Why it is important that one makes 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 which will help you to compare various plans in order to select the best one.
You can also take the help of the agents, but do not rely on them completely. It is better to take time in deciding the best plan rather than jumping on to a bad one without doing any research and comparison.
So, firstly select some of the best plans as per your needs and affordability then do compare all of those plans by using online tool. And in the end, select the best one which suits all your requirements.
Also Read: Best Term Insurance Plans in India 2019
What is Life Insurance?
A life insurance policy is a legal contract between the insurance company and insured, wherein the life insurance company assures to pay the lump sum amount to the beneficiary at the death of the policyholder’s or any other contingency mentioned in the agreement papers. Buying a life insurance policy is one of the major decisions that one makes in life.
Best Life Insurance Plans in India 2019
Check out some of the five best life insurance plans in India and their benefits:
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 the plan options.
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 requirement.
The premium payment modes that are available are yearly or monthly. The premium payment term is equal to policy term. For more details about the plan, please go through the information brochure. As per section 80C and section 10(10D) of Income Tax Act, you are eligible to receive various tax benefits on the premium paid and claims received.
LIC Jeevan Pragati Plan:
LIC Jeevan Pragati Plan offers you a combination of protection and savings. In this plan, the risk cover increases after 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. While for other modes of premium payment 30 days’ time period is given as the free look period. Loan facility is available under this plan.
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 death benefit received as per section 80C and section 10(10D) of Income Tax Act.
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 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.
If you are looking for some of the best life insurance policies available in the market, then you are at the right place. For checking out some of the best life insurance policies, do scroll up the page. Remember that buying a life insurance policy is a major investment that one should do wisely after a lot of research.