Life insurance plans are a necessity nowadays for everyone as they not only help you build a corpus but also provide financial protection to your family in case of your unfortunate demise during the policy tenure. With a life insurance policy, you can create enough wealth to pay for your child’s higher education, child’s marriage, or secure your and your spouse’s post-retirement life.Read more
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Let us take a look at the top 5 life insurance plans in India that you can purchase to secure your future.
Here is a list of all the best life insurance plans in India that you can purchase in 2023
|Plan Name||Sum Assured||Entry Age||Maximum Maturity Age||Policy Term|
|Max Life Smart Secure Plus||-||18 - 65 years||85 years||-|
|Bajaj Allianz eTouch||50 Lacs - 10 Crore||18 - 45 years||99 years||10 - 81 years|
|Tata AIA SRS Vitality Protect||50 Lacs - 2 Crore||18 - 65 years||100 years||10 - 82 years|
|ICICI Prudential iProtect Smart||50 Lacs - 10 Crore||18 - 65 years||99 years||5 - 20 years|
|HDFC Life Click 2 Protect Super||50 Lacs - 20 Crore||18 - 65 years||85 years||-|
There are various benefits of life insurance plans that you can avail of by buying a life insurance policy. Let us take a detailed look into the features and eligibility criteria of the top 5 life insurance plans in India
Plan offers a Premium Break feature that allows you to skip paying premiums for a year and still stay covered under the policy benefits
You can choose to select the term return of premium option through which you will receive all the premiums paid, back at the end of the policy term
With special exit value inbuilt in the plan, you can exit the policy at a specific stage and receive all the premiums paid until that point back
You can select from two sum assured options: Life Cover and Increasing Life Cover
Inbuilt terminal illness included in the plan at no extra premiums
Get coverage under the plan for terminal illnesses, death, and disability
You can pay the premiums for a limited, regular, or single premium payment term
With the premium holiday skip premium payment for 1,2, or 3 years
Select the Life Shield ROP variant to receive your premiums back as maturity benefit
Extra payout will be payable in case of death due to accidents specified in the plan
Get 5% guaranteed discount on the premiums for the 1st year
The Tata AIA SRS Vitality Protect plan comes with an inbuilt wellness program
You can choose from term or term return of premium option of the plan
You will also be eligible to receive a free health check-up each year with their wellness program
Get Renewal Premium Discount and Cover Boosters up to 15% depending on your wellness status as per the plan
The plan offers enhanced protection against death, terminal illnesses, and disabilities
You can add the Accelerated Critical Illness Benefit Rider and Accidental Death Benefit Rider in the base plan to increase its coverage
The plan offers special premium rates for women and non-tobacco users.
You can choose to receive the benefit amount in a single lump sum or monthly income for 10 years or have a combination of both
You can pay the premiums in single, regular, or limited premium payment term
You can choose from 3 life cover options as per your needs
With the Return of premium option, you can receive all the premiums paid back at the end of the policy
You can choose to have your family receive the death benefit in installments
You can pay the premiums on a monthly, quarterly, or bi-annual basis
The Increasing Death Benefit option increases life cover upto 200% under the life option
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Here is a list of all the factors you should consider before buying the best life insurance plans in India:
Go through the list of life insurance companies in India and check their Claim Settlement Ratio (CSR) values. It is advised to purchase a life insurance plan from a company with a CSR value of more than 95% as the company might have a better chance of settling your claim.
Determine the right life insurance coverage that is large enough to cover your family financially in your absence.
Understand the importance of life insurance plans by going through the types and benefits of different life insurance policies.
Add riders to the base plan to customize and enhance the coverage of the best life insurance plan.
Check the T&Cs of the plan, inclusions, and exclusions, and go through the customer reviews.
Compare term plans and life insurance quotes for the top 5 life insurance plans in India online before purchasing the best life insurance plans in India.
You can follow the steps below to purchase the best life insurance plan in 2023:
Step 1: Go to the life insurance plan page and fill in the required information like name, date of birth, phone number, and gender.
Step 2: Answer the questions about your occupation type, yearly income, educational qualifications, and smoking habits.
Step 3: Select the most suitable plan and proceed to pay
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