10 Year Term Life Insurance Plans in India
Nowadays, with the uncertainties of life, it is very crucial to safeguard the financial future of the family and the best way to do so is to have a term insurance policy. A term insurance plan is known as one of the most reliable and simplest form of life insurance policy which ensures financial security to the family in case of any eventuality. As there are many different types of term insurance policies available in the market, in this article we will specifically talk about 10 years term life insurance plans which provide coverage for the tenure of 10 years and the features and benefits offered by it.
How does 10 Years Term Life Insurance Plans Works?
10 years term life insurance plans work in a simple way. The policyholders are required to pay the premiums regularly and they are covered for a term period of 10 years. In case of uncertain death of the insurance owner during the term period of the policy, a death benefit equal to the total sum assured amount is paid to the nominee of the policy. In traditional term insurance plan, no maturity benefit is offered to the policyholder.
Features and Benefit of 10 Years Term Life Insurance Plans
Let’s take a look at some of the key features and benefits of 10 years term life insurance plans.
- 10 years coverage
Under this plan option, the policy provides insurance coverage to the family of the insured for a term period of 10 years. Thus, in case the policyholder dies within the 10 years tenure of the policy then a death benefit is offered to the beneficiary of the policy.
By purchasing a term insurance plan for the tenure of 10 years, one can ensure financial security to their family for a long term period of 10 years.
- Death Benefit
If the policyholder dies within the 10 years term period of the policy a death benefit equal to the total sum assured amount is paid by the insurance company to the nominee of the policy.
- Income Tax Benefit
The premium paid towards the policy and the claim made is tax exempted under section 80C and 10(10D) of Income Tax Act 1961.
- Surrender Benefit
Before the policyholder chooses to surrender the policy before the completion of the policy tenure then they can avail surrender benefit.
- Add-on Rider Benefit
Additional rider benefits are offered by the plan in order to provide extra coverage to the insurance holder along with the basic tenure of the policy.
- Low Premium
As a pure term insurance policy, the 10-year term life insurance plan provides higher insurance coverage to the insured person at a lower premium rate. Depending on the age of the insurance buyer and by considering the other important aspects the insurance company determines the premium rate of the policy. However, as compared to the other life insurance plans, a term insurance plan offers a lower premium and higher coverage.
There are certain insurance companies in India which offers the loans facility against the term insurance plan.
Best 10 Years Term Life Insurance Plans in India
As there are a plethora of 10 years term life insurance plans available in the market. Here we have elaborately discussed the top 5 policies in India which offer 10 years term period.
HDFC Life Click 2 Protect
This is a pure protection plan which provides comprehensive life coverage to the policyholder at an affordable premium rate. As an inclusive term insurance policy, the HDFC life click 2 protect plan offers 4 different types of life cover options to the policyholder to choose from.
SBI Life e-Shield Plan
This is an SBI online term plan which offers the benefit of high protection coverage at a minimum premium rate. The plan offers the insurance holder to choose from four different option of life cover. Moreover, along with the basic coverage of the policy, it also offers additional rider benefit to increase the policy coverage.
Bajaj Allianz iSecure
As a pure term plan, Bajaj Allianz iSecure can be purchased online in an easy and simple way. That plan comes with bonus family and offers higher insurance coverage at a lower premium rate. Under this plan option, the insurance holder can avail the coverage of Rs.20 lakhs and above. Moreover, the plan can also be availed for joint life wherein the sum assured amount will be paid for both the partner covered in case of demise of the policyholder within the policy term.
Max Life Online Term Plan
This plan provides financial protection to the insurance holder’s family and helps them to deal with the uncertainties of life. The plan offers 3 options of life cover to choose from. Under Max life online term plan option, one can avail the coverage ranging from Rs.25 Lakhs – Rs.100 Crore.
ICICI i-Protect Term Plan
ICICI iProtect is a pure online term plan. It offers four protection options in one plan:
- Life plus
- Life & Health
- All in One
The insurance buyer can opt for their preferred option as per their need. The plan offers provides comprehensive insurance coverage against terminal illness, disability, and death. For women, it charges a premium at a discounted rate. It offers special enhanced by offering coverage for cervical cancer and breast cancer.
The plan offers 3 payout options i.e. monthly income, increasing income, and lump sum. The plan comes with the option to increase assured sum for achievements milestones such as marriage, birth or legal adoption of a first and second child.
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Wrapping it Up!
A 10-year term life insurance plan is a great option of investment for every individual who wants to secure and protect their family from the uncertainties of life financially. 10 years term life insurance policy is best suited for an individual who wants to invest in short term protection plan. Thus, by keeping the above-mentioned points in mind one can compare the plans online and zero in on a plan.