Life Insurance

Life insurance is a financial product that provides protection and peace of mind to individuals and their loved ones. By paying regular premiums, policyholders ensure that their beneficiaries will receive a lump sum payment, known as the death benefit, upon their demise. This benefit can be used to cover various expenses, such as funeral costs, outstanding debts, and ongoing living expenses. Life insurance serves as a crucial safety net, offering financial security and support during challenging times, and allowing individuals to protect their loved ones from the financial burdens that may arise after their passing.

Life Insurance Policies in India

Life insurance is a way to protect your loved ones financially if something happens to you. But it’s important to choose the right insurance plan that meets your needs, so it’s a good idea to compare different plans offered by top insurance companies.
Here are the top 10 insurance plans offered by some leading insurance companies in India:

Aditya Birla Sun Life Insurance

The Aditya Birla Sun Life Insurance plan is a comprehensive insurance policy designed to provide financial protection to individuals and their families. This plan offers a range of benefits, including a high sum assured at affordable premiums, flexible policy terms, and the option to enhance coverage with additional riders.

Plan type:
Term

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 65 years.

Policy Term:
10 to 55 Years

Sum Assured:
Minimum – Rs.25 lakh
Maximum – No limit

Features: 

• Lump sum death benefit to provide financial security to the nominee.
• Reliable claim settlement process.
• Customer-centric approach.
• Helps meet various financial obligations, such as loan repayments and daily expenses.

LIC’s Jeevan Pragati Plan

LIC’s Jeevan Pragati Plan is a comprehensive life insurance policy offered by the Life Insurance Corporation of India (LIC). It is designed to provide financial protection and savings benefits to policyholders. This plan offers a combination of life cover, savings, and bonuses, making it an attractive option for individuals seeking long-term financial security.

Plan type:
Endowment

Entry Age:
The minimum entry age is 12 years, while the maximum entry age is 45 years.

Policy Term:
12 Years to 20 Years

Sum Assured:
Minimum – Rs.15 lakh
Maximum – No Limit

Features: 

• Flexible premium payment options: Regular or limited payment terms of 4, 7, or 10 years.
• If the policyholder passes away during the policy term, the nominee receives the sum assured and accrued bonuses.
• If the policyholder survives till the end of the policy term, they receive the sum assured and accumulated bonuses.
• After three years of premium payment, policyholders can take a loan against the policy.

HDFC Life Click 2 Protect 3D Plus

HDFC Life Click 2 Protect 3D Plus is a comprehensive term insurance plan offered by HDFC Life Insurance. This plan goes beyond traditional life coverage by providing an additional critical illness benefit. In the unfortunate event of the policyholder’s death during the policy term, the plan offers a lump sum payout to the nominee.

Plan type:
Term

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 65 years.

Policy Term:
5 years to 40 years

Sum Assured:
Minimum – Rs.10 lakh

Features: 

• Offers comprehensive life coverage with options for death, accidental death, and disability benefits.
• You have flexibility in choosing the policy term, premium payment options, and sum assured based on your needs.
• The plan lets you increase the sum assured at important life stages without a medical examination, helping you keep up with inflation.
• HDFC Life has a great track record of efficiently settling claims, ensuring a smooth process for policyholders and their nominees.

SBI Life eShield

SBI Life eShield is a popular life insurance policy offered by SBI Life Insurance. This plan offers a high sum assured at an affordable premium, ensuring that individuals can safeguard their loved ones’ future in case of an unfortunate event.

Plan type:
Term

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 65 years.

Policy Term:
5 years to 30 years

Sum Assured:
Minimum – Rs.35 lakh
Maximum – No Limit

Features:

• You can choose to pay a single premium or regular premiums, whichever is more convenient for you.
• You can add extra protection to your plan by including riders like accidental death benefit and critical illness benefit.
• You can save on taxes by getting deductions on the premium you pay and the death benefit you receive.
• You can easily buy and manage your policy online through SBI Life’s digital platform, making it hassle-free for you.

Max Life Online Term Plan Plus Basic Life Cover

The Max Life Online Term Plan Plus Basic Life Cover is a comprehensive life insurance policy offered by Max Life Insurance. The plan offers a basic life cover, ensuring a high sum assured to safeguard the insured’s loved ones. The policy provides flexibility in choosing the policy term and premium payment options.

Plan type:
Term

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 60 years.

Policy Term:
10 years to 40 years

Sum Assured:
Minimum – Rs.25 lakh
Maximum – 100 Crores

Features: 

• It has affordable premiums, so it’s not too expensive.
• You can add extra coverage like accidental death or critical illness if you want more protection.
• You can buy the plan online, so you don’t have to deal with paperwork.
• You can save on taxes because the premiums and benefits are eligible for tax benefits.

PNB MetLife Mera Term Plan

PNB MetLife Mera Term Plan is a popular life insurance product offered by PNB MetLife, one of the leading insurance providers. It offers a wide range of features and benefits to suit individual needs. The Mera Term Plan provides a lump-sum payout in case of the policyholder’s unfortunate demise, ensuring that the family’s financial well-being is safeguarded.

Plan type:
Term

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 65 years.

Policy Term:
10 years to 40 years

Sum Assured:
Minimum – Rs.10 lakh
Maximum – No Limit

Features: 

• Policyholders can choose from different ways to pay premiums (regular pay, limited pay, single pay) based on their convenience and financial situation.
• Policyholders can take advantage of tax benefits on the premiums they pay and the benefits they receive, in accordance with the tax laws of India.
• PNB MetLife has a strong reputation for quickly and effectively settling claims, ensuring that the policyholder’s family receives the necessary financial support during challenging times.
• The plan offers competitive premium rates, making it accessible to a wide range of individuals seeking comprehensive life insurance coverage.

Aviva i-Life Total

Aviva i-Life Total is a comprehensive term insurance plan offered by Aviva Life Insurance. This plan provides both a death benefit and a maturity benefit, making it an attractive option for individuals seeking financial protection and savings.

Plan type:
Term

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 70 years.

Policy Term:
10 years to 62 years

Sum Assured:
Minimum – Rs.25 lakh

Features: 

• You can choose the coverage amount that suits your needs.
• Aviva i-Life Total offers comprehensive coverage at affordable premiums, making it accessible to many.
• You can enjoy tax benefits on the premiums paid and the death benefit received.
• You can easily apply for and manage the plan online, saving time and effort.

Future Generali Care Plus

Future Generali Care Plus is a specialized insurance policy designed to cater to the unique needs of individuals residing in rural areas. It offers comprehensive coverage and financial protection against various risks and uncertainties. The Care Plus plan aims to bridge the gap in healthcare accessibility by offering affordable premiums and extensive coverage to rural communities.

Plan type:
Rural

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 60 years.

Policy Term:
5 years to 30 years

Sum Assured:
Minimum – Rs.15 lakh
Maximum – Rs.50 Lakh

Features: 

• Affordable premiums designed for individuals in rural areas.
• Comprehensive coverage against death, accidental death, and disability.
• Option to enhance coverage with additional riders like critical illness or accidental death benefit.
• Loan facility available for policyholders during emergencies.
• Tax benefits under Section 80C of the Income Tax Act for potential tax savings.

Birla Sun Life BSLI Protect@Ease Plan

Birla Sun Life BSLI Protect@Ease plan is a comprehensive life insurance policy offered by Birla Sun Life Insurance Company. The plan offers a range of flexible options, allowing individuals to customize their coverage according to their needs. With the Protect@Ease Term plan, policyholders can choose the sum assured, policy term, and premium payment frequency that best suits their requirements.

Plan type:
Term

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 65 years.

Policy Term:
5 years to 40 years

Sum Assured:
Minimum – Rs.30 lakh
Maximum – No Limit

Features: 

• Complete life coverage, making sure your family gets a lump sum amount if something happens to you.
• You can choose how long you want the policy to last, how you pay the premiums, and add extra coverage options based on what you need.
• Birla Sun Life Insurance has a good reputation for quickly and smoothly settling claims, ensuring a hassle-free process for your family when they need it.

Bharti Axa Life Elite Secure

Bharti Axa Life Elite Secure is a term insurance policy offered by Bharti Axa Life Insurance. It is designed to provide individuals with comprehensive financial protection and peace of mind. This plan offers a high sum assured to ensure that the policyholder’s family receives a lump sum amount in case of unfortunate events like death or critical illness.

Plan type:
Term

Entry Age:
The minimum entry age is 18 years, while the maximum entry age is 75 years.

Policy Term:
10 years to 25 years

Sum Assured:
Minimum – Rs.25 lakh
Maximum – No Limit

Features: 

• Flexibility to choose premium payment options such as Regular Pay, Limited Pay, or Single Pay.
• Terminal Illness Benefit, where a portion of the sum assured can be availed in case of diagnosis of a terminal illness.
• Maturity Benefit, where no survival benefit is payable on completion of the policy term.

There is a wide range of life insurance policies to cater to the diverse needs of individuals. The top 10 life insurance policies discussed above provide comprehensive coverage, attractive features, and benefits to policyholders. Each policy has its unique offerings, it is crucial for individuals to assess their financial goals, requirements, and risk appetite before choosing the most suitable life insurance plan. By securing a reliable life insurance policy, individuals can ensure financial protection for their loved ones and attain peace of mind in an uncertain world.