Best Life Insurance Policy in India 2024

Buying a life insurance plan in India is one of the most important decisions one can make in this age of uncertainty. It is recommended to get a life insurance policy according to one's financial condition. This is because the premature death of the earner can affect the life of the whole family.

A life insurance policy helps the policyholder to ensure the financial security of his family in his absence. Finding the best life insurance policy in India can be very confusing as there are many life insurance policies from different life insurance companies available in the market. Hence, we at RenewBuy have done some extensive research on the best life insurance policy in India and try to make it easy for you to choose the best life insurance policy as per your need and requirements. In the sections below, we will discuss the different types of life insurance in India and their benefits.

What is Life Insurance Plan?

A life insurance plan is a contract between the life insurance company and the policyholder in which the life insurance company promises to provide a pre-determined sum insured to the beneficiary of the policyholder in case of the untimely death of the insured. If the policyholder survives, a sum assured amount will be provided to the policyholder as a maturity benefit, in return, the policyholder will have to pay premiums for a specified period.

Types of Life Insurance

To buy the best life insurance plan, you must know the types of life insurance available in India. The following is the list of different types of life insurance plans:

• Term Insurance 
• Whole Life Insurance
• Endowment Plan
• Child Insurance Plan 
• Pension Plan
• ULIP Plan 
• Money-Back Plan 

Best Life Insurance Plans in India 2024

Finding the best life insurance plan in India is a very difficult task as different life insurance plans are offered by different life insurance companies. We RenewBuy is making it easy for you as we have put together a list of the best life insurance plans in India with the maximum sum assured of the plans offered in the table below:

*Disclaimer: We RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different life insurance companies

Importance of Life Insurance Plans

In today’s time, Life Insurance can be very important in anyone’s life as our lives are filled with uncertainty and danger. When something bad happens to one of the family members, it affects the entire family. If that person is the only source of income, the situation becomes even more serious. This is why life insurance is very important as it provides financial support to the assured family in his/her absence. With the help of life insurance, family members can their lives without sacrificing their basic needs and requirements.

Why Buy the Best Life Insurance Policy in India From RenewBuy?

RenewBuy brings you the best deals in Life Insurance plans across the market. The key reasons for you to consider us are as follows:

• IRDAI Certified
• Get Insured by leading Insurer
• Compare Various Life Plans in Just a few Clicks
• Simple & Easy Buying Process
• 24x7 Claim Assistance

 

Factors to Consider When Choosing the Best Life Insurance Policy in India

When selecting the best life insurance policy in India, it is important to consider several factors that can affect the suitability and effectiveness of the policy for your specific needs. Here are some key factors to consider:

• Coverage Requirements: Assess your coverage needs based on your financial obligations, such as outstanding loans, dependent’s needs, and future goals. Determine the amount of life insurance coverage that will adequately protect your loved ones in the event of your untimely demise.

• Policy Type: Understand the different types of life insurance policies available, such as term insurance, whole life insurance, and endowment plans. Each type has its characteristics, benefits and suitability. Choose a policy type that suits your financial goals and risk appetite.
• Premium Affordability: Evaluate the premium amount you can comfortably afford in the long run. Make sure the premium payment fits into your budget without creating financial stress. Compare the premiums of different policies to balance affordability and coverage.
• Claim Settlement Ratio: Research the claim settlement ratio of the insurance company offering the policy. Claim settlement ratio shows the percentage of claims settled against the total claims received by the insurer. A higher claim settlement ratio indicates greater chances of your beneficiaries receiving the claim amount on time.
• Company Reputation and Customer Service: Consider the reputation and reliability of the insurance company. Research the company's track record, financial stability, and customer reviews. A well-established, reputable insurer with good customer service can provide a smoother, more reliable experience during the policy term.
• Riders and Additional Coverage Options: Evaluate the availability of riders and additional coverage options that can expand the scope of the policy and provide additional benefits. Common riders include critical illness cover, accidental death benefit and premium waiver. Evaluate whether these riders fit your specific needs and provide comprehensive coverage.
• Policy Terms and Conditions: Read and understand the policy terms and conditions thoroughly. Pay attention to policy exclusions and renewal provisions. Be aware of any limits or restrictions that may affect your coverage.
• Flexibility and Customization: Look for policies that offer flexibility regarding policy terms, premium payment options, and the ability to customize coverage based on changing life circumstances. This flexibility can help you customize the policy to fit your evolving needs.
• Solvency Ratio: Assess the insurance company's financial strength and solvency. This information can be obtained from credit rating agencies or regulatory bodies. A financially stable insurer is more likely to honour its commitments and provide long-term protection for your policy.
• Seek Professional Guidance: Consult a qualified insurance advisor who can assess your needs and provide personalized recommendations. An advisor can help you navigate the complexities of life insurance policies, compare options, and make an informed decision.

Benefits of Life Insurance Plans

Many people do not know about the benefits of Life Insurance plans. It offers various other benefits to policyholders along with the life cover. Below mentioned are some of the benefits that a policyholder can avail of by buying a life insurance plan in India.

• Financial Security: It ensures long-term financial stability for your family. Life insurance plans pay out a lump amount to your family in the event of your uncertain death and disability.

• Loan option: One of the most significant advantages of life insurance plans is the ability to obtain a lower-cost loan using the investment portion of your life insurance policy. Guaranteed savings plans, money-back plans, and Whole life insurance policies all have a cash value that accumulates over time. You can get a loan against this cash value at a cheap interest rate.

• Retirement Planning: Life Insurance plan provides financial support to you even after your retirement independently post-retirement.

• Life Stage Planning: A life insurance plan helps you to plan your multiple life stages such as marriage, home purchase, childbirth, retirement, etc.  For example, Term Insurance provides protection, a Child Plan provides for a kid's marriage and education, a ULIP plan provides for wealth building, and a pension plan provides for financial support after retirement.

• Tax Benefits: You can avail of tax deduction of up to INR 1.5 lakh per year in premiums paid for life insurance under the provision of the Income Tax Act, 1961. In addition, the nominee's life insurance payouts are tax-free under Section 10(10D).

How to Choose the Best Life Insurance Plan in India?

There are many life insurance plans available in the market and each insurance plan has its unique coverage features and benefits. Hence, it becomes confusing for the customer to choose the best among them. Hence, it is important to examine every aspect of a life insurance plan before choosing one. We RenewBuy has done some research and brought out some points which can be very beneficial for the customer to buy the best life insurance plan in India.

• Always check the claim settlement ratio of the life insurance company.
• Always calculate your life insurance premium through the Life insurance calculator.
• Always check the customer reviews of the Life Insurance Plan.
• Always go for the insurance company that provides 24/7 customer care service.

Buying Process of Life Insurance Plans in India

You can buy your life insurance policy from RenewBuy as it provides you with a reliable and trustworthy platform. You can compare various life insurance policies and choose the best one that meets your needs. Below mentioned are the steps to buying the best life insurance plan:

• Visit the official website of RenewBuy.
• Scroll down and click on the “Life” section.
• Fill in the required information such as DOB, Gender, etc.
• The next page will show you the Life Insurance policy in India offered by various insurers”.
• You can choose one of them and proceed with the payment.
• Once the payment is done, the policy document will be shared with you at your registered E-mail ID.

Documents Required to Buy Best Life Insurance Plans in India

Below mentioned are the documents you need to submit to buy the best life insurance plans in India:

• ID Proof

Voter ID, Driving License, PAN Card, Passport, or Aadhar Card.

• Age Proof

10th or 12th mark sheet, Driving License, Passport, Birth Certificate, Voter ID, etc.

• Address Proof

Telephone Bill, Ration Card, Electricity Bill, Driving License, and Passport.

• Income Proof

Form 16, ITR (2-3 years), salary slips for the last 3 to 6 months, etc.

Life Insurance Claim Process

Life Insurance claim process is classified into two categories i.e. death claim process, and the maturity claim process. Let's discuss both the process in detail.

Death Claim Process

• Nominee should intimate the Life Insurance Company with all the required detail such as cause of death, time, and place.
• Submit all the needful documents such as the death certificate, and claim form.
• Submit the hospital, post-mortem, and doctor’s report.
• Once the insurance company completes its investigation, the insurer will settle the claim within 30 days of the documents being submitted by the insurer.

Maturity Claim Process

If the policyholder survives the policy term, then the insured is eligible to get benefits of maturity benefits. Below mentioned are the steps to file a maturity claim:

• The insurance company will send a discharge voucher to the policyholder.
• The insured has to sign the voucher along with the original policy bond and send it back to the insurance company.
• The insurance company will settle the claim and the claim amount will be sent to the assignee.

Conclusion

Choosing the best life insurance policy in India is a decision that should be driven by your personal financial goals, risk appetite, and budget. While the aforementioned policies - HDFC Life Click 2 Protect 3D Plus, Max Life Smart Secure Plus, ICICI iProtect Smart, Edelweiss Tokio Simply Protect Plan, and Bajaj Allianz Smart Protect Goal - are among the top choices, it is essential to assess your own needs. Remember, life insurance is a long-term commitment, so selecting a policy that aligns with your financial objectives and offers comprehensive protection to your loved ones is crucial. Our partners are here to empower you with personalized guidance based on your specific needs.

 

 

Disclaimer: The information published in this article is for the reader′s reference only. The content of this information is to provide an overview of your life insurance needs and should not be relied upon for personal, medical, legal, or financial decisions; you should consult an appropriate professional for specific advice. The Company makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.

 

Disclaimer:

The details, facts, or figures given here are intended solely for the reader's informational purposes and should not be relied upon for personal, medical, legal, or financial decisions. Please visit the insurer's website for the latest updates. We do not endorse any particular insurance company or insurance product provided by any insurer.