Life Insurance is the financial security to protect your family and loved ones before and after your death. The insurance policy is an agreement between an insurance company and the policyholder which promises to pay a fixed amount of money in return for a premium after a set period.
Types of Life Insurance
- Term Insurance
- Term Return of Premium
- Whole Life Insurance
- Investment Plans
- Market Linked Systematic Investment Plan
- Guaranteed Return Plan
- Retirement Plans
- Child Plan
Term Insurance: The affordable insurance plan can have financial coverage against a specific fixed amount for the policyholder. In case of sudden death, their nominee will get the sum.
Term Return of Premium (TROP): The term insurance gives you the additional features of different benefits; as the policyholder completes the entire policy, all the premiums are paid back, excluding GST.
Whole Life Insurance: This insurance is a policy which has a coverage of 100 years; if you want to give a legacy to your family, then you should go with this.
Investment Plans: Market Linked Systematic plan (ULIP): The Unit Linked investment plan has a unique way of insurance plan that provides dual benefits of wealth creation through investments(in equity, debt or both). Higher-performing ULIPs have 15-20% returns.
Guaranteed Return Plan (Endowment Policy): This has a high return with a life covet with plan offers; it has the investment option for someone looking for a fixed lump sum as maturity after a specific duration.
Retirement Plans: The long-term investment is the for stability purposes during the investment period and the premium amount is paid at regular intervals, which accumulates and grows. The maturity amount is then paid back after retirement based on preference.
Child Plan: These plans are designed for the child for financial security where the returns on the investment help to make the child future bright.
Best Life Insurance Plans In India 2023
|Insurance Plans||Entry Age||Policy Term||Sum Assurance||Claim settlement ratio|
|ICICI iprotect smart||18/65 years||10-67/81 years||Rs 50lakh/20Cr||97.9%|
|HDFC click 2 Protect Life||18/60 years||10/67 years||Rs 50lakh/5Cr||98.01%|
|Max Life Smart Secure Plan||18/60 years||10/67 years||Rs 25 lakh/10cr||99.35%|
|Tata AIA Sampoorn Raksha Supreme||18/60 years||10-67/81 years||Rs 60lakh/cr||98.02%|
|Bajaj Smart Protect Goal||18/50 years||5-67/81 years||Rs 50 lakh/2cr||98.48%|
|PNB Met Life Mera Term Plan Plus||18/50 years||10/(80 minus your current age) years||Rs 50 lakh/2cr||98.17%|
|Canara iSelect Star||18/60 years||5/(80 minus your current age) years||Rs 25 lakh/ 2cr||98.57%|
|Kotak Life e-term plan||18/65 years||5-40/(75 minus your current age) years||Rs 25 lakh/no upper limit||98.5%|
|Edelwesis Tokio Life Total Protect Plus||18/55 years||5 (100 minus your content age) years||Rs 50 lakh/1.99cr||97%|
|India First e-term plus plan||18/65 years||5-40 years||Rs 25 Lakh/20cr||96.81%|
|Birala DigSheild Plan||18/65 years||5-55 years||Rs 50 lakh/5 Cr||98.02%|
|Exide Smart Term Edge Comprehensive||18/65 years||5-40 years||Rs 20 lakh/20 cr||98.54%|
|Insurance Plan||Entry Age||Policy term||Returns||Maturity Value|
|Birla Sun Life insurance company ltd- capital guarantee solution||18.60 years||10/35 Years||17.06%||Rs 74.8 lac|
|Tata AIA Life insurance company ltd- capital guarantee solution||18/50 years||15/21 Years||19.03%||Rs 94.7 Lac|
|HDFC life insurance company ltd- capital guarantee solution||18/65 years||10/21 years||14.56%||Rs 54.7 lac|
|Max Life insurance Co. ltd capital Guarntee solution||18/50 Years||10/20 years||13.74%||Rs 60.5 lac|
|ICICI Prudential Life Insurance company Ltd capital guarantee solution||18/60 years||10/20 years||11.75%||Rs 37.2 lac|
|Bajaj Allianz life insurance company ltd capital guaranteed solution||18/52 years||10/20 years||15.93%||Rs 67.2 lac|
|PNB Meet life India Insurance Company limited capital guarantee solution||18/60 years||12/20 years||13.36%||Rs 61.9 lac|
|Edelweiss Tokio Insurance Company ltd-capital guatntee solution||18/55 years||10/20 years||13.97%||Rs 60.3 lac|
|HDFC Life Insurace company ltd 200% capital guarntee income solution||7/60 years||10/20 years||14.56%||54.5 lac|
|Tata AIA life insurance company ltd capital guarantee income solution||18/50 years||15/21 years||15/21 years||19.03%|