Life insurance policies in India are financial tools that provide financial protection and support to the family members of the policyholder in case of his/her untimely demise. There are various types of life insurance policies available in India, including term insurance, endowment plans, money-back policies, and unit-linked insurance plans (ULIPs). In this article, I will tell you about the Top 10 Best Life Insurance Policy in India, Compare the Company!
The best life insurance policy in India for an individual depends on various factors, such as his/her age, income, financial goals, and risk appetite. It is recommended to compare different policies, understand their features, benefits, and exclusions, and then choose the one that suits your needs and budget the most. It is also advisable to consider the reputation, financial stability, and claim settlement ratio of the insurance company before buying a policy.
Insurance is more than just a safety net for unexpected events - it's also an investment opportunity with guaranteed advantages. While insurance can certainly provide financial support during challenging times, it's important to note that choosing the wrong plan can render it useless when you need it the most.
To ensure you select the right insurance plan, create a checklist of your specific needs and compare offerings from top insurers. To get you started, here is a list of the top 10 insurance plans provided by leading companies in India:
Top 10 best life insurance Policy in India
|
Plan Name |
Plan Type |
Entry Age (Min/Max) |
Policy Term (Min/Max) |
Sum Assured (Min/Max) |
|
Aditya Birla Sun Life Insurance |
Term |
18 years to 65 years |
10 years to 55 years |
Minimum - Rs.25 lakh Maximum - No limit |
|
SBI Life eShield |
Term |
18 years to 65 years |
5 years to 30 years |
Minimum - Rs.20 lakh Maximum - No limit |
|
HDFC Life Click 2 Protect Plus |
Term |
18 years to 65 years |
10 years to 40 years |
Minimum - Rs.25 lakh Maximum - No limit |
|
Aviva i-Life |
Term |
18 years to 55 years |
10 years to 35 years |
Minimum - Rs.25 lakh Maximum - No limit |
|
Future Generali Care Plus |
Rural |
18 years to 60 years |
5 Years to 30 Years |
Minimum - Rs.15 lakh Maximum - Rs. 50 Laks |
|
Birla Sun Life BSLI Protect@Ease Plan |
Term |
18 years to 65 years |
5 Years to 40 Years |
Minimum - Rs.30 lakh Maximum - No Limit |
|
LIC's Jeevan Pragati Plan |
Endowment |
12 years to 45 years |
12 Years to 20 Years |
Minimum - Rs.15 lakh Maximum - No Limit |
|
Max Life Online Term Plan Plus Basic Life Cover |
Term |
18 years to 60 years |
10 Years to 40 Years |
Minimum - Rs.25 lakh Maximum - 100 Crores |
|
Bharti Axa Life Elite Secure |
Term |
18 years to 75 years |
10 years to 25 years |
Minimum - Rs.25 lakh Maximum - No Limit |
|
PNB MetLife Mera Term Plan |
Term |
18 years to 65 years |
10 Years to 40 Years |
Minimum - Rs.10 lakh Maximum - No Limit |
Aditya Birla Sun Life Insurance:
The Aditya Birla Sun Life Term Insurance Plan presents a variety of coverage options, including increasing sum assured and level sum assured. With level sum assured, the sum stays constant throughout the year, while with increasing sum assured, the sum grows at either a 5% or 10% rate annually.
Features of Adity Birla Sun Life Term Insurance Plan:
|
Minimum age at entry |
18 Years |
|
Maximum age at entry |
65 years |
|
Minimum term period |
5 years |
|
Maximum term period |
30 years |
|
Minimum sum assured |
Rs.30,00,000 |
|
Maximum sum assured |
No limit on maximum sum assured |
|
Premium payment mode |
Monthly, quarterly, half-yearly or annually |
|
Premium term |
Equal as policy term |
SBI Life eShield:
The SBI Life eShield is an online, non-linked insurance plan that offers elevated returns on premiums. Its primary purpose is to provide financial security for your family in the event of your absence. This plan does not offer any survival benefits upon maturity. Applying for the plan is easy and convenient, requiring just a few clicks without the need for paperwork or agent meetings.
Features of SBI Life eShield:
|
Cover options under the eShield plan |
Level Cover Level Cover with Accidental Benefit Increasing Cover Increasing Cover with Accidental Benefit |
|
Maximum age at entry |
65 years for both Level Cover and Level Cover with Accidental Death Benefit 60 years for Increasing Cover and Increasing Cover with Accidental Death Benefit |
|
Minimum age at entry |
18 years |
|
Minimum sum assured |
Rs.20,00,000 |
|
Maximum sum assured |
No limit (subject to underwriting) |
|
Minimum policy term |
5 years (For Level Cover & Level Cover with Accident Benefit) 10 years (For Increasing Cover & Increasing Cover with Accident Benefit) |
|
Premium payment mode |
Yearly |
|
Premium term |
Same as policy term |
|
Minimum premium amount |
Rs.3,500 |
|
Maximum premium amount |
No limit |
HDFC Life Click 2 Protect Plus:
HDFC Life has introduced Click 2 Protect Plus, a term insurance plan that offers comprehensive protection to your loved ones in the face of life's uncertainties. The plan also offers a monthly income under the Income and Income Plus Option to cover their ongoing needs.
Features of HDFC Life Click 2 Protect Plus:
|
Cover options under Click 2 Protect Plus |
Life option: It offers a lump sum at death of the policyholder Extra life option ( Accidental Death Benefit): It provides an extra sum assured in addition to the lump sum offered on death Income Option: Provides 10% of sum assured on death and the remaining is paid out on a monthly basis for 15 years Income Plus Option: The option provides 100% of sum assured on death and also an arrears on 100% of sum assured which is paid on a monthly basis |
|
Minimum age at entry |
18 years |
|
Maximum age at entry |
65 years |
|
Minimum sum assured |
Rs.25 lakhs |
|
Maximum sum assured |
No limit (subject to underwriting) |
|
Premium payment mode |
Yearly, half-yearly, quarterly, or monthly |
|
Premium paying term |
Regular, limited, or single |
Aviva i-Life:
Aviva i-Life is a term insurance plan that provides complete financial security to your family in the event of your untimely demise. This plan is available at an affordable cost and acts as an extra layer of support for your loved ones during challenging times. As a protection plan, Aviva i-Life does not offer any maturity benefits. Please see the table below for an overview of the plan's features.
Features of Aviva i-Life:
|
Minimum entry age |
18 years |
|
Maximum entry age |
55 years |
|
Maturity age |
70 years |
|
Minimum policy term |
10 years |
|
Maximum policy term |
35 years |
|
Premium payment frequency |
Yearly and half-yearly |
|
Premium payment term |
Equals the policy term |
|
Riders |
None |
|
Tax |
Tax benefits under Section 80C will be applicable |
Future Generali Care Plus:
While emotional losses are irreparable, we can still ensure the financial security of our loved ones and provide them with a comfortable life even after we are gone. Care Plus is a straightforward life insurance plan that offers a substantial life cover at an affordable price, guaranteeing complete financial protection for your family in your absence. Care Plus is available in two variants, the Classical Option and the Premier Option.
Features of Future Generali Care Plus (Classic Option):
|
Minimum entry age |
18 years |
|
Maximum entry age |
60 years |
|
Minimum sum assured |
Rs.10,00,000 |
|
Maximum sum assured |
Rs.24,99,999 |
|
Minimum policy term |
5 years |
|
Maximum policy term |
30 years |
|
Maximum coverage age |
65 years |
|
Minimum premium |
Rs.2,500 per annum |
|
Premium modes |
Yearly, half-yearly, quarterly, and monthly |
Features of Future Generali Care Plus (Premier Option):
|
Minimum entry age |
18 years |
|
Maximum entry age |
60 years |
|
Minimum sum assured |
Rs.25,00,000 |
|
Maximum sum assured |
No limit |
|
Minimum policy term |
5 years |
|
Maximum policy term |
30 years |
|
Maximum coverage age |
65 years |
|
Minimum premium |
Rs.5,000 per annum |
|
Premium modes |
Yearly, half-yearly, quarterly, and monthly |
Birla Sun Life BSLI Protect@Ease Plan:
The BSLI Protect@Ease Plan is a term insurance plan that provides complete financial protection to your family in the unfortunate event of your death. This plan has been designed to meet all the specific requirements of a family, offering flexible coverage options. Additionally, BSLI Protect@Ease plan rewards policyholders for maintaining healthy lifestyle habits. Tax benefits, as per the Income Tax Act, are also applicable.
Features of BSLI Protect@Ease Plan:
|
Maximum entry age |
65 years |
|
Plan options |
Level Term Insurance Increasing Term Insurance |
|
Minimum policy term |
5 years |
|
Maximum policy term |
40 years |
|
Premium paying term |
Single payment Limited Payment Regular Payment |
|
Premium payment mode |
Yearly or monthly |
|
Minimum Sum Assured |
Rs.30,00,000 |
|
Maximum Sum Assured |
No limit (subject to underwriting) |
|
Riders available |
BSLI Accidental Death & Disability Rider BSLI Hospital Care Rider |
LIC's Jeevan Pragati Plan:
LIC's Jeevan Pragati is a life insurance plan that combines life cover and savings without any links. The plan offers an automatic increase in risk cover every five years during its term. Policyholders can also avail of loan facilities under this plan.
Features of LIC's Jeevan Pragati Plan:
|
Minimum entry age |
12 years |
|
Maximum entry age |
45 years |
|
Policy term |
12 to 20 years |
|
Minimum basic sum assured |
Rs.1,50,000 |
|
Maximum basic sum assured |
No limit |
|
Maximum age at maturity |
65 years |
|
Premium payment modes |
Yearly, half-yearly, quarterly, and monthly |
Max Life Online Term Plan Plus Basic Life Cover:
The Max Life term plan provides a protection solution that ensures your family's future security in case of your untimely demise. This plan offers broad coverage with add-ons such as benefit riders, premium waiver options, and more. It provides death benefits but does not offer any maturity benefits.
Features of Max Life Online Term Plan Plus Basic Life Cover:
|
Minimum entry age |
18 years |
|
Maximum entry age |
60 years |
|
Policy term |
10 years to 40 years |
|
Minimum sum assured |
Rs.25 lakhs |
|
Maximum sum assured |
100 Crores |
|
Premium payment term |
Equal to policy term |
|
Premium payment mode |
Yearly, half-yearly, quarterly, and monthly |
Bharti Axa Life Elite Secure:
This plan is cost-effective and offers significant financial support to the insured's dependents in the event of an unfortunate incident. The plan has competitive premium rates and provides an option to cover your life up to the age of 75. Tax benefits are available under Sections 80C and 10(10D).
Features of Bharti Axa Life Elite Secure:
|
Minimum entry age |
18 years |
|
Maximum entry age |
75 years for the policy term of 10, 15, 20, and 25 years. 65 years for a term period of 5 years |
|
Minimum sum assured |
Rs.25,00,000 |
|
Premium payment term |
Equals policy term |
|
Premium payment modes |
Yearly, half-yearly, quarterly, and monthly |
PNB MetLife Mera Term Plan:
As the name implies, Mera Term Plan is a customized life insurance coverage that provides complete protection to your family in case of your absence. This plan offers payouts in different options such as lump sum plus regular monthly income, lump sum plus increasing monthly income, and lump sum plus regular monthly income until your child reaches 21 years of age.
Features of PNB MetLife Mera Term Plan:
|
Minimum entry age |
18 years |
|
Maximum entry age |
65 years |
|
Minimum sum assured |
Rs.10,00,000 |
|
Age at maturity |
75 years |
|
Policy term |
10 years to 40 years |
|
Premium payment term |
Equals the policy term |
PNB MetLife Mera Term Plan:
As the name suggests, Mera Term Plan is a customized life insurance policy that provides comprehensive protection to your family in the event of your absence. The policy offers payouts in various options, such as a lump sum plus regular monthly income, lump sum plus increasing monthly income, and lump sum plus regular monthly income until your child reaches 21 years of age.
Features of PNB MetLife Mera Term Plan:
|
Minimum entry age |
18 years |
|
Maximum entry age |
65 years |
|
Minimum sum assured |
Rs.10,00,000 |
|
Age at maturity |
75 years |
|
Policy term |
10 years to 40 years |
|
Premium payment term |
Equals the policy term |
FAQs on Best Life Insurance Policies in India
Q. What is a life insurance policy?
A life insurance policy is a contract between an insurance provider and the policyholder, in which the provider guarantees a sum of money to the beneficiary in the event of the policyholder's death.
Q. What are the types of life insurance policies available in India?
The types of life insurance policies available in India include term insurance, whole life insurance, endowment plans, money-back policies, ULIPs, and pension plans.
Q. Which is the best life insurance policy in India?
The best life insurance policy in India depends on the individual's needs, age, and financial situation. Some of the best policies include LIC Jeevan Amar, Max Life Smart Term Plan, HDFC Life Click 2 Protect 3D Plus, SBI Life eShield, and ICICI Pru iProtect Smart.
Q. What is a term insurance policy?
A term insurance policy is a type of life insurance policy that provides coverage for a specific term or period. It is one of the most affordable and basic types of life insurance.
Q. What is a whole life insurance policy?
A whole life insurance policy provides coverage for the entire life of the policyholder. It offers both insurance and investment benefits.
Q. What is an endowment policy?
An endowment policy is a type of life insurance policy that provides both insurance and savings benefits. It offers a lump sum amount at the end of the policy term.
Q. What is a money-back policy?
A money-back policy is a type of life insurance policy that provides periodic payouts during the policy term. It offers a percentage of the sum assured at regular intervals.
Q. What is a ULIP?
A ULIP (Unit Linked Insurance Plan) is a type of life insurance policy that offers both insurance and investment benefits. It allows policyholders to invest in equity, debt, or a combination of both.
Q. What is a pension plan?
A pension plan is a type of life insurance policy that provides regular income to the policyholder after retirement. It helps policyholders to build a corpus for their post-retirement life.
Q. What are the benefits of buying a life insurance policy?
The benefits of buying a life insurance policy include financial security for the policyholder's family in case of their sudden demise, tax benefits under sections 80C and 10(10D) of the Income Tax Act, and long-term savings and investment opportunities.
Q. Top 10 best life insurance policy in India
The popular insurance companies in India that offer life insurance policies:
- LIC (Life Insurance Corporation of India)
- HDFC Life
- Max Life
- SBI Life
- ICICI Prudential Life
- Aditya Birla Sun Life
- Bajaj Allianz Life
- PNB MetLife
- Tata AIA Life
- Kotak Mahindra Life
Q. Top 10 life insurance policy company in India
- LIC (Life Insurance Corporation of India)
- ICICI Prudential Life Insurance
- HDFC Life Insurance
- SBI Life Insurance
- Max Life Insurance
- Bajaj Allianz Life Insurance
- Aditya Birla Sun Life Insurance
- Tata AIA Life Insurance
- Reliance Nippon Life Insurance
- PNB MetLife India Insurance Company Limited
Q. Top 10 term life insurance policies in India
Here are the top 10 term life insurance policies in India:
- LIC e-Term Plan
- HDFC Life Click 2 Protect 3D Plus Plan
- Max Life Online Term Plan Plus Plan
- ICICI Pru iProtect Smart Plan
- Aegon Life iTerm Plan
- Bajaj Allianz iSecure Plan
- SBI Life eShield Plan
- TATA AIA Sampoorna Raksha Plan
- Kotak Preferred e-Term Plan
- Aviva i-Term Smart Plan
