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Easy Ways Of Buying Life Insurance

Easy Ways Of Buying Life Insurance

Life insurance has become one of the foremost components in our portfolio today. It helps us leverage our current financial position to ensure better risk-management for our future. However, with so many companies available in this segment and so many plans being floated, making a decision can often be dicey.

Then there are agents and consultants that will constantly try to push you towards a policy that is most likely to benefit them than you. But since a life insurance provides the promise of protection for an uncertain future, it’s mandatory that you research well and invest in one that meets your needs.

Most Recommended Life Insurance Plans

To make your life easier, here are some of the most recommended life insurance plans in the market today. You still need to evaluate whether the plan suits your requirement, but nonetheless, these plans represent some of the best policies in the market.

#1 ICICI Prudential iProtect Smart

ICICI Prudential is one of the most reputed brands in life insurance today. The main reason for their widespread acceptance is their grievance resolution and claim success ratio. They are one of the only few companies with a 100% grievance success rate. Additionally, they have a high claim settlement ratio of 96.68%. The iProtect Smart Life Cover is their flagship product which offers life cover till you are 75 years old and the company places no upper limit on the sum assured.

#2 AEGON Life Insurance iTerm Plus Plan

AEGON is one of the younger companies in the market, having started in 2008. However, the company has successfully resolved 100% of reported grievances in the last financial year. Additionally, the claim settlement ratio is as high as 97.11% with no upper limit to the sum assured. One of its best features is that it offers life cover till 80 years of age. The iTerm Plus plan offers life cover plus health insurance benefits covering 36 critical illnesses.

#3 MAX Life Online Term Plan Plus

Max Life insurance is one of the older companies in the market, having entered in 2000. The company, like the previous two companies on our list, has a 100% grievance resolution rate. Its claim settlement rate is 97.81% with INR 100 crores being the upper limit for a sum assured. The company offers coverage till the policyholder is 85 years old. The Online Term Plan Plus is one of its best products offering life cover till 85 years and providing protection against disability, diseases, and 40 critical illnesses.

#4 HDFC Life Insurance Click2Protect Plus

HDFC Life insurance is one of the public listed companies in the market. HDFC is a trusted banking brand in India and entered into a partnership with Standard Life from the UK, to offer life insurance products. The company has a grievance resolution rate of 99.89% and a claim settlement ratio of 97.62%. There is no upper limit for the sum assured and term plans offer coverage till the policyholder is 75 years old. The Click2Protect Plus offers the combined benefit of a term cover and a health insurance plan. It offers tax benefits across Section 80C, 80D, and 10D and allows you to choose from 9 different plan options.

#5 Reliance Life Insurance Online Term Plan

Reliance Life Insurance is one of the youngest companies in this list. Even though it started operations in 2013, it is one of the largest insurance companies in the country with a 5% market share. The company has been successful in resolving 99.98% of reported grievances while keeping a claim settlement ratio of 96.69%. It has placed no upper limit on the sum assured in its plans, while policyholders can avail protection till 75 years of age. Their Online Term Plan provides protection at an affordable cost and offers cover based on your life-stage and liabilities.

Analyze Your Existing Insurance Plan

Life insurance in 2018 has seen a wide range of evolution. Plans on offer are being geared towards providing term cover as well as health insurance benefits. Additionally, you no longer need to physically visit the branch or deal with an agent. As a result, you need to evaluate your existing insurance plan and understand if you are still getting the best possible deal for your money.

In order to truly get the best life insurance plans in India, you need to be aware of your budget, your cover requirements and your expected sum assured. Compare the various policies online on insurance aggregator sites like Coverfox.com to make an educated decision regarding your future and your money.

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