Pure Term Insurance Plans – Comparative Premium Analysis
Term insurance is the purest form of life insurance. In the event of your untimely death, a Pure term insurance plan provides financial protection to your family. This life insurance policy offers a death cover to the chosen nominee at a nominal cost.
You can buy an online term insurance plan that enables you to go through the plan features and benefits that will help you to pick the right life cover. By buying online, you will get an additional premium discount on the purchase of a term insurance policy.
Table Content
- Why should you buy a Term Insurance Plan?
- Financial Cover for Family
- Affordable Cover
- Meet Financial Objectives
- Paying Debts
- Is there any Add-on Cover available with Term Plan?
- Accidental Death Benefit Rider
- Term Rider
- Critical Illness Rider
- Waiver of Premium Rider
- Disability Rider
- Know About Term Insurance Cost
- Conclusion
- Related posts:
Why should you buy a Term Insurance Plan?
There are some key reasons for buying a term insurance plan.
Financial Cover for Family
It’s extremely essential to buy a term plan, especially when you are the sole earning member of your family. In the event of your demise, buying a term insurance plan will support your family financially.
Affordable Cover
This life insurance policy offers coverage at an affordable premium, so you can easily buy to ensure financial security for your family and loved ones.
Meet Financial Objectives
A term insurance policy pays the full sum assured as death cover that will further help your family to accomplish their financial goals.
Paying Debts
The sum assured amount is payable to the family immediately after your demise within the policy term. The cover amount will help to re-pay the debts like a car loan, home loan, or other debts you have already taken.
Is there any Add-on Cover available with Term Plan?
Accidental Death Benefit Rider
This ADB rider provides extra coverage to the nominee in the event of your death due to an accident.
Term Rider
An additional death cover amount is payable to the nominee apart from the base life cover payout. The appointed nominee will receive the term rider sum assured if opted at the commencement of the term policy.
Critical Illness Rider
A critical illness rider provides cover for the cost incurred in the diagnosis of critical illnesses.
Waiver of Premium Rider
In the event of death or disability, the future premiums are waived off and the policy continues till maturity.
Disability Rider
In the event of permanent or temporary total or partial accidental disability, the Disability Rider pays a fixed income for the specified tenure.
Know About Term Insurance Cost
To have more insight on the Pure Term Insurance Plans and their premium cost, we have listed down the list of Pure Term Plans with Lump-sum Benefits offered by various insurers:
| Sum Assured (SA): 1 crore, Male, Non-Smoker | Premium Amount in INR (Including GST) | |||||
|---|---|---|---|---|---|---|
| S.No | Life Insurance Companies | Claim Settlement Ratio (2019-20) | Pure Term Plans (with Lumpsum Benefit) | Age of Life Assured: 30 years, Policy Term: 30 years | For 35 years, Policy Term: 25 years | For Aged 40 years, Policy Term: 20 years |
| 1 | LIC | 96.69% | LIC e-Term Plan | 15,622 | 19,154 | 24,076 |
| 2 | Max Life Insurance | 99.22% | 8,165 | 10,120 | 12,995 | |
| 3 | TATA AIA Life Insurance | 99.06% | TATA AIA iRaksha Supreme Plan | 8,510 | 10,695 | 14,720 |
| 4 | ICICI Prudential Life | 97.84% | ICICI Pru iProtect Smart Plan | 10,523 | 12,878 | 16,477 |
| 5 | Aegon Life Insurance | 98.01% | Aegon Life i-Term Insurance Plan | 7,306 | 9,270 | 14,253 |
| 6 | HDFC Life | 99.07% | HDFC Life Click 2Protect 3D Plus Plan | 9,470 | 11,589 | 14,822 |
| 7 | Reliance Nippon | 98.12% | Digi-term Insurance Plan | 7,491 | 10,670 | 16,064 |
| 8 | SBI Life Insurance | 94.52% | SBi Life eShield Plan | 13,443 | 16,433 | 20,504 |
| 9 | Canara HSBC OBC | 97.35% | Canara HSBC OBC Life Insurance iSelect Term Plan | 7,191 | 8,624 | 11,174 |
| 10 | Bajaj Allianz Life | 98.02% | Bajaj Allianz Life e-Touch | 10,107 | 12,212 | 15,491 |
| 11 | Future Generali India | 95.28% | Future Generali Flexi Online Term Plan | 7,487 | 9,768 | 12,476 |
| 12 | Kotak Mahindra Life | 96.38% | Preferred e-term plan | 8,481 | 10,551 | 14,461 |
| 13 | Birla Sun Life insurance | 97.54% | Birla Sun Life Protect@Ease Plan | 9,091 | 11,075 | 13,904 |
| 14 | PNB Metlife | 97.18% | Mera Term Plan | 8,533 | 10,502 | 13,265 |
| 15 | Edelweiss Tokio Life insurance | 83.44% | MyLife Plus lumpsum Plan | 8,280 | 9,787 | 12,500 |
| 16 | IDBI Federal | 96.47% | IDBI Federal iSurance Online Term Insurance Plan | NA | 10,442 | 13,019 |
| 17 | Pramerica Life | 98.42% | Pramerica Life U-protect Plan | 15,410 | 19,665 | 25,300 |
| 18 | Aviva Life | 97.53% | Aviva Life i-Life Plan | 8,474 | 11,181 | 15,873 |
| 19 | Star Union Dai-ichi | 96.96% | Star Union Dai-Ichi Life Premier Protection Plan | 21,505 | 25,990 | 32,315 |
| 20 | Bharti AXA Life Insurance | 97.35% | Bharti AXA Life eProtect Plan | 8,050 | 10,120 | 13,225 |
| 21 | IndiaFirst Life | 96.65% | India first Anytime Plan | 9,430 | 12,305 | 16,560 |
| 22 | Shriram Life | 91.61% | Shriram Life family protection plan | NA | 36,455 | 46,230 |
Conclusion
Buying a Group Health Insurance Policy is a wise option that will help you to get health coverage for your entire family. This health cover comes with some key benefits like comprehensive health cover, low premium, no waiting period, no health checkup at policy issuance, etc.
Compare all arrangements with comparepolicy.com and pick the most appropriate Life protection for yourself.
Thank you for this informative blog. Quite Helpful!!!