Term insurance plans are known as pure protection plans because they provide the element of insurance only. They offer financial protection to the family members of the policyholder in case of his/her untimely demise. Unlike other traditional life insurance policies, term insurance policies do not offer any scope for investment and do not give out any payout to the policyholder upon maturity of the policy. It is the cheapest and the most affordable of all life insurance policies that provides death benefits to the family of the policyholder for a certain period of time.

The insurance market is currently flooded with insurance companies offering comprehensive life covers coupled with suitable benefits and features.

Aegon Life Insurance offers a term insurance policy known as Aegon iTerm Insurance Plan. It is essentially an online plan that offers coverage and protection to the family of the policyholder for a definite cover amount. The policyholder is required to pay a certain amount of money as premium (either monthly or annually) for the cover amount. This plan is highly affordable and offers protection to your family in case of worst situations.

Some of the key features of Aegon iTerm Insurance Plan have been mentioned below:

• The policyholder can enjoy the life cover offered under the plan up until 100 years of age.
• Policyholders receive the best value with high coverage and low premiums on additional and life benefits.
• Policyholders can choose to increase the value of the life cover in order to meet with the increasing needs of their family members.
• If the policyholder has been diagnosed with a certain terminal illness, the plan gives out 25% of the death benefit without the family having to pay any future premiums.
• Policyholders can enjoy the freedom of choosing their payout options from a lump-sum payment, fixed monthly income for a period of 100 months, or an amalgamation of the two.
• Policyholders can choose to enhance their base cover by purchasing add-on covers or riders for accidents, critical illnesses, or disability.
• Policyholders can simply purchase the policy online and access the same with just a few clicks of the mouse button.

Benefits of Aegon iTerm Insurance Plan:The plan provides a payout upon the death of the policyholder to help the family tide over financial losses.

• Policyholders can enjoy multiple tax benefits on the benefits they receive and on the premiums they pay.
• Policyholders can choose to pay their premiums up until the age of 60 years yet enjoy the benefits for the entire term of the policy.
• Policyholders can invest in a cover of Rs.1 crore with a premium amount as low as Rs.512 per month.

ICICI Prudential iProtect Smart

This term plan offered by ICICI Prudential Life Insurance is more than just a term plan. It offers cover against 34 critical illnesses, as specified in the policy. On the first diagnosis of a critical illness, the claim amount is given out to the insured individual without him/her having to provide any hospitalisation or medical bills. Additionally, the plan also provides a cover for accidental death, up to the amount of Rs.1 crore.

Benefits of ICICI Pru iProtect Smart Plan:

• Policyholders can choose a policy term at affordable premium costs.
• Policyholders have the freedom to choose from four protection options according to their needs and requirements. These options are lump-sum, monthly income, lump-sum plus income, and increasing income.
• Women policyholders will receive special benefits such as cheaper premium rates and the option to cover critical disorders such as breast cancer or cervical cancer.
• Policyholders can benefit from the multiple tax benefits on the premiums they pay and on the benefits they receive.
• Both plans have their own unique features and benefits. It is advisable to read through the details of both the plans before purchasing one.