Choosing the best life insurance policy in India is a crucial step towards securing financial stability for your loved ones. In India, with a plethora of options available, finding the best policy can be overwhelming. This blog aims to simplify your search by highlighting the top life insurance policies that offer comprehensive coverage, competitive premiums, and reliable benefits. We will explore various factors to consider, such as policy features, claim settlement ratios, and customer reviews, ensuring you make an informed decision. Whether you’re seeking protection for your family or planning for the future, this guide will help you navigate the options and select the ideal life insurance policy for your needs.
Top 10 Life Insurance Policies in India
| Plan Name | Plan Type |
|---|---|
| Aditya Birla Sun Life Insurance | Term |
| HDFC Life Click 2 Protect Plus | Term |
| SBI Life eShield | Term |
| Future Generali Care Plus | Term |
| Aviva i-Life | Rural |
| Birla Sun Life BSLI Protect@Ease Plan | Term |
| Max Life Online Term Plan Plus Basic Life Cover | Endowment |
| LIC’s Jeevan Pragati Plan | Term |
| PNB MetLife Mera Term Plan | Term |
| Bharti Axa Life Elite Secure | Term |
Best Life Insurance Policies in India: An Overview
Aditya Birla Sun Life Insurance
Explore the comprehensive offerings of Aditya Birla Sun Life Insurance, firstly a leading name in the life insurance industry. Formed from the collaboration between the Aditya Birla Group and Sun Life Financial Inc., this insurance powerhouse provides a diverse range of policies tailored to meet various life stages and financial goals. Furthermore, with a strong presence in over 500 cities and a network of 560 locations, Aditya Birla Sun Life Insurance serves over two million satisfied policyholders. Additionally, discover wealth-oriented protection plans, retirement solutions, health and wellness coverage, and more. Lastly, learn how their extensive distribution network and dedicated team of over 85,000 advisers ensure you receive the best-in-class service and security for your future.”
Features of Adity Birla Sun Life Term Insurance Plan:
| Minimum age at entry | 18 Years |
| Minimum age at entry | 65 years |
| Minimum term period | 5 years |
| Minimum term period | 30 years |
| Minimum sum assured | Rs.30,00,000 |
| Minimum sum assured | No limit on maximum sum assured |
| Premium payment mode | Monthly, quarterly, half-yearly or annually |
| Premium term | Equal as policy term |
HDFC Life Click 2 Protect Plus
HDFC Life Click 2 Protect Plus secures your family’s future with a versatile and affordable term insurance plan. This pure protection plan offers a range of customizable coverage options, ensuring comprehensive protection against life’s uncertainties. Whether you’re looking to safeguard your loved ones with basic life cover or enhance your security with additional benefits like accidental death or disability cover, HDFC Life Click 2 Protect Plus caters to your unique needs. With its non-linked, non-participating nature, this plan is a top choice for those seeking reliable and straightforward life insurance.
Features of HDFC Life Click 2 Protect Plus:
| Cover options under Click 2 Protect Plus | Life option: It offers a lump sum at death of the policyholder Extra life option (Accidental Death Benefit): It provides an extra sum assured in addition to the lump sum offered on death Income Option: Provides 10% of sum assured on death and the remaining is paid out on a monthly for 15 years Income Plus Option: The option provides 100% of sum assured on death and an arrears on 100% of sum assured which is paid monthly |
| Minimum age at entry | 18 years |
| Minimum age at entry | 65 years |
| Minimum sum assured | Rs.25 lakhs |
| Minimum sum assured | No limit (subject to underwriting) |
| Premium payment mode | Yearly, half-yearly, quarterly, or monthly |
| Premium paying term | Regular, limited, or single |
SBI Life eShield
Discover the SBI Life eShield, one of India’s premier life insurance plans, designed to offer comprehensive coverage with unmatched convenience. You can effortlessly purchase this non-linked, non-participating term insurance plan online through the official SBI Life website. Renowned for its affordability, SBI Life eShield ensures substantial insurance protection while keeping premiums reasonable. The plan is tailored to provide customized benefits, safeguarding your family’s financial future in unforeseen circumstances. Additionally, policyholders enjoy valuable tax benefits. The seamless online purchasing process further enhances the experience, making it easier than ever to secure a robust insurance cover. Explore SBI Life eShield to achieve peace of mind with a plan that prioritizes both protection and simplicity.
Features of SBI Life eShield:
| Cover options under the eShield plan | – Level Cover -Level Cover with Accidental Benefit -Increasing Cover -Increasing Cover with Accidental Benefit |
| Maximum age at entry | -65 years for both Level Cover and Level Cover with Accidental Death Benefit -60 years for Increasing Cover and Increasing Cover with Accidental Death Benefit |
| Minimum age at entry | 18 years |
| Minimum sum assured | Rs.20,00,000 |
| Minimum sum assured | No limit (subject to underwriting) |
| Minimum policy term | -5 years (For Level Cover & Level Cover with Accident Benefit) -10 years (For Increasing Cover & Increasing Cover with Accident Benefit) |
| Premium payment mode | Yearly |
| Premium term | Same as policy term |
| Minimum premium amount | Rs.3,500 |
| Maximum premium amount | No limit |
Future Generali Care Plus
Future Generali Life Insurance offers Future Generali Care Plus, a term insurance plan created through the collaboration of Future Group, Generali Group, and Industrial Investment Trust Limited. Moreover, this plan provides policyholders with the flexibility to secure their family’s financial future through customizable coverage options. Additionally, with two plan variants, customers can tailor their insurance based on their premium-paying capacity. Future Generali Care Plus offers peace of mind by providing financial protection for your loved ones in unforeseen circumstances.
Features of Future Generali Care Plus (Classic Option):
| Minimum entry age | 18 years |
| Minimum entry age | 60 years |
| Minimum sum assured | Rs.10,00,000 |
| Minimum sum assured | Rs.24,99,999 |
| Minimum policy term | 5 years |
| Minimum policy term | 30 years |
| Maximum coverage age | 65 years |
| Minimum premium | Rs.2,500 per annum |
| Premium modes | Yearly, half-yearly, quarterly, and monthly |
Features of Future Generali Care Plus (Premier Option):
| Minimum entry age | 18 years |
| Maximum entry age | 60 years |
| Minimum sum assured | Rs.25,00,000 |
| Minimum sum assured | No limit |
| Minimum policy term | 5 years |
| Minimum policy term | 30 years |
| Maximum coverage age | 65 years |
| Minimum premium | Rs.5,000 per annum |
| Premium modes | Yearly, half-yearly, quarterly, and monthly |
Aviva i-Life
Aviva i-Life is a comprehensive online term insurance plan offered by Aviva Life Insurance, one of India’s leading life insurers. Firstly, designed to provide robust financial protection, this pure-term plan ensures that your loved ones are financially secure in the event of your untimely demise. Moreover, Aviva i-Life stands out for its ease of purchase, allowing customers to secure their coverage online without needing an agent. In addition, the plan offers higher Sum Assured options and additional benefits, especially for female policyholders.
Features of Aviva i-Life:
| Minimum entry age | 18 years |
| Maximum entry age | 55 years |
| Maturity age | 70 years |
| Minimum policy term | 10 years |
| Minimum policy term | 35 years |
| Premium payment frequency | Yearly and half-yearly |
| Premium payment term | Equals the policy term |
| Riders | None |
| Tax | Tax benefits under Section 80C will be applicable |
Birla Sun Life BSLI Protect@Ease Plan
Explore the comprehensive protection offered by Aditya Birla Sun Life Insurance through their BSLI Protect@Ease Plan. This online term insurance plan provides substantial coverage at competitive rates, making it easier than ever to safeguard your family’s future. With a simple and user-friendly process, you can secure a hassle-free insurance policy that aligns with your needs. BSLI Protect@Ease allows you to customize your coverage duration and sum assured, ensuring your family’s financial security even in your absence. Discover why this plan is recognized as one of the best life insurance options in India, offering peace of mind and support for your loved ones’ dreams and goals.
Features of BSLI Protect@Ease Plan:
| Minimum entry age | 18 years |
| Minimum entry age | 65 years |
| Plan options | – Level Term Insurance – Increasing Term Insurance |
| Minimum policy term | 5 years |
| Minimum policy term | 40 years |
| Premium paying term | – Single payment – Limited Payment – Regular Payment |
| Premium payment mode | Yearly or monthly |
| Minimum Sum Assured | Rs.30,00,000 |
| Minimum Sum Assured | No limit (subject to underwriting) |
| Riders available | – BSLI Accidental Death & Disability Rider – BSLI Hospital Care Rider |
Max Life Online Term Plan Plus Basic Life Cover
Max Life Insurance Company Limited, therefore a joint venture between Max Financial Services Ltd. and Axis Bank Ltd., is celebrated for its robust life insurance solutions in India. Moreover, as part of the Max Group, it offers a diverse range of protection and savings plans through an extensive distribution network. Specifically, a standout option is the Max Life Online Term Plan Plus Basic Life Cover, available directly through their website. This pure-term plan provides extensive coverage with affordable premiums, thus ensuring comprehensive protection for policyholders. Ultimately, with Max Life Insurance’s commitment to quality and accessibility, this plan is an excellent choice for those seeking reliable and affordable life coverage.
Features of Max Life Online Term Plan Plus Basic Life Cover:
| Minimum entry age | 18 years |
| Minimum entry age | 60 years |
| Policy term | 10 years to 40 years |
| Minimum sum assured | Rs.25 lakhs |
| Minimum sum assured | 100 Crores |
| Premium payment term | Equal to policy term |
| Premium payment mode | Yearly, half-yearly, quarterly, and monthly |
LIC’s Jeevan Pragati Plan
The LIC Jeevan Pragati Plan, launched on February 3, 2016, is a non-linked endowment policy offering a unique benefit structure. Firstly, this policy provides an increasing death benefit every five years, enhancing the coverage as the policy progresses. Moreover, it is designed to meet the needs of those seeking robust insurance protection and accepts applicants aged 12 to 45 years. Lastly, with flexible terms ranging from 12 to 20 years, the Jeevan Pragati Plan is ideal for individuals looking for a reliable and adaptable insurance solution.
Features of LIC’s Jeevan Pragati Plan:
| Minimum entry age | 12 years |
| Minimum entry age | 45 years |
| Policy term | 12 to 20 years |
| Minimum basic sum assured | Rs.1,50,000 |
| Minimum basic sum assured | No limit |
| Maximum age at maturity | 65 years |
| Premium payment modes | Yearly, half-yearly, quarterly, and monthly |
PNB MetLife Mera Term Plan
The PNB MetLife Mera Term Plan offers comprehensive life cover through a strategic partnership between MetLife International Holdings LLC and Punjab National Bank. Additionally, with the backing of prominent stakeholders like Jammu and Kashmir Bank and M. Pallonji and Company Limited, this plan benefits from a strong foundation in both insurance and financial sectors. Furthermore, available across 8,000 locations, including banks and financial institutions, the Mera Term Plan ensures widespread accessibility and convenience, ultimately providing reliable protection for your loved ones.
Features of PNB MetLife Mera Term Plan:
| Minimum entry age | 18 years |
| Minimum entry age | 65 years |
| Minimum sum assured | Rs.10,00,000 |
| Age at maturity | 75 years |
| Policy term | 10 years to 40 years |
| Premium payment term | Equals the policy term |
Bharti Axa Life Elite Secure
Bharti AXA Life Elite Secure Plan combines the strengths of Bharti Enterprises and AXA Group to provide a robust insurance solution. It is a joint venture with 74% ownership by Bharti Enterprises and 26% by AXA Group, leverages their extensive experience and reach. The Elite Secure Plan is designed to offer comprehensive financial protection through guaranteed annual payouts, ensuring stability for the policyholder’s family in case of untimely demise or upon policy maturity. This plan reflects Bharti AXA Life Insurance’s commitment to delivering reliable and secure financial solutions, drawing from its parent companies’ solid reputations and expertise in the industry.
Features of Bharti Axa Life Elite Secure:
| Minimum entry age | 18 years |
| Maximum entry age | – 75 years for the policy term of 10, 15, 20, and 25 years. – 65 years for a term period of 5 years |
| Minimum sum assured | Rs.25,00,000 |
| Premium payment term | Equals policy term |
| Premium payment modes | Yearly, half-yearly, quarterly, and monthly |
Factors Influencing Life Insurance Premiums
- Age: Age plays a crucial role in determining your life insurance premium. Generally, younger individuals enjoy lower premiums because they are considered lower risk. As you age, the risk to the insurer increases, leading to higher premiums.
- Health: Your health status is another significant factor. Insurers assess your current and past health conditions to determine your premium. If you have pre-existing conditions or a history of serious health issues, your premium may be higher to account for the increased risk.
- Family Medical Background: A family history of certain medical conditions can impact your premium. If hereditary diseases run in your family, insurers may view you as a higher risk, resulting in increased premiums.
- Type of Protection: The type of coverage you choose affects your premium. Policies with extensive coverage or additional riders, such as critical illness or accidental death benefits, generally have higher premiums. Additionally, longer policy terms often come with higher premiums compared to shorter terms.
- Employment Status: Your job can also influence your insurance premiums. High-risk occupations, such as construction work or jobs involving hazardous materials, are associated with greater risk, leading to higher premiums.
Methods of Calculating Life Insurance
- Most insurance companies say a reasonable amount for life insurance is six to ten times the amount of annual salary.
- Another way to calculate the amount of life insurance needed is to multiply your annual salary by the number of years left until retirement.
- Another method called the standard of living method is applied wherein you take the amount that survivors would need to maintain their lifestyle and multiply it by 20.
- DIME (debt, income, mortgage, education). This is meant for a minimal amount of coverage that will cover family expenses in the event of an untimely death.
Conclusion
Choosing the best life insurance policy in India can be a game-changer for your financial security and long-term goals. The top 10 life insurance policies highlighted here offer a range of benefits, including tax advantages, savings opportunities, and wealth creation. Beyond merely protecting against unforeseen events, these policies provide a comprehensive approach to financial planning. Opting for a well-suited plan from a reputable provider not only ensures robust risk protection but also helps in accumulating savings over time. By making an informed choice, you secure both peace of mind and a solid financial future for yourself and your loved ones.
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