The past few months had all of us clutching onto the lives of oneself and our loved ones. Whether you are scrambling for survival now or just making plans for the “inevitable”, being prepared is your number one goal. It’s time to put together your personalized term insurance plan that works for your family and get into the best shape possible financially as well as mentally before a catastrophe happens.
We’ve collated a list of the best term plans that cover the risk of Covid too. Here, check them out!
1. Aegon Life I-Term Plan
The Aegon Life I-Term Plan offers you a variety of life cover options to help you tackle these tough times of the COVID-19 outbreak. The benefits of this term plan include cover in case you’ve been diagnosed with COVID-19 of up to Rs. 5 Lakhs. Additionally, the policy also covers death due to the pandemic in addition to 36 more critical illnesses such as heart disease, cancer, and so on. If you care for your loved ones, this term plan is highly recommended for you. With this policy, you can choose from four different plan options based on your preferred cover amount. Moreover, to be eligible for this policy, you don’t even have to undergo any kind of medical examination. The plan is also eligible for tax benefits under the norms of the Income Tax Act of India. You can also choose to purchase the policy online without any hassles involved in the process.
2. ICICI Pru iProtect Smart Term Plan
The iProtect Smart Term Plan by ICICI Pru is one of the top-selling term plans in India. It offers comprehensive protection to your family from all kinds of eventualities. The plan offers a built-in critical illness cover in addition to protection for COVID-19. Moreover, you can invest in this plan at very affordable premium rates and choose from several payment terms such as monthly, half-yearly, or yearly. Additionally, if you’re a woman or non-smoker, you can enjoy additional discounts on this plan. Moreover, the plan covers you until you turn 99, which makes it one of the most comprehensive term plans available in India. You can even choose from four different pay-out options, depending on your requirements with options like a lump sum, recurring income, increasing income, and lump sum plus income. There’s even life cover payment benefit on terminal illness as well.
3. Tata AIA Sampoorna Raksha Supreme Term Plan
If you want to ensure that your family members and other beloved dependents live their future comfortably, you should consider having a look at the Sampoorna Raksha Supreme Term Plan by Tata AIA. It consists of several exciting benefits that make it one of the best-term plans to glide through this pandemic without any financial liabilities. With this plan, you can choose to get payout benefits in either lump sum mode of income for up to 120 months, or even a hybrid of both. Additionally, you can also choose to increase your cover by reconsidering your policy at certain precious milestones of your life. You also enjoy additional benefits like a medical second opinion and medical case management, along with exclusive discounts for women and non-smokers. This term plan also provides you options for top-ups and consists of an inbuilt payout accelerator benefit. There are death benefits in addition to the regular income and an extensive life cover of up to 100 years of age in this plan too.
4. Max Life Online Term Plan Plus
The Max Life Online Term Plan Plus is a comprehensive term insurance plan that provides you a high life cover at very affordable premium rates. Moreover, the plan also provides you protection from various terminal and critical illnesses, followed by dedicated protection for COVID-19 as well. With the help of this plan, you can stay covered against 40 different diseases and enjoy coverage until you turn 85, which allows you to build a legacy for your future generation. There are even additional disability benefits in the event of an accident, and your dependents can also enjoy income options in the event of your unfortunate demise. The sum assured provided with this plan will also ensure that your dependents can easily repay your existing debts and mortgages without having any kind of financial burden, especially at a time when they’ve lost someone precious. There are even several riders available with this plan that allow you to extend your coverage to a great extent as per your requirements, provided that you’re willing to pay additional premiums for the extra benefits.
5. Canara HSBC Oriental Bank of Commerce – iSelect Star Term Plan
The iSelect Star term Plan by Canara HSBC Oriental Bank of Commerce is a very comprehensive term life insurance policy available at a very genuine price. With this plan, you can choose from multiple coverage options, benefit payout modes, and premium payment terms, which makes this plan one of the most customizable and personalized term plans in India. You can even enjoy protection against COVID-19 with additional riders available in this plan. Whether you want protection for the entire life or a specific term, the plan allows you to choose from both options. There are multiple riders available in this plan such as child support benefit, accidental death benefit, total permanent disability benefit, and a lot more. You can also add your spouse to the same policy at discounted rates instead of purchasing an additional standalone policy for them with this term plan. In case you need to increase your coverage or change policy preferences at a certain milestone in your life, the plan allows you to do that too.
A term insurance plan is an affordable and efficient way to protect you and your family against unforeseen circumstances like death or injuries. But you don’t want it just for the sake of having it. Like any other investment, making a smart purchase has a lot to do with what you need it for. That’s why the aforementioned guide talks about the benefits of term insurance like protection against these unprecedented pandemic times too.