Life Insurance Plans & Policies For 2019

By Suzan K Last updated Sep 16, 2019

To begin with, Life insurance Plans are a contract between an insurer and the policyholder in which the policyholder pays a premium to the insurer either in a bulk sum or in monthly payments. If in any event, the policyholder dies then the life insurance provider subsequently surely has a responsibility to provide a lump-sum amount to the nominee chosen by the policyholder. The person who pays for the policy is the policy owner while the person who is insured is the insured. The death of the insured will trigger the death benefit. In this article, we will discuss life insurance plans and policies.

The first company which offered life insurance in the modern era was the “Amicable Society for a Perpetual Assurance“. However, the sale of life insurance in the U.S. began in the 1760s.

Reasons To Buy Life Insurance

Besides, Thus Most people similarly also evidently buy life insurance policies to:

Firstly, Pay of debts
Secondly, Specifically secure the future of their family
Thirdly, Collecting money for retirement
In the fourth place, Pay off funeral costs
Furthermore, Savings for children, Etc.

Additionally, One thing you must keep in mind, it’s important to realize that you should get life insurance policies before it’s too late because if you get too much old then you might become ineligible to attain life insurance policy from insurance providers.

How Does Life Insurance Work?

What the life insurance policies do is that they will compensate for your loss to your family or any person nominated by you with an amount you chose earlier and were paying the premium for. This helps in significantly reducing the stress of your family and thus thereupon correspondingly to cope up with the situations and it also provides a financial base to the nominee so that they can find new routes to keep their lives going without troubles.

What Is Claim Rate?

The point often overlooked is the claim rate. Claim Ratio or Claim Rate means that once the death occurs and your nominee contacts the insurance provider for initiating the claim process, the provider will verify the information. But, In some rare instances, the provider fails to verify the information if the correct documents stating the death are not available which may result in the claim not being settled. Therefore, It is recommended you check that the claim rate of the life insurance plan is good.

Life Insurance Plans

Term Life Insurance – It is the basic and least expensive type available which you can get. A term life insurance is generally for a specific number of years like 50 or 60. After this term crosses, you have the choice to renew your term life insurance too.

Whole Life Insurance – This type of policy covers you and above all, inserts a savings component in your policy. Savings component means that till the time you continue to pay the premium, some amount in your policy will be kept as savings. So, thereupon if in any event of your life if you surely need money, you would be able to take that savings money out from your policy although this might reduce your overall policy coverage.

Universal Life Insurance – Likewise, this is just like whole life insurance with increased benefits from your death. Subsequently a very important feature of Universal Life Insurance is the ‘face value’. Thus, It provides you with the ability to change the amount you are taking the policy which is called the ‘face amount’.

Variable Life Insurance – This is a very interesting concept I.e. Such policy provides you with the ability to invest the cash or monetary value in stocks or any other form of investment form offered by your insurer. You should also be aware of the fact that the money you require to pay for the policy might be higher compared to others and the investment options are also quite risky.

Detailed Information

Now that you have got so much information about life insurance plans. Let’s discuss and compare the life insurance plans.

Bajaj Allianz i-Secure (Life Insurance Plans)

Entry Age (Min/Max) – 18/70 yrs
Policy Term (Min/Max) – 10/30 yrs
Sum Assured (Min) – 20 Lacs

2. ICICI Pru iProtect
(Life Insurance P)

Entry Age (Min/Max) – 20/75 yrs
Policy Term (Min/Max) – 10/30 yrs
Sum Assured (Min) – 3 Lacs

3. LIC Amulya Jeevan
(Life Insurance Plans)

Entry Age (Min/Max) – 18/60 yrs
Policy Term (Min/Max) – 5/35 yrs
Sum Assured (Min) – 25 Lacs

4. HDFC Click 2 Protect Plus
(Life Insurance Plans)

Entry Age (Min/Max) – 18/65
Policy Term (Min/ Max) – 10/30 yrs
Sum Assured (Min/Max) – 10 Lacs/10 Crores

5. LIC Term Plan
(Life Insurance P)

Entry Age (Min/Max) – 18/75 yrs
Policy Term (Min/Max) – 10/30 yrs
Sum Assured (Min) – 50 Lacs

6. Max Life Online Term Plan
(Life Insurance Plans)

Entry Age (Min/Max) – 18/70 yrs
Policy Term (Min/Max) – 10/35 yrs
Sum Assured (Min/Max) – 25 Lacs/100 Crores

7. SBI eShield Plan
(Life Insurance Plans)

Entry Age – 18/70 yrs
Policy Term – 5/30 yrs
Sum Assured (Min) – 20 Lacs

8. Bharti Axa e-Protect Term Plan
(Life Insurance Plans)

Entry Age – 18/75 yrs
Policy Term – 10/30 yrs
Sum Assured (Min) – 25 Lacs

So, As you saw. There are various types of insurances which are good for you. In this article, we compared 8 types of life insurance plans.

Importance Of Life Insurance Plans

Undoubtedly having life insurance is very important. You will not want to have any chances which may be another trouble. After your death, your family will definitely need help. Not only moral but financial help too. Your family will need financial support at that moment of grief. Having life insurance plans will help your loved ones tackle the problem. Not only this, life insurance plans are necessary because they provide financial peace, helps you in accomplishing retirement goals, and a lot more.

Life insurance plans provides the feature which may cover your children’s future expenses too! No only a policy is important to support your family after death, it also provides mental peace to you so that you can live your life to the fullest.

The best part and benefit of a life insurance plans is that it protects your family from debts. A policy can easily and conveniently help your family to pay off the debts and dues on your family.