Life Insurance

Best Life Insurance Plans in India 2019

best life insurance plans in India

Having a life insurance policy is the best way an individual can secure the financial future of the family from the uncertainties of life. Moreover, apart from providing insurance coverage to the policyholder, a life insurance policy acts as a great option of long-term investment, which offers guaranteed benefit to the policyholder. With the huge popularity of life insurance policies, the insurance companies offer an extensive range of comprehensive insurance policies to fulfill the requirements of the insurance seekers.

Reasons to Choose Best Life insurance Plans?

Before zeroing in on a plan it is very important to compare different life insurance plans online so that one can choose the most lucrative plan. However, while comparing the plans online, the insurance buyers should always consider the important aspects of the life insurance policy. For the better understanding for our customer, here we have elaborately discussed the benefits and features of best life insurance plans in India 2019.

Types of Best Life Insurance Plans in India

As per the requirements of the policy buyers, the insurance company offers an inclusive range of life insurance plans. These plans are not only comprehensive in nature but also cater the financial needs of the insurance buyers. Let us take a look at the list of different types of best life insurance plans:

Term Insurance Plan:

One of the best life insurance plans of India in terms of affordability is term insurance. In this plan, the insurance company pays a lump sum amount to the beneficiary of the insured at his/her death, if it happens within the term of the plan. In this way, this plan is valid for a pre-defined term and hence is known as ‘Term Plan’. In return of the services, the policyholder has to pay the premium to the insurance provider. There is no survival benefit provided to the insured, but some insurance companies provide the facility of add-on services, which can be taken by paying some extra premium.

Whole Life Insurance Plan:

To get the coverage for your whole life, take this life insurance plan. Herein, the claim is to be made as the duration of the coverage is whole life. Therefore, the nominee can ensure to get the lump sum amount in case of death of the policyholder. The premiums of this type of life insurance plans are comparatively high as the death is certain and the policy gives you full risk coverage.

Money Back Plan:

If you want an insurance plan that provides both protection and money at the end of the policy tenure, then consider money back policy. The insurance company pays a lump sum amount on the death of the policyholder and some amount is paid after certain intervals like 5 years and 10 years. However, the premium rate of this insurance plan is comparatively high.

Endowment Plan:

If your requirement from your insurance plan is both savings and protection, then opting for this insurance policy is recommended. The insurance company under this insurance plan pays a fixed amount either on the death of the insured or at the maturity of the life insurance policy. The usual duration of this insurance policy is 10, 15, or 20 years, however, the premium that is charged for this plan is high. The policy amount paid to the insured can be with the profit or without it depending on the type of the insurance policy taken by you.

Unit Linked Plan:

To get the protection and earning through investment, take the Unit Linked Plan. Under this plan, the premium taken by the insurance provider can be divided into two parts. The first part of this is given to the pool of insurance providers to meet the death claims. On the other hand, the second part is invested in the insurance market as per the requirement and preference of the policyholder. The NAV is calculated each day for the investment. At the time of the death of the insured, the sum assured with the invested amount is given to the nominee. When the plant matures, the decided amount along with the invested amount is provided to the policyholder. Most of the times, more amount from the premium is given in the insurance pool, then what is invested in the market.

Child Plan:

To safeguard the future of your child for fulfilling his/her upcoming requirements, this insurance plan is introduced. This is the best life insurance policy to provide lump sum money either for marriage or higher education of your child. According to this policy, your child can get some amount as soon as he/she reaches a certain age.

Retirement Plan:

To protect yourself and your family financially after your retirement, this insurance plan is introduced. You can start investing in this plan as soon as you start earning and hence can accumulate a good amount to get annuity every month after crossing a certain age. Apart from this, you can also opt for the payment of a lump sum amount as a single payment to the insurance company and from where you can get a monthly pension.

Best Life Insurance Plans in India 2019

Plan Entry Age Maturity Age Policy Term Sum Assured
HDFC Life Sanchay Minimum-30 years

Maximum-45 years

70 years 15-25 years Minimum-Rs.1,05,637

Maximum-No upper limit

Aviva I-Life Plan Minimum-18 years

Maximum-55 years

70 years 10-35 years Minimum-Rs.25,00,000

Maximum-no upper limit

LIC Amulya Jeevan Minimum-18 years

Maximum-60 years

70 years 5-35 years Minimum-Rs.25,00,000

Maximum-no upper limit

Bharti AXA e-Protect Term Plan Minimum- 18 years

Maximum-75 years

60 years 10-30 years Minimum-Rs.25, 00,000

Maximum-no upper limit

Aegon Life I-Term Plan Minimum-18 years

Maximum-75 years

75 years 5-40 years Minimum-Rs.10,00,000

Maximum-no upper limit

ICICI Pru i- Protect Plan Minimum-20 years

Maximum-75 years

75 years 10-30 years Minimum-Rs.3,00,000

Maximum-no upper limit

HDFC Click 2 Protect Minimum-18 years

Maximum-65 years

75 years 10-30 years Minimum-10,00,000

Maximum- Rs,10,00,00,000

Bajaj Alliance i-Secure Mininum-18 years

Maximum-70 years

70 years 10-30 years Minimum-Rs.20,00,000

Maximum-no upper limit

Kotak Life Preferred e-Term Minimum-18 years

Maximum-75 years

75 years 10-40 years Minimum- Rs.25,00,000

Maximum-no upper limit

HDFC SL Crest Minimum-14 years

Maximum-55 years

75 years 10-40 years Minimum-Rs.1,05,673

Maximum-No upper limit

HDFC Life Sanchay

One of the best life insurance plans & policies, Life Sanchay offered by HDFC Life Insurance is a non- participating endowment policy that offers the combined benefit of protection cum savings. The plan provides assured benefits to the insured. Additionally, it offers flexibility in term of choosing the investment option.  Let’s take a look at some of the key features of the policy.

Features of HDFC Life Sanchay

Some of the salient features of the policy are:

  • HDFC Life Sanchay is an endowment plan that comes with a limited premium payment option.
  • The plan provides guaranteed additions of 8% or 9% of sum assured accrued after completion of every policy year.
  • A guaranteed addition is paid to the policyholder at the time of maturity of the policy.
  • No medical test is required to purchase the policy.
  • The policy comes with a free-look period of 15 days.
  • The policyholder can avail tax benefit on the premium paid and maturity proceeds under section 80C and 10(10D) of the Income Tax Act, 1961.
  • The insured can avail the facility of loan up to 80% of the surrender value.

Aviva I-Life Plan

As one of the best life insurance plans & policies, Aviva I-Life is a pure protection plan that provides financial security to the family of the insured in case of an eventuality. The policy can be bought online in a simple and hassle-free way. This is a comprehensive life insurance plan that provides additional benefit to female policy buyers.

Features of Aviva I-Life Plan

Some of the salient features of the policy are:

  • The policy offers a minimum sum assured amount of Rs. 25,00,000, whereas, there is no upper limit on the maximum sum assured amount.
  • The policy offers a discount on the larger sum assured amount.
  • The plan offers an additional rebate of 5% for the female policyholders.
  • The tax benefit is offered on the premium payment under section 80C of Income Tax Act. 1961.
  • A free look period of 15 days and a grace period of 30 days are offered by the plan.

LIC Amulya Jeevan

LIC Amulya Jeevan is one of the best life insurance plans offered by LIC life insurance. As a pure term insurance policy, the plan provides financial protection to the family of the insured in case of any eventuality. However, the policy does not offer any maturity benefit.

Features of LIC Amulya Jeevan

Some of the key features of the policy are:

  • The plan only provides the death benefit.
  • The plan provides a high sum assured at an affordable premium.
  • The policy offers a discount for the large sum assured amount for single premium policies.
  • The policy offers a minimum sum assured amount of Rs. 25,00,000 and there is no upper limit on the maximum sum assured amount.
  • The premium payment term of the plan is the same as the policy term.
  • The policyholder can avail tax benefit on the premium paid under section 80C of the Income Tax Act, 1961.
  • The policy comes with a free look period of 15 days and a grace period of 30 days.

Bharti AXA e-Protect Term Plan

One of the best life insurance plans, Bharti AXA e-Protect Term Plan offers life protection for the family of the insured at an affordable premium. Being a pure term insurance plan, it does not provide any maturity benefit. The online process of policy purchase is simple and hassle-free.

Features of Bharti AXA e-Protect Term Plan

Let’s take a look at some of the key features of the policy:

  • Being a pure term insurance policy, the plan offers death benefit to the nominee in case of unfortunate demise of the insurance holder.
  • The plan offers a minimum sum assured amount of Rs.2 5,00,000, whereas, there is no upper limit on the maximum sum assured.
  • The plan offers an add-on benefit as family care benefit. Under the benefit, a cheque of Rs1 Lakh is provided to the beneficiary of the plan. Once the claim is submitted within 48 hours, the benefit is paid out immediately.
  • The tax benefit is offered up to the maximum limit of Rs.1,50,000 on the premium paid under section 80C of Income Tax Act, 1961.
  • The policy comes with a free look period of 15 days and a grace period of 30 days.

Aegon Life i-Term Plan

One of the best life insurance plans in India, i-Term Plan offered by Aegon Life Insurance is an online term insurance plan. It provides life coverage to the family of the insured at a minimum premium rate.

Features of Aegon Life i-Term Plan

Let’s take a look at some of the key features of Aegon Life Insurance i-term plan.

  • The plan comes with the option of single premium payment as well as regular premium payment.
  • As one of the best life insurance plans, Aegon life i-term plan can be bought from the website in an easy and simple way.
  • The plan offers an inbuilt terminal illness benefit. Under this benefit, 25% of the sum assured amount is paid immediately to the insured upon the diagnosis of any type of terminal illness. Moreover, the plan also waives off all future premium amount.
  • The tax benefit is offered up to the maximum limit of Rs.1,50,000 on the premium paid under section 80C of Income Tax Act, 1961.

The plan offers 5 additional rider benefits:

  1. Aegon Life AD Rider
  2. Aegon Life iCI Rider
  3. Aegon Life Women CI Rider
  4. Aegon Life WOP CI Rider
  5. Aegon Life Disability Rider

In case of demise of the policyholder, a minimum sum assured amount of Rs. 25,00,000 is offered to the beneficiary of the policy. The policy does not offer any upper limit on the maximum sum assured amount.

ICICI Prudential i-Protect Plan

ICICI Prudential i-protect term plan is one of the best life insurance plans that can be bought through the website of the company. The plan provides higher life insurance coverage at a lower premium.

Features of ICICI Prudential i-Protect Plan

Some of the key features of ICICI Prudential i-Protect plan are:

  • As a pure term insurance policy, the plan provides the option of regular premium payment.
  • The policy offers 3 different plan options to choose from.

Life Option– Under life option, the plan offers the death benefit and premium waiver in case of permanent disability and terminal illness.
Life Plus Option– Under this option, the death benefit is paid to the nominee of the policy. Moreover, the plan also offers premium waiver in case of permanent disability, terminal illness, and accidental death.
Life & Health Option– Under this option, the death benefit is paid to the beneficiary of the policy. Moreover, the plan also offers terminal illness cover, critical illness cover and premium waiver in case of permanent disability.

  • The tax benefit is offered up to the maximum limit of Rs.1,50,000 under section 80C of the Income Tax Act, 1961.
  • A free look period of 15 days is offered by the policy.
  • A grace period of 30 days is offered by the plan.
  • The policy offers a minimum sum assured amount of Rs. 3,00,000, whereas there is no upper limit on the maximum sum assured amount.

HDFC Life Click 2 Protect

As one of the best life insurance plans & policies, HDFC Life Click 2 Protect is a comprehensive life insurance policy. It provides life coverage to the family of the insured in case of an eventuality. Under this plan, 4 options of life cover are offered. The policyholder can choose avail one as per his/her insurance requirements and expectations.

Features of HDFC Life Click 2 Protect

Some of the key features of HDFC Life Click 2 Protect plan are:

  • The policy offers a minimum entry age of 18 years and the maximum entry age of 65 years.
  • The plan provides 4 different options to choose from.

Life Cover Option– Under life cover option, the beneficiary is entitled to receive death benefit in the event of the death of the insured. The death benefit is paid as a one-time payment.

Extra Life with Accidental Death Benefit– Under this option, the beneficiary is entitled to receive a death benefit as a lump sum payout. In case of accidental demise of the insured, a pre-decided sum assured is paid out as an accidental death benefit to the nominee.

Income Option– Under this option, a part of the sum assured is paid to the nominee whereas the remaining amount is paid as a monthly income up to next 15 policy years.

Income Plus Option– Under this option, along with the death benefit the nominee receives monthly income up to the next 10 policy years. Moreover, the insured has the flexibility to choose the monthly income as basic or increasing at @10% per annul.

  • Tax benefit can be availed under section 80C and 10(10D) of the Income Tax Act, 1961.
  • The policy offers a free look period of 15 days.
  • The policy offers a grace period of 30 days.
  • The minimum sum assured amount offered by the policy is Rs.10 Lakh and the maximum sum assured amount offered by the policy is Rs.10 Crore.

Bajaj Alliance i-Secure

One of the best life insurance plans, Bajaj Alliance i-secure is a non-linked, non-participating level term assurance plan. The plan comes with the option of regular premium payment. The plan financially secures the family of the insured by providing level term cover at a very affordable premium rate.

Features of Bajaj Alliance i-Secure

Let’s take a look at the key features of Bajaj Alliance i-Secure.

  • The minimum entry age of the policy is 18 years and maximum entry age of the policy is 70 years.
  • The plan offers a discount on premium rates for non-smokers.
  • The plan can be bought through the company’s website in a simple and hassle-free way.
  • The policy offers a minimum sum assured of up to Rs. 2, 50,000. However, there is no upper limit on the maximum sum assured.
  • The policy offers the facility to receive the death benefit as monthly installments for the tenure of 5-10 years.
  • A free look period of 15 days is offered by the policy.
  • A grace period of 30 days is offered by the policy.
  • The policyholder can avail tax benefit under section 80C and 10(10D) of the Income Tax Act, 1961.

Kotak Preferred e-Term Plan

One of the best life insurance plans, Kotak Preferred e-Term Plan is a pure term insurance plan. It provides financial protection to the family of the insured at a very affordable premium rate.  Since it is an online term insurance policy, the process of buying the policy is very easy and hassle-free.

Features of Bajaj Alliance i-Secure

Some of the key features of Kotak Preferred e-Term plan are:

  • The policy provides a death benefit as a sum assured amount to the nominee in the event of the demise of the insurance holder.
  • The plan provides two options of payout:

Immediate Payout– The total sum assured is paid immediately after the claim is filed by the beneficiary of the policy.

Recurring Payout– Under this option, only 10% of the sum assured is paid to the beneficiary of the policy.   The remaining amount is paid in monthly or yearly installments.

  • In case of permanent disability during the tenure of the policy, the basic premium of the policy is waived off.
  • Tax benefit can be availed under section 80C and 10(10D) of the Income Tax Act, 1961.
  • The minimum entry age of the policy is 18 years and the maximum entry age of the policy is 65 years.
  • The policy offers a minimum sum assured amount of Rs .25,00,000, whereas, there is no upper limit on the maximum sum assured of the policy.
  • The policy provides three options for premium payment- regular pay, single pay and limited pay.

HDFC SL Crest

One of the best life insurance plans, HDFC SL Crest is a Unit Linked Insurance Plan. It is specifically designed to meet the investment and savings goals of the individuals. Moreover, the plan also provides life protection to the family of the insured.

Features of HDFC SL Crest

Some of the key features of HDFC SL Crest are:

The minimum entry age of the policy is 14 years and maximum entry age of the policy is 55 years.

The plan provides 4 fund options to invest in:

  • Blue Chip Fund
  • Opportunities Fund
  • Balanced Fund
  • Income Fund
  • The plan offers flexibility to the insurance holder to choose the sum assured amount.
  • The sum assured of the policy ranges between 10-20 times of the yearly premium.
  • The policy offers a free look period 15 and grace period 30 days.
  • Tax benefit can be availed under section 80C and 10(10D) of the Income Tax Act, 1961.
  • The policyholder can surrender the policy after the completion of 5 policy years.

Conclusion

Mentioned above are 10 best life insurance plans offered in India in the year 2018. The insurance buyers can consider purchasing these life insurance policies according to their own requirements. Moreover, in order to choose the most beneficial plan, the policy buyers can also compare the quotes online and zero in on a plan.

About Ajeet Sharma

My Name is Ajeet Sharma Financial Blogger & Founder of Financegab.com. We are a personal finance blog dedicated to personal finance & financial planners. The main aim of this blog is to help people to informed financial decisions.
View all posts by Ajeet Sharma →

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