Best Life Insurance Plans From Top Insurers

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Best Life Insurance Plans From Top Insurers

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Endowment plans are often mistaken as mundane Insurance plans. Rather come as a combo that can cover risk along with maturity benefits. These plans can turn out to be the best long-term investment.

Before buying an endowment plan we must understand the benefits that it offers. At the same time, we must know the factors that can impact our decision of buying an appropriate endowment product. Traditional plans or Life Insurance Plans are other terms used in the context of endowment plans.

Endowment plans come in two categories with and without profits. People like to buy endowment plan with profits because of lots of additional benefits it offers as compared to the one without benefits. Endowment plans without profits are also referred to as term plans. Usually, with the endowment plan policyholders can get benefits even after his survival. The best way to invest in the endowment plan is by understanding all its advantages as elaborated below.

Advantages Endowment Plan Can Offer

  • Tax: One of the best advantages an endowment plan can offer is tax saving. As per section 80 c & 80 d, we can save some amount of tax with the help of these plans. This is one of the greatest benefits that an endowment plan can offer. As it can help not only in saving tax but gives us the chance of further investment in tax-free plans. So in a way, it offers dual benefits. Tax benefits at the time of maturity are subject to a few conditions. To check the same, you must read the policy documents carefully.benefits of endowment plans
  • Loan: Many insurance companies facilitate their users with the loan after the locking period. This option is available only in the endowment plans. You can take the loan against a certain percentage of the surrender value. The loan can be availed without any documents in such policies.
  • Bonus: After the tenure of the policy, the insured is always benefited with maturity benefits. The amount that a policyholder gets is much more than the sum insured. He gets an additional bonus on maturity.
  • Lump-sum: After the policy tenure Insured can avail the advantage of lump sum money. This lump sum amount is good enough to meet any huge expenses.
  • Better Returns: The percentage of returns that you can get through these plans is twice or thrice than your investment. This is because the bonus gets accumulated and you can enjoy the additional funds.
  • Covers Risk of Life: If during the term of the policy, the Insured gets expired than his beneficiary can claim the sum insured.
  • Pension Funds: By buying a suitable endowment plan you can always get an assured amount that can act as a pension fund. This can help you in securing your life even after retirement.
  • Meeting Major Expenses: The endowment plan is the pool of accumulated funds. After the tenure of the policy, you can surely get the funds along with the added value. This corpus of the amount can assist in meeting any major expenses.

Factors That Can Help In Choosing The Right Plan

Premium

So many insurance plans can often lead to confusion. The premium can be one of the important determinants before selecting an insurance plan. It can be easily calculated using any online comparison sites. Some of the leading endowment plans to choose from are as follows.

Sno.

ENDOWMENT PLANS

1.

LIC New Endowment Plan

2.

HDFC Standard

3.

Future Generali

4.

Exide Insurance

5.

Edelweiss Tokio

6.

DHFL Pramerica

7.

Canara HSBC

8.

Birla Sun Life

9.

Bharti Axa

10.

Bajaj Allianz

To get the quotes from life insurance companies you need to enter a few details. This information can be related to your attributes. All the data entered can help you with the amount of premium from many insurance players. This can affect your buying decision. Factors that are required to enter online premium calculators are as follows.

  1. Your Age
  2. Gender
  3. City
  4. Contact details
  5. Smoking habits
  6. Sum Insured
  7. Any other input

After getting the amount of premium you can check other factors as well before making the final decision.

Financial Goals

Choosing the plan is directly related to your financial goals. Bigger your goals better you can invest in the plans. It’s good to visualize all your financial milestones and buy a suitable insurance plan accordingly.

Features

Every endowment plan may have a different feature as compared to others. Some plans may offer something unique. You can always check the same before finalizing your policy.

Rider Benefits

The rider is an additional feature that every endowment or life insurance plan offers. You can always check about various rider benefits these endowment plans offer and decide about the plan accordingly.

How To Buy An Endowment Plan?

  • Online Comparison Website
    One of the most preferred media of buying an endowment plan is through any of the online comparison websites. They can help you with an online premium calculation with ease. Besides that, you can also compare the features of various insurance companies easily. After checking all the details making the payment is also very convenient and secure at the same time.
    As soon as you make the payment policy comes in your inbox. This is one of the fastest yet simplest ways of buying any insurance plan. There are flexible ways of making payments as well. You can do it through NEFT, net banking or any other preferred way as facilitated by these web aggregators.
  • Mobile Apps
    Mobile apps are another way through which endowment plans can be purchased with ease. All you need to do is download the app of the website and proceed with the payment on your smart way. It is as simple as buying it on your desktop. It’s just a matter of preference.
  • Traditional channels
    Last but not least other channels are quite traditional. One of the ways by which these endowment plans can be brought is through middlemen or distributors. It is not a much-preferred channel as the cost of premium through this channel may be a little high.

Buying a suitable endowment plan after considering all the factors above can assure the best returns.

Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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