Make the Safety of Your Family a Certainty in these Uncertain Times with Top Life Insurance Policies!

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Life insurance policy provides an assured sum to your selected nominee in the event of your death. It is one of the most popular financial investments in India and offers financial security to your family and dependents in your absence.

The policy costs less and provides coverage for a significant amount of risk associated with your life. If you have any dependents who rely on you for their day-to-day financial requirements, choosing the best life insurance plan is a must-have financial investment for you.

As it is one of the most popular financial investments in the country, there are several different variants of it available in the market, including the one with the return of premiums option. While choosing a life insurance, you can also select from a variety of riders as per your requirements.

If you’re looking for a good life insurance policy to safeguard the future of your loved ones, you’re at the right place. Let’s take a look at the best life insurance plans that allow you to safeguard both your present and future with low investment and high returns.

  1. LIC e-Term Insurance Plan

This e-Term plan offered by one of the most renowned life insurance companies in India is a non-participating pure term plan that can be purchased online from the comfort of your home. It doesn’t require the involvement of any middleman and is very affordable.

As it is a pure life insurance plan, only the policyholder’s life is covered. In case you die during the policy tenure, your added beneficiary will receive an assured sum of money. However, if you survive throughout the duration of this plan, you won’t gain any benefits.

This policy is also non-participating which means all the profits are transferred to you without any dividends. For women and non-smokers, the policy offers specialized premium rates, less than that of people who smoke.

You can also return the policy within 30 days of the purchase if you have a genuine reason and are not convinced with the benefits and terms of the policy. As compared to the offline term plans of the company, this online policy costs fairly less.

  1. ICICI Pru iProtect Smart

The ICICI Pru iProtect Smart is the only plan in the rundown that provides coverage for more than 24 critical illnesses. With this term insurance policy, you can gain a cover of up to 75 years and enjoy three different types of tax benefits as per the Income Tax Act.

It provides an exceptionally long duration of coverage without costing a fortune, and can also be customized according to your budget. There are over four different payout options to choose from, depending on the needs of your family.

This plan also provides life cover for terminal illness including AIDS and provides you the option to add accidental benefit at any instant of time as per your needs. Due to this, the plan is also considered highly flexible.

  1. SBI Smart Shield

The SBI Smart Shield is a very straightforward term insurance policy that helps you build a financial cushion for your family in the event of your unfortunate death. It helps your family sustain a happy lifestyle, after the demise of the major breadwinner.

It offers an assured sum based on your requirements, and also allows you to surrender the policy after two years of purchase. There’s a prespecified formula used to calculate the surrender value of your plan. However, there are no benefits associated with survival.

This term plan also allows you to choose from four different variants namely increasing term insurance, decreasing term insurance for loan protection, level term insurance, and decreasing term insurance for family income protection.

  1. Canara HSBC Oriental Bank of Commerce – iSelect Star Term Plan

The iSelect Star Term Plan is a feature-rich plan with numerous handy options like coverage of spouse in the same policy, whole life coverage, and a wide range of premium payment options with both short- and long-term tenures.

Moreover, you can also opt-in for a return of premium benefit that allows you to gain back all the premiums in case you outlive the tenure of this policy. Even the payout options are divided through multiple options like lump-sum and increasing income.

  1. HDFC Click 2 Protect Plus

The HDFC Click 2 Protect Plus is yet another pure term insurance plan that’s known for providing a great amount of life cover at very affordable premium rates. The policy includes various value-added features that make the plan exceptionally profitable and efficient for you.

It also allows you to reevaluate your plan by increasing the coverage amount at any instant of time, based on financial milestones of your life such as marriage, childbirth, or even both. This ensures that your policy remains beneficial with the changes in your life.

There’s also an optional accidental death benefit rider that can be included in the plan to increase its coverage, and your selected nominee can choose to gain the payout in either lump sum or monthly recurring payment settlement.

  1. Max Online Term Plan Plus 

The Term Plan Plus from Max Life is an online insurance plan that provides a secure financial future to your family and covers you against the risk of diseases, disability, and even death. Moreover, it is also a perfect match for young working professionals as the minimum entry age is only 18 years.

The maximum coverage duration for this plan is 60 years, and you can also choose to gain regular income payouts from this policy. However, the options for premium payments are somewhat limited in this plan and could have improved.

Additionally, the plan also features several additional riders like premium waiver, accidental death, and critical illness coverage, of course with some additional premium payments. You can either pay the premiums monthly, quarterly, yearly, or half-yearly.

Final Words 

A term life insurance plan is a very important financial decision that helps you keep your family and loved ones safe from a financial crisis. Make sure you check out the various types of life insurance plans mentioned above and choose the one that fulfills your requirements.

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