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Which is the best term insurance for you – Regular term plan or smart term plan?

Author: Bima Karo
by Bima Karo
Posted: Sep 22, 2020

A term life insurance policy provides financial protection in the form of insurance coverage amount to the family members of the insured in case something happens to the policyholder. However, nowadays several insurance providers offer various customised solutions based on the needs and different situations of the customers.

This implies that there are other forms of term life insurance plans available in the market and you should opt for the best term insurance for the better future of your loved ones. But it has been seen that due to the availability variety of term plans, people often get confused in terms which one to choose from insurance company amongst others.

So, when you choose the best term insurance plan, you need to look at the offerings of the policy that includes the coverage, key features as well as its benefits. Let us know more about term insurance:

Term life insurance: A traditional term insurance is a pure protection plan that offers financial protection in the form of the death benefit to the policy nominee in case of the untimely demise of the policyholder during the tenure of the policy. In regular term plans, the policy tenure is usually up to 85 years without any payout if the policyholder survives the policy term. Though there is a term plan with return of premium that pays back all the premiums paid in case the insured survives the policy.

Smart term plan: These are customisable term plans that offer complete financial protection to your family when you are not with them. Smart term plan provides death benefits along with comprehensive coverage.

Which term plan you should opt for?

Return of premium on maturity: Smart term plan gives you the option of return of premium term insurance. Under this type of term insurance policy, if you survive the tenure of the policy, then you will get all the premiums back that you were paying all these years and then your policy will get over.

Multiple options for premium payment: If you avail a smart term plan, you get the option to choose how and when to pay your insurance premiums. this option helps you in managing your other expenses and you can select the same at the time of purchasing the policy. ­­­­

Financial support against accidents and critical illness: Term insurance policy offers additional benefits in the form of riders. There are various riders available such as critical illness rider, accidental death benefit and more. As a part of the critical illness rider, a lump-sum amount is paid to you covering all financial requirements in such a situation. For instance, if you get diagnosed with a critical illness, then it gets covered under the policy, and your hard-earned money gets saved from draining in the medical expenses.

Benefits as per the life stages: The life insurance plan that you opt for should be flexible to evolve as per your changing life stages and goals. If you choose an online term insurance policy, you can select the ‘life stage, add on the sum assured’ benefit. As a policyholder, you can increase the sum assured amount as a part of this plan when you reach a crucial milestone in your life like buying a house or marriage or any other moment.

Death benefit variant: Term insurance riders offer extended financial coverage to your family by giving them additional coverage during unforeseen circumstances like accidental death or dismemberment. At the same time, a smart term plan gives you complete freedom to decide how your loved ones will receive the insurance coverage amount in case of your untimely demise. You can opt for whether you want to increase the payout on a monthly bases during a specific time to cater the rise in inflation or increase the sum assured when you achieve the critical milestones in your life.

Overall, it is recommended that while choosing the best term insurance you should see that it is flexible and evolve along with your requirements and changing life stages. For additional benefits, it is better to opt for smart term plan from a reputed insurance provider. If you are also confused to selecting the best term insurance, then visit and speak to their insurance experts for better understanding.


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  • Guest  -  4 years ago

    Very informative article. Recently my brother purchased life insurance term plan from Exide Life Insurance with the amazing benefits.

  • Guest  -  4 years ago

    Great information for buying insurance investment plan. Recently My father purchased a child insurance plan from Exide life insurance with lots of benefits.

Author: Bima Karo

Bima Karo

Member since: Sep 19, 2020
Published articles: 1

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