Best Life Insurance Plans From Top Insurers

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Life insurance is no less than a legal contract between an individual and the insurance provider. It binds the insurer with the promise to pay a sum of assured amount in exchange of premium payment that is given regularly in instalments or as a one-time payment.

The sum assured is paid upon death of the person insured, which may be released in instalments or as a lump sum. Depending on the contract, this sum assured may be released on other events such as critical or terminal illnesses. 

There are around 24 life insurance companies operating in India that offer you their best products to remain insured for life. Amongst these, the top 5 life insurance providers are listed below based on the number of claims settled as per IRDA report 2018-19.

List of Best 5 Life Insurance Plans in India

Company Name

Life Insurance Plans

Entry Age

Sum Assured

Claim Settlement Ratio (%) 2018-2019*

Tata AIA Life Insurance

Sampoorna Raksha +

18 years – 70 years

Minimum of Rs. 50,00,000

99.07%

HDFC Life

Click2 Protect Plus

18 years - 65 years

Minimum of 25,00,000

99.04%

ICICI Prudential

iProtect Smart

18 years - 65 years

Subject to the minimum premium amount

98.58%

Max Life

Online Term Plan

18 years - 60 years

10 to 15 times of Annual Income

98.74%

Life Insurance Corporation of India

New Jeevan Anand Plan

18 years – No Limit

Higher of 125% of Basic Sum Assured or 7 times of Annualized Premium

97.79%

*Updated as of 29th May 2020

1. Tata AIA Life Insurance Sampoorna Raksha+


To ensure the financial security of every family, Tata AIA has designed this non-linked and non-participating individual life insurance savings product that will protect the policyholder from uncertainties of life. This term plan will hence shield your family from a financial crisis that will put them under burden in your absence.

Features and Benefits

  1. Flexibility to choose between 4 Death Benefit options:
  • Sum Assured on Death payable on Death.
  • Sum Assured on Death payable on Death & Monthly Income thereafter for 10 years.
  • Enhanced Sum Assured on Death payable on Death.
  • Enhanced Sum Assured on Death payable on Death & Monthly Income thereafter for 10 years.
  1. Return of premium in case of survival until maturity of your Sampoorna Raksha+ Life Insurance policy.
  2. Life Cover for a policy term of as much as 40 years or up to the age of 100 years.

2. HDFC Click 2 Protect Plus


You can safeguard the financial security of your loved ones with the help of HDFC Click 2 Protect Plus plan as it provides a wide range of additional coverage options along with the base plan. Your family’s daily requirements will be secured under its Income and Income Plus options in the form of monthly income even if you are not around.

Features and Benefits

  1. Flexibility to choose from 4 cover options - Life Option, Extra Life Option, Income Option and Income Plus Option.
  2. Flexibility to choose the length of the policy term and the premium paying term.
  3. Death Benefit under this plan:
  • For Single Premium Policy - Higher of 125% of single premium and Sum Assured payable on death.
  • For Regular Premium Policy - Higher of 10 times of the annualized premium, 105% of the total premiums paid as on date of death, and Sum Assured payable on death.

3. ICICI Pru iProtect Smart


This life insurance policy is known to be the best-selling plan ever since its launch as it offers extensive support and protection to your family and critical illness cover option for you. It allows you to go easy on your pocket, letting you choose the premium payment frequency between yearly, half-yearly, and monthly payment options.

Key Features and Benefits

  1. Eligibility to receive a payout upon the first diagnosis of any of the 32 Critical Illnesses without the need of hospital bill and just a copy of your diagnosis report.
  2. Flexibility to choose between four payout options - Lump Sum Option, Income Option, Increasing Income Option, and Lump Sum Plus Income Option.
  3. Eligibility for life cover upon diagnosis of terminal illness, allowing the term plan to pay your insurance money before your unfortunate demise. The list of terminal illnesses also includes AIDS as eligible for life cover. Know More

4. Max Life Online Term Plan Plus


You can secure your family’s financial future and help them lead a stress-free life with the help of this Online Term Plan Plus by Max Life even after your unforeseen demise. It provides you cover against a wide range of mishaps, including death, disease and disability.

Features and Benefits

  1. Flexibility to choose your own benefit amount from 3 payout options available for the family - Lump Sum One Time, Lump Sum along with Monthly Income, and Lump Sum with Increasing Monthly Income.
  2. Regular Income for your family will help them cover their daily needs and support themselves financially for essentials such as food, rent, bills, EMIs, etc.
  3. Flexibility to choose the duration of the cover that can be a minimum of 10 years and maximum of 50 years, post which, a lump sum payout will be released to fund your family’s dynamic goals.

If you want to know more details about Max Life Term Online Term Insurance Plan Plus, then click here.

5. LIC of India New Jeevan Anand Plan


Every individual’s insurance needs and requirements differ based on their end goal. Keeping that in mind, LIC of India presents New Jeevan Anand Plan, which is a participating non-linked plan, offering an attractive combination of savings and protection. It hence provides financial protection against death throughout the life of the policyholder along with liquidity needs through its loan facility.

Features and Benefits

  1. Death Benefit – Sum Assured on Death is payable and shall not be less than 105% of all the premiums paid as on the date of death.
  2. Maturity Benefit – Basic Sum Assured along with Final Additional Bonus, and Simple Reversionary Bonuses that are earned by participating in profits of the Corporation.
  3. Accidental Death and Disability Benefit Rider – Opt for this additional rider by paying additional premium to receive Accident Benefit Sum Assured payable as lump sum along with death benefit.

With these plans, you will not just protect your family against all odds in your absence, but can also lead a stress-free life without worrying about the uncertain future.

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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