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What High Net Worth Individuals (HNIs) Do To Secure Their Family?

High net worth individuals often opt for life insurance plans to secure the lives of their loved ones in their absence. These plans offer a large sum assured at affordable rates and ensure that the financial needs of individuals with high net worth are fulfilled. These plans are especially beneficial for high-income individuals as they provide financial protection to their loved ones in the event of their untimely demise and give them a chance to create a corpus by securing a large life cover at affordable premiums. Let us see some of the life insurance products high-income individuals opt for. 

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Why Do HNIs Buy Life Insurance Plans?

HNIs buy life insurance plans to secure their loved ones in the event of their unfortunate absence. Since these plans are available at affordable premiums, high net worth individuals are able to invest the rest of their savings into investment products for higher returns and building corpus. Not only that, these plans offer dual benefits of protection and wealth creation while providing the policyholder with the chance of saving on their yearly taxes. The family can use the death benefit payout in case of the policyholder’s death to pay off any remaining loans, pay for the child’s higher education, and take care of their financial needs. 

To understand the reasoning behind buying an HNI buying life insurance plan, let us take a look at the following example:

Karan is a 27-year-old employee at an MNC and earns over 12 Lakhs per annum. He is the main income earner of his family and wants to secure his loved ones in his absence. He consulted his financial expert, who advised him to invest in a life insurance plan. Karan calculates his human life value and finds out he is eligible to buy an insurance plan worth 3 crores since he didn’t have any other existing insurance. He logs into Policybazaar to find out the suitable plans that will help cover his needs at affordable premiums and ensure the financial protection of his family. Let us take a look at the plans Karan came across while looking for a suitable life insurance plan for high net worth individuals.

one crore term plan

Term Plans


Life Cover

@ Starting from ₹ 16/day+


Life Cover

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Life Cover

@ Starting from ₹ 12/day+

What are the Top 5 Life Insurance Plans HNIs (High Net-worth Individuals) Buy?

Here is a list of the best life insurance plans HNIs buy in India in 2024:

Life Insurance Plans for HNIs Entry Age Maturity Age Policy Term
ICICI Pru iProtect Smart 18 - 65 years 99 years 5 - 69 years
Tata AIA Maha Raksha Supreme 18 - 60 years 85 years 5 - (85 - entry age) years
Max Life Smart Secure Plus 18 - 60 years 85 years 10 - (85 - entry age) years
HDFC Life Click 2 Protect Super 18 - 65 years 85 years 5 - (85 - entry age) years
Bajaj Allianz Life eTouch 18 - 55 years 99 years 10 - 81 years

* You can use the life insurance calculator to estimate the required premiums you would need to pay for the desired life cover.

  1. ICICI Pru iProtect Smart

    • The plan offers 4 benefit options to choose from: life, life plus, life & health, and all in one

    • You get life stage protection through which you can enhance the life cover at different stages of life

    • The plan provides the option of choosing the most suitable death benefit payout option

    • You can exit the plan at an early stage and receive all the premiums paid till policy termination

    • The plan offers coverage against women-specific critical illnesses like breast and cervical cancers under its accelerated critical illness benefit

  2. Tata AIA Maha Raksha Supreme

    • The plan offers long term coverage till 85 years of age

    • Inbuilt Payout Accelerator Benefit provides 50% of the base sum assured immediately on the diagnosis of a terminal illness

    • The plan offers special premium rates for female and non-smoking customers

    • You can pay the premiums once, for a limited term, or for the entire policy tenure

    • You can increase the sum assured on different milestones with the life stage plus option

  3. Max Life Smart Secure Plus

    • The plan offers two cover options: life cover and increasing life cover

    • On diagnosis of a terminal illness, 100% of the guaranteed death benefit (max. Limit 1 Crore) will be paid to the policyholder

    • You can take two premium holidays throughout the policy term

    • The plan offers a return of premium variant under which all the premiums are paid back at the end of the policy term

    • You can cover your spouse within the same plan with the joint-life option

  4. HDFC Life Click 2 Protect Super

    • The plan offers you 3 plan options to choose from: life, life plus, life goal

    • You can increase your death benefit by 200% under the life option

    • The plan offers the option of including your spouse within the same plan

    • The plan provides a return of all the premiums paid throughout the policy at the maturity

    • You can choose to receive the death benefits in installments over a span of a few years

  5. Bajaj Allianz Life eTouch

    • The plan offers coverage against death, terminal illness, and disabilities

    • Receive your total premiums paid at the maturity of the policy as a maturity benefit

    • You can choose the mode of death benefit payout as per your suitability

    • You can exit the plan early and receive all the premiums paid throughout the policy term

    • The premium holiday feature helps you skip premium payments for 1, 2 or 3 policy years as per the policy details

one crore term plan

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How Can You Buy Life Insurance Products for High Income Individuals?

Here is how you can buy a life insurance product for high income individuals in India 2024:

Step 1: Go to the life insurance page

Step 2: Fill in your name, DOB, contact number, and gender

Step 3: Choose the right option for smoking habits, occupation type, annual income, and educational background

Step 4: Select the most suitable plan and proceed to pay

Wrapping it Up!

Life insurance plans are an important part of everyone’s financial portfolio. These plans secure the life assured’s dependents and offer the policyholder a chance to create corpus in the long run. With these plans, the HNIs can rest assured that their loved ones will be able to fulfill their goals and financial needs in the event of the policyholder’s untimely death during the policy term.

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