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.

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-SmokerPremium Amount in INR (Including GST)
S.NoLife Insurance CompaniesClaim Settlement Ratio (2019-20)Pure Term Plans (with Lumpsum Benefit)Age of Life Assured: 30 years, Policy Term: 30 yearsFor 35 years, Policy Term: 25 yearsFor Aged 40 years, Policy Term: 20 years
1LIC96.69%LIC e-Term Plan15,62219,15424,076
2Max Life Insurance99.22%8,16510,12012,995
3TATA AIA Life Insurance99.06%TATA AIA iRaksha Supreme Plan8,51010,69514,720
4ICICI Prudential Life97.84%ICICI Pru iProtect Smart Plan10,52312,87816,477
5Aegon Life Insurance98.01%Aegon Life i-Term Insurance Plan7,3069,27014,253
6HDFC Life99.07%HDFC Life Click 2Protect 3D Plus Plan9,47011,58914,822
7Reliance Nippon 98.12%Digi-term Insurance Plan7,49110,67016,064
8SBI Life Insurance94.52%SBi Life eShield Plan13,44316,43320,504
9Canara HSBC OBC97.35%Canara HSBC OBC Life Insurance iSelect Term Plan7,1918,62411,174
10Bajaj Allianz Life98.02%Bajaj Allianz Life e-Touch10,10712,21215,491
11Future Generali India95.28%Future Generali Flexi Online Term Plan7,4879,76812,476
12Kotak Mahindra Life96.38%Preferred e-term plan8,48110,55114,461
13Birla Sun Life insurance97.54%Birla Sun Life Protect@Ease Plan9,09111,07513,904
14PNB Metlife97.18%Mera Term Plan8,53310,50213,265
15Edelweiss Tokio Life insurance83.44%MyLife Plus lumpsum Plan8,2809,78712,500
16IDBI Federal96.47%IDBI Federal iSurance Online Term Insurance PlanNA10,44213,019
17Pramerica Life98.42%Pramerica Life U-protect Plan15,41019,66525,300
18Aviva Life97.53%Aviva Life i-Life Plan8,47411,18115,873
19Star Union Dai-ichi96.96%Star Union Dai-Ichi Life Premier Protection Plan21,50525,99032,315
20Bharti AXA Life Insurance97.35%Bharti AXA Life eProtect Plan8,05010,12013,225
21IndiaFirst Life96.65%India first Anytime Plan9,43012,30516,560
22Shriram Life91.61%Shriram Life family protection planNA36,45546,230

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.

Sonia Nagpal

Sonia Nagpal is an Insurance Specialist. She has more than 25 Yrs of experience in sales, Marketing and Corporate Alliances.

One thought on “Pure Term Insurance Plans – Comparative Premium Analysis

  • May 26, 2020 at 8:00 PM
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    Thank you for this informative blog. Quite Helpful!!!

    Reply

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