Top Popular Online Term Life Insurance Quotes in India

Top Popular Online Term Life Insurance Quotes in India
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Highlights

Term insurance plans are the most cheapest and simplest form of life insurance plans. They offer a lumpsum amount to the nominee in case the insured suffers any eventuality/ contingency. Term plansguarantee that the family members are financially taken care of once the insured passes away.

Term insurance plans are the most cheapest and simplest form of life insurance plans. They offer a lumpsum amount to the nominee in case the insured suffers any eventuality/ contingency. Term plansguarantee that the family members are financially taken care of once the insured passes away. However, due to a plethora of term insurance plans available, it becomes a daunting task to narrow down on the best possible plan! Let us compare and find out which are the top 5 online term life insurance quotes at present.

Companies Offering OnlineTerm life insurance plans quotes.

Though almost all the insurance companies provide term Insurance plans, there are only a few players who are exactly top notch. The criterion of selection is dependent on their claim settlement ratio, service provided, years of existence and recommendation.

1) LIC- Established in 1956 LIC has a legacy of many years for offering different insurance plans. It had a claim settlement ratio of 98.33% in the year 2015-16. Even though it has been a late entrant in the term life insurance plan market,its online term insurance plan has only 0.5% claims pending.This shows the reliability of the policy. Here are the basic features of the LIC e term Plan.

  • Entry Age- Minimum 18 years – Maximum 60 years.
  • Maturity age- Maximum 75 years
  • Premium- Minimum – Depends on the policy holder's choice.

Maximum- No limit dependent on sum assured chosen.

  • Premium payment term- Limited pay, payment is done for 5 years.

Single , lump sum amount to

  • Policy Term – Minimum 10 years Maximum 35 years.
  • Sum assured- Minimum 25 lakhs -50 lakhs (Non-smokers)

Maximum – No limit

2) Max life Insurance- With the second best settlement record of 96.95% Max Life insurance offers cost effective online life insurance quotes. Founded in the year 2000 the company has only 0.1 % of its claims pending. Let us have a look at the features of the Max life Online Term plan plus.

  • 3 Types of death benefits available-

1) Sum assured benefit- Provides 100% of the same at death.

2) Sum assured plus level monthly income- Get 100% of sum assured amount plus 0.4% of the same every month for 10 years.

3) Sum assured plus increasing Monthly income- 100 % of sum assured at death, thefirst year monthly income is 0.4 % of the same. Every year amount of monthly income to increase by 10%.

  • Entry Age- Minimum 18 years – Maximum 60 years.
  • Maturity age- Maximum 75 years
  • Minimum annual premium- 2200 Rupees
  • Maximum Annual premium- 1,12,30,000 Rupees
  • Sum assured- Minimum 25 lakhs

Maximum– 100 crores

3) ICICI Prudential- Consistently ICICI Prudential has been maintaining a graceful claim settlement record of 96.2 %. Known as iProtect smart, its online term insurance life quotes is one of the most competitively priced plans in the market. Here are its key features.

  • Three pay-out benefits of death benefit-

1) Lump sum- One-time paymentof sum assured.

2) Regular income- 10 % of sum assured paid every month for 10 years.

3) Increasing income option- 10 % of sum assured paid out every month. The amount would be increased by 10 % each year.

  • Riders like accidental death and critical illness benefit.
  • Type of payment- Single, monthly, quarterly, yearly or limited term like 5 years.
  • Increase Level of protection – At important stages of life like marriage and child birth you can increase the level of protection required.
  • Premium for women- Special premium rates for women.

4. AEGON Religare- Launched in the year 2008 AEGON Religare has worked hard to reach the point of getting a 95.31 claim settlement ratio. Its pending claims ratio is also only 0.2% which adds up to the credibility of the brand. A look into the main benefits and features of the AEGON Life Iterm insurance plan.

  • Life cover- Up to age 75 years.
  • Tax benefits- As per the prevailing tax laws in the country.
  • Entry age- Minimum 20 years and maximum 65 years.
  • Maturity age – 75 years
  • Sum assured- Minimum 10, 00,000 and maximum no limit.
  • Payment term- As per the policy term
  • Payment frequency- Monthly, half yearly and yearly.

5) TATA AIA life- Though the claim settlement ratio of TATA AIA is a good 96.8% its percentage of claims pending is high at 1%. In operation, since April 2001 the company is focussed on providing customer oriented services. Its online life insurance plan is named iRaksha Supreme. Let us have a peek into the features.

  • Three types of premium payment-Regular pay till theend of theterm, limited pay till a specificterm, single pay having only one time payment.
  • Preferential premium rates-People who are non-smokers get the benefit of the same and pay lower rates.
  • Entry age- Minimum 18 years and maximum 70 years.
  • Maturity age – 80 years
  • Sum assured- Minimum 50, 00,000 and maximum no limit.

Term life insurance is another way of securing the future of your family members in your absence. Do not, however, purchase a policy without doing the necessary research. The premiums of such policies are usually high, and it is better to pick up a policy which is cost effective. Life cannot be predicted hence being careful is always the best thing to do.

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