As an elder person in the family, you always try to protect your loved ones from unforeseen circumstances so you have to know the best Life Insurance Plans in India and which one is good for you and your family. But what if when you are not around? What will happen to your family financially after you die? To offer them a financially secure future, you the (insured) have to pay the insurer (life insurance companies) a “life insurance premium” at a regular interval of time. Under this contract, an insurer decides to pay a pre-decided sum of money (sum assured) upon the death of the insured.
Why one must make this investment wisely after considering all the important factors including tenure of the policy, premium amount, various modes of the premium payment, sum assured, and more.
One should do a lot of research before selecting the best life insurance plans available in the Indian market. You can easily find a lot of online tools these days that will help you compare various plans to select the best one.
You can also take the help of the agents about the best life insurance plans but do not rely on them completely. It is better to take time in deciding the best life insurance plan rather than jumping on to a bad one without doing any research and comparison.
So, firstly select some of the best life insurance plans as per your needs and affordability then compare all of those plans by using an online tool. And in the end, select the best one which suits all your requirements.
Also Read: Best Term Insurance Plans in India 2022
What is Life Insurance?
A life insurance policy is a legal contract between the insurance company and the insured, wherein the life insurance company assures to pay the lump sum amount to the beneficiary at the death of the policyholder or any other contingency mentioned in the agreement papers. Buying the best life insurance policy is one of the major decisions that one makes in life.
How to Choose the Best Life Insurance Policy?
There are many reasons to choose the best life insurance plans available in the market to perquisites your needs.
- Think how much your family needs money to maintain their lifestyle when you are not around.
- The cover amount should be determined based on family needs not on your income.
- Add any liabilities you may have to cover the amount.
- It is advisable to take the help of an insurance advisor.
- Since there are many plans, it is good to compare all the best life insurance plans and then select the reliable one.
Types of Life Insurance Plans
There are several types of best insurance plans available in the market to cater to the needs of the customers. Before buying the best life insurance policy, it is advisable to know about the 7 types of best life insurance plans available in the market in India.
1. Term Insurance
It is one of the least expensive and the best life insurance plans available in the insurance sector. Here, the insurance company pays a predefined amount of money to the beneficiary on the death of the insured. In any case, there is no advantage, if the insured happens to outlive the plan.
2. Whole Life Plan
This plan gives coverage for the entire life. Here, the case makes certain to be made because the duration of coverage is the entire life, and the beneficiary or a nominee is sure to get the sum assured at the time of maturity period. The premium of this plan is higher than other plans because it covers more risks.
3. Endowment Plan
It is an insurance plan that comes with a combination of protection as well as savings. It helps you save regularly over a specific period so that you can get a lump sum amount on policy maturity.
4. Money Back Plan
It is designed for individuals who want both protection for their family as well as some fixed income at the time of maturity period to meet financial needs. Money-back payouts are called survival benefits. For example – Mira buys a money-back plan for a Sum Assured of Rs.10 lakhs. She chooses a term of 25 years and pays regular premiums throughout the policy tenure.
5. Unit Linked Insurance Plan
This life insurance policy is designed for individuals who are not looking for flexibility and are not ready to take the risk. If you opt for this plan you have no right to choose the investment avenue. When the plan matures, you will have the sum assured and benefits.
6. Retirement Plan
This plan offers benefits not only to the family but also to the insured. This life insurance product offers a monthly pension to the insured after a certain age.
7. Child Plan
This life insurance product provides financial securities to manage the future requirements of the child, like higher education, marriage, and other expenses.
Best Life Insurance Plans in India
Life insurance can be one of the most important assets for your family after you die. It not only secures their family’s future but also lets them live a hassle-free life. So, if you are looking for the best life insurance plans, you have reached the right place. Now, we are going to tell you the best life insurance plans that perfectly match your perquisites.
Check out some of the best life insurance plans in India and their benefits:
1. LIC New Jeevan Anand Plan
LIC’S New Jeevan Anand Plan is a non-linked plan that comes with an attractive combination of savings and protection. It is one of the most sold endowment plans of LIC, which offers risk- cover even after maturity for a lifetime. At the end of the maturity period, the basic sum assured will be given to you as a beneficiary as well as a bonus.
Features of LIC New Jeevan Anand Plan
- The minimum age to opt for this best life insurance plans is 18 years and maximum age is 50.
- The minimum lock-in period is 15 years.
- Premiums can be made annually, biannually, quarter, or monthly.
- Rider benefits are available in this plan.
2. HDFC SL Crest Plan
HDFC SL crest is a unit-linked insurance plan that helps individuals achieve short-term investment and the best life insurance plans within a fixed period of 10 years. It also provides coverage to the family after the death of the insured.
Features of HDFC SL Crest Plan
- This plan enables individuals to choose a sum assured multiple between 10 times to 20 times the annual premium.
- Tax benefits under section 80 C.
- You can pay a premium for 5 years and enjoy a policy term of 10 years.
- If an insured will die before attainment of age 60 then the sum assured (less all withdrawals made during the two years immediately preceding the date of death), or if he dies On or after attainment of age 60 years then the Sum Assured (less all withdrawals made after attainment of age 58)
3. SBI e-shield Life Insurance
When it comes to the best life insurance plans, SBI e-shield life insurance is always on the top. It is the best recommendation for those who need financial protection. As it is not linked with the stock market, so there would be no fluctuation in sum assured. The policy can also be customized as per your needs so that your family is adequately protected.
Features of SBI e-shield Life Insurance
- The sum assured is fixed.
- If a policyholder dies in an accident he will receive the sum assured as well as an accidental death rider benefits.
- After 5 years, the minimum sum assured keeps increasing by 10% simple interest.
4. HDFC Life Click to Protect
HDFC Life Click 2 Protect is a far-reaching best-life coverage plan. It gives life inclusion to the family of the insured in case of an eventuality. Under this plan, 4 choices of life cover are advertised. The policyholder can pick benefit one according to his/her protection prerequisites and desire.
Features of HDFC Life Click to Protect
- The plan gives 4 unique alternatives to look over.
- Additional Life with Accidental Death Benefit–Under this alternative,
- Tax benefits can be availed under areas 80C and 10(10D) of the Income Tax Act, of 1961.
- Salary Option–Under this plan. the sum is paid as a month-to-month pay up to the next 15 respected years.
5. ICICI Prudential i-protect Plan
ICICI Prudential i-protect is one of the best life insurance plans. It offers extra security at a lower premium rate. As a pure-term insurance policy, the plan offers regular premium payment.
Features of ICICI Prudential i-Protect Plan
- The sum assured is paid to the nominee along with the terminal 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.
- The minimum sum assured you will get is Rs. 3,00.000, whereas there is no upper limit on the maximum sum assured.
6. SBI Life eShield Plan
SBI Life eShield Plan helps to secure the dreams of your family. It is a pure-term plan available online. The best thing about this plan is that the premium amount is quite affordable. The eligibility age for this plan is between 18 – 65 years. The policy term is 5 – 30 years. The minimum sum assured is Rs. 20 lakhs while the maximum has no limit.
The only premium payment mode that is available is annual. The premium payment term is equal to the term of the policy. Accidental death benefit rider and accidental total & permanent disability benefit rider are the two riders that you can get attached to your policy by paying an extra amount. Accelerated terminal illness benefit is an inbuilt rider that is available with both plan options.
7. PNB MetLife Mera Term Plan
PNB MetLife Mera Term Plan takes care of your family even when you are not around. The entry age for this plan is between 18 – 65 years. The term of the policy is 10 – 40 years. The maturity age is 75 years. The minimum sum assured is Rs. 10 lakh. The plan has 4 options to choose from as per your need. This is one of the best plans because it provides various options for payouts and also provides you an opportunity to increase your life cover as per your requirements.
The premium payment modes that are available are yearly or monthly. The premium payment term is equal to the policy term. For more details about the plan, please go through the information brochure. As per section 80C and section 10(10D) of the Income Tax Act, you are eligible to receive various tax benefits on the premiums paid and claims received.
8. LIC Jeevan Pragati Plan
LIC Jeevan Pragati Plan offers you a combination of protection and savings. In this plan, the risk cover increases every five years automatically during the tenure of the policy. The best thing about this plan is that it gives death benefits, maturity benefits, and also the participation in the profits.
The minimum eligibility age is 12 years and the maximum is 45 years. The maximum maturity age is 65 years. The policy term is 12 – 20 years. Yearly, half-yearly, quarterly, or monthly are the various modes of premium payment that are available in the plan; you can choose any as per your comfort.
The minimum sum assured is RS. 1.5 lakh while the maximum has no limit. A free look period of 15 days is provided for the monthly premium mode. For other modes of premium payment, 30 30-day time period is given as the free look period. A loan facility is available under this plan.
9. Aviva i-Life Plan
Aviva i-Life Plan is a term insurance plan that promises to provide full protection to your family in your absence. This policy is available online for purchase. The minimum eligibility age is 18 years and the maximum is 55 years. The minimum maturity age is 28 years while the maximum is 70 years.
The policy term is between 10 – 35 years. The minimum sum assured is RS. 25,00,000 while the maximum has no limit. The premium payment term is equal to the term of the policy. Yearly or half-yearly are the modes of the premium payment available in the plan. You are eligible to receive the tax benefits on the premium that you have paid and the death benefit received as per section 80C and section 10(10D) of the Income Tax Act.
Also read: Max Life Cancer Insurance Plan
10. Max Life Online Term Plan Plus Basic Life Cover Plan
Max Life Online Term Plan Plus Basic Life Cover Plan is an online term plan that provides customers with high life cover at low premium rates. The minimum eligibility age is 18 years and the maximum is 60 years. The maximum maturity age is 70 years. The policy term is 10 – 35 years. The minimum sum assured is Rs. 25 lakhs while the maximum is Rs. 100 crores.
The only premium payment mode that is available is annual. The premium payment term is equal to the term of the policy. Max life comprehensive accidental death benefit rider and Max life waiver of premium plus rider are the two add-on riders that you can get attached to your policy as per your need. For more details, go through the information brochure.
Conclusion
If you are looking for some of the best Life Insurance Plans in India available in the market, then you are at the right place. For checking out some of the best life insurance policies, scroll up the page. Remember that buying a life insurance policy is a major investment that one should make wisely after a lot of research.
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