Life insurance is an essential aspect of financial planning, especially when it comes to protecting the future of our loved ones. Term plans provide an economical way to secure your family’s future by offering coverage for a specific period and paying out a lump sum to the nominee in case of the policyholder’s untimely death during the policy term. However, with so many life insurance companies offering term plans in India, selecting the right one can be an overwhelming task.
In this article, we will compare two of the leading life insurance companies in India, SUD Life Insurance and SBI Life Insurance, and determine which one offers the best term plan.
SUD Life Insurance
SUD Life Insurance offers a range of term plans, including the SUD Life Jeevan Tarun Term Plan, SUD Life Jeevan Arogya Term Plan, and SUD Life Term Plan. The SUD Life Jeevan Tarun Term Plan is a non-linked, non-participating, and regular premium term plan designed to provide financial protection to your child’s future. The plan offers four options to choose from, depending on your child’s age at the time of policy issuance. The policy term ranges from 10 to 25 years, and the sum assured starts from Rs. 25 lakhs.
The SUD Life Jeevan Arogya Term Plan, on the other hand, is a non-linked, non-participating, and regular premium term plan that provides coverage for 36 critical illnesses, accidental death, and disability. The policy term ranges from 5 to 30 years, and the sum assured starts from Rs. 10 lakhs.
Finally, the SUD Life Term Plan is a non-linked, non-participating, and regular premium term plan that provides financial protection to your family in case of your sudden demise. The policy term ranges from 10 to 40 years, and the sum assured starts from Rs. 50 lakhs.
SBI Life Insurance
SBI Life Insurance, on the other hand, offers the SBI Life eShield Term Plan, SBI Life Smart Shield Term Plan, and SBI Life Grameen Bima Term Plan. The SBI Life eShield Term Plan is a non-linked, non-participating, and pure term plan that provides financial protection to your family in case of your sudden demise. The policy term ranges from 5 to 75 years, and the sum assured starts from Rs. 20 lakhs. The plan offers two options, Level Cover and Increasing Cover.
The SBI Life Smart Shield Term Plan is a non-linked, non-participating, and regular premium term plan that provides financial protection to your family in case of your sudden demise or critical illness. The policy term ranges from 5 to 30 years, and the sum assured starts from Rs. 25 lakhs. The plan offers three options, Level Cover, Increasing Cover, and Decreasing Cover.
Lastly, the SBI Life Grameen Bima Term Plan is a non-linked, non-participating, and regular premium term plan that provides financial protection to the rural and underprivileged population of India. The policy term ranges from 5 to 15 years, and the sum assured starts from Rs. 10,000. The plan offers two options, Level Cover and Increasing Cover.
When comparing the term plans offered by SUD Life Insurance and SBI Life Insurance, it is clear that both companies offer a diverse range of term plans designed to cater to the diverse needs of their customers. Choose the plan that suites you best.