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Top 10 Best Life Insurance Policy in India

Term insurance plan basically protects your life and your dependents after your life. The main motive of any individual seeking the best term insurance plan is to provide a protective financial cover to his or her family members in his/her absence. There are multiple Term insurance plans that can confuse you with their pros and cons. We have shortlisted top 10 best life insurance policy in India. You can select the best of all plans that suit your needs and help you attain your financial goals with security. We are not promoting any company or plan. This list is true to our heart and is an outcome of our in-depth research.

Claim Settlement Ratio(CSR)

This ratio shows how many claims are settled out of hundred. So as a customer, we should look for a company which has settled more claims. Claim settlement ratio for each year released by IRDA [Govt body]. From the figure you can understand that LIC, Max life, Birla sunlife are best in this regard.

Best llife insurance policy in india

Based on the IRDA data, here is the result of last three years analysis. We have grouped the best life insurance companies according to the CSR of last 3 years.

Best term insurance plan

Term Insurance Policy Price

If you see for the same term and insured amount max life, PNB met life are the cheapest of all. Whereas LIC is being the costlier one. Here in this example, I have shown cost for 25 years old; non smoker; 1Crore insured amount; 30 years of term period.

Best online term insurance plan

Claim Pending Status

This shows a clear image that how quickly your insurance company reacts upon the claim. Even though LIC’s claim settlement ratio is high, there are lots of unsettled claims even more than one year. I think everyone knows how fast government employees will move the files.

Best Life Insurance Policy in India

In many blogs I have seen LIC is mentioned as best insurance company. I don’t know why? It is not only about claim settlement ratio. If you choose LIC, first of all you will be heavily priced. Also they may keep your claim form pending for more than a year. Even for buying a policy from LIC itself you have to struggle a lot for medical test and all. Our suggestion is that, go for cheap and best life insurance plans like max life or ICICI prudential or HDFC.
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Top 10 Best Life Insurance Policy in India 2016

1. Max Life – Online Term Plan

Max Life Insurance Company is a well-known company with claim settlement record for 2014-15 of approx. 96.03%. The premium of their plans is quite low as compared to other companies offering term Insurance plans. Max’s online term plan offers an optional Accident Death Benefit that safeguards your dependents in your absence. Minimum age limit is 18 and maximum 60 for joining this plan for a period of 10-35 years. Max term plan offers basic cover and two more options as an added advantage of availing this plan:

  • Basic Life Cover + Monthly Income
  • Basic Life Cover + Monthly income(that is increasing)

Pros

  • Max Term plan is as old as HDFC and ICICI Term plans
  • It is the fourth largest Insurer amongst private companies
  • Solvency rate better than market leaders HDFC and LIC
  • After death benefits assure 100% payment in lump sum
  • Premium payment is one time on annual basis
  • This is the best life insurance policy in India as per the research.

Cons

  • Low premium makes this plan more vulnerable to frauds.

2. ICICI Pru Life – iProtect Smart Plan

iProtect Smart Plan from ICICI Pru Life is a well-established Term Insurance plan with claim settlement record for 2014-15 of approx. 93.8%. Minimum age limit is 20 and maximum 65 for joining this plan for a period of 5-40 years. Two plan options:

  • iProtect Plan option I don’t cover any rider
  • iProtect Plan Option II Plus covers accidental rider.

Pros

  • Supports 34 different critical illness cases.
  • Insurance against death provides a safety cover for your family. In case of any accidental death, the nominee will get double the amount assured by you.
  • Affordable premium makes your dependents smooth.
  • Women get an added benefit of special premium rates.
  • Premium payment is flexible- Regular, single and the limited pay.
  • This is one of the best life insurance policy in India.

Cons

  • This plan doesn’t work well in case of for permanent disability.

3. HDFC Life – Click 2 Protect Plus Plan

Click 2 Protect Plus Plan from HDFC Life with claim settlement record for 2014-15 of approx. 90.5%. Minimum age limit is 18 and maximum 65 for joining this plan for a period of 10-40 years. Four plan options:

  • Life option( total amount is paid in lump sum in case of accidental death)
  • Extra Life option( double amount is paid in lump sum in case of accidental death)
  • Income option (10% sum is paid in case of death and rest 90% is paid on monthly basis for the next 15 years.)
  • Income Plus option.(100% sum is paid in case of death and 0.5% is paid on monthly basis for the next 10 years.)

Pros

  • Supports 19 different critical illnesses.
  • In case of accidental death, your family member or the nominee will get double the sum assured by you.
  • Non- Tabaco users get an added benefit of special premium rates.
  • Additional tax benefit if premium paid under 80C
  • In case of any permanent disability, you will get monthly income for up to 10 years.
  • Regular, limited and single Premium payment options.

Cons

  • Income option is a waste as most of the nominees don’tget any returns on the 90% payment done on monthly basis.

4. LIC – LIC E-term

LIC E-term from LIC with claim settlement record for 2014-15 of approx. 98.19%.Minimum age limit is 18 and maximum 60 for joining this plan for a period of 10-35 years. LIC is a government organization so building trust is an easy task.

Pros

  • In case of accidental death, the sum assured per policy plan will be paid.
  • IT Benefit under 80C and 10(10D).

Cons

  • Nothing will be paid after the maturity of policy in the case buyer is surviving till that time.
  • No riders available in this policy
  • If buyer doesn’t pay a premium, your policy will lapse thereafter.
  • You cannot surrender the policy in the middle.
  • Policy loan not available on this plan.

5. Kotak Life – Eterm

EtermPlan from Kotak Life with claim settlement record for 2014-15 of approx. 90.73%. Minimum age limit is 18 and maximum 65 for joining this plan for a period of 10-40 years.

Pros

  • 3 riders available additional
  • Additional premium rated for women.
  • This policy is flexible and you can move from one plan to another non-term plans offered by Kotak.

Cons

  • Although this policy offers accidental death benefit but no maturity benefits
  • Policy lapse in case no premium is paid.
  • You can only review your policy within 2 years of lapse.
  • Loan provision not available on this policy.

6. SBI Life – eShield Plan

eShield Plan from SBI Life with claim settlement record for 2014-15 of approx. 89.43%. Minimum age limit is 18 and maximum 65 for joining this plan for a period of 5-30 years.

Pros

  • Income tax benefit if premium paid under 80C and 10(!0D) in case of accidental death.
  • Payment mode is annual.

Cons

  • No Maturity benefit on this policy.
  • No additional riders available
  • You cannot surrender in the middle of this policy
  • Loan facility not available on this plan.
  • The Policy lapses in case premium is not paid.
  • The buyer can only review the policy within 3 years of policy lapse.

7. Birla Sunlife – Protect@Ease Income Plan

Protect@Ease Income Plan from Birla SunLife with claim settlement record for 2014-15 of approx. 96%. Minimum age limit is 18 and maximum 55 for joining this plan for a period of 5-30 years. The premium payment is flexible regular and single pay. Two plan options:

  • Level I Term Assurance (assured sum remains the same throughout your plan)
  • Level II Term Increasing Term Assurance(assured sum increases as your responsibilities increases throughout your plan)

Pros

  • This plan provides safety cover for you and your family.
  • Tax benefits under 80C and 10(10D)

Cons

  • In case, this plan reaches its maturity level and the person is still alive, no additional benefits are provided by this plan.
  • There are high chances of fraud so study all documents before finalizing anything.

8. Tata AIA – iRaksha Supreme

iRaksha Supremefrom Tata AIA with claim settlement record for 2014-15 of approx. 94.47%. Minimum age limit is 18 and maximum 70 for joining this plan for the term of 10-40 years. The premiums can be paid in regular, single or limited payment. Non-smokers and women get an added benefit in this plan.

Pros

  • This plan offers protection in case of accidental incidences.
  • If a person survives till the maturity, the whole amount of the premium is paid.
  • Tax benefits under 80C and 10(10D)

Cons

  • The major drawback this plan has is, you cannot back out from this plan in the middle.
  • You can simply lapse your plan by not paying the premium but this surrender will not give you any payment benefits.
  • Once you surrender, you will lose your previous payments also.

9. PNB Met Life – Mera Term Plan-Full Lumpsum payout Plan

Mera Term Plan-Full Lump sum payout Plan from PNB Metlife with claim settlement record for 2014-15 of approx. 92.86%. Minimum age limit is 18 and maximum 65 for joining this plan for a period of 10-40 years. This plan is the world’s most admired plan across the globe. The premium can be paid yearly or on a monthly basis. Two plan options:

  • MetlifeMera Term Plan
  • Metlife Family Income Protection plus

Pros

  • You can cover your family without any safety issues.
  • Protect your child and let his or her dreams come true.

Cons

  • Two terms are offered wherein the first one the buyer don’t get any maturity benefit
  • Service of this plan is very slow and the buyer has to wait and waste his or her in interaction with the seller.

10. Bajaj Allianz – iSecure Plan

iSecure Plan from Bajaj Allianz with claim settlement record for 2014-15 of approx. 91.85%. Minimum age limit is 18 and maximum 60 for joining this plan for a period of 10-30 years. The Buyer gets an additional benefit of Tax while paying a premium amount under 80C. In the case of accidental death, the buyer gets the benefit of tax under 10(10D).

Pros

  • In case of accidental death and if the premium amount is paid till the date, whole sum will be returned. The nominee can ask for monthly installments for a period of 5-10 years.
  • For large sum, level benefits are assured to the buyer.

Cons

  • This plan policy cover terminates after the accidental death of buyer.
  • Policy loan not available under this Plan.
  • If buyer don’t pay any premium and somehow extends the grace period also, then all premiums will lapse giving no benefits.
  • No benefits in case of surrender.

 

These term insurance plans protect your family in case of financial crisis and any accidental death cases. Hope, this post will help you select the best online term Insurance plan.

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