Life Insurance is an agreement between the insurance company and you. Under this agreement, the insurance company will protect you from financial losses by paying a fixed amount known as the sum assured when the agreed event occurs.
On the other hand, you agree to pay the insurance company a fixed amount known as premium as per the duration and frequency agreed with the insurance company for getting protected.
Life Insurance is the only product that guarantees it will take care of your loved ones right from Day 1. Life Insurance has to be one of the primary products of your portfolio; it provides life cover which takes care of your family in your absence. On surviving the policy term, you receive an amount that helps you take care of your immediate needs.
Here are the top life insurance plans for the year 2020
| Top Life Insurance Plans in India | Entry Age | Maturity Age | Sum Assured | Tax Benefit |
|---|---|---|---|---|
| HDFC Life Sanchay Plus | 5 - 60 years | 80 years | Based on Min Premium of Rs. 30,000/- | Sec 80C & 10(10D) |
| HDFC Life Click 2 Protect 3D Plus | 18 - 65 years | 23 - 85 years | Min- Rs. 10,000 Max- No upper limit | Sec 80C & 10(10D) |
| Aditya Birla Sun Life Protector Plus Plan | 18 - 65 years | 70 years | Min- Rs. 30 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Aegon Life i-Term Plan | 18 - 65 years | 80 years | Min- Rs. 25 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Canara HSBC Investment Shield Plan | 18 - 65 years | 65 years | Min- 1.25 X Single Premium Max- 10 x Single Premium | Sec 80C & 10(10D) |
| SBI Shubhnivesh plan | 18 - 60 years | 65 years | Min- Rs. 75,000/- | Sec 80C & 10(10D) |
| SBI Life eShield | 18 - 65 years | 80 years | Min- Rs. 35 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| SBI Life Smart Shield | 18 - 60 years | 80 years | Min- Rs. 25 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Exide Life Income Advantage Plan | 3 - 50 years | 80 years | Min- Based on Min Annual Premium of Rs. 12,000 | Sec 80C & 10(10D) |
| Reliance Nippon Life Online Income Protect Plan | 18 - 55 years | 75 years | Min- Rs. 35 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Kotak eTerm Plan | 18 - 65 years | 75 years | Min- Rs. 25 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Aviva i-Life | 18 - 55 years | 75 years | Min- Rs. 25 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Bajaj Allianz Life Smart Protect Goal | 18 - 65 years | 80 years | Min- Rs. 50 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| ICICI Prudential iProtect Smart | 18 - 65 years | 70 years | Min- Based on min premium (Rs. 2400) | Sec 80C & 10(10D) |
| IDBI iSurance Flexi Lump-sum Plan | 18 - 65 years | 23 - 85 years | Min- Rs. 50 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Edelweiss Tokio Life-Simply Protect Plan | 18 - 65 years | 80 years | Min- Rs. 25 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Future Generali Care Plus Plan | 18 - 60 years | 65 years | Min- Rs. 25 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| Max Life Online Term Plan Plus | 18 - 60 years | 85 years | Min- Rs. 25 Lakh Max- No upper limit | Sec 80C & 10(10D) |
| PNB MetLife Mera Term Plan | 18 - 65 years | 99 years | Min- Rs. 10 Lakh Max- No upper limit | Sec 80C & 10(10D) |
Disclaimer: The above information has been sourced from the official website of the respective insurance company. (Last updated on !5th November 2020)
Life Insurance Plans available in India offers a host of benefits that you or your loved ones can enjoy in your absence. Let’s have a quick look at these benefits:
As the sole breadwinner of the family, it is your responsibility to provide your family with an alternate source of income they can depend upon if you are no more in this world to look after them anymore.
Suppose you have made an FD investment for 15 years for your child’s marriage; this FD pays an interest of 8% p.a. Now, in case you die after 5 years and your nominee goes to the bank for claiming the amount, the bank pays the interest rate of 8% only till the date of your death. The period after your death does not earn any interest from the bank.
But Life Insurance products are different; the amount payable is guaranteed whether you survive the policy term or not. Child Plans are a classic example of this; if you survive the policy term, the guaranteed amount is paid. On your death, sum assured is paid, and on completion of the policy term, the sum assured is paid again.
Comprehensive Protection - Want to increase the protection offered by a life insurance plan. There are a lot of Riders that can help you. A rider is an additional add-on which you can attach to your base plan at the cost of an additional premium. Some of the most popular life insurance add-ons are:
Bonus - Loyalty can be a rewarding experience, and life insurance plans offer loyalty benefits to its customers. You earn loyalty benefits from a life insurance company in the form of a Bonus. The insurance company provides a bonus that is paid either on death or surviving the policy term.
Loan - Need emergency funds, life insurance plans with a savings component like an endowment, money back, whole life offers you loan facility. You can avail of a loan on your life insurance policy at the applicable interest rates to take care of your immediate financial problems.
Tax Benefit - The premiums paid towards a life insurance policy and benefits received from it are also eligible for tax benefits. The premium paid up to Rs. 1.5 lakh is eligible for deduction from your taxable income under section 80 C of the Income-tax Act 1961. On the other hand, the benefits received from a life insurance policy like death benefit, survival benefit, and accrued bonuses are entirely tax-free under section 10(10D) of the Income-tax Act, 1961.
In Short,
Life Insurance offers you need-based solutions, Life Cover, Savings, Wealth Creation, Child’s Education, Child’s Marriage, Retirement, Regular Pension, and more. There is a life insurance plan for all your needs like Term insurance, Endowment Plan, Money Back Plan, ULIPs, and more. So, visit Coverfox and buy the top life insurance plan for your unique need instantly.