Term Insurance Plans

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Comparison of Best Online Term Insurance Plans

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Comparison of Best Online Term Insurance PlansWouldn’t it be wonderful if we could all look into our future? Then we would know exactly how to plan or not plan things at the current times. Unfortunately, that is not how life works and one must have plans for both the best and the worst. When it comes to preparing for the worst, an online term insurance plan takes a comfortable lead. This incredibly low-cost insurance provides you with some of the largest covers possible when it comes to life insurance.

The presence of lots of term plans by insurance companies can make matters confusing when it comes to selecting the right one for you. Fortunately, there are few parameters that you can consider while selecting a term insurance plan. You can consider the claim settlement ratio of the insurance company along with the premium rates and product features. Alternatively, you can look into the brand name, image and also the quality of service that the company provides. Following is a list of top 5 term insurance plan that you can buy online at present.

ICICI Prudential iProtect Smart

With a claim settlement of 96.2%, ICICI Prudential enjoys lots of consumer confidence and for the right reasons. The claim settlement ratio depicts that for every 100 claims made, ICICI Prudential settles 96.2 of them. If you want to buy your term insurance online, ICICI Prudential iProtect Smart makes for a pretty good case. Two major benefits offered by this plan are death on terminal illness benefit and waiver of premiums on permanent disability. If the person dies just after the diagnosis of terminal illness, the death benefit will be paid to nominee. Under waiver of premiums clause, further premiums are waived off if insured is diagnosed with permanent disability due to an accident. Plan offers many other riders like critical illness cover and accidental death benefit at a competitive rate.

LIC’s e-Term

There are no second thoughts that LIC is one of the most recognized firms when it comes to life insurance. Thus, there are no surprises that it pounds its way through into the top 5 policies. The online term policy e-Term is cheaper when compared to offline term policies by LIC such as Anmol Jeevan or Amulya Jeevan. The insurance premiums are bit higher when compared to other online term policies. However, LIC also enjoys the highest claim settlement ratio of 98.33%. Should you opt for this plan, the minimum life cover available is Rs. 25 Lakhs. LIC also provides discounts on premiums for the first five years, with the discount capped at Rs. 3000 per policy.

Aegon Life iTerm Plan

One of the reasons why Aegon Religare makes into this list is that they are the innovators when it comes to online term insurance. Aegon Religare started the low premium war by offering the cheapest online term insurance. Though the claim settlement ratio is a tad lower at 95%, the same has improved a lot over the past few years. What makes iTerm plan by Aegon Religare an interesting prospect is that it has inbuilt terminal illness cover. In the unfortunate event of diagnosis of terminal illness, the insurance company pays 25% of the sum assured to the insured. The same amount is then deducted from the sum assured. But it is one of the few online term insurance plans that provide cover in case of terrorist attacks as well.

HDFC Life Click 2 Protect 3D Plus

HDFC Life has come up pretty fast to catch up with the competition over the past few years. With a claim settlement ratio of 95%, they have their horns locked with Aegon Religare. HDFC Life Click 2 Protect 3D Plus is an innovative term plan with multi-faceted features. As the name implies, it offers coverage for 3D’s- death, disability and disease. All future premiums will be waived off in the case of accidental total permanent disability and on diagnosis of any critical illness. This plan also offers life stage protection feature which allows you to increase the sum assured with each stage of your life (marriage and child birth).

Max Life Online Term Plan Plus

Max Life Insurance has a pretty good claim settlement ratio of 96.95 with competitive rate of premium. In fact, they have the second highest claim settlement ratio. The Online Term Plan Plus by Max Insurance also provides you with riders such as comprehensive Accidental Death benefit covering disability and death along with waiver of premium plus rider. Alternatively, you can opt either from Basic Life Cover Monthly Income or Basic Life Cover Increasing Monthly Income. If you opt for these features, the premium does shoot up a bit.

Conclusion

Every year IRDAI declares the claim settlement ratio, and it is a pretty helpful yardstick to select an online term insurance plan. However, the ratio is for the overall company and not for individual plans. You can choose either of these five online term insurance plans and secure yourself from any future mishaps. Make sure you opt for a sum assured that would suffice the needs of your family should the worst ever happen.