In today’s article, we shall share with you about life insurance and its work. We all know the value of our lives. We can’t say anything about when accidents happen in our life. At this time life insurance becomes urgent for every person. Insurance protects us financially. If you want to help your family even after death, this is the safest way.
Types of Life Insurance Plans in India –
Term Insurance Plans- The term insurance policy provides a life cover for some time. If the policyholder dies during the term of the insurance policy, the sum assured will be paid to the nominee of the family member of the person.
Money-Back Plan- In money-back policy, one-third of the insurance is paid to the insured during the period.
ULIPs – This policy covers both your insurance and investment plan needs. The charge is deducted from the amount you have paid and the rest of the money is invested.
Endowment Plans- This policy is for the whole life. If someone does this policy, then its two types of profit are one of the life insurance and another is that the money was invest. Remember that the insurance company has certain requirements for life insurance such as you have to be between the ages of 20 and 60 and you should not have any fatal disease.
Top 5 insurance companies in India:
There are many life insurance companies in India from where you can get life insurance. If you want to take life insurance in 2020 and are confused to take it, you can find the solution here.
Life Insurance Corporation of India
LIC is the No. 1 position company in our country and it has always been No. 1. LIC’s claim settlement ratio is about 97% to 98%. The claim settlement ratio of any private company is less than 95%. In this way, LIC works very well. LIC’s Amount Settlement Ratio is about 95% which they have been maintaining for 5 years. LIC’s claim rejection percentage as of policies and as of benefit amount is very low below zero percent and it is getting better day by day.
SBI Life Insurance Company
SBI is considered to be the best from a life insurance company in India. It will very balance your insurance cover with time. This policy first covers eighty percent live and then 20% of illnesses. One of the advantages of taking a life insurance policy with this company is that with the Critical Illness cover increase, the company will not have a premium increase.
SBI Life Purna Suraksha plan starts from around Rs 8 per day and gives you a benefit of lakhs. There is no mature benefit in this company. Here you will be given a one-time cover for critical illness during this insurance.
Bajaj Allianz Life Insurance Company –
For this company the minimum entry age for taking this plan is 1 years. And the maximum maturity age is 70 years. The lowest sum assured limit of this company is around one lakh rupees and there is no maximum limit. There are 4 policy term 16, 20, 24, and 28 years. The tax benefit is also available in this policy.
Even if you are not satisfied with the policy terms and conditions, you can pay off within 15 days. You will get a money back after 4,5 or 6 years of regular interval. You will get back one fifty percent sum assured of this policy. And special rates for females. In this policy loan facility is also available about 60%. It can be a good option for us especially females.
HDFC Life Insurance Company – The Market cap of HDFC life is 125,673 cr. HDFC has a very big brand name in India. HDFC’s management quality is very good and it is a trusted brand. Promoter group of this brand is also good. Due to all these, HDFC Bank will always be a premium brand. HDFC life insurance company has collected 113 494661 rupees from premium in 2017-18. It is the one of the among Top 5 insurance company in India.
ICICI Prudential Life Insurance – The minimum entry age of this policy is around 18 years and a maximum of 65 years. The maximum maturity age of this policy is 85 years and there is also a whole life option where you can get maturity up to 99 years.
The limit of the minimum sum assured is 2400 / year and there is no limit of the maximum amount. In this policy, you will get the Death Benefit Terminal Illness Benefit. Also here you will get the benefit of the premium waiver on permanent disability. This company gives a 15% discount if you have a restaurant in India.
If an accident happens to you and you die in it. Then, the life insurance company will pay the same amount to the family of the person as per the policy of life insurance made by that person. If you have a loan or rent a house, you must have life insurance.