Coverfox.com
  • Insurance
    • Car
      • Car Insurance
      • Companies
      • Third party car insurance
      • Comprehensive car insurance
      • Car insurance calculator
      • New car insurance
      • Zero Dep Car Insurance
      • Buy Car Insurance
      • Compare Car Insurance
      • Car Insurance Articles
    • Bike
      • Two Wheeler Insurance
      • Two Wheeler Insurance Companies
      • Two Wheeler Insurance Claim
      • Two Wheeler premium Calculator
      • Third party Bike insurance
      • Multiyear Bike Insurance
      • Bike Insurance Articles
    • Health
      • Health Insurance
      • Companies
      • Mediclaim Policy
      • Individual Health Insurance plans
      • Critical illness insurance
      • Senior citizen health insurance
      • Arogya sanjeevani policy
      • Coronavirus Health insurance
      • Health Insurance Articles
    • Term
      • Term Insurance
      • Companies
      • Life insurance
      • Life Insurance calculator
      • Term Insurance calculator
      • Life Insurance Plans
      • 1 crore term insurance
      • Compare Term Insurance
      • Buy Term Insurance
      • Term Insurance Renewals
      • Term Insurance Articles
      • Life Insurance Articles
    • Investment
      • Investment Plans
      • Companies
      • Buy Investment Plans
      • Child Plans
      • Pension Plans
      • ULIP
      • Endowment Policy
      • Tax saving investment
      • Buy ULIP
      • Best ULIP
  • About Coverfox
    • About us
    • Insurance Blog
  • Claims
  • Contact us
  • Login
Secure your family's future with the best term plans!
Get best term insurance plans from top rated insurers!
Nominee Assistance Program FREE
Claims assistance, legal, financial & psychological counselling.
Compare among top insurers
with more than 95% claims settlement ratios.
4.7/5
star star star star half star
4.6/5
star star star star half star
Highest rated insurance website

Who Should be your Nominee for your Term Insurance

When you buy a term insurance plan, you must have come across the word nominee, dependent, or beneficiary. These three words are integral to a term insurance policy cover. A term insurance coverage policy is designed to assist your family in case something were to happen to you in the future. It is a complete protection plan with a fixed payout amount.

The payout is received in the form of a lump sum or in the form of regular intervals (monthly, semi-annually, quarterly, or annually). The payout is predetermined at the time of purchasing the policy. An ideal sum assured should be between 15x to 20x of your annual income. The entire process of payout comes under the death benefit option. Every term plan comes with a death benefit that requires you to mandatory select a nominee. Note: Term policies are pure protection plans. They do not come with a survival or maturity benefit unless declared by the insurer.

Who can be the nominee?

As mentioned above, every term insurance cover policy requires you to select a nominee. It is mandatory for you to fill in the details of your nominee as accurately as possible. Your nominee can be your family member or members (spouse, children, or parents, or the entire family). Some insurance plans also allow parents-in-law, uncles, aunts, and adopted dependents, distant relatives, as nominees. In the case of distant non-blood relatives, it is crucial to provide the relevant documentation as proof to the insurance company. Failure to do the same might lead to rejection of the claim.

At Coverfox, you can avail of a free nominee assistance program that will ensure your nominee gets the rightful claim amount. Plus, you can manage all of this on-the-go with a single application.

Benefits of Having a Nominee

The sum assured along with the bonuses, if any, is paid to your nominee in case of your unfortunate demise. Here are six benefits of having a nominee:

  • As mentioned above, the very purpose of purchasing a term insurance protection cover policy is to protect the family of the policyholder. Term insurance is a contract under which the insurance company will pay a fixed amount to the beneficiary in case of the policyholder’s death.

  • A suitable nominee will ensure that your family is well taken care of in your absence. Therefore, you must select a person who you trust the most as a nominee. He/She will be responsible for your family post your departure. You can also make your distant friend or non-blood relative as a nominee.

  • You also have the option of adding multiple nominees. This is ideal if you want the sum assured to be split equally among your children and spouse. You can also make ordinal nominations. Under this option, if the desired nominee does not survive the policy term, you can select a second person.

  • Many term insurance providers provide the option of sharing the death benefit. If you have more than two children/nominees, you can split the death benefit amount as per your preferred ratio.

  • Like all other types of insurance policies, you also have the option to cancel a nominee at any point in time and any number of times during the policy term.

  • When you select your nominee, make sure that nominee/beneficiary/dependent details are correct. You can check for the same on the policy document you will receive as a part of your welcome-kit.

Important Details of a Nominee

In case of the death of the policyholder, the following information must be furnished to the insurance company for making a claim.

  • KYC - Proof of Identity
  • KYC - Proof of Address
  • Proof of Relation
  • Proof of Age of the Nominee

Now that you are aware of the importance of the nominee, here is a list of the best term insurance policies in India.

Best Term Insurance Policy in India for 2020

Term Insurance Plan Policy Term Entry Age Cover Amount (Min/Max)
Tata AIA Maha Suraksha Supreme 10-40 years 18-70 years Rs. 50 lakhs to Rs. 2 Crores
SUD Life Abhay 15-40 years 18-70 years Max life cover of Rs. 100 Crores
Shriram Life Cash Back Term Plan 10-25 years 12-50 years Rs. 2 lakhs - Rs. 20 lakhs
SBI Smart Shield 18-60 years 18-60 years Rs. 25 lakhs
Sahara Kavach 15-20 years 18-50 years Rs. 5 lakhs minimum
PNB MetLife Mera Term Plan 18-65 years 18-65 years Rs. 10 lakhs to Rs. 5 Crores
IndiaFirst Anytime Plan 5-40 years 18-60 years Rs. 10 lakhs to Rs. 49 lakhs
HDFC Life Click2Protect 3D Plus 18-65 years 18-65 years Rs. 1 Crore
Exide Life Smart Term Plan 10-30 years 18-65 years Rs. 5 lakhs to Rs. 10 lakhs
Edelweiss Tokio Life My Term+ 10-85 years 18-65 years Rs. 25 lakhs to Rs. 50 lakhs
Aviva LifeShield Advantage Plan 10-30 years 18-65 years Rs. 50 lakhs
Aditya Birla Sun Life Protector Plus Plan 5-70 years 18-65 years Rs. 30 lakhs minimum

Disclaimer: The above information has been sourced from the official website of the respective insurance company. (last updated on 26-10-2020)

Related Life Article

  • Why Agents Dont Sell You Term Plans Here Is The Truth | Lic Term Insurance 1 Crore | What Should Be The Policy Period In Term Insurance
  • Tips To Plan Your Finances In Your 30S | Why Go For Online Term Plan | Who Should Be Your Nominee For Your Term Insurance
  • How Much Cover Should I Take In A Term Plan | Do I Need Term Life Insurance | 7 Important Investment Lessons From The Coronavirus Crisis
  • Top Life Insurance Plans In India | Should You Invest In Elss Funds Beyond The 80C Limit
  • Seven Investment Options For Your Post Retirement Needs | Sabse Pehle Life Insurance
  • Is Buying Term Insurance Online Safe During This Coronavirus Period
  • Importance Of Life Insurance | How Ulip Can Help To Save Your Childs Future
  • Does Life Insurance Policies Cover Death Due To Coronavirus | Buying Life Insurance Is Just As Easy As It Was Before The Coronavirus
  • Best Age To Buy Life Insurance | 7 Mistakes To Avoid While Investing In Mutual Funds

Best Online Term Plans in India - eTerm Policy for 2020

Term Insurance Plan Policy Term Entry Age Cover Amount (Min/Max)
SBI Life eShield Plan 18-65 years 18-65 years Rs. 25 lakhs
Max Life Online Term Plan Plus 18-60 years 18-60 years Rs. 2 Crores
LIC E-Term Plan 5-75 years 18-65 years Rs. 25 lakhs | Rs. 50 lakhs | Rs. 75 lakhs
Future Generali Flexi Online Term Plan 10-65 years 18-65 years Rs. 50 lakhs
Bharti AXA Term Plan eProtect 10-75 years 18-65 years Rs. 25 lakhs minimum
IDBI Federal iSurance Flexi Term Plan 10-62 years 18-60 years Rs. 50 lakhs to Rs. 30 Crores
ICICI Prudential iProtect Smart 18-60 years 18-60 years Rs. 50 lakhs to Rs. 1 Crore
Canara HSBC iSelect+ Term Plan 5-62 years 18-65 years Rs. 15 lakhs to Rs. 3 Crores
Bajaj Allianz eTouch Lump sum 18-65 years 18-65 years Rs. 50 lakhs minimum
Aegon Life iTerm Plan 18-65 years 18-65 years Rs. 35 lakhs to Rs. 50 lakhs

Disclaimer: The above information has been sourced from the official website of the respective insurance company. (last updated on 26-10-2020)

Top Term Insurance Plans in India for 2020

Top Term Insurance Plan Age at Entry Sum Assured Policy Term
ICICI Pru iProtect Smart 18-65 years Rs. 10 lakhs min, no such limit on max. amount 5-40 years
Aegon iTerm Plan 18-65 years Rs. 25 lakhs min, no such limit on max. amount 5-40 years
HDFC Click 2 Protect Plus 18-60 years Rs. 10 lakhs min, no such limit on max amount 10-40 years
Max Life Term Insurance Plus 18-60 years Rs. 25 lakhs min Rs. 100 Cr max 10-40 years
LIC’s e-Term Plan 18-60 years Rs. 50 lakhs min, no such limit on max. amount 10-35 years

Disclaimer: The above information has been sourced from the official website of the respective insurance company. (last updated on 26-10-2020)

In Simple Words,

It is advisable to have a nominee for your term insurance cover policy. Without a valid nominee, the purpose of having a term plan is invalid. In case there are changes in the details of your nominee, such as address and marital status, you should get the requested information updated with the insurance provider as well.

Talk to an expert
We are always excited to help!
Our Insurance Expert is
Online Right now.
+91
Please enter a valid mobile number
Please enter a valid mobile number
Thankyou for sharing your details

Redirecting in 3 seconds
View all quotes on our website →
I hereby authorize Coverfox to communicate with me on the given number for my Insurance needs. I am aware that this authorization will override my registry under NDNC.
Close
×

Get Lowest Rates for term Insurance

  • Secure
  • Licensed By
  • Payment Options
  • Car Insurance
  • Bike Insurance
  • Motor Insurance
  • Commercial Vehicle Insurance
  • Travel Insurance
  • Car Insurance Premium Calculator
  • Family Health Insurance
  • Senior Citizens Insurance
  • Group Insurance
  • Corona Rakshak Policy
  • Corona Kavach Policy
  • Super Topup Plan
  • Term Insurance
  • ULIP
  • e-Term Plan
  • 1 Cr Term Insurance
  • कार इन्शुरन्स
  • टू व्हीलर इंश्योरेंस
  • टर्म इंश्योरेंस
  • हेल्थ इंश्योरेंस
  • मेडिक्लेम पॉलिसी
  • Learn About Insurance
  • Network Hospitals
  • Cashless Garages
  • Get Android App
  • Learn
  • About Us
  • Contact Us
  • Careers
  • Sitemap
  • FAQs
Connect with us
Become a Partner
Become a Coverdrive POS Agent

Coverfox Insurance Broking Pvt. Ltd. : Unit D4131-4139, 4th floor, Oberoi Garden Estates, Near Chandivali Studio, Andheri East, Mumbai - 400072

Licence No. 478 , IRDA Direct Broker Code: IRDA/ DB 556/ 13 , Valid till: 26/12/2022, CIN: U66000MH2013PTC243810

  • Shipping & Delivery Policy
  • Privacy Policy
  • Cancellation & Refund
  • Terms & Conditions
Copyright © 2022 Coverfox.com. All Rights Reserved