In the last one and a half years, we have witnessed two COVID-19 waves and many lives were lost. Some of the families even lost the only earning member. This has made them uncertain about their present situation and their future. While we have seen all these happening to others so far; have we ever thought what if it happens to our family? Well, life is unpredictable for everyone, and each one of us should take all the necessary measures to secure the future of our family.
Now if you are wondering about all the ways to secure the finances of your family; one of the best ways is buying term insurance. Well, many people think term insurance plans are expensive; thus, they drop the idea of it. To put it honestly, it is just a myth. Term insurance plans are of various types and offered by different insurance companies; therefore, you can get them at affordable prices. Let us check out the reasons that make term plans affordable:
- Lack of Fund management charges
Term insurance plans are different from money-back plans, and you do not have to invest funds and monitor them. Therefore, you will not have any money management-related expenses. This enables the insurance companies to offer several term insurance plans at reasonable premiums.
- Lesser distribution costs for online sales
Term insurance is a very basic and simple insurance plan and buying it online is hassle-free and fast. As a matter of fact, the insurance companies save a lot on the distribution charges as they sell the plans online. This also involves lesser paperwork, people, and logistics costs, because of which it becomes affordable.
- There is no hidden comparison
When you buy a term insurance plan online, you get the opportunity to compare the insurance plan with the other plans that exist in the market. People who have lately bought an offline term insurance plan can use a premium calculator to compare the quote of their existing policy with the others in the market, and even may consider switching to an online term insurance plan.
There are various term insurance plans that you can opt for. Here are some of them discussed below:
HDFC Life Click2 Protect Life
HDFC Life Click 2 Protect Life comes with several features as well as benefits that are based on the requirements of the customers at various stages of life. The plan offers death as well as critical illnesses benefits under one policy and offers a monthly income payout that starts from the age of 60 years. There are three variants of this term insurance plan, which include Life Protect, Income Plus, and Life & Critical Illness Rebalance. Each of these three variants comes with several benefits, and you can choose the one as per your requirement.
ICICI Pru iProtect Smart Plan
ICICI Pru IProtect Smart Plan is one of the most popular term insurance plans that is offered by ICICI Prudential Life Insurance. This particular plan offers all-inclusive life coverage at very reasonable premiums. The plan offers the sum assured along with the benefits such as accidental death benefit rider and critical illness benefit rider which cover 34 critical illnesses. In addition to this, you can choose from four payout options and options of various premium payments which are based on your convenience.
Max Life Online Term Plan Plus
It is a comprehensive plan that offers coverage against three life risks such as critical illness, dismemberment, and death. Three options for death benefit are included in this plan, such as Basic Life Cover + Monthly Income, Basic Life Cover, and Basic Life Cover + Increasing Monthly Income. This term plan comes with several features as well as benefits and also offers the option to top-up the cover amount with the help of several riders. As you purchase this term plan, you can pay premiums for 60 years, while you will get coverage for 85 years.
Aegon Life iTerm Insurance Plan
This is also one of the most-sought after term insurance plans that offer life cover until the age of 100 years. You will also get additional riders with this plan. The plan will also pay you out an extra lump sum amount for 36 basic illnesses up to the age of 80 years. This plan offers various other benefits and if the customer is a smoker and quits smoking, the premium is decreased under the ‘It pays to Quit Smoking’ option.
If you want to know about more options for term insurance plans, you can visit the IIFL’s website and even go ahead and compare them.