Future is unseen, and life is full of uncertainties. None of us what might happen next moment. If your parents, life partner or children’s life depends on you, then it is wise to have life insurance to your name.
Going online has been an important part of this decade. From banking to mortgage everything is being set in the online environment to allow transparency. Same is the case with the life insurance companies. There are around 24 Life Insurance Companies working within our country. As of now, all of them provide online term insurance plan. It, therefore, becomes a tedious job to select the best among them.
Some of the points that a potential policyholder should keep in mind while selecting an online Insurance Plan are given below:
- Claim settlement ratio
- How old is company (trust)
- Premium Cost
- Features of the plan
Based on the above points, let us see top 5 Best Online Term Insurance Plans:
- LIC’s e-Term Plan
The Life Insurance Corporation of India had launched its online Insurance Plan way back in May 2014. The reason it is considered the best is that it has the highest claim settlement ratio of around 98.33% among the insurers.LIC is also considered the most prominent insurance company having served people for more than 60 years. Owing to these reasons, the LIC’s e-term Plan is the best insurance policy available online.
- ICICI Prudential iProtect Smart Online Term Insurance Plan
ICICI Prudential is another trustworthy name in the insurance sector. It has a claim settlement ratio of around 96.20% which is considered good. The iProtect Smart Online Term Insurance Plan of ICICI Prudential also provides Waiver of Premium due to disability at no extra premium. ICICI Prudential Life Insurance has gained 16 years of experience in the sector which is another plus point.
- Max Life Insurance Online Term Plan Plus
Max has gained a good momentum in the Insurance sector in its 15 years of service providing. It has the second best claim settlement record which is 96.9%. As compared with other, the premiums are also comparatively less. Max’s Online Term Plan Plus provides offers Accident Death Benefit Rider.The merger of Max Life with HDFC has been proposed and it is good to note that it is subject to approval by IRDA.
- HDFC Life Click 2 Protect Online Term Insurance Plan
After proving its mettle in the banking sector, HDFC came into the insurance sector in 2001. It has had a happy run for 16 years. Now it is also offering the online term Insurance plan. It has a higher premium than the leading insurance providers like ICICI Prudential. The latest claim settlement ratio of HDFC Life was found out to be 95.1%.
- Bajaj Allianz Life Insurance eTouch online Term Insurance Plan
Bajaj Allianz has the goodwill of 15 years serving as an insurance company. It has a claim settlement ratio of around 91%. However, it has little higher annual premium than its leading counterparts like ICICI Prudential and Max Life.
So these are the leading online term insurance plan providers. Few things like quantum of life cover and riveting the life insurance cover is recommended before taking the final step.