A comprehensive life insurance policy is a type of insurance scheme that provides monetary benefit in any of the following situations; the death of the insured or policyholder, accident, disability, partial disability, pension, and retirement. In the case of the policyholder's death, the financial aid is paid to the mentioned beneficiary, nominee, or dependent of the policyholder.
When you look at the instances mentioned above, each of those can happen to any individual, including yourself or your family member. If you are the sole caretaker and breadwinner for your family, your family will be in a terrible situation in case anything happens to you in the near future.
This is why you should purchase a life insurance scheme. In addition, if you survive the maturity period, you can utilize the payout to meet your retirement needs, children's higher education and marriage, buying a second home or car, and much more. Did we mention that premiums paid towards a life insurance policy are eligible for tax deductions of up to Rs. 1,50,000 as per the Income Tax Act, 1961, and the maturity proceeds are also tax-free as per Section 10. Thus, a life insurance plan is an excellent method of earning money as well as saving tax on a regular basis.
If you are in your mid-30s, married, and planning to have children, it is advisable that you purchase a life insurance scheme as soon as possible. The younger you are, the lesser the premium. The lower the premium amount, the cheaper the life insurance policy. Before making the final decision, please ask yourself the following set of questions:
Never go for a random figure. You may never know if that figure amount will be adequate for your entire family, especially in your absence. You must look at providing the best for your children's future. Make sure that they live a stress-free life without the need to compromise their livelihood and standard of living.
It is ideal to select a life insurance cover that is 15x to 20x of your current annual income; multiply this with the number of years you are willing to support your family. The basic rule is to buy a life insurance policy that will provide sufficient coverage for your family today and tomorrow.
Once you have made the decision, call us on 1800 209 9930 and let us handle the rest.
Now you can buy/compare your favorite life insurance plans online on Coverfox. To help you with the same, we have created a list of the top life insurance cover policies in India for 2020.
| Top Life Insurance Policies in India for 2020 | Entry Age - Min/Max | Policy Term - Min/Max | Sum Assured - Min/Max |
|---|---|---|---|
| Aditya Birla Sun Life Shield Plan | 18 years to 65 years | 10/20/30 years | Rs. 25 lakhs/no such limit on the max amount |
| Aegon Life i-Term Plan | 18 years to 75 years | 5/40 years | Rs. 10 lakhs/no such limit on the max amount |
| Aviva Life Shield Advantage Plan | 18 years to 55 years | 10/30 years | Rs. 35/Rs. 50 lakhs/no such limit on the max amount |
| Bajaj Allianz iSecure | 18 years to 70 years | 10/30 years | Rs. 20 lakhs/no such limit on the max amount |
| Bharti AXA Life Premium Protect Plan | 18 years to 65 years | 10/15/30 years | Rs. 25 lakhs/no such limit on the max amount |
| Canara HSBC iSelect+ Term Plan | 18 years to 65 years | 10/30 years | Rs. 25 lakhs/no such limit on the max amount |
| Edelweiss Tokio Life Simple Protect Plan | 18 years to 65 years | 10/40 years | Rs. 25 lakhs/no such limit on the max amount |
| Exide Life Smart Term Plan | 18 years to 65 years, 60 years | 10/12/30 years | Rs. 5\10 lakhs/no such limit on the max amount |
| Future Generali Flexi Online Term Insurance | 18 years to 55 years | 10/75 years | Rs. 50 lakhs/no such limit on the max amount |
| HDFC Click2Protect Plus | 18 years to 65 years | 10/30 years | Rs. 10 lakhs/Rs. 10 Crore |
| HDFC Life Sanchay | 30 years to 45 years | 15/25 years | Rs. 105673/no such limit on the max amount |
| ICICI Pru iProtect | 20 years to 75 years | 10/30 years | Rs. 3 lakhs/no such limit on the max amount |
| IDBI Federal Income Protect Plan | 25 years to 60 years | 10/30 years | NA |
| India First Life Plan | 18 years to 60 years | 5/40 years | Rs. 1 lakh/Rs. 5 Crore |
| Kotak Life Preferred e-Term Plan | 18 years to 75 years | 10/40 years | Rs. 25 lakhs/no such limit on the max amount |
| LIC Jeevan Amar | 18 years to 65 years | 10/40 years | Rs. 25 lakhs/no such limit on the max amount |
| LIC Tech Term | 18 years to 60 years | 10/50 years | Rs. 50 lakhs/no such limit on the max amount |
| Max Life Smart Term Plan | 18 years to 60 years | 10/50 years | Rs. 25 lakhs/Rs. 100 Crores |
| PNB Metlife Mera Term Plan | 18 years to 65 years | 10/40 years | Rs. 10 lakhs/no such limit on the max amount |
| Pramerica Life U-Protect | 18 years to 55 years | 10/30 years | Rs. 20 lakhs/no such limit on the max amount |
| Reliance Nippon Life Protection Plus | 18 years to 60 years | 10/40 years | Rs. 25 lakhs/no such limit on the max amount |
| SBI eShield Plan | 18 years to 70 years | 5/30 years | Rs. 20 lakhs/no such limit on the max amount |
| SBI Shubh Nivesh Plan | 18 years to 60 years | 5/30 years | Rs. 75000/no such limit on the max amount |
| Sahara Shreshta Nivesh Jeevan Bima | 9 years to 60 years | 5/30 years | Rs. 30000/Rs. 1 Crore |
| Shriram Life Cashback Term Plan | 12 years to 50 years | 10/15/20/25 years | Rs. 75000/no such limit on the max amount |
| SUD Life Abhay Plan | 18 years to 65 years | 15, 20/40 years | Rs. 50 lakhs |
| Tata AIA Life Insurance Sampoorna Raksha + | 18/70, 65 years | 10, 15/40 years | Rs. 50 lakhs |
Disclaimer: The above information has been sourced from the official website of the respective insurance company. (last updated on 26-10-2020)
In Simple Words,
Go for a life insurance cover if you are looking to obtain the dual benefits of capital appreciation and tax saving. A life insurance cover is the best form of protection you can give to yourself and your family. Know more about life insurance plans on Coverfox.