Pure Term Insurance Plans – Comparative Premium Analysis

August 13, 2021
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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.

Why you should 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 loves 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. With the cover amount, it 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 its premium cost, we have listed down the list of Pure Term Plans with Lump sum Benefit 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 (2017-18) 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 97.79% LIC e-Term Plan 15,622 19,154 24,076
2 Max Life Insurance 98.74% Max Life OTP Plus Plan 8,165 10,120 12,995
3 TATA AIA Life Insurance 99.07% TATA AIA iRaksha Supreme Plan 8,510 10,695 14,720
4 ICICI Prudential Life 98.58% ICICI Pru iProtect Smart Plan 10,523 12,878 16,477
5 Aegon Life Insurance 96.45% Aegon Life i-Term Insurance Plan 7,306 9,270 14,253
6 HDFC Life 99.04% HDFC Life Click 2Protect 3D Plus Plan 9,470 11,589 14,822
7 Reliance Life 97.71% Reliance Life OnlineTerm plan 7,491 10,670 16,064
8 SBI Life Insurance 95.03% SBi Life eShield Plan 13,443 16,433 20,504
9 Canara HSBC OBC 94.04% Canara HSBC OBC Life Insurance iSelect Term Plan 7,191 8,624 11,174
10 Bajaj Allianz Life 95.01% Bajaj Allianz Life e-Touch 10,107 12,212 15,491
11 Future Generali India 95.16% Future Generali Flexi online Term Plan 7,487 9,768 12,476
12 Kotak Mahindra Life 97.40% Preferred e-term plan 8,481 10,551 14,461
13 Birla Sun Life insurance 97.15% Birla Sun Life [email protected] Plan 9,091 11,075 13,904
14 PNB Metlife 96.21% Mera Term Plan 8,533 10,502 13,265
15 Edelweiss Tokio Life insurance 95.82% MyLife Plus lumpsum Plan 8,280 9,787 12,500
16 IDBI Federal 95.79% IDBI Federal iSurance Online Term Insurance Plan NA 10,442 13,019
17 Pramerica Life 96.80% Pramerica Life U-protect Plan 15,410 19,665 25,300
18 Aviva Life 96.06% Aviva Life i-Life Plan 8,474 11,181 15,873
19 Star Union Dai-ichi 96.74% Star Union Dai-Ichi Life Premier Protection Plan 21,505 25,990 32,315
20 Bharti AXA Life Insurance 97.28% Bharti AXA Life eProtect Plan 8,050 10,120 13,225
21 IndiaFirst Life 92.82% India first Anytime Plan 9,430 12,305 16,560
22 Shriram Life 85.30% 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.

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