Taking care of your family’s financial future is one of the biggest responsibilities in life. A term life insurance policy is the most affordable way to provide protection. It ensures that if anything happens to the breadwinner, the family does not face financial problems. With many options available, choosing the right policy can be difficult. To help you, here are the best term life insurance policies for families in India, along with their approximate prices.
1. LIC New Tech Term Plan
LIC is one of the most trusted names in India. Its New Tech Term Plan is an online policy with flexible payment options and accidental death riders.
- Coverage: ₹1 crore and above
- Premium Price: Around ₹9,100 per year for a 30-year-old non-smoker (20-year term)
- Best For: Families looking for trust and stability.
2. HDFC Life Click 2 Protect Super
HDFC Life’s term plan is known for its affordability and flexibility. It allows you to increase cover at key life stages like marriage or childbirth.
- Coverage: High cover with flexible benefits
- Premium Price: Around ₹5,700 per year for ₹1 crore cover at age 30
- Best For: Young families with growing responsibilities.
3. ICICI Prudential iProtect Smart
This plan provides wide coverage up to 99 years, making it one of the most comprehensive. It includes riders for critical illness and disability.
- Coverage: Life cover with multiple rider options
- Premium Price: Around ₹28,000 per year for ₹1 crore cover (whole life option)
- Best For: Families looking for lifelong protection.
4. Max Life Smart Secure Plus Plan
Max Life offers both pure protection and return-of-premium options. Families can choose between lump sum or monthly income payout for nominees.
- Coverage: Flexible benefits and terminal illness cover
- Premium Price: Around ₹11,800 per year for a 25-year term
- Best For: Families who want protection plus savings.
5. SBI Life eShield Next
SBI Life is popular among salaried families for its affordable cost and flexibility. It provides various payout options for the nominee.
- Coverage: High sum assured at reasonable price
- Premium Price: Around ₹6,500–₹7,500 per year for ₹1 crore cover at age 30
- Best For: Families seeking affordable and trusted cover.
How to Choose the Right Policy
- Select a coverage amount 10–15 times your annual income.
- Check the claim settlement ratio of the insurer.
- Add riders like accidental death or critical illness for extra safety.
- Ensure the premium fits your budget for the long term.
Conclusion
The right term life insurance plan ensures that your family is financially safe, no matter what happens. Policies from LIC, HDFC Life, ICICI Prudential, Max Life, and SBI Life are among the most trusted choices in India. Compare premiums, benefits, and features carefully, and select the plan that best matches your family’s needs.
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