Life is uncertain, and one can never anticipate whats on the board next. Being a
working mom of twins, I am always worried about the future of my children.
No matter how much efforts one put to keep their loved ones covered, it is almost
impossible to guess what future has in store for us. I often used to wonder what
really these Insurance Policies mean, but I never had the time to put my mind to it.
So the best thing I got to know about is Term Insurance Plan.

Term Insurance plans are the most effective and simple to purchase life insurance
plans. The premiums paid for term plan are lesser than any other insurance plan.
A term insurance plan is an insurance plan that offers life coverage for a particular
time-frame as picked by the policyholder. These are planned with the sole
expectation to give assurance. Consequently, If the life assured passes away amid
the term of the policy, then the aggregate guarantee of the arrangement is paid as
the death benefit.
Traditional term insurance plans do not offer maturity benefits to policyholders.
However, in recent times, insurers have begun to offer a special rider with
protection plans known as the ‘Return of Premium’ rider. If a policyholder has opted
for this rider, he/she will receive a refund of the total premium paid if he/she
survives the complete policy term. Along with this rider, many other simple features
are inbuilt in term insurance plans and vary from one insurance company to other.
What is Claim Settlement Ratio?
The case settlement proportion demonstrates the number of death claims settled by
an insurance agency in a specific budgetary year(FY). The proportion is figured as the
aggregate number of cases settled against the aggregate number of cases made in a
year. Suppose that a specific extra security organisation got 100 demise claims, of
which the organisation settled 97 guarantees and rejected 3 claims. In this way, the
case settlement proportion of that specific insurance agency is 97%.
The case settlement proportion can be utilised as a parameter to discover the client
benefits rendered by a protection firm. Nonetheless, the case settlement proportion
alone can't help comprehend the working or administrations given by an
organisation.

Things to keep in mind when selecting a term insurance plan:
High Life Insurance Amount:
Term insurance plans provide a high life insurance amount. For example, if your
annual income is 10 lakh, then you can take a Life Cover of up to 1 crore.
Affordable Premiums:

With Term Insurance plans, a large amount of Life Cover comes at a small premium.
For instance, you can get a Life Cover of 1 crore at a premium of just 17 per day.
Tax Benefits: Term Insurance plans offer tax benefits on premiums paid up to 1.5 lakh under
Section 80C. New-age Term plans with critical illness cover also offer additional tax
benefits on premiums paid up to 25,000 under Section 80D. You also get tax
benefits under Section 10(10D) on the money that your family receives in case of an
unfortunate event.
Cover Against Critical Illnesses:
Besides protecting your family in your absence, new-age Term Insurance plans like
iProtect Smart also provide cover against critical illnesses. By paying a small amount
of additional premium, you can get a lump sum pay-out on the first diagnosis of a
critical illness like heart attack, cancer, kidney failure, etc.
Support In Case Of Disability:
In new-age Term Insurance plans such as iProtect Smart, the insurance company
pays your future premiums in case of total and permanent disability. This ensures
that the protection of the Life Cover continues, even when you are unable to pay the
premiums.
Additional Security:
To increase the security of your family, a Term Insurance Plan provides double pay-
out (up to 2 crores) in case of accidental death. For example, if your Life Cover is 1
crore, a Term Insurance plan with Accident Cover would pay 2 crores to your family
in case of accidental death.
To Find best plans, you can refer here

Also here is a video which you may find useful to know more about what we are discussing.

After a lot of RnD, I personally vouch for and prefer to buy ICICI Prudential life insurance. I found this one to have the highest claim settlement ratio. To find the one which I prefer, click here. But I ll suggest you go through various policies and company plans so as to choose what suits best to your life.

I promised a secure future to my kids. Have you done this yet..?