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Best Life Insurance Policy for 10-year Term

Term life insurance is a type of insurance that provides coverage for a fixed period. It is designed to cover the cost of living expenses in case the policyholder dies during the term. A term life insurance policy is a contract between an insurance company and the person who buys it. The contract states that the insurer will provide coverage for a specific period, usually 10 years. The cost of these policies is based on how long they are in effect and the amount of money that you want to insure.

Best Life Insurance Policy for 10-year Term

Table of Contents:

What is a 10-Year Term Life Insurance Policy?

A 10-year term life insurance policy is a type of life insurance that gives coverage for ten years. It’s a popular choice for people who want to protect their loved ones from the financial burden of paying for long-term care. A 10-year term life insurance policy has a fixed premium and is renewable every year until the end of the policy’s term, which is usually 10 years. A 10-year term life insurance policy protects your loved ones against the financial burden of long-term care expenses by giving them a lump sum payment when they die.

Why is a 10-year Term Life Insurance Policy Beneficial?

A 10-year term life insurance policy is beneficial because it provides a death benefit for 10 years. It's also beneficial because it offers the most affordable premiums of all term life policies. It is also a good idea if you are in your early twenties and you want to invest in your retirement.

A 10-year term life insurance policy is usually cheaper than the ones that last for 15 or 20 years. A 10-year term life insurance policy can be a good idea because it will give time to make decisions and see how long you live without incurring any penalties from the insurer.

What Are the Benefits of a 10-Year Term Life Insurance Policy?

When it comes to life insurance, many people believe that the shorter the term, the better. However, there are benefits to having a 10 year term life insurance policy.

  • Affordable: The main benefit of having a 10 year term life insurance policy is that it is more affordable than other types of policies. This is because it does not offer as much coverage or protection as other policies do.
  • Saves Money: Another benefit of this type of policy is that you can save money by paying monthly instead of annually or semi-annually.
  • Flexibility: A 10 year term life insurance policy also offers flexibility in your coverage options. You can choose how much coverage you want and what type you want to receive in return for your premium payment each month. It also offers flexibility with how long you have to wait before you can get your payout.
  • Long coverage: 10-year term life insurance plan has protection for a period of 10 years as long as the policy is valid, offering peace of mind for this duration.
  • Death benefit: It Provides death benefits in the event of the unfortunate demise of the policyholder during this term period.
  • Tax benefit: Individuals can avail of tax benefits under Section 80C of the Income Tax Act 1961.
  • Surrender benefit: Policyholders can get surrender benefits if they choose to surrender their policies before maturity.
  • Riders Availability: It provides extra benefits and cover by adding additional riders to this plan, enhancing the protection.

Who Is Best Suited for 10-Year Term Policy?

A 10-year term life insurance policy is the best for those who don't want to spend too much on their premiums. It is also suited for those who have already retired and are looking for long-term coverage. However, it is also the most comprehensive and provides the best death benefits.

It is also best suited for people who do not anticipate needing to use their life insurance anytime soon, such as those who have a spouse or children that will need financial support in their absence. This type of coverage may be appropriate if you are between the ages of 20 and 40.

Eligibility Criteria for 10-Year Term Life Insurance

Minimum Age 18 years
Maximum Age 65 years
Policy Term 10 to 100 years
Maturity Age Based on Policy
Premium Payment Term Regular Pay, Limited Pay, Single Pay
Premium Payment Frequency Single, Yearly, Half-Yearly, Quarterly, Monthly
Sum Assured Based on Policy

Best Life Insurance Policies with 10 years Policy Term

Life insurance is a vital financial product. It is important to have the right coverage and protection in place to protect your family and loved ones. Below are the best life insurance plans with a 10-year term.

HDFC Life Click 2 Protect Plan:

An HDFC click 2 protect term plan is a non-linked, individual, pure risk premium/savings life insurance to give assurance of a 98.01% claim settlement ratio, additional sum assured on Accidental death, money-back all premiums paid on survival till maturity with the return of premium option, avail waiver of premium on the diagnosis of critical illness, and special premium rates for female lives and non-tobacco users.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 85 years
Sum Assured 25 Lacs
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

TATA AIA Sampoorna Raksha Supreme Plan:

Tata AIA Life Insurance Sampoorna Raksha Supreme Plan provides financial protection to your family and offers you the flexibility to choose the plan that suits your need.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 65 years
Sum Assured 1 Lac to No limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

ICICI Prudential iProtectSmart Plan:

ICICI Prudential iProtectSmart Plan gives protection for your family and critical illness cover. Life covers up to 99 years and the policy term starts from 40 years.

Entry Age Minimum 25 years
Maximum age at Maturity 70 years
Sum Assured 1 Lac to No limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

SBI Life eShield Next Plan:

SBI Life eShield Next Plan is a protection plan that provides financial support to present needs and also covers the changes in life to the daily needs.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 80 years
Sum Assured 35 Lacs to No Limit
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

Bajaj Allianz Life iSecure Plan

Bajaj Allianz iSecure term plan is a non-linked, non-participating, individual, life, regular, and limited premium level cover pure risk premium plan that secures your family’s financial protection needs.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 85 years
Sum Assured 25 Lacs to 50 Lacs
Premium Payment Term Single payment, Regular payment, or Limited payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly, Single

Max Life Smart Secure Plus Plan:

The Smart Secure plus plan is introduced to fulfill your financial security needs and provide support in case of any emergencies. Max Life Smart Secure plus plan offers two death benefits. You also get inbuilt benefits such as cover for terminal illness, joint life cover; premium breaks, and additional payout on accidental death these will fulfill your needs.

Entry Age Minimum 18 years to Maximum 65 years
Maximum age at Maturity 85 years
Sum Assured 25 Lacs to 50 Lacs
Premium Payment Term Single payment, Regular payment
Premium Payment Frequency Monthly, Quarterly, Half-yearly, and Yearly

How Much Does a 10-Year Term Policy Cost?

A 10-year term policy is one of the most popular types of insurance policies. It offers an easy way for consumers to save money and invest in their future. When it comes to choosing a policy, there are a few factors that need to be considered. These include

  • Age
  • Gender
  • Benefits
  • Length of Time
  • Health History
  • Location
  • Tobacco Use
  • Family History
  • Death Benefit Amount
  • And Many Other Factors

A 10-year term policy is a life insurance policy that pays out in the event of death after a period of 10 years. The average cost of a 10-year term policy is between Rs. 5000 to Rs. 8000 per year, but it can vary depending on your age and health condition, and many other factors.

Premium Table of 5-year Term Life Insurance Policies

Company Plan Name Total Payout Premium
HDFC Life Insurance HDFC Life Click 2 Protect Plan Rs. 50 Lacs 6258/- Buy
TATA AIA Life Insurance TATA AIA Sampoorna Raksha Supreme Rs. 50 Lacs 5895/- Buy
Bajaj Allianz Life Insurance Bajaj Allianz Smart Protect Plan Rs. 50 Lacs 5687/- Buy
ICICI Prudential Life Insurance ICICI Prudential iProtectSmart Plan Rs. 50 Lacs 6745/- Buy
SBI Life Insurance SBI Life eShield Next Plan Rs. 50 Lacs 6468/- Buy
Max Life Insurance Max Life Smart Secure Plus Plan Rs. 50 Lacs 6548/- Buy

*The above-mentioned values are for reference purposes only * Refer to our website for exact values.

How to Buy 10-Year Term Life Insurance Policy

A 10-year term life insurance policy is a type of policy that pays out a lump sum if the insured person dies in the next 10 years from the date of purchase. Buying a life insurance policy is not an easy process. There are a lot of factors to consider and it can be hard to find the right company. But you purchase the best 5-year term life insurance policy from the best life insurance in simple steps online at PolicyBachat.

  • Go to PolicyBachat Website. Click on Life Tab
  • Provide the required information such as name, date of birth, etc.
  • Compare premium rates from the list of companies provided
  • Select the plan which suits your requirement
  • Make payment via online payments.

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