Should I Go For HDFC or Bharti AXA Term Plan?
by Anumeha Singh Insurance SpecialistTerm insurances are the best
budget options for individuals who are just starting their career. One of the
cheapest options that is touted to be better than ULIPs, the term plan usually
pays the entire premium amount to the nominee in case the insured party
survives. It offers the higher coverage too.
What Is A Term Insurance
Plan?
Tem
insurance can be explained simply as a coverage for the beneficiary. For
example, if you have purchased a term insurance plan for your spouse, then your
spouse will be covered under the policy until something unfortunate should
happen to you.
Advantages That Are Too Many
To Count!
The
beneficiary can claim death benefits. It can be in the form of monthly
installments or as a lump sum amount. However, the entire policy becomes void
if the purchasing party survives the entire term. In such a peculiar case, the
policyholder then has the option to extend the policy or let it go completely.
As you grow old, the cost of term insurance increases drastically. Therefore,
you should pick a plan that suits you the best.
What Are The Benefits?
Multiple
insurers in India offer a variety of term plans, which offer the lowest
premiums, and tax benefits in case you are looking for any. Choose to pay
annually, half yearly or even monthly, flexible term plans can most definitely
be accommodated in your investment budget.
How Is It Paid?
Investors
always can choose from the entire sum to be insured, the premium payment
option, add on protection plan such as covering critical illnesses, et al. and
the term of policy which can range from 60-99 years depending on the insurance
company.
Why Should You Choose A Term
Plan?
Choose
from a myriad of options and decide the premium duration and amount as you sign
up for a plan that suits your requirement the best. It could be either of the
following:
·
Settle
off those loans and liabilities. Your family does not need to worry about them
anymore.
·
In
case an unfortunate accident renders you disabled or if you contract a critical
illness, term insurance covers that too with additional plans.
·
In
case you are the sole earning member of your family and no longer around to
take care of them, your beneficiary can always claim a monthly income such that
there are no liabilities that are left unattended.
Finding A Term Plan Is Tough
To
make it easy for you, we compare the top term plans from the house of HDFC and
Bharti Axa Term Plan.
Term Plan |
Features |
USP |
Bharti
AXA Term Plan Life eProtect |
·
Entry
age can be as low as 18 ·
Policy
term can extend up to 75 years of age ·
There is
no maximum limit of investment or sum assured ·
Premium
can be paid half yearly or annually |
·
In case
of the death of the insured, the nominee is entitled to gain up to one lakh
as a lump sum amount as part of this Bharti Axa Term Plan ·
The
remaining sum is provided after the basic formalities. ·
The policy needs to be active and if active
premiums are paid, the amount is paid out easily without any hassles. |
Bharti
Axa Term Plan Life eProtect+ |
·
Maximum
age of investment is 60 years. ·
Policy
term can be extended up to 75 years ·
Minimum
sum assured starts from 50 lakhs |
·
The
final pay out can be availed in two ways as monthly income and lump sum ·
Death
benefit can be availed for 15 years in this Bharti Axa Term Plan. ·
Lump sum
can be availed up to 50% at once. ·
The
remaining amount is paid out as increasing annual installments. |
HDFC
Life Click 2 Protect Plus |
·
Entry
age can range from 18-65 ·
Policy
term can range from 10-40 years ·
Accidental
Death benefits ·
Critical
Illnesses Cover |
·
Customized
plans can be chosen from the likes of Life Option, Extra Life Option, Income
option, Income Plus Option. ·
There is
an option for additional pay out in case of accidental death. ·
Other
options allow pay out of half of the sum as lump sum and the rest is paid out
as instalment with a 10% increase annually. |
HDFC
Life CSC Suraksha Plan |
·
Policy
period can range from 5-15 years. ·
Sum
assured can range from 30,000-2 lacs ·
Age
range is 18-55 years. ·
Maturity
age can range from 23-60 years. |
·
No
maturity benefit or survival policy. A pure term plan. ·
Free
lock in period of 15days within which you can scrutinize the terms and
conditions. ·
Death
benefit is usually 10 times the annual premium or 105% of all premiums paid,
whichever is higher. |
What Do We Recommend?
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Created on Jan 25th 2018 04:53. Viewed 902 times.