Top 5 Life Insurance Policies

Life insurance is something that protects your family in your absence. The best thing about this is that it provides a definite amount of money to your loved ones when you are not around to take care of them. Usually these types of policies provide a huge financial relief to your family when they need it the most. There are many insurance companies in India that offers different types of life insurance policies to their consumers. Best life insurance policies also act like a flexible money saving plan.

There are numerous life insurance policies in India. Different forms of policies serve customers with different beneficial features. Their coverage and policy term period also varies. There are many well known companies that are offering top life insurance policies. Before choosing any life insurance policy, you must compare top plans as well. Life insurance is divided into two different parts- -Pure protection plans – Investment plans. In India, majorly life insurance has been used more for investment purposes than other forms of the same.

Types Of Life Insurance Policies In India

  • Whole Life Insurance: This form of life insurance policy provides a lifelong coverage. Under this the consumers have to pay the premium on a yearly basis.
  • Endowment Plans: Under this policy the insurance company has to pay a lump sum amount to the policyholder when he dies or at the maturity time. There are some policies available that also offer coverage in case of critical illnesses.
  • Money Back Plans: This plan is a form of investment that offers good returns in the future for multiple purposes.
  • Term Life Insurance: This plan provides a fixed amount to the nominee or beneficiary as per stated in the document after the death of the insured so that his/her family can maintain their lifestyle as it used to be.
  • ULIPs: Ulips or Unit Linked Insurance Plans offers the dual benefits of investment and insurance coverage as well. It allows consumers to select the investment option on its own.

Life Insurance Policies Best Life Insurance Plans – The New Year has dawned and concept of life-changing resolutions is in full force. If you are planning to invest this new year for enhancing your savings and assign it to the well-being of your family’s financial future, purchasing a good life insurance policy should be on top of your to do list.

If you are searching for the best life insurance policy, then your search for the best options ends here as we provide you with a complete list of the 5 best life insurance policies in India.

1. New Jeevan Anand (LIC) – 

Considering past performance, this insurance comes at the top as it completely fits the perception of  a life insurance that a consumer wants.The New Jeevan Anand plan from the LIC Life insurance is a mixture of dual benefits including protection as well as a savings plan. This transforms into the usual security against your ill-timed death in terms of financial assistance for your family as well as maturity benefits if you survive the policy term period.The multifaceted approach of this insurance policy makes it one of the best life insurance policies available in India.

2. HDFC SL Crest –

It is basically a short term unit linked insurance (ULIP) plan that works on the premise of assisting you in  achieving your investment goals in a relatively short period of 10 years, whereas alongside providing the required financial cover to your family against the potential perils emerging from your ill-timed demise. As a consumer you have to pay the premiums for just 5 years to enjoy market linked returns for the comprehensive duration of 10 years.

3. SBI Life Insurance– eShield  If you are searching for a robust life insurance policy, then this is what you are looking for. It is one of the trusted life insurance policies as the name of SBI is associated with it. It is a comprehensive term plan that is non linked and non participating in nature. This policy is best for those who are looking for financial protection that provides complete peace of mind and domain capability that will surely be supplied by SBI Life.

4. SBI Life Insurance – Shubh Nivesh  Yet another versatile product from SBI Life. It is a non-linked entity that provides dual benefits of endowment assurances and whole life coverage as well. This policy permits for maturity benefits- a lump sum amount paid in case you live through the tenure period, or conversion of the payable amount into a regular income source for a chosen duration of time. Alternatively, your family enjoys the financial benefits in case of your unfortunate demise during the policy tenure.

5. AEGON Religare iTerm Plan – If you are thinking about purchasing the best life insurance policy, then you must think about AEGON Religare iTerm Plan. It is a trusted brand name.This plan ensures the protection of your family at a part of the conventional cost. This trouble-free, robust, scalable and efficiently managed plan is all set to be the top life insurance policy in 2016. Nowadays, the most common confusion among the life insurance buyers is the reliability of online life insurance plans. There are many life insurance plans available in the online as well as offline market which varies by prices and even features. People usually ask: Are life insurance plans reliable? If so, then why do companies offer their plans at a lower premium, online as compared to traditional offline life insurance plans. Don’t get confused, let us tell you the fact behind the same. Online insurers offer insurance plans at lower prices due to the lower distribution costs as compared to the offline companies which are present in limited cities and want better profiles of the consumers.

Let us consider these points in details so you can understand easily the concept and reliability of the life insurance plans.

  • Low Allocation Cost :The main reason behind the availability of online policies at low prices as compared to offline is their low distribution cost which includes administrative costs, agent’s commission among others  which makes it cheaper.As online life insurance plans do not have agent interaction, so there is no need to pay any kind of commission that’s why it is available at lower rates.
  • Available In Chosen Cities Only:Online life insurance plans are not available in all locations, it has a target of a specific segment of people only in selected cities. Mostly it is available in metro cities. Many insurance companies offer their plans for certain cities so that they can easily taper down the consumer segment and avoid smaller cities where death rate is higher. But offline life insurance plans (term insurance) are available in all locations.
  • Better Consumer profiles:The insurance companies expect that those who do online search of term insurance plans are educated, active internet user, having basic knowledge about finance industry and have a healthy lifestyle. Insurers expect that the policyholder should be educated enough to understand the norms of policies and the company as well. Most of the online customers have a healthy lifestyle which represents that there is a huge difference in mortality rates. But it is possible that this assumption may be different based on situations.There are many rules and regulations on which the premiums of life insurance(term plan) depends. If any policy holder didn’t accept the rules of policies than it can surely leave a bad impact on the same.

Are Online Life Insurance Plans Reliable?

Yes, of course the online Life- insurance Plans are reliable. It is simply a normal  life insurance plan that can be purchased online at a lower rate.

But you should keep these things in mind:

  1. Provide accurate information about your  past.
  2. Do not hide any significant information or provide an irrelevant one
  3. Fill up the form yourself
  4. Disclose medical history
  5. Select a plan that would be sufficient for your requirement

So now that you know about the best life insurance plans that you can look at while searching for life insurance, the only thing that you need to do now is log on to a online web aggregator and select the plan that you want.

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