What is the best insurance term plan for a 22 year old in India?

Ritika was 22 years old and living in Bangalore as she worked there. She belonged to a working-class family and had learnt from her father to save wisely in life. Ritika, a Chartered Accountant by profession, knew the best avenues for her to invest money. So she created a diversified portfolio and put her money in different stocks and bonds. But one thing which she made sure of was investing in the traditional term insurance plan. Ritika was not married, but she understood that, in any case, she should be of some financial support to the family.

Ultimately, Ritika bought the best term insurance plan that catered to her needs. She was happy buying at an early age because she felt responsible and thought that her bit was satisfying towards the financial duties related to the family.

If you are also looking for life insurance at 22, immediately look for one. Why?

Thinking that owning up the financial liabilities at such an early age can cut your expenses? Trust you are absolutely wrong.

If these are your sentiments towards life and family, just take a turn and revisit the memory lane to last year. All that happened was not just uncertain; it was unpredictable too!

There is nothing to fear, but a term insurance plan is all about being considerate towards family. So let us look at what the policy offers in detail here.

Why Term Insurance?

Of late, despite the bleak possibilities of high returns, people have made investments outrightly. Not just in the stock market, young individuals are putting their money in term insurance. Thinking, why?

• Term Insurance is the purest form of insurance and the best way to show your family that you love them.
• The life insurance policy provides financial support to your family after their demise.
• The only condition that persists is that the policy should continue and that all the due premiums have been paid. If anything happens to the policyholder during the policy term, the sum assured will be given to the nominee.

At 22, often youngsters have the liability to pay off their education loans. This is the most minimal gesture to support the family if anything happens to you accidentally. At 22, buying term insurance can be fruitful and cost-effective for you. The premium is lower when you are young.

Let us see which all plans will help you achieve your purpose of investing at the age of 22.

Best Term Insurance Plan for a 22 years old in India.

These are the best term insurance plans for 22 years old in India:

1. Aditya Birla Sun Life Insurance DigiShield Plan

ABSLI DigiShield Plan offers a plan to protect multiple needs with one possible plan. Buying it early will help you create a big bucket of money that can help the family during a financial crisis.

The ABSLI DigiShield Plan is a comprehensive cover that provides ten plan options to choose from based on the requirements.

Features and Benefits:

• ABSLI DigiShield Plan offers 10 plan options to suit your varied protection needs.
• Availability of life coverage from 1 year till 100 years of age.
• The death benefits are flexible and can be received monthly or on a lump sum basis.
• Option to avail survival benefits as monthly income on attaining age 60 years. This is for a worry-free retired life.
• The minimum entry age is 18 years.
• The maximum policy term is 55 years.

1. Max Life Smart Term Plan.

Max Life Smart Term Plan is an insurance cover available to meet different needs of individuals where you can customize your plan. The plan comes with 7 death benefit variants.

Features and Benefits:

• The plan allows you to have multiple payment options and an extended cover duration of 85 years.
• The term plan benefits you with accelerated pay-out if diagnosed with listed 40 critical illness diseases.
• Options of accident cover and premium back available.
• Health coverage through riders/add-ons.
• Life stage add-ons at essential stages of life are available, making it easy for you to increase the sum assured when required.
• The minimum entry age is 18 years.
• The maximum policy term is 50 years.

1. HDFC Life Click 2 Protect Life.

HDFC Life term plan is a high protection cover at low premiums. The company allows special premium rates for females and non-tobacco users. It will enable your family to arrange for funds to manage the financial liabilities if any.

Features and Benefits:

• HDFC Life Click 2 Protect Life gives you an option to avail yourself of cover for your whole life.
• The cover allows you to get an additional sum assured of accidental death through the ADB option.
• The plan comes with reducing premium payment terms from regular pay to limited pay.
• Click 2 Protect Life allows you to get back all premiums paid on survival till maturity with Return of Premium Option.
• The company provides you with an option to expand the coverage with the riders like Critical Illness Plus Rider, Accident Disability Rider, and others.
• There are 3 plan options available in the product: Life Protect Option, Life and CI Rebalance Option, and Income Plus Option.
• The policyholder can choose to pay the single, annual, half-yearly, quarterly or monthly premium.
• The minimum age at entry is 18 years.
• The maximum policy term is 85 years less entry age.

1. ICICI Pru iProtect Smart Plan

ICICI Pru iProtect Smart Plan is a competitive product that provides different options to buy financial security for your family. The plan pays you immediately to diagnose any of the 34 critical illness diseases. In addition, this term insurance pays life cover on terminal illnesses, including AIDS.

Features and Benefits:

• ICICI Pru iProtect Smart Plan is available in 3 options Life Option, Life Plus Option, and Life and Health Option.
• The policy term is allowed under the plan for 5-40 years.
• Premium payment options are single pay, regular pay, and limited pay.
• The minimum age of entry allowed is 18 years.
• The maximum maturity age is 75 years.

1. SBI Life Smart Shield

SBI Life Smart Shield is a pure term insurance plan with single pay and regular payment option.

Features and Benefits:

• SBI Life Smart Shield is available in four plan options: Level Term Assurance, Increasing Term Assurance, Decreasing Term Assurance(Loan Protection), and Decreasing Term Assurance (Family Income Protection).
• Premium paying frequency allowed under this term plan is annual, half-yearly, quarterly, and monthly.
• The minimum Entry Age under the plan is 18 years.
• The maximum Policy Term is 30 years.

All these term insurance plans provide all the buyers of 22 years of age:

1. Tax benefit under Section 80 C and Section 10(10D) on the maturity amount.
2. A grace period of 30 days if the policyholder, if the premium payment mode opted, is annual.
3. Free Look period of 15 days, if you are not convinced from the product you purchased.

Conclusion.

If you look into buying the best term insurance plan, you must think of why you want to buy the policy. Next, look at the affordability and the conditions you need to suffice. Though they are highly affordable, term insurance plans still check for the features and benefits that suit your requirements. You must also check the plans to save some extra pennies on premium payments.