A life insurance policy is one of the top investment options available in India that help you ensure the proper well-being of your loved ones in the event of your unfortunate demise. It is a great investment option to attain financial security for your family and dependents.
These policies provide comprehensive coverage for your life at a very affordable rate. If you’re the sole breadwinner of your family or have dependents relying on you financially, then you must invest in a life insurance plan at some point in your life.
Numerous insurance companies offer life insurance policies with ranging features and benefits. To choose the one that fits the bill, you need to assess several things such as your current income, expenses, and financial requirements.
This article takes the pain out of the process by suggesting some of the best life insurance in India. Moreover, you’ll also learn about the basics of these plans with an explanation of topics like what life insurance is, and a lot more.
Table of Contents
What is Life Insurance?
Life insurance is an investment policy that keeps your family and loved ones protected in case you die due to unknown circumstances. It is essentially a contract that helps you minimize the financial burden on your family and provide peace of mind to the people you care about.
The majority of life insurance plans provide a lump sum cash benefit to your selected nominee that helps them manage the day-to-day expenses such as mortgage payments and household bills without having to depend on anyone else.
When you purchase life insurance in India, you can choose the desired cover and select from both single and joint insurance policies. To gain additional knowledge about various types of life insurance policies, you can also consult a financial adviser.
Best Life Insurance Plans Available in India
1.Max Online Term Plan Plus
The Max online term plan plus is an insurance policy that helps you keep your family protected against all the odds of life. It is a very promising term plan that covers you against several risks such as critical illness, disability, and death.
It requires a minimum entry age of eighteen years, which makes it a perfect deal for young working individuals as well. Moreover, you can obtain coverage for as high as sixty years. The plan also features multiple payment modes for added flexibility.
With this plan, you can also extend your life coverage through additional riders like critical illness coverage, premium waiver, accidental death benefit, and a lot more. There are even multiple premium payment modes to choose from.
2.Canara HSBC OBC iSelect Star Term Plan
The Canara HSBC Oriental Bank of Commerce offers a very feature-rich term plan that provides numerous personalization options that make the policy completely under your control. It features a “return of premium” option to help you gain benefits when your policy tenure expires.
It also allows you to gain coverage for your whole life and add your spouse to the same policy. There are even numerous premium payment modes to choose from such as monthly, quarterly, half-yearly, and yearly to choose from.
Moreover, you can also choose from multiple payout options such as recurring income or a lump sum based on your family’s financial requirements and spending habits. This policy surely takes the stress out of investments through its impeccable list of features.
3.HDFC Life Click 2 Protect Plus
The HDFC Life Click 2 Protect Plus is a term insurance plan that provides you comprehensive coverage at very nominal premiums. There are several amazing features available in this policy that make it one of a kind.
You can enhance your coverage for additional risks using several riders such as accidental death benefit. Moreover, the plan also allows you to choose from multiple payout options and premium payment terms as per your financial capabilities.
In case you ever feel like reevaluating your policy to increase your percentage of returns, you can increase the coverage amount of this life insurance plan at any given time. This also allows you to align your investments with your life goals such as the birth of a child or education expenses.
4.ICICI Pru iProtect Smart
If you’re specifically looking for an insurance plan that offers unparalleled death coverage along with protection against critical illness, then the ICICI Pru iProtect Smart is the best plan for you. It provides you coverage against twenty-four critical illnesses.
Moreover, you can enjoy a life cover of up to 75 years with several customization features to accommodate the plan in your budget. Moreover, as per the prevailing laws of the Income Tax Act, this plan is also eligible for tax deduction and benefits.
The death benefit as well as the premiums you pay towards the benefits of the policy are exempted from taxation of any kind. Additionally, you can also choose from a wide range of payout options depending on your family’s requirements.
Final Words
Life is filled with uncertainties and you may never know what could happen next. If you’re the only income holder in your family, then your death can have a devastating effect on your loved ones and leave them abandoned.
If you want to make sure that your family can sustain proper living standards after you can no longer stand by them, you must make intelligent financial investments and build a financial corpus for your dependents and loved ones.
With a good life insurance plan, your family can easily tackle the various ups and downs of life without having to depend on anyone financially. The aforementioned list of best life insurance in India includes various options as per ranging needs.
Therefore, make sure you check out these plans and choose the one that matches your requirements. Remember, the sooner you purchase life insurance, the more benefits you can enjoy through it.
