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Life Insurance
Life Insurance is best way to invest your money and create wealth and also give security to your family and loved one’s future in case unfortunate event like death/accident happen to you.
What is Life Insurance Policy?
It is the agreement between policyholder and insurance company. i which insurance company promises to pay fixed amount of money after a set time or event like death of policy holder, in return of that service they took premium from policyholder.
Types of Life Insurance Policies in India
Life insurance are mainly categorized into two types :
- Term Insurance – Life cover for family protection
- Investment Plan – Life cover with wealth creation
1. Term Insurance
In term Insurance there are three main catagaries such as :
- Term Insurance
- Term return of Premium (TROP)
- Whole life Insurance
- Term Insurance
It is the most affordable type of life Insurance Plan. This plan offers financial coverage to policyholder in return of fixed amount of premium which policyholder should pay to insurance company in specific duration.
This plan offer financial coverage to nominee of policyholder, In case of policyholder’s death.
- Term Return of Premium (TROP)
It is the variant of Term Insurance, Which also includes additional features like survival benifits. That means after specific age policy holder should get financial coverage even the death of policy holder was not happened.
- Whole Life Insurance
In Whole life Insurance policyholder was covered till age of 100 years.
2. Investment Plans
There are four types of Investment plan which are best for you, If you want to invest your money to secure the future of your loved one’s.
- Market Linked Systematic Investment Plan (ULIP)
- Guaranteed Return Plan (Endowment Policy)
- Retirement Plans
- Child Plan
- Market Linked Systematic Investment Plan (ULIP)
This plans includes Life Insurance as well as Wealth creation by Investing your money into Equity, dept or both.
Usually High performance ULP’s have shown 15-20% of returns which are also Tax free which makes this plan very popular amongst Long term investors.
- Guaranteed Return Plan (Endowment Policy)
This Plan is for those who are looking for fixed amount of return after specific duration with Life Insurance coverage.
Endowment Policy offers high return with life cover.
- Retirement Plans
These are long-term investment plans which offer opportunities to get a stable post retirement income. Premium amount was paid by policyholder regularly, which eventually grows and accumulate. After specific period lum-sum amount is paid back to policy holder.
- Child Plan
These plans are designed for financial security of Childrens. Which includes childs education, or future needs.
Best Life Insurance Plans in India 2022
ICICI iProtect Smart
Entry age – 18/65
Policy term – 10-67/81 years
Sum assured – 50L/20Cr
Claim settelement – 97.9%
HDFC Click 2 Protect Life
Entry age – 18/60
Policy term – 10-67 years
Sum assured – 50L/5Cr
Claim settelement – 98.01%
Max Life Smart Secure plan
Entry age – 18/60
Policy term – 10-67 years
Sum assured – 25L/10Cr
Claim settelement – 99.35%
TATA AIA Sampoorn Raksha Supreme
Entry age – 18/60
Policy term – 10-67/81 years
Sum assured – 60L/20Cr
Claim settelement – 98.02%
Bajaj Smart Protect Goal
Entry age – 18/65
Policy term – 5-67/81 years
Sum assured – 50L/20Cr
Claim settelement – 98.48%