The best investment decision a person can make is to invest in a life insurance policy. Everyone should invest in a life insurance policy, it is the best way to ensure that your family’s financial needs are fulfilled. This policy will make sure that your family’s dreams stay alive even in your absence. There are two types of life insurance policies:
- Protection policy: Provides benefit in the form of a lump sum amount in case of a specified event.
- Investment policies: Investment policies aim at adding to the growth of capital by offering returns on premiums.
Choosing the Right Life Insurance policy
Choosing the right policy with the right coverage is very important. A lot of factors come into play while choosing the right insurance policy. Listed below are some of the important factors to be considered when choosing a life insurance policy.
- Coverage or sum assured rates.
- Good reputation of the bank.
- Financial background of the bank or insurance provider.
- Premium rates.
- Policy features, benefits, riders.
- Time to settle a claim.
Types of Life Insurance Policies
There are different types of life insurance policies designed to cater to different needs of different customers. Listed below are the types of life insurance policies.
There are different types of life insurance policies designed to cater to different needs of different customers. Listed below are the types of life insurance policies.
- Whole Life Insurance
- Term Insurance
- Unit Linked Insurance Plan
- Money Back Policy
Best Policies in India
- LIC’s Amulya Jeevan:
It is a classic pure term insurance plan with a minimum sum assured of Rs.25 lakh. One can opt for LIC’s Anmol Jeevan for sum assured of less than Rs. 25 lakh. Physically handicapped and individuals with hazardous occupations can also avail this plan. One can avail a good sum assured at a low premium rate in this plan.
- Minimum age: 18 years
- Maximum age: 60 years
- Minimum Policy Term: 5 years
- Maximum Policy Term: 35 years
- Minimum Sum Assured: Rs.25 lakh
- Maximum Sum Assured: No limit
2. ICICI Prudential iCare Term Insurance Plan:
It is an online pure risk protection plan that offers life cover at affordable rates. If the insured dies then the nominee is paid the sum assured. ICICI Prudential iCare has two options.
- In the first option the death benefit is equal to the sum assured.
- The second option includes Accidental Death Benefit Rider.
- Minimum age: 18 years
- Maximum age: 60 years
- Maximum age at maturity: 65 years
- Minimum premium: Rs, 2,400 excluding taxes and other charges
- Minimum policy term: 5 years for regular pay and one time pay
- Maximum policy term: 30 years for regular pay and 10 years for one time pay
- Minimum Sum Assured: As per minimum premium
- Maximum Sum Assured: No limit
3. SBI Life eShield Plan:
Online insurance policies are getting popular nowadays due to easy accessibility.
SBI Life eShield is an online pure term insurance policy that provides excellent insurance cover at affordable premiums. There are no maturity or surrender benefits with this policy. The plan offers 4 variants with level cover and increasing cover.
- Minimum age: 18 years.
- Maximum age: 65 years for Level cover and Level cover with accidental benefit and 60 years for Increasing cover and Increasing cover with death benefit.
- Maximum age at maturity: 70 years
- Minimum sum assured: Rs. 20,000
- Maximum sum assured: No limit.
4. Bajaj Alliance iSecure Plan:
It is a traditional simple term plan without any bonus facility. This plan offers a level term cover with high sum assured at a low cost. There are two options with the plan, one is an individual plan where one person can handle the plan or the joint plan where that can be opted with the spouse. There are 3 riders in the plan along with non-smoker and benefits for the medically fit.
- Minimum age: 18 years
- Maximum age: 60 years
- Minimum Sum Assured: Rs. 25,000 for general category and Rs. 20,000
- Maximum Sum Assured: No limit
5. Kotak Preferred e -Term Plan:
It is an online pure term plan that offers life protection at minimal cost with customized claim payout options. In the unfortunate event of the insured being permanently disabled during the policy term, all future premiums are waived off while the policy continues.
- Minimum age: 18 years
- Maximum age: 65 years
- Minimum maturity age: 28 years
- Maximum maturity age: 75 years
- Policy term: 10 to 40 years
- Minimum Sum Assured: Rs. 25,000
- Maximum Sum Assured: No limit
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