Top 10 Life Insurance Policies in Indian :
Top 10 Life Insurance Policies in India : Your insurance plan is not merely a protection against unforeseen circumstances, but is also a long-term investment option that comes with assured benefits. While it’s true that insurance can ensure cash flow during hard times, but it’s also a fact that badly chosen plans may prove worthless in times of need. Therefore, make sure that you prepare a checklist of your requirements and compare all insurance offers provided by the leading insurers. Here’s a listing of the top 10 life insurance policies in India offered by some of the leading insurance companies in India.
| Plan Name | Plan Type | Entry Age (Min/Max) | Policy Term (Min/Max) | Sum Assured (Min/Max) |
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 |
ICICI Prudential iProtect Smart | Term | 18 years to 65 years | 10 years to 30 years | Minimum – 2400 Per annum. Maximum – No Limit |
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 |
SBI Life eShield:
Top 10 Life Insurance Policies in India : SBI Life eShield is a non-linked online insurance plan which provides higher returns on premiums. It’s designed basically to safeguard your family in your absence and secure them financially. The plan does not offer survival benefits at the time of maturity. Without involving paperwork and agent meeting, you can apply for the plan with just a click.
Features of SBI Life eShield:
| Cover options under the eShield plan |
|
| Maximum age at entry |
|
| Minimum age at entry | 18 years |
| Minimum sum assured | Rs.20,00,000 |
| Maximum sum assured | No limit (subject to underwriting) |
| • 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:
Top 10 Life Insurance Policies in India : Click 2 Protect Plus is a term insurance plan launched by HDFC life that assures an extensive protection to your loved ones against life’s uncertainties. Even their timely necessities will be taken care of with a monthly income under the Income and Income Plus Option.
Features of HDFC Life Click 2 Protect Plus:
| Cover options under Click 2 Protect Plus |
|
| 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:
Top 10 Life Insurance Policies in India : Aviva i-Life is a term insurance plan that offers a comprehensive financial protection to your family in case of your death. The plan which comes at a nominal cost acts as an additional backup when your loved ones are faced with unfortunate incidents. Aviva i-Life is a protection plan and hence it doesn’t offer maturity benefits. Refer to the below table for features of Aviva i-Life.
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:
Top 10 Life Insurance Policies in India : Emotional losses are irreparable, yet we can secure the lives of our beloved ones and provide them a smooth living even in our absence. Care Plus is a simple life insurance plan that offers a high life cover at an easily affordable price, which will ensure a complete financial protection of your family even when you are not around. Care Plus comes in two types—Classical Option and 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:
BSLI Protect@Ease Plan is a term insurance plan that guarantees an end-to-end financial protection to your family in the event of your death. The plan has been tailored to meet each and every requirement of a family, and hence it comes with flexible coverage options. BSLI Protect@Ease plan also rewards the policyholders for maintaining healthy life habits. Tax benefits as per the Income Tax Act are applicable.
Features of BSLI Protect@Ease Plan:
| Minimum entry age | 18 years |
| 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:
Jeevan Pragati is a non-linked life insurance plan offered by LIC, which is a combination of life cover and savings. The plan qualifies for an automatic increase in risk cover in every 5 years during the term. Policyholders can also avail loan facility under LIC’s Jeevan Pragati 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 comes with a protection solution that secures the future of your family even in your absence. The plan offers extensive coverage with add-ons such as benefit rider, premium waiver options, etc. It’s which offers death benefits and no 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 |
ICICI Prudential iProtect Smart:
ICICI Prudential iProtect Smart is an enhanced life protection plan that takes care of the financial worries of your family in case of your death. It also covers against terminal illness and disability and comes with special benefits for women. You can choose the level of protection under iProtect Smart at the time of entry.
Features of ICICI Prudential iProtect Smart:
| Minimum entry age | 18 years |
| Maximum entry age | 65 years |
| Minimum age at maturity | 23 years |
| Maximum age at maturity | 75 years |
| Benefit options | Life, Life Plus, Life & Health, and all in one |
| Premium payment term | Single, regular, or limited |
| Minimum premium | Rs.2,400 per annum |
| Accidental death benefit | Subject to sum assured chosen by the policyholder |
| Minimum critical illness benefit | Rs.1,00,000 |
| Minimum sum assured | Equals to minimum premium amount |
| Maximum sum assured | No limit |
| Mode of premium payment | Single, yearly, half-yearly, and monthly |
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:
Mera Term Plan, as the name suggests, is a tailor made life insurance cover that offers a comprehensive protection to your family in your absence. The payouts are available as a lump sum plus regular monthly income, lump sum plus increasing monthly income, and lump sum plus regular monthly income till your child attains 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 |
Importance of insurance :
Insurance is an essential cost that one needs to make in order to secure the future of his/her family. Even the financial advisers suggest you to avail insurance before you start with your financial planning. Insurance is an important necessity for various reasons. Following are some of the reasons:
- Insurance provides you with financial security and safety net:
If something unforeseen happens to the bread earner of the family, the financial situation of the family may come to a standstill. Insurance compensation can become a source of income for the family and stabilise the finances. With insurance, your family is financially secure even when you are not around. - Insurance safeguards you and your family’s future goals:
The sudden demise of a family’s breadwinner can have the worst repercussions on the family’s financial stability. With insurance, your family can achieve financial stability even when you are not around. Also, their future financial goals will stay intact. - Insurance encourages savings:
There are various products offered by the life insurance companies that not only provide life cover but also provide a provision for wealth creation to achieve future goals. The requirement of periodic investment into such products encourage savings. For example, endowment plans, money back plans, unit-linked investment plans etc. - Insurance is an effective risk management tool:
The insurance covers uncertainties such as the risk of death, risk of getting hit, falling sick and many more. Insurance is all about managing these risks effectively. Every insurance policy provides coverage against insured risk. - Insurance provides peace of mind:
As insurance manages risk effectively, you can only make regular payments towards insurance and stay tension-free. Peace of mind is what you get by insuring.
