Life Insurance

Top 5 Features of Best Life Insurance Companies in India

insurance companies

There are a plethora of Life Insurance companies in India offering a wide range of insurance policies and plans to individuals, groups, companies and families to choose from and benefit from. Many of the best insurance companies in India have a strong hold on the market, with LIC leading. People will choose insurance policies from the best insurance companies that hold the best features and that will benefit them the most at a reasonable price.

List of Best Life Insurance Companies in India:

Life Insurance Companies 2018-19
LIC 70.5%
SBI Life 5.1%
ICICI Prudential 4.9%
HDFC Life 4.7%
Bajaj Allianz 2.1%
Max Life 2.1%
Birla Sun Life 1.6%
Kotak Life 1.6%
Reliance Nippon Life 1.1%
India First 1.1%

Best 5 Features of Life Insurance Companies

  1. Allows free – look period

The best life insurance companies in India offer their policy holders a free – look period with their insurance policies. If you take up an insurance policy and you find out that it does not appeal to you the way that you had expected it would and it certainly is not fulfilling your needs or the requirements of your family, the best life insurance companies in India offer you a golden chance to drop the insurance plan and it will not even cost you any money.Policies offer the policy bearers an option of dropping the insurance plan during a period called the free look period which will not cost any extra money. It is a great way to first – hand experience an insurance plan and see if it would benefit you. But, you need to make sure you are aware of the period so that you can easily leave the insurance policy within the prescribed time period. The free look period is usually for duration of 15 days within which the policy holder can leave the plan. The insured can literally test their insurance policy. This is a great option as you are able to assess yourself if the plan will suit your needs or not. But, if you drop it after the 15 day mark, then it might cost you some rupees, depending on the plan and the company.

  1. Grace Period for premiums

Many times, it happens that the policy holder is not able to make the payments for the premiums on time due to internal or external environmental or personal reasons, issues or distractions. This messes with the policy. But, many of the best life insurance companies in India offer a grace period. A grace period is duration or a period of time within which the policy holder is given a chance of paying up all the premiums that they had not, earlier, and are due. Many policies by the best life insurance companies in India offer this grace period within which, if the due premiums are paid off, the policy will start functioning as usual. Some companies even offer a policy revive, which is that if a policy holder was not able to pay the due premiums even during the grace period and the policy lapses, they still have a chance to revive it by duly paying the premiums within a few years of the date of the non – payment.

  1. Extra benefits if accidental death

Some of the best life insurance companies in India provide with an extra benefit along with the usual benefit cover which is given to the family or the nominees of the insured in case the death of the policy holder has occurred due to any accidents. When the insured unfortunately demises sue to accidental reasons, a death benefit is as usual paid in to their nominees or their family members and an accidental death benefit is also paid. The amount of the accidental death benefit is equivalent to the amount of the basic sum assured. So, when the insured dies, their nominees are given the basic sum assured of the policy as well as the accidental benefit. Some insurance companies have insurance policies that will provide this extra benefit at an extra cost, that is, the policy holder might have to avail a rider with an extra premium amount so that their family can get that extra benefit in such unfortunate cases. But, the best life insurance companies in India will provide this as a part of the basic insurance plan itself.

  1. Maturity Benefits

The best life insurance companies in India give a maturity benefit as well with their term or life insurance policies. Many of the policies only give out a benefit or sum assured cover on the death of the policy holder and no payments are made if the insured survives after the insurance policy matures but the insurance plans and policies offered by the best life insurance companies in India do provide, both the maturity benefit as well as the death benefit. If the policy holder lives through the entire tenure of the insurance policy and has not made claims throughout the term (if applicable, depends on the type of policy), then they get the amount of the sum assured as a maturity benefit.

  1. Tax Benefits

Also Read: Claim Settlement of Life Insurance Companies in India

The best life insurance companies in India offer many tax benefits and deduction with their insurance plans and policies. Many plans allow loans to be taken up against the insurance policy and most of them have the loans as tax free. The death benefits are also tax free. Tax deductions and beenfits make the policies highly worthy as the whole amount will be invested in and the whole amount would be received during benefits.


Invest into the best life insurance companies in India and get all the above benefits and features to only gain from. The best life insurance companies in India will automatically provide the best insurance plans and policies with great covers.

About Ajeet Sharma

My Name is Ajeet Sharma Financial Blogger & Founder of 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 →

Leave a Reply

Your email address will not be published. Required fields are marked *