If you are concerned about the financial security of your family in the future, one of the best ideas is to go for a term insurance policy. When you buy a term insurance plan, you make sure that your family will not have to go through any financial upheaval in case you are not there with them anymore. You can choose the beneficiaries since it is the nominees who will claim the sum assured after your sudden demise. Also, the amount can be claimed if you die within the tenure of the term insurance plan. There are various types of term insurance plans that you can choose from. However, if you are looking for the cheapest term insurance plans, here are some of them. Well, these plans are for men who are non-smokers and around 25 years old.
LIC Tech Term
The policy term is for 30 years and the minimum sum assured is INR 50 lakhs. A 25-year-old man who does not smoke can pay INR 4838 annually.
LIC Jeevan Amar
This policy term also comes with a tenure of 30 years, and the minimum sum assured is INR 25 lakhs. The yearly premium charge is INR 3983.
HDFC Click2Protect Life
HDFC Click2Protect Life is yet another cheapest term insurance plan that comes with a tenure of 30 years. The minimum sum assured is INR 50 lakhs. The yearly premium that you have to pay is INR 5625.
Aegon Life iTerm
Just like most of the term insurance plans, the tenure of this plan is 30 years. The minimum sum assured by the plan is INR 25 lakhs. The premium that a man has to pay annually is INR 2725.
SBI Poorna Suraksha
If you want to buy this term insurance plan, you can get a minimum sum assured of INR 20 lakhs. The policy term is 30 years, and the yearly premium is INR 4457.
Tata AIA Maha Raksha Supreme
The tenure of the term insurance policy is 30 years and the minimum sum assured is INR 50 lakhs. The yearly premium one has to pay on buying this plan is INR 5800.
ICICI Prudential iProtect Smart Term Plan
While the minimum sum assured on buying this term insurance plan is INR 50 lakhs, the tenure of the policy term is 30 years. The yearly premium that you will be required to pay is INR 6228.
Bajaj Allianz Smart Protect Goal Term Plan
Like many other term insurance policies, the tenure of this plan is 30 years and the minimum sum assured is INR 50 lakhs. The yearly premium to be paid under this plan is INR 5673.
PNB MetLife Mera Term Plan Plus
This term insurance plan offered by PNB MetLife is a little different from the rest of the term plans as the tenure is 75 years and the minimum sum assured is INR 10 lakhs. The premium you have to pay annually is INR 3746.
Kotak e-Term Plan
The minimum sum assured under this plan is INR 25 lakhs, and the tenure of the term plan is 30 years. The premium that has to be paid annually is INR 3953.
Purchasing a term insurance plan is one of the best ways of securing the future of your family. Even if you pass away anytime within the tenure of the term plan, your family will get some money with which they can clear off the debts and even carry on with their regular lifestyle. And if all the members of your family are financially dependent on you, then it is a must.
As we talk about term insurance plans; although the minimum entry age is 18 years and the maximum in most cases is 60 years, the sooner you buy it in your life, the lesser premium you have to pay. Since almost all of us are free of any kind of health risk when we are younger, it becomes easier for us to purchase a high-value cover for a lower premium. For example, if you are a non-smoker and under 25 years of age and you buy a term insurance policy with a sum assured INR 1 Crore, you may have to pay INR 500 every month.
There are several term insurance plans that you can take a look at by visiting the website of IIFL. You can compare each of them and choose the one that is apt for your family.