The best term insurance plan can be understood based on its benefits and flexible options. There is a vast range of options available that can make the decision a bit tricky. We have made a thorough analysis of the best term insurance plans in India based on three significant factors: rider coverage and cost. This blog aims to help you find a plan that leverages high-level protection at an affordable price.
Pru iProtect Smart
The plan protects the family members of the policyholder. The plan covers death, terminal illness, and permanent disability. Tax benefits are up to 546 u/s 80C, 80D, and 10(10D). The plan offers up to a 5% lifetime online discount and a 15% salary discount for 1st year. There is a 100% premium refund option and the opportunity for 1-day claim settlement. The plan has already closed a ₹1800 crore claim volume. In case of a permanent disability waiver because of an accident, all upcoming premiums would be waived.
The life cover will continue for the remaining duration of the policy. This benefit is available with the term insurance plan and does not require additional payment. If the policyholder is going through terminal treatment, then the full death benefit would be paid out. This benefit is also available within the plan, and you do not need to pay extra. There are opportunities for additional cover options for 34 illnesses like cancer, heart attack, or kidney failure. After the first diagnosis, the claim would be paid without doubt, and no hospital bills are required. The policy would be continued with the life cover minimized by the critical illness benefit paid extent.
Max Life Smart Secure Plus Plan
The coverage is up to ₹1 crore or more with the additional return of premium. This includes critical diseases, accidental death, and waiver of premium and disability benefits. The competitive premiums begin at approximately ₹8000 per year. You need to choose because it provides flexible payout options, the benefit of return of premium, and strategic additional benefits.
Life Click 2 Protect Super
This plan offers life cover with a flexible benefit structure. This plan includes income with multiple options. The riders of this plan include flexible and required options like critical illness, income benefit from accidental disability, and premium waiver. The cost of this plan begins at around ₹9500 for a year for a ₹1 crore total coverage.
After a comparative analysis of the term plans, Pru iProtect Smart is the best term insurance plan available in the current situation. It leverages all adequate benefits based on coverage riders and tax returns. The most iconic benefit that this plan offers is extra cover options for 34 illnesses, and you do not need to pay additionally. Further, this plan does not demand the submission of hospital bills and expenses. The extreme reliability of policyholders and their condition, with flexible payment options and understanding of their situation during terminal illness, is outstanding.
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