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Life Insurance

Life insurance is a mutual contract between the policyholder and the insurance provider where the insurance company promises to pay a sum of money to the nominee in return for a premium, in case something happens to the policy holder.

Apart from financial protection, people are attracted to life insurance as it is eligible to get tax deductions under Section 10(10D) & Section 80C of the Income Tax Act, 1961. That's just a sneak peek in the story of life insurance. In order to dive deeper, let's move on to the best life insurance plans in India.

Top Life Insurance Plans in India

According to PolicyX.com, below are the few best life insurance policies of 2019-2020 in India that you can buy-

PlansMin/Max Entry AgeMin/Max Policy TermSum Assured MinimumSum Assured Maximum
HDFC Life Sanchay Plus30 days/55 years15 years/25 yearsMinimum Installment Premium:-
Annual: Rs 30,000
Half-yearly: Rs. 15,000
Quarterly: Rs. 7,500
Monthly: Rs. 2,500
No limit, subject to board approved underwriting policy
ICICI iProtect18 years/65 years5 years/2 yearsSubject to minimum premium (Rs. 2,400 p.a)No limit, subject to board approved underwriting policy
Max Life Online Term Plan18 years/60 years10 years/40 yearsRs. 25 LakhsRs. 100 Crores
LIC Term Plan18 years/75 years10 years/35 yearsRs. 25 Lakhs
SBI e-shield Plan18 years/70 yearsmin 5/10 years/ max 30 yearsRs. 35 LakhsNo Limit
SBI Shubhnivesh plan18 years/60 years5 years/30 yearsRs. 75000No Limit
Kotak life preferred e-term18 years/65 years10 years/40 yearsRs. 25 LakhsNo Limit
HDFC click 2protect plus18 years/65 years10 years/40 yearsRs. 25 LakhsNo Limit
LIC Tech Term Plan18 years/65 years10 years/40 yearsRs. 50 LakhsNo Limit
Aegon iTerm Plan18 years/65 years5 years/82 yearsRs. 25 LakhsNo Limit
Aviva iTerm Plan18 years/65 years10 years/25 yearsRs. 75 LakhsNo Limit
Bajaj Allianz iSecure Term Plan18 years/60 years10 years/30 yearsRs. 2.5 LakhsNo Limit
Bharti AXA Life eProtect Plan18 years/39 years10 years/30 yearsRs. 25 LakhsNo Limit
Birla Sun DigiShield Term Insurance Plan18 years/65 years5 years/50 yearsRs. 30 LakhsNo Limit
Birla Sun Ultima Term Insurance Plan18 years/65 years5 years/50 yearsRs. 1 CroreNo Limit

Benefits of Life Insurance

We all know that life is unpredictable and such uncertainties can cause problems for individuals and his/her family at any time. So, availing a life insurance policy will make sure that your family and dependents can easily enjoy and can maintain their standard of living in case of any unwanted emergencies. There are several benefits that life insurance offers to the policyholders. Let's have a look at the most significant ones.

Guaranteed Annuity

Guaranteed Annuity

On the subject of planning for retirement, there are few units as powerful as a life insurance policy. Due to the fact that you will be saving money over a period of time, life coverage policies will help in supplying a steady source of profits after your retirement.

Loan Facility

Loan Facility

Folks that avail life insurance could have the choice of availing a mortgage towards their insurance coverage that may help them meet their unplanned life degree requirements without hampering the advantages supplied by means of the policy they've purchased.

Comprehensive Plans

Comprehensive Plans

Along with financial support, it also serves as a long term investment option. Many conventional life insurance plans, such as traditional endowment plans offer specific maturity benefits via multiple product options like maturity values, cash values, money-back, etc.

Health Expense Cover

Health Expense Cover

Whether it is through stand-on my own insurance policies or via riders, all life insurance companies offer economic coverage against hospitalization costs and crucial illnesses. On that account, health expenses are growing constantly. The requirement for medical insurance rules has improved too, as it ensures that the policyholder will have minimum scientific fees to deal with

Boom Through Dividends

Boom Through Dividends

Traditional life insurance policies provide clients with the possibility to participate in the monetary boom of the insurance company while taking no funding threat in any way. At the same time as the policyholder breaks up the funding earnings through yearly announcements of bonus/dividends, the policyholder will earn maturity benefits.

Tax Advantages

Tax Advantages

Life insurance offers appealing tax benefits and helps you save an extensive sum of money. Almost all the Life Insurance policies offer you the benefit of the tax deduction on payment of premiums and also provide tax-free Sum Assured under Section 80C and 10(10)D of the Income Tax Act, 1961 respectively.

Loan Reimbursement

Loan Reimbursement

Life insurance policies function the fine viable device for the coverage of loans and mortgages availed by the policyholder. If there is any unforeseen situation due to which the policyholder isn't able to pay off his/her loan, the bereaved circle of relatives will no longer have the weight of compensation, and the policy can be used to pay off the mortgage.

Insurance with Savings

Sum Insured

Since life insurance is long-term agreements wherein the policyholder is required to make a set periodical payment. It enables the policyholder to inculcate the addiction to financial savings. Saving cash over a lengthy time frame enables in building a very good corpus with a view in meeting your economic necessities at unique levels of existence.

Long-Term Investment

Long-Term Investment

The IRDA has carried out numerous policies through which the money of the policyholder is secured with the stakeholders. The money spent on life insurance coverage can be the obligation of the stakeholders of the corporation from where you purchased the policy. It additionally guarantees that the insured makes good returns in place of focusing on risky funding choices that might offer quick-term earnings.

Types of Life Insurance

Term Insurance

It provides pure life protection. In this plan, the sum assured amount which the insurer promises to pay would be provided to the nominee or beneficiary as stated in the policy document in case of the insured's death. If you survive in the policy term period, you will get nothing or can get your premium back which basically varies from insurer to insurer.

Whole Life Insurance

In this plan, generally, the insured is given a choice to pay a premium amount till the specified time which is also known as the maturity period. If the insured person reaches maturity, he/she has the option to continue the same till death without paying any additional premium and encashing the sum assured or bonuses.

Endowment Plan

Unlike term plan, the endowment plan pays you out the sum assured along with the profits in both the case of death and survival. This plan charges a higher premium which is being invested in the asset market- Equity and Debt. An endowment is a policy in which the insurer promises to pay the lump sum amount at the time of maturity. Majorly maturities are for ten, fifteen or twenty years up to a definite age limit.

Child Insurance Plan

It provides financial coverage to your child's future needs and allows you to plan his/her future in a better and stabilized way. It is basically a combination of insurance cover and investment that secure multiple stages of your child. Life cover is something that you will get as a lump sum amount at the end of the policy.

Pension Plan

This plan assists you in securing your post-retirement life financially. It is a saving/investment tool that caters to future retirement. For planning your retirement, there are heaps of pension plans available in the market. These plans are different from each other. Their features, benefits & exclusions are different too.

Investment Plans

This plan helps you in enhancing your wealth, savings and get insurance coverage along with it. With the motive of improving lifestyle, better & luxurious living aspirations and the growing concern makes people think about investing an amount to secure the future.

Unit-Linked Insurance Plan (ULIPs)

In all the above plans, you don't have any option to select where you want to invest your money. For securing your capital, most of these plans invest in debts, whereas the Unit-linked insurance plan (ULIP) provides complete authority to you in choosing the best way to invest your money which you can invest in debt and equity as well. If you want to switch the current investment method, you can do the same easily. Those who have good knowledge about the stock market can understand this easily.

Money Back Plan

Money-back plans are just like endowment plans with only a single difference that the payout can be staggered with the policy term period. In this, some part will be returned to the insured on time to time basis as per the policy tenure. In case of death full sum, the assured amount will be paid out. It also includes a bonus. Because of these additional features, the premiums of this plan are higher than the normal life insurance plans online.

Life Insurance Riders

Riders are the add-on features of any insurance plan that provides additional financial coverage to the policyholder. Riders are the innovations of the insurance industry that aims in customizing the insurance plans to the degree which is possible while keeping a standard base plan available. Basically, riders provide extra risk protection; hence the insured has to pay an extra premium for it. Mostly, the riders are bought along with the base insurance plan and cannot be added later. The riders are optional, it provides pure risk coverage and that's why they do not have any saving and investment elements.

Popular life Insurance Riders are:-

Critical Illness Rider :- Major critical illnesses are covered under the policy, such as cancer, failure of kidneys, heart attack, coma, paralysis, etc. Make sure to go through the illnesses covered as different companies offer different illnesses cover.

Accidental Death Benefit Rider :- If the policyholder dies in an accident, this rider benefit along with the sum assured will be paid to the beneficiary by the insurance company.

Accidental and Total Permanent Disability Rider :- If the policyholder suffers from complete or partial permanent disability and is unable to work or dies due to an accident, this rider will provide the benefit to the policyholder.

Accelerated Death Benefit Rider :- If the policyholder is diagnosed with any life-threatening terminal illness such as leukemia, cancer, AIDs, etc. his rider will pay a lump sum amount and can be used for the treatment of the policyholder.

Waiver of Premium :- If the policyholder suffers disability due to which he will not be able to afford to pay the premiums of the life insurance plans, the policy may cease because of such a situation. But in case the policyholder opts for a rider, it will waive off the premiums and the policy continues with no restrictions.

Term Rider :- Term rider pays a fixed or monthly income to the beneficiary in case the policyholder's demise. This is equal to the predetermined value mentioned in the policy or the base plan coverage.

Surgical Rider :- It is a beneficial rider that assists the insured by providing financial coverage for medical treatment needing surgery under 43 surgical conditions. The cover differs for minor or major surgery treatments.

Hospital Cash Rider :- During hospitalization, a fixed sum of money is payable on the per-day basis for expense charges of the hospital. The minimum and maximum sum assured benefit amount along with the clauses of the policy may vary from insurer to insurer.

How To Choose The Best Life Insurance Policy?

Since there are various plans offered by the life insurance companies with multiple benefits, it is very confusing to select the best plan from different options to get the best of the coverage at an affordable premium.

Here are some of the points to remember while planning to purchase a plan:

Keep a close eye on claim ratio

You buy life insurance to get a claim in the time of need. But what if that claim never sees the light of the day? Don't worry, there is a simple way to get around it. Before selecting a provider, you should check its claim ratio. This will give you a vague idea of the number of claims received & settled by a company in a single year. The company which has the highest ratio is your safe bet.

Background check

Due to the competition, a lot of companies have jumped in the market. Because of this, the industry is lacking quality providers. In order to be smart, you should check the background of each company. Whosoever facts match your expectations should be the one for you.

Life Insurance Required

Evaluation of sum assured

Before you start knocking on the doors of insurance providers, it is highly recommended to calculate your expected assured amount. Along with this, you can get an insight into premium calculation which is done by the companies. Combine both the factors to know which company deserves your hard-earned money.

Customer reviews are important

Sometimes, the company may look brilliant from the outside but runs with the mind of bad intentions from the inside. The best way to disclose such companies is via customer reviews. These are those people who have experienced (first hand) how such companies function & whether or not they keep true to their promises. Reading the reviews of such people can really influence your buying decision.

How To Buy Life Insurance Online?

If you are searching offline for different types of life insurance policies, it will be a long and tough procedure to get the desired results. That's why it is advisable to search online for a hassle-free and time-saving process. It will save you time and money.

So, go online and follow the steps mentioned below:

  1. Visit PolicyX.Com, and choose the 'Life Insurance' plan from the tabs available at the top of the homepage.
  2. Click on the option of 'Get Quotes' present on the top right side of the page.
  3. Enter some basic required details asked to find the best results for your policy demand.
  4. Start comparing plans provided by top insurance companies to choose the best one.
  5. Choose a plan that suits your requirements.
  6. Fill the proposal form that requires some basic information.
  7. Upload your documents online to proceed further for the payment process.
  8. Make the payment through different available modes of payment and it's done. You are insured now!

In this way, you can easily purchase a life insurance policy online from the comfort of your home, inclusive of all the desired requirements and benefits needed for the best investment policy that is suitable to you and your family for a safe future.

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Buy Now Life Insurance

How To File A Life Insurance Claim?

In case of the insured's death, the nominee of the deceased will be able to make the claim in the following way:

  1. Inform the insurer about the death as soon as possible with the important details such as time, place and cause of death.
  2. Submit needful documents and proof to the insurance company. This will consist of the death certificate of the insured along with the claim form provided by the insurance company.
  3. The original policy documents along with the needful papers.
  4. The discharge form has to be signed by the witnesses.
  5. If the policy was assigned, the assignee will have to provide the documents.
  6. If someone else, apart from the nominee or assignee is filing a claim then he/she has to submit all the legal proof of his/her relation with the insured.
  7. If required, post-mortem, hospital and attending doctor's reports are also needed to be submitted.
  8. In cases involving police inquiries, an investigation/survey report will have to be submitted.

While the steps need a standard set of documents to process a claim, other evidence may be required such as an employer's certificate or any other form of reports that will help resolve any problems faced during an insurer's claim verification/investigative processes.

Should You Compare Life Insurance With PolicyX.com?

Definitely. There is no doubt about that. It is a certified insurance regulator that has the full support of IRDA (License Number: IRDA/WBA17/14). But this is not the only reason why you should place your faith in PolicyX.com.

  • It allows you to get online quotes from different companies without paying a penny.
  • If you have any doubts regarding the plans or premium calculation, you can freely get in touch with their experts. They are 24*7 at your service.

Documents Required for Life Insurance Policy

If you have decided to buy life insurance online, there are few documents that you need to provide such as:

Age proof : Any one of the following- Driving License, 10th or 12th mark sheet, Birth Certificate, Passport, Voter ID, etc.

Identity proof : PAN Card, Passport, Driving License, Voter ID or Aadhar Card which proves one's citizenship.

Address proof : Electricity Bill, Telephone Bill, Ration Card, Driving License & Passport should clearly mention the permanent address.

Some plans require a medical check-up usually for elder people above the age of 45 years in order to make sure that the insured does not suffer from any chronic illness.

Life Insurance News

Report: Salaried Women See A Sharp Increase In Life Insurance Ownership

March 6, 2020

India witnessed a sharp increase in the number of salaried women as life insurance owners. In 1 year of a survey that ended in January this year, the life insurance ownership (women) has increased by 8 percent (up to 67%). Comparatively, ownership by men has increased by 3 percent (up to 71%), during the same tenure. The increase is mainly because of salaried people.

The salaried class has witnessed an increase in life insurance ownership by 4 percent (up to 75%). The affluent witness an increase of 6 percent (up to 79%), as compared to the last year as per India Protection Quotient 2.0 report which is prepared by Max Life Insurance and Kantar.

They get the samples from 7014 respondents of age between 25 and 55 years, who are getting an annual income of around Rs 2 lakh.

Overall, life insurance ownership has increased by 500 bps (up to 70%) from the previous year. Under which, term insurance ownership has increased up to 700 bps (up to 28%). Measuring it on the scale of 0 to 100, the knowledge index stood at 48, and term awareness increased to 57%.

The report has measured mental preparedness, attitudes, future uncertainties, awareness, and ownership of life insurance products. All such topics were the major touchpoint for the calculation.

The life insurance ownership (working women) in Tier-II cities stood at 60%. Under the same, term insurance made merely 16% as women never thought about investing in term insurance, while a few people said that they never have enough money to invest in the same. Moreover, the women of metro cities focus more on better returns than on long-term financial protection.

Further, the report stated the women think more about financial security as compared to men, calculating on several parameters. The report also revealed that in Tier-II cities, the focus is more on savings rather than protection. It also demonstrated that they prefer endowment plans over term insurance.

New life insurance guidelines to be updated from 1st February. Here is a peek at them.

January 31, 2020

IRDAI has introduced new changes in life insurance guidelines and has directed the insurance providers to make these modifications from 1st February 2020. Mainly, traditional life insurance & ULIP plans are set to receive the uplift. Let's have a look at these changes.

  1. The period given for policy revival will increase from 2 years to 3 years from the date of the first unpaid premium.
  2. The partial withdrawal limit has been bumped up to 3 times in the entire policy term (up to 25% of the fund value).
  3. If you have to terminate your policy due to some reason, there is no need to wait for 3 years. You can exit the policy, once it ends its second year.
  4. Now, the providers will allow the policyholders/nominees to make a withdrawal of up to 60% at death/vesting/surrender as compared to 30% (current limit).
  5. No more can the insurance providers hassle you to take mandatory guarantee of maturity proceeds in the pension plans. It is up to the policyholders whether to comply with such guarantees or not.
  6. Now, all the age groups will get uniform TnCs of ULIP plans. Meaning, if you are below 45 years of age, your minimum sum assured for a ULIP plan will be seven times (as compared to ten times) of the annual premium.

Honestly, Indian policyholders will welcome these changes with open arms.

Life Insurance Council Introduces Awareness campaign - Sabse Pehle Life Insurance

December 23, 2019

Life Insurance Council of India has come out with a new joint awareness campaign titled Sabse Pehle Life Insurance focused on the importance of life insurance. The campaign has been launched with a 360-degree approach with the help of conventional and digital mediums. It has come out with a simple yet clear message through innovative advertisements which are viral all over in 11 languages for a nationwide appeal.

Life Insurance FAQ's

1. Why buy a Life Insurance Policy?

Life Insurance Policy is the best means to fulfil the goal which has been set by you. In the case of any tragedy to the policyholder, life insurance serves as the best way to help the families. Even the needs of the children are secure as the policy can help when the main bread owner dies. These policies protect you from taxes which are a great benefit. Premiums which are paid get a tax deduction. The policy can be taken for a special motive like the wedding of children or their education. Even the retirement life can be secured by taking the policy. Thus taking insurance policy is beneficial.

2. When to buy Life Insurance Policy?

The very moment when you feel that your family or loved ones are dependent on you for their needs without even thinking for a minute you should buy the policy. As there is no age limit so it's better to get it the moment you think the requirement arises.

3. How much life insurance you require?

The policy you require depends on the needs. To the more when you are young needs are limited but as you grow you have more responsibly and more people attached to you. So you should choose the best one keeping in mind your future needs.

4. What are the immediate financial expenses which your family may require immediately after your death?

When a person dies the family is in a state of grief and it takes months to come out from this shock. It is disheartening as you have lost your loved one but there are expenses such as for cremation and then other ceremonies which are to be done. Taking an insurance which covers all aspects will provide you with money to fulfill the immediate expenses which will be there after death.

5. How to know your present expenses to get the best insurance plan?

Before buying an insurance policy think about the liabilities which are there. From the loans of the banks to the credit card bills keep everything in mind. If your family is living in a rented accommodation think about the rent that the policy should be able to give till your children grow up and earn. Groceries, school fees, other expenses of families, taxes etc, keeping in mind all these then only select a policy.

6. How to know future expenses to get the best insurance plan?

Future expenses basically help you to get a vision of your needs in future. From settling the children, health issues to the retirement living, you need to think about all the expenses to get the best life insurance plan.

7. How long will your dependents need support in case of your sudden demise?

This is a critical question as you never know when you are going to leave for your heavenly abode. Before buying a policy think about the support your family may require. Maybe you leave the world early and your children are small. So, till the time they grow up and settle the policy should be such that it supports them. Even till your wife starts working or arranges some other income source policy should be there to help them. Thus this all depends upon what your family plans for their future and then only you can take a policy.

8. How to buy the best life insurance policy in India?

The simple way to choose a policy is to do it when you are young, thus you could increase coverage the amount. Research about your needs and then imply on the tools which insurance company gave you. Taking a note on them, choose the best policy.

9. Is it great to shop for life insurance policies at a young age?

Sure, purchasing a policy at a particularly younger age, permit you to avail the plan for insurance low premium.

10. Is it better to purchase a life insurance from an agent or have to I should buy one from an insurance company?

While insurance companies are the most dependable sources when it comes to purchasing life policies, coverage agents aren't absolutely untrustworthy. However, before you buy a policy from an insurance agent, it's suggested which you request for his or her authorisation card from the IRDA to make sure that they're certified sellers.

11. When does life insurance cover begin?

It will start on the date of commencement after the insurer has acquired and accredited of your insurance policy.

12. Are life insurance premium constant?

The premiums of such policies usually do not change and stay fixed for the term of the policy that's decided with the aid of the policyholder. A few policies have single pay or confined pay options Additionally where the premiums may be paid in a single lump sum or over a period of a few years.

13. Can older people purchase life insurance?

Sure, older residents who're above the age of 60 can also purchase life insurance regulations. There are numerous sorts of insurance policies like term policies, whole life policies and guaranteed life coverage guidelines that are designed to provide cover to older individuals. LIC and Reliance provide life insurance plans specially designed for senior citizens.

14. Is it great to take a single cover policy or a joint life insurance plan?

In case of single cover policy, each people are covered under separate and impartial regulations which don't have any effect. But, below a joint coverage, each individuals are covered below one plan. In case of a mishap where both individuals lose their life, their beneficiary will obtain only a single pay out, at the same time as in the case of two single policies, there might be pay outs, one from plan to another.

15. Do life insurance charges grow with the age?

Premiums for numerous sorts of life insurance policies like whole life insurance, as they do for term insurance plan. However, for term insurance policies, if you want to renew the policy after the stop of the coverage time period, the rates might also appreciably growth so as to cover the risk of a higher age.

16. Who is the claimant in a insurance coverage?

The person who files a claim oninsurance policy is known as the claimant. In case of the life insured suffering from injuries that not amounting to demise, the life insured becomes the claimant.

Find Out What PolicyX Customers Says

February 1, 2018

Sanyam
Gurgaon

Policyx is good site, they helped me in claim setllement also for the life insurance policy I brought from them

January 31, 2018

Situ Tiberwal
Jaipur

I have HDFC Click 2 protect plan which covers uncertainities like- Death, Disease and Disability. It's a good comprehensive plan and fits your budget

January 29, 2018

Lovely Sing
Gurgaon

This site has detailed information about every plan and insurance company there is. It is a good effort

January 28, 2018

Bhawna Prasad
Pune

I was in a need of good term plan from the purpose of investment. I called policyx represntative and was offered all the information I required and they also hepled in buying the plan

January 26, 2018

Nayan Sindhwal
Agra

One can know all the information about any life insurance plan from this site. They have all the company information

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Last updated on 26-03-2020