years
- Provides amount in lump sum as well as monthly regular income or both to your family in case of death of the life insured
- Offers inbuilt terminal illness benefit
- Offers rider options such as accidental death, critical illness and disability at an additional cost
- Flexibility in premium paying options
- Eligible for tax benefits under existing tax laws
Max Online Term Plan Plus
The Max Online Term Plan Plus offers financial stability to your family members in your absence. The family too stays covered and can therefore take care of their household expenses as well as take care of the debts, children education, etc. Mentioned below are the features of the Max Life Online Term Plan Plus:
- Offers 100% sum assured on death
- A free look period of 30 days
- Offers tax benefits on the premiums paid and the pay outs made under Section 80C, 80D, 80DD and 10(10D) of Income Tax Act, 1961.
- You can buy term insurance riders such as Accidental death benefit rider and waiver of premium plus rider benefit at an additional cost
- Offers rebates if you select a higher sum assured
- Offers low premium rates for non-smokers and female lives
- Offers flexibility to select the policy term and the premium payment modes as per your wish
- Offers 3 variants with different payout options
TATA AIA Life iRaksha Supreme Online Term Insurance Plan
The TATA AIA iRaksha Supreme Online Term Insurance plan offers you peace of mind by financially protecting your family members. Let’s now have a look at the features of TATA AIA iRaksha Supreme Online Term Insurance Plan:
- This is a non-participating and pure online term insurance plan
- Offers a sum assured on death
- Offers additional features such as discounted premiums for non-smokers, female policyholders as well as in case you opt for a higher sum assured
Aviva iLife Total Plan
This term insurance plan offers personal as well as dedicated claim assistance, life cover at pocket-friendly rates as well as covers death by any reason. This plan can be bought online.
The features of the Aviva iLife Total Plan are mentioned below:
- Protect – This plan offers coverage for death and comes with inbuilt terminal illness benefit.
- Protect Plus – This plan offers double the sum assured in case of accidental death
- Protect Assured – The sum assured would be paid in case of death of the policyholder. However, in case the insured person or if the insured individual lives until the term insurance plan matures, 120% of the total premiums would be paid.
- Protect Income – This plan pays a fixed monthly income to the family in case of death of the life assured.
Birla Sun Life Insurance Shield Term Plan
Birla Sun Life Insurance offers a host of term insurance plans that are affordable as well as easily available. Let’s dive deep into the features and benefits offered.
- This plan offers eight options of life cover named as Level Sum Assured and Increasing Sum Assured. The former cover provides a sum assured which remains unchanged throughout the policy term whereas the later makes the sum assured increase by 5% to 10% every year. Along with this other options are Decreasing Term Assurance | Return of Premium | Level, Increasing, Decreasing and Return of Premium Term Assurance with Waiver of Premium (WOP) Benefits.
- This plan offers discounted premium rates for non-smokers as well as female lives
- The beneficiary can opt for either lump sum death benefit or in equal instalments
- This plan offers 5 riders such as Accidental death and disability rider, critical illness rider, surgical care rider, hospital care rider and the waiver of premium rider
- Offers tax benefit under Section 80C, 80D, 80DD and 10(10D) of Income Tax Act, 1961.
Bharti AXA Life Flexi Term Insurance
Bharti AXA Insurance Company offers online term insurance plans. The ease in claim settlement and an excellent customer centric approach makes this Company a popular choice amongst many. Let’s have a look at the features and benefits below:
- This plan offers the option of 3 different life cover pay outs such as lump sum pay out, monthly income pay out and a combination of lump sum plus monthly income
- This plan also offers critical illness cover with three levels of coverage and a long term cover till the age of 85
- Offers premiums at reasonable rates
- Special discount on premiums for non-smokers as well as female lives
- Tax benefits under Section 80C, 80D and 10(10D) of the Income Tax Act, 1961.
How to buy these term insurance plans online
Mentioned below is the step-by-step process to buy term insurance plans online:
- You can buy the term insurance plan online by visiting the official website of the insurance company from whom you wish to buy one.
- You can also visit a trusted online insurance broking firm such as ‘Coverfox.com’ in order to buy an online term insurance plan.
- All you need to do is fill out the necessary details in the online application form such as your personal details, address, age, health conditions, choose the amount of sum assured, policy duration and whether you agree for a medical check-up or not and then finally make the premium payment.
- On successful payment, your insurance company or the insurance broker will mail your online term insurance policy document. You will also receive a hard copy on your registered address.
Experts advice to buy a term insurance plan online to avail added discounts with regard to the premiums as well as flexibility to compare different term insurance plans online and then buy one after making an informed decision.