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Top 10 Life Insurance Plans in india 2023

Your insurance policy serves as both a long-term investment choice with guaranteed returns and protection against unforeseen events. Although insurance can help ensure cash flow in difficult times, poorly picked plans may end up being useless when you most need them. As a result, be sure to create a list of your requirements and compare each insurance offer made by the top insurers. The top 10 insurance plans provided by some of the top insurance providers in India are listed below:

No.1 Aditya Birla Sun Life Insurance

Birla, Aditya There are two types of coverage available under the Sun Life Term Insurance Plan: growing sum assured and flat sum assured. Under level sum promised, the amount is guaranteed to remain constant for the entire year; under growing sum assured, the amount is guaranteed to increase by 5% or 10% annually.

Features of Adity Birla Sun Life Term Insurance Plan:

Minimum age at entry

18 Years

Maximum age at entry

65 years

Minimum term period

5 years

Maximum term period

30 years

Minimum sum assured

Rs.30,00,000

Maximum sum assured

No limit on maximum sum assured

Premium payment mode

Monthly, quarterly, half-yearly or annually

Premium term

Equal as policy term

No.2 SBI Life eShield

A non-linked internet insurance product called SBI Life eShield offers greater returns on premiums. Basically, it’s made to protect your family while you’re away and provide for them financially. At maturity, the plan does not provide rewards for surviving. You can just click to apply for the plan without having to fill out any paperwork or meet with an adviser.

Features of SBI Life eShield:

Cover options under the eShield plan

  • Level Cover
  • Level Cover with Accidental Benefit
  • Increasing Cover
  • Increasing Cover with Accidental Benefit

Maximum age at entry

  • 65 years for both Level Cover and Level Cover with Accidental Death Benefit
  • 60 years for Increasing Cover and Increasing Cover with Accidental Death Benefit

Minimum age at entry

18 years

Minimum sum assured

Rs.20,00,000

Maximum sum assured

No limit (subject to underwriting)

Minimum policy term

  • 5 years (For Level Cover & Level Cover with Accident Benefit)
  • 10 years (For Increasing Cover & Increasing Cover with Accident Benefit)

Premium payment mode

Yearly

Premium term

Same as policy term

Minimum premium amount

Rs.3,500

Maximum premium amount

No limit

HDFC Life Click 2 Protect Plus

An extensive level of security for your loved ones against the uncertainties of life is guaranteed by the term insurance plan HDFC Life Click 2 Protect Plus, which was introduced by HDFC Life. Under the Income and Income Plus Option, even their immediate needs will be met with a monthly income.

Features of HDFC Life Click 2 Protect Plus:

Cover options under Click 2 Protect Plus

Life option: It offers a lump sum at death of the policyholder

Extra life option ( Accidental Death Benefit): It provides an extra sum assured in addition to the lump sum offered on death

Income Option: Provides 10% of sum assured on death and the remaining is paid out on a monthly basis for 15 years

Income Plus Option: The option provides 100% of sum assured on death and also an arrears on 100% of sum assured which is paid on a monthly basis

Minimum age at entry

18 years

Maximum age at entry

65 years

Minimum sum assured

Rs.25 lakhs

Maximum sum assured

No limit (subject to underwriting)

Premium payment mode

Yearly, half-yearly, quarterly, or monthly

Premium paying term

Regular, limited, or single

Aviva i-Life

The term insurance plan known as Aviva i-Life provides your family with complete financial security in the event of your passing. The inexpensive plan serves as an extra safety net when something awful happens to your loved ones. As a protection plan, Aviva i-Life does not provide maturity benefits. For more on Aviva i-Life’s features, see the table below.

Features of Aviva i-Life:

Minimum entry age

18 years

Maximum entry age

55 years

Maturity age

70 years

Minimum policy term

10 years

Maximum policy term

35 years

Premium payment frequency

Yearly and half-yearly

Premium payment term

Equals the policy term

Riders

None

Tax

Tax benefits under Section 80C will be applicable

Future Generali Care Plus

Even if emotional losses are irrevocable, we can ensure our loved ones’ safety and a comfortable life for them even when we are not around. Care Plus is a straightforward life insurance policy that provides high life coverage at an easily reasonable price, ensuring total financial security for your family even in the event of your death. There are two variations of Care Plus: Classical Option and Premier Option.

Features of Future Generali Care Plus (Classic Option):

Minimum entry age

18 years

Maximum entry age

60 years

Minimum sum assured

Rs.10,00,000

Maximum sum assured

Rs.24,99,999

Minimum policy term

5 years

Maximum policy term

30 years

Maximum coverage age

65 years

Minimum premium

Rs.2,500 per annum

Premium modes

Yearly, half-yearly, quarterly, and monthly

Features of Future Generali Care Plus (Premier Option):

Minimum entry age

18 years

Maximum entry age

60 years

Minimum sum assured

Rs.25,00,000

Maximum sum assured

No limit

Minimum policy term

5 years

Maximum policy term

30 years

Maximum coverage age

65 years

Minimum premium

Rs.5,000 per annum

Premium modes

Yearly, half-yearly, quarterly, and monthly

Birla Sun Life BSLI Protect@Ease Plan

The BSLI Protect@Ease Plan is a term insurance policy that promises your family complete financial security in the case of your passing. The plan has been customised to satisfy every need of a family, thus it offers a variety of coverage alternatives. The BSLI Protect@Ease plan honours policyholders who uphold healthy lifestyle practises. The Income Tax Act’s tax benefits are applicable.

Features of BSLI Protect@Ease Plan:

Minimum entry age

18 years

Maximum entry age

65 years

Plan options

  • Level Term Insurance
  • Increasing Term Insurance

Minimum policy term

5 years

Maximum policy term

40 years

Premium paying term

  • Single payment
  • Limited Payment
  • Regular Payment

Premium payment mode

Yearly or monthly

Minimum Sum Assured

Rs.30,00,000

Maximum Sum Assured

No limit (subject to underwriting)

Riders available

  • BSLI Accidental Death & Disability Rider
  • BSLI Hospital Care Rider

LIC’s Jeevan Pragati Plan

A blend of life insurance and savings, Jeevan Pragati is a non-linked life insurance plan provided by LIC. Every five years during the term, the plan is eligible for an automatic increase in risk coverage. Under LIC’s Jeevan Pragati Plan, policyholders may also use a borrowing facility.

Features of LIC’s Jeevan Pragati Plan:

Minimum entry age

12 years

Maximum entry age

45 years

Policy term

12 to 20 years

Minimum basic sum assured

Rs.1,50,000

Maximum basic sum assured

No limit

Maximum age at maturity

65 years

Premium payment modes

Yearly, half-yearly, quarterly, and monthly

Max Life Online Term Plan Plus Basic Life Cover

The Max Life term plan includes a protection option that safeguards your family’s future even when you are not there. The plan provides substantial coverage along with optional features like benefit riders and premium waivers. It has no maturity advantages and only pays death benefits.

Features of Max Life Online Term Plan Plus Basic Life Cover:

Minimum entry age

18 years

Maximum entry age

60 years

Policy term

10 years to 40 years

Minimum sum assured

Rs.25 lakhs

Maximum sum assured

100 Crores

Premium payment term

Equal to policy term

Premium payment mode

Yearly, half-yearly, quarterly, and monthly

Bharti Axa Life Elite Secure

It is a cost-effective plan that offers the insured’s dependents substantial financial help in the event of an unexpected incidence. The Bharti Axa Life Elite Secure plan has affordable premium rates and gives you the choice of having your life covered up to age 75. Both Section 80C and Section 10(10D) tax benefits apply.

Features of Bharti Axa Life Elite Secure:

Minimum entry age

18 years

Maximum entry age

  • 75 years for the policy term of 10, 15, 20, and 25 years.
  • 65 years for a term period of 5 years

Minimum sum assured

Rs.25,00,000

Premium payment term

Equals policy term

Premium payment modes

Yearly, half-yearly, quarterly, and monthly

PNB MetLife Mera Term Plan

As its name suggests, the Mera Term Plan is a specially designed life insurance policy that provides your family with complete security while you are away. The distributions are available as an initial lump sum plus regular monthly income, an initial lump sum plus increasing regular monthly income, and an initial lump sum plus regular monthly income until your kid turns 21.

Features of PNB MetLife Mera Term Plan:

Minimum entry age

18 years

Maximum entry age

65 years

Minimum sum assured

Rs.10,00,000

Age at maturity

75 years

Policy term

10 years to 40 years

Premium payment term

Equals the policy term

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