A life insurance policy can be regarded as a contract between the insurance company and the insured person, where the person pays a yearly premium to the insurance company in exchange for which the company will provide a lump sum amount to the beneficiaries of the insured person upon his/her death. It is common to all and basically done by a middle class person for securing the life of their family members.
So here we are providing a list of 15 best life insurance policies of the year 2019-2020:
1) SBI LIFE e-shield:
It is one of the most popular life insurance policy because it is provided by Sbi . The minimum age for entering into the scheme is 18 years and the maximum age is 65 years. The minimum sum insured under the scheme is Rs. 20,00,000 and there is no upper limit.The premium has to be made yearly and the minimum premium amount is Rs. 3500. The policy term varies from 5 years to 30 years.
2)HDFC LIFE CLICK 2 PROTECT PLUS:
It is an insurance plan which is launched by HDFC assuring protection to your family against life uncertainties. Moreover, their timely necessities will be taken care of through a monthly income under income and income plus option. The minimum age requirement for entering into this scheme is 18 years and the maximum age is 65 years. The minimum sum assured is Rs 25 lakhs and there is no upper limit.There are various modes of payment of the premium like yearly, quarterly, monthly or half-yearly.There are various benefits available in this scheme like during accidental death, it provides extra lump sum offered on death.It provides 10% of the sum assured on death under the income option scheme and also gives 100% of the insured sum as arrears in case of income plus option.
3)Aviva i-Life:
It is an insurance plan which offers full comprehensive protection to your family in case of your death. It is a protection plan and hence it does not offer maturity benefits. The minimum age of entering into the plan is 18 years and the maximum entry age is 55 years.The maturity age is 70 years. The minimum term of the policy is 10 years and the maximum term of the policy is 35 years.The premium of the policy can be paid yearly and half-yearly. The tax benefit under section 80C will be applicable under this scheme.
4)Future Generali Care Plus:
Care Plus is a simple life insurance plan that offers a high life cover at an affordable price, which will ensure the financial protection of your family even when you are not alive. It comes under two option namely classic option and premium option. In the case of a classic option, the minimum entry age is 18 years and the maximum entry age is 60 years.The minimum sum assured is Rs 10 lakhs and the maximum sum that can be assured is Rs. 24,99,999.The minimum policy term is 5 years and the maximum policy term is 30 years. The minimum premium amount is Rs.2500 per annum. The modes of payment can be done yearly, half-yearly, quarterly and monthly. Under the premium option, the minimum entry age is 18 years and maximum entry age is 60 years.The minimum sum assured is Rs. 25lakh there is no upper limit.The minimum policy term is 5 years and the maximum policy term is 30years. The amount of premium per annum is Rs.5000. It can be made yearly, quarterly, half-yearly and monthly.
5)Birla Sun life BSLI protect @ ease plan:
BSLI Protect@Ease Plan is a term insurance plan that guarantees full financial protection to your family in case of your death. BSLI Protect@Ease plan also rewards the policyholders to maintain healthy life habits. Tax benefits as per the Income Tax Act are applicable. The minimum age requirement is 18 years and maximum age requirement is 65 years. The minimum and maximum policy term is 5 years and 30 years. The minimum sum assured is Rs.3 lakhs and there is no maximum limit.
6)LIC’s Jeevan Pragati Plan:
Jeevan Pragati is a non-linked life insurance plan offered by LIC, which is a combination of life cover and savings. Policyholders can also get loan facility under LIC’s Jeevan Pragati Plan.The minimum entry age is 12 years and the maximum entry age is 45 years.The term of the policy ranges from 12 to 20 years. The minimum basic sum assured is Rs. 150,0000 and the maximum age of maturity is 65 years.The premium can be made yearly, half-yearly, quarterly and monthly.
7)Max Life Online Term Plan Plus Basic Life Cover:
The Max Life term plan comes with protection that secures the future of your family members even when you are not around. It offers extensive coverage with benefits like premium waiver options, etc. It offers death benefits and no maturity benefits. The minimum age of taking the scheme is 18 years and the maximum entry age is 60 years.The policy term ranges from 10 years to 40 years. The minimum sum that needs to be maintained is Rs25 lakhs and the maximum insurable limit is 100 crores.The premium can be paid yearly, monthly, quarterly and half-yearly.
8)ICICI Prudential iProject Smart:
ICICI Prudential iProtect Smart is an extra life protection plan that provides protection of financial worries of the family in case of your death. It also provides protection against terminal illness and comes with special benefits for women. You can opt for the scheme of protection under iProtect Smart at the time of entry. The minimum entry age is 18 years and maximum entry age is 65 years. The minimum age of maturity is 23 years and the maximum age of maturity is 70 years.The minimum premium amount is Rs. 2400 per annum.The minimum critical illness benefit is Rs. 100000. The premium can be paid monthly, quarterly, half-yearly and yearly. The minimum assured sum is equal to the premium amount and there is no upper limit.
9)BHARTI AXA LIFE ELITE SECURE:
It is a plan that provides extensive financial support to the dependents of the insured, in case an unfortunate incident takes place. It offers competitive premium rates and comes with an option to cover your life until 75 years of age. Tax benefits under Section 80C and 10(10D) are applicable.The minimum entry age is 18 years and the maximum entry age for a policy term of 5 years or more is 65 years and for a policy term of 10 years or more, it is 75 years.The minimum amount of assured sum is Rs.25 lakhs. The premium amount can be made yearly, half-yearly, quarterly and monthly.
10)PNB METLIFE MERA TERM PLAN:
Mera term plan is a life insurance cover that offers full protection to your family during your absence. The payout are provided as a lump sum plus regular monthly income, lump sum plus increasing monthly income, and lump sum plus regular monthly income till the attainment of 21 years of your child. The minimum entry age is 18 years and maximum entry age is 65 years. The minimum assured sum is Rs.10 lakhs and the policy term ranges from 10 years to 40 years.
11)LIC TECH TERM INSURANCE PLAN:
One of the best insurance schemes is the LIC tech term insurance plan. It gives financial protection to the insured’s family in case of his/her death.The minimum entry age is 18 years and maximum entry age is 65 years.The policy tenure ranges from 10 to 40 years.The minimum assured sum is Rs.50 lakhs and there is no upper limit. All kinds of death, including accidental deaths, are covered under this plan except suicide during the first year.One can propose on their own name only and cannot take on spouse name who is not working.It offers various premium options like regular premium, single premium, and limited period premium option.
12)TATA AIA Life iRaksha Supreme Online Term Insurance Plan:
There are four types of term insurance plans offered by TATA AIA Life. The minimum entry age is 18 years and the maximum entry age is 70 years where the maximum maturity age is 80 years. The policy tenure ranges from 10 to 40 years. The minimum assured sum is Rs. 75 lakhs and there is no upper limit.The minimum premium amount is Rs. 8000 per annum which can be paid quarterly, half-yearly and yearly.
13)AEGON LIFE iterm Plan:
It is one of the insurance policy which covers full financial protection to your family when you are not alive for securing their life.The minimum age of entry is 18 years and maximum entry age is 65 years.The policy term can range from 5 years to 100 years. The premium amount can be paid monthly, quarterly and yearly.
14)Bajaj Alliance i-secure Plan:
It is an insurance policy that is for the financial protection of the family of the insured person in case of his/ her death.The minimum entry age is 18 years and maximum entry age is 60 years. The premium amount can be paid through various modes like monthly, quarterly and yearly. The policy terms range from 10, 15, 20, 25, to 30 years.
15)HDFC Life Sanchay Plan:
This plan is one of the most popular and affordable insurance plans which is for the benefit of your family members in case of his/her death by providing financial assistance.The premium amount can be paid through various modes like monthly, quarterly, half-yearly and yearly.
Conclusion: So these are the list of 15 insurance plans which are for the benefit of your family members in case of his/her death. Hopefully, these lists will be helpful for you to choose the best-suited insurance scheme as per your need.
