Life insurance acts as a protection cover for your family in case of your absence. The biggest benefit of life insurance is that a certain amount of money is provided to your family when you are no more there to take care of them. They provide big financial relief to the family during the times when they need it the most.
There exist many life insurance companies, which are offering best life insurance plans in India with most competitive features to their customers. These life insurance plans can also be used as a money saving investment plan.
A customer can choose from many different life insurance policies. Different policies serve different purposes of the customers and also have different features. It varies regarding coverage and policy terms. As an aware customer, you must be knowing about companies who are offering best life insurance plans. However, before finalizing an insurance policy, always compare these different plans thoroughly.
What Is Life Insurance?
A Life insurance Plan is a bilateral agreement between an insurance policy holder and an Insurance Company. The Life Insurance plan assures the insured a predetermined amount of maturity or to the nominated beneficiary on the death of the insured person.
Having the top life insurance plans are the best ways an individual can secure the financial future of the family from the uncertainties of life. Moreover, apart from providing insurance coverage to the policyholder, the best 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 plans, the insurance companies offer an extensive range of comprehensive insurance policies to fulfill the requirements of the insurance seekers.
Best Life Insurance Plans & Policies in India
If you want to provide your family with an all-around protection coverage and also enhancing your savings, then you should invest in a good insurance plan. Below is a list of Top Life Insurance Plans that can become your number one choice.
|Life Insurance Plans||Entry Age||Policy Term||Sum Assured|
|LIC New Jeevan Anand Plan||18-50 years||15-50 years||1 Lakh-NA|
|HDFC SL Crest Plan||14-55 years||10-10 years||(7 or 10) x Annual Premium/20 x Annual Premium|
|SBI eShield Life Insurance Plan||18-70 years||5-30 years||20 Lakh-NA|
|SBI Shubh Nivesh Plan||18-60 years||5-30 years||75,000-NA|
|Aegon Life iTerm Plan||18-75 years||5-40 years||10 Lakh-NA|
|HDFC Life Click 2 Protect||18-55 years||10-30 years||25 Lakh|
|ICICI Prudential i-Protect Plan||18-65 years||10-30 years||75 Lakh|
|LIC Amulya Jeevan||18-60 years||5-35 years||25 Lakh|
|Bharti AXA e-Protect Term Plan||18-65 years||10-30 years||25 Lakh|
|Kotak Preferred e-Term Plan||18-65 years||5-30 years||30 Lakh|
Here are the details of best life insurance plans in India above mentioned.
LIC New Jeevan Anand Plan
LIC has been a trusted name in the insurance world for many years. This product by LIC has been a number one choice for many as it fulfills the needs of a consumer that he/she wants in their insurance plan.
The LIC New Jeevan Anand Plan is a perfect combination of both- life protection coverage as well as a savings plan. So that means it is a good way of safeguarding the future of your family against any odds or ill-timed death and also enjoying maturity benefits otherwise.
The minimum age for entry in the policy is 18 years, and the maximum age is 50 years. The policy insurer enjoys the minimum sum assured of 10 lakh while there is no upper cap on the maximum sum assured to the customer.
The Policyholder has to lock in the sum for a minimum of 15 years, and the maximum term is 35 years. Premium can be paid easily through annual, biannual, quarter, or monthly mode. In case you forget to pay the premium, LIC of India offers a grace period of 15 days for monthly mode and 30 days for other types of mode.
Rider plans are also available with this plan such as- accidental death and disability benefit, permanent disability and so on.
HDFC SL Crest Plan
This is a type of ULIP (Unit Linked Insurance Plan) which works on achieving a target of a good investment goal within a fixed period of 10 years. In addition to this, it also provides coverage to the family against odds of life.
As a policyholder, one has to pay premiums for five years in a row and then enjoy the returns on the market linked plan for a full ten years.
The minimum age to enter the plan is 14 years, and the maximum age limit is 55 years. Payment mode for the premium is the annual mode which is not so flexible.
As It is a ULIP, It Allows Investment in 4 Options-
- Blue Chip Funds- The investment is made in large-cap quantities and equity-related One can enjoy very high returns, but the risks are also very high.
- Opportunities Fund- In this, investments are made in mid-cap equities and equity-related securities. This also entails the tag of high risks and High returns.
- Balance Fund- 0-20% of the funds are invested in money market instruments while 0-60% are invested in government securities and fixed income securities. The exposure to different funds is quite diverse and makes the risk less volatile. The risk-return tag is moderate to high.
- Income Fund- The returns from this investment have high potential. It has a moderate risk rating.
The policyholder is given a flexible choice to choose the sum assured. It ranges between 10 to 20 times the premiums laid. The policy is very easy to avail. One has only to fill a medical questionnaire, and no medical tests have to be done.
The policy is also beneficial for enjoying tax benefits. Under the section 80C and section 10(10D) of the Income Tax Act, the policyholder can enjoy tax benefits on premiums as well as claims.
Partial withdrawals are allowed annually which should be of the minimum amount of Rs 10,000. Fund switching facility is also available every available. Depending on your investment strategy, you can switch between the funds. Premium redirection to another chosen fund is also allowed under this scheme.
The policy is made keeping in mind the interests of the consumer. A 30 days grace period is offered to pay premiums. Also, consumers are also offered Free Look Period. If you are not satisfied with the terms and conditions or any other clause of the policy, you can terminate it within 15 days of the receipt of the policy.
SBI eShield Life Insurance Plan
SBI is a trusted name not only in the banking sector but also in the insurance policies it offers. The insurance policy offered by them is robust.
The comprehensive term plan is not linked as well as non participating. It is best recommended for those who want financial protection.
The Plan offers Four Different Variants for People to Choose According to Their Own Needs.
- Basic Level Cover- The sum assured remains the same throughout the term of the plan.
- Accidental Death Benefit- In this type of plan, the policyholder receives the sum assured as well as the accidental death benefit rider. In case the person insured dies in an accident, the beneficiary will receive the additional sum.
- Increased Cover- In this option, after the completion of 5 years, the minimum sum assured keeps increasing at 10% simple interest. But the premium remains the same. It is best for those individuals who want high insurance coverage.
- Increased Cover Along with Death Benefit- It offers dual benefits. The increased coverage after five years as well as the accidental death benefit rider.
The Policyholder enjoys the tax saving option on paying premiums and claims received under the Section 80C and Section 10(10D) of the Income Tax Act.
Many other additional features come with this plan such as premium discounts for non-smokers and female lives. SBI life insurance also offers Free Look Period of 15 days in case you are not satisfied with the policy terms.
SBI Shubh Nivesh Plan
This is another one of the popular products offered by SBI Life. This policy is a non-linked unity, and it provides benefits of both- endowment benefits as well as live coverage.
In this policy, the policyholder can enjoy maturity benefits. A lump sum is paid after the completion of the tenure. It can also be received in the form of regular income for a certain period.
One can easily avail this plan and pay the premium on a regular basis or in a single payment of premium.
It Also offers Three Coverage Options-
- Endowment Option- It is a traditional option which gives simple bonuses. The sum assured and the bonus is paid to the policyholder after the maturity or the beneficiary in case of death of the person insured.
- Endowment with Whole Life- The policy offers extensive benefits, and this option can be used to increase the insurance cover for the whole life or till the age a person reaches 100 years of age, in case of policy term 15 years or more.
- Deferred Maturity Payment- It is a part of the above two options.
Just like SBI eShield option, SBI Shubh Nivesh offers 15 days for the monthly payment of premium and 30 days for any other type of payment.
Surrender benefits are also provided under this scheme if the policyholder decides to terminate the plan according to the terms and conditions of the plan. The special surrender value calculated depending on the terms and conditions of the plan is the surrender value of the plan.
Additional benefits are also provided under the SBI Shubh Nivesh Plan. Rebates on the large sum assured is Rs 1.5 lakh and above. It also offers three riders such as- accidental death benefit rider, disability benefit rider, and preferred term rider.
AEGON Life iTerm Plan
It is a type of online term insurance plan that fulfills the needs of the policyholder at minimal costs. It can only be bought online and is quite popular among people.
It is a type of term insurance plan and has flexible premium payment option such as single pay or regular pay option. The plan also offers terminal illness benefit.
30 days grace period is allowed for the payment of premiums. Free look period is also available with this plan. If the policyholder is not satisfied with policy and any of its terms and conditions, one can easily cancel the policy within 30 days of the receipt of the Policy documents. However, no claims should be made until then.
In case the person insured is found to be terminally ill, all the future premiums are terminated, and 1/4th of the sum assured is paid immediately which should be up to a limit of Rs 100 lakhs. In case of death of the policyholder, the sum assured is paid to the beneficiary.
The plan has some exclusions in case of suicide or terminal illness benefit arising out of own injuries. If the policyholder commits suicide within 12 months of the start of the policy, the beneficiary will receive only 80 percent of the premiums paid by the policyholder.
If the terminal illness has taken place because of alcohol addiction, inability to follow medical advice, HIV and AIDS infection, then the benefits of the policy are outside the bounds of this plan.
This plan has no maturity benefits, and four additional rider benefits are provided with this plan for the policyholder to choose from if he/she is interested. The policyholder also enjoys tax benefits on the premiums paid and the claims received under section 80C and section 10(10D) of the Income Tax Act.
The policy also provides different rider options. Riders such as disability rider, women CI rider, WoP on CI rider, etc.
HDFC Life Click 2 Protect
HDFC Life Click 2 Protect is a comprehensive best life insurance plan. 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.
ICICI Prudential i-Protect Plan
ICICI Prudential i-protect term plan is a good life insurance plan 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.
LIC Amulya Jeevan
LIC Amulya Jeevan is a life insurance plan 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
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.
Kotak Preferred e-Term Plan
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 Kotak Preferred e-Term Plan
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.
Types of Life Insurance Plans
Whole Life Insurance
This type of life insurance policy is meant to provide lifetime coverage. The life insurer has to pay the premium on a yearly basis. Whole life insurance is the greatest method of long-lasting life insurance. Whole life insurance defends the insured against the death, when it may occur. It means that there is no fixed term under whole life insurance. Most plans & policies offers a bonus to the policyholder, which helps with retirement.
If your requirement from your insurance plan is both savings and protection, then opting for this life 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 best 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 life insurance policy taken by you.
Money Back Policy
If you want an life 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.
Term Life Insurance
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.
To get the protection and earning through investment, take the Unit Linked Insurance 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.
To safeguard the future of your child for fulfilling his/her upcoming requirements, this insurance plan is introduced. These best life insurance policy 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.
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.
How to Choose the Best Life Insurance Plans?
Choosing the best life insurance plans requires a small amount of skill and awareness of you want.
Let’s Look at Some Helpful Pointers in Making the Right Choice:
- In order to secure protection against any risk and also to procure a good corpus at a lower premium rate, it’s important to purchase the best Life Insurance policy early in age.
- Compare and choose from different Life Insurance Plans by saving and getting the best life insurance.
- Analyze different Life insurance plans and choose the best life insurance plans according to present and future requirement, which will certainly help to estimate the necessary cover.
Reasons to Choose the Best Life insurance Plans?
Before zeroing in on a plan it is very important to compare different best 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, above we have elaborately discussed the benefits and features of best life insurance plans in India 2019.
Life Insurance should be taken seriously by everyone. Life is uncertain, and nobody knows what the future has written for us. It ensures that your family should not suffer and compromise in your absence. There are a lot of products of life insurance in the market provided by different companies. Each of these products is offering different benefits and come with additional features.
Mentioned above are best life insurance plans offered in India in the year 2019. The insurance buyers can consider purchasing these best life insurance plans 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.