1. LIC Jeevan Anand
Overview:
Life Insurance Corporation of India (LIC) is the largest and most trusted life insurer in India, offering a wide range of policies. LIC Jeevan Anand is one of its most popular plans, combining risk cover with an investment opportunity.
Key Features:
- Dual Benefit: Offers both endowment and whole life coverage. The policy provides protection during the policy term and continues to provide coverage after the term, as a whole life policy.
- Bonus Facility: It participates in the corporation’s profit-sharing, earning bonuses that add to the policy’s value.
- Loan Facility: The policy allows you to take a loan against the policy’s surrender value.
- Tax Benefits: Premiums qualify for deductions under Section 80C, and the sum assured is tax-free under Section 10(10D).
Best For: Individuals looking for both financial security and long-term investment.
2. HDFC Life Click 2 Protect 3D Plus
Overview:
HDFC Life’s Click 2 Protect 3D Plus is a comprehensive term insurance policy with added protection for death, disability, and critical illness.
Key Features:
- 3D Protection: Covers death, disability, and critical illness, providing complete financial security.
- Multiple Plan Options: Offers various plans like Life Option, 3D Life Option, and Extra Life Option.
- Flexible Premium Payment: You can opt for monthly, quarterly, or annual premium payments.
- Tax Benefits: Premiums are tax-deductible under Section 80C, and the death benefits are exempt under Section 10(10D).
Best For: People seeking affordable and customizable term insurance with added benefits of critical illness and disability coverage.
3. ICICI Prudential Smart Life Plan
Overview:
ICICI Prudential’s Smart Life Plan is a versatile endowment policy that combines insurance and investment, focusing on wealth accumulation.
Key Features:
- Flexibility: Offers options like Life Stage Benefit, where you can increase coverage based on your changing needs.
- Riders: Critical illness rider, accidental death benefit, and waiver of premium rider are available to enhance the policy.
- Bonuses: The policy participates in the corporation’s profit-sharing through bonuses.
- Tax Savings: Premiums qualify for deductions under Section 80C, and the death benefit is tax-free under Section 10(10D).
Best For: Individuals who want long-term savings combined with protection.
4. SBI Life eShield
Overview:
SBI Life eShield is a straightforward term life insurance plan that provides a high level of protection at an affordable cost, with additional riders for more comprehensive coverage.
Key Features:
- Pure Term Plan: Offers financial protection in case of death, ensuring that your family is financially secure.
- Riders: You can opt for the critical illness rider and accidental death benefit rider to enhance coverage.
- No Medical Tests for Low Cover: For sums assured up to Rs. 50 lakh, no medical tests are required.
- Tax Benefits: Premiums are eligible for tax deduction under Section 80C, and the benefits are exempt from tax under Section 10(10D).
Best For: Those looking for an affordable, no-frills term insurance plan with the option to enhance coverage.
5. Bajaj Allianz Life Goal Assure
Overview:
Bajaj Allianz Life Goal Assure is a unit-linked insurance plan (ULIP) that provides life cover along with the opportunity to grow wealth through market-linked investments.
Key Features:
- Wealth Creation: Allows you to invest in equity and debt funds, helping you grow wealth over time.
- Flexible Premiums: Offers flexibility in premium payments, and the ability to switch between funds.
- Multiple Coverage Options: You can choose from different plan options based on your financial goals.
- Tax Benefits: Premiums qualify for tax deductions under Section 80C, and the death benefits are tax-free under Section 10(10D).
Best For: Individuals who are willing to take some market risk for better returns and want both life insurance and wealth creation in a single plan.
These top 5 life insurance plans in India offer a blend of security, investment options, and tax benefits, catering to various needs from pure protection to wealth accumulation. Each policy is designed to suit different financial goals and risk profiles.
