Best Life Insurance Plans in India
Table of Contents
Life insurance is a formal agreement between two parties i.e the insurance provider and the policyholder, wherein the lump sum amount is paid by the insurance provider to the insured in return of a fixed sum known as premium over a period. If the policyholder dies during the insurance plan tenure, the insurer would provide a lump sum amount to the declared nominee.
The lump sum amount offered is known as the sum assured on death or death benefit. While, when the policy term completes, the insured gets the sum assured upon the maturity from the insurance company alongside some other benefits.
Best Life Insurance Policies
Highlighted below are some of the best life insurance policies in India:
|
Life Insurance Policy |
Age of Entry |
Plan Term |
Sum Assured |
|
Bharti AXA Life Premium Protect Policy |
Min- 18 years Max-65 years |
Min- 10 years Max- 15/35 years |
Min- 25 lakh Max- No upper limit |
|
Edelweiss Tokio Life Simply Protect Policy |
Min- 18 years Max-65 years |
Min- 10 years Max- 40 years |
Min- 25 lakh Max- No upper limit |
|
Future Generali Flexi Online Term Insurance |
Min- 18 years Max-55 years |
Min- 10 years Max- 75 years |
Min- 50 lakh Max- No upper limit |
|
Kotak Life preferred e-term |
Min- 18 years Max-75 years |
Min- 10 years Max- 40 years |
Min- 25 lakh Max- No upper limit |
|
Max Life Smart Term Policy |
Min- 18 years Max-60 years |
Min- 10 years Max- 50 years |
Min- 25 lakh Max- 100 crores |
|
SBI e-shield Policy |
Min- 18 years Max-70 years |
Min- 5 years Max- 30 years |
Min- 20 lakh Max- No upper limit |
|
ICICI Pru iProtect |
Min- 20 years Max-75 years |
Min- 10 years Max- 30 years |
Min- 3 lakh Max- No upper limit |
Important Life Insurance Terms
In order to completely understand the life insurance, it is significant to know the basic terminologies used within the plan. Some of the important terms used in Life Insurance are:
1. Policyholder
An individual who purchases the life insurance plan at the cost of a premium is known as the policyholder. However, the individual holding the plan is not necessarily the life assured.
2. Nominee
An individual who gets nominated by the policy buyer is referred to as a nominee. During any eventuality, the nominee is entitled to receive payouts of the life insurance alongside other benefits.
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The other name of the nominee is beneficiary. At the time of purchasing the life insurance plan, it is necessary to declare the nominee. Generally family members who are financially dependent upon the policyholders like children, spouse, and parents are declared as the nominee.
3. Policy Tenure
The life insurance plan offers coverage for a specified period of time known as policy tenure or policy term. The policy term differs on the basis of the type of plan bought and the specific terms and conditions.
4. Life Assured
The person who receives protection or is insured is referred to as life assured. If the insured person passes away during the policy tenure, then the beneficiary receives the lump sum amount.
5. Premium
The amount that is paid to the insurance company in exchange to keep the insurance plan active. The insurance plan would lapse if you are not able to pay the premium for life insurance either before or on the due date. The premium sum paid is dependent upon various factors like age, lifestyle habits, plan duration etc.
6. Death Benefit
When the life assured passes away during the plan tenure, the sum that is received by the nominee is known as death benefit.
7. Maturity Benefit
At the time when the policy term gets over and the policyholder receives the sum, it is known as maturity benefit.
8. Lapsed Policy
At the time when the policy gets terminated due to not paying the premium amount on time (including grace period), it is known as lapsed policy.
Also Read:- Best Life Insurance Plans For Senior Citizens
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
