Popular Life Insurance Plans 2022
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Life Insurance is a straightforward concept – you basically buy a policy that offers your beneficiary or beneficiary's compensation when you are no more. You need to have thorough knowledge about life insurance to be able to make a well-informed decision about the type of life insurance policy that will be best suited for your unique needs, the amount of death benefit that you should opt for, etc. Since human life is very precious, you get financially as well as emotionally disturbed when you lose a family member. In such challenging circumstances, life insurance policies offer the much-needed financial peace to your family in your absence. It provides them a lump sum or pay outs in installments, as mutually decided between you and your insurance company at the time of signing the policy. This ensures your family a reliable and stable source of income for meeting basic needs like child’s education, daily expenses, unpaid bank loans or debts (if any), etc.
Top Life Insurance Policies
1. Best Life Term Plan
AEGON Life iTerm Plan: iTerm is a pure life insurance policy. A term plan can be purchased online without any hassle. It offers high life coverage at low premiums:
- iTerm plan can be opted up to the maturity age of 75 years
- Offers five different types of optional riders
- The policy term can be between 5 to 75 years
- Instant and hassle-free claim support process
HDFC Life Click2Protect Plus 3D Plus: Click2Protect Plus is an online term insurance plan by HDFC Life. It provides life cover at a reasonable cost:
- It offers comprehensive life coverage
- You can purchase Click2Protect 3D Plus online without any hassle
- It offers four cover variants
- You can choose policy term between 10 to 40 years or Whole Life
- Premium payment can be regular, limited, and single premium
2. Best Life Endowment Plans
LIC New Jeevan Anand: New Jevan Anand is a comprehensive endowment plan by LIC. It is a traditional endowment plan, which provides insurance and an opportunity for savings:
- Customize New Jeevan Anand plan with two optional riders – Accidental Death Benefit Rider and Accidental Total and Permanent Disability Rider.
- The policy term can be between 15 to 35 years
- Easy to apply and buy
SBI Life Shubh Nivesh: Shubh Nivesh is a comprehensive non-linked endowment plan by SBI Life. It provides death risk cover, which can be opted for throughout the life. It also helps you to build a corpus with guaranteed maturity benefits:
- Life assured can be covered against the death risk for the entire life
- Three types of optional riders to choose from
- The policy term can be between 7 years to 30 years
- Premium can be paid either as a single payment or regular payment
3. Best Life ULIP Plan
HDFC Life Click2Invest: HDFC Click2Invest is an ULIP plan, which can be purchased online. It provides life coverage and also an opportunity to build a corpus:
- Click2Invest offers 8 options to choose from
- You can pay the premium as single payment, limited, and regular pay
- The policy period can be of 5 to 20 years
ICICI Prudential Wealth Builder II: ICICI offers a complete ULIP, a unit linked plan. It provides life protection cover and opportunity of savings to build a corpus. --Depending on the risk appetite, one can invest in different options to gain returns on the investment:
- Provides life cover and an opportunity to build corpus
- There is only single premium payment option
- You can avail tax benefits
- There are multiple fund options to choose from
4. Best Life Pension Plan
SBI Life Saral Pension: Saral Pension, as the name suggests is a pension plan. It is a comprehensive and non-linked traditional retirement plan. Helps you in your retirement planning.
- A comprehensive pension plan
- The policy term can be between 5 to 75 years
- Saral Pension provides guaranteed bonus
Child Plan
Child insurance plans are an insurance cum investment product, aimed at securing the future of a child. The parent who buys this plan becomes the policyholder, while the child shall be the nominee. Child plans typically offer a lump-sum payment on the demise of the policyholder, but the policy will not cease. Instead, all future premiums get waived, with the insurer investing this money on behalf of the policyholder. The child will receive the money at specified intervals, as planned under the policy. Nearly all life insurance providers offer child plans in their portfolio. Some of them are market-linked policies, allowing policyholders to invest in equities and debt, while others are traditional plans, investing only in debt.
Conclusion
In India, each company offers a wide range of life insurance plans designed for the varied needs of their customers. Therefore, you should know the factors you need to consider while buying a life insurance policy that is best suited for you.
Also read- What Is Investing And What Does It Mean? Learn About Several Investment Options.
