Top Life Insurance Policies for 2021

Unfortunately, no one is invincible. No matter how advanced science and civilization is now, there are still uncertainties like heath, disability and disease. These can happen at any moment. Because of this, one needs to get the best possible term life insurance in order to secure the financial future of his or her loved ones.

In our country, there are 24 insurance companies that offer term life insurance plans. Since there are so many products out there, it is easy to feel confused. To bring down your worries, here is a list of the top 6 term life insurance plans for 2020 and 2021.

These are effective enough to be useful during the hard times, and are sold by insurance companies having the best claim settlement record in the whole market. 

Sr. No.	Company Name	Term Insurance Plans	Entry Age (years)	Maximum Maturity Age (years)	Minimum Sum Assured (Rs.)	Claim Settlement Ratio 2018-19*
1.	LIC of India	LIC Tech Term	18-65	80	50 Lakhs	97.79%
2.	ICICI Prudential Life	ICICI Prudential iProtect Smart Term Plan	18-65	85, 99	Subject to the minimum premium	98.58%
3.	SBI Life	SBI Life eShield	18-60/ 65	75/ 80	35 Lakhs	95.03%
4.	HDFC Life	HDFC Click 2 Protect 3D Plus Term Plan	18/ 25-65	85, the whole of life	10,000	99.04%
5.	Max Life	Max Life Smart Term Plan	18-44/65	75, 85	10 Lakhs	98.74%
6.	Edelweiss Tokio	Edelweiss Tokio Life - My Term+	10-65	85	25 lakhs	95.82%

 

Details of the life insurance plans

LIC Tech Term Insurance Plan

This offers all the needed protection to the family of the insured in case of the insured person’s death.

Features and benefits:

• Premiums you pay per year are deductible for taxes.

• NRIs shall be covered under this plan even if they are not in India but they need to be in the country for medical tests

• The company offers a free lock-in period. The policy holder can then return the policy within that duration if the person is not satisfied by the clauses.

• You can get the plan through an online application process without the need of intermediaries.

 

ICICI Prudential iProtect Smart Term Plan

This is a highly effective plan that offers a 360 degrees coverage at a very affordable premium.

Features and benefits

1. The plan gives female policyholders an extensive coverage for breast and cervical cancer under the Accelerated Critical Illness Benefit.

2. Policyholders have the option to choose accidental death benefit and the accelerated critical illness benefit.

3. The surrender value is applicable to one single premium

4. The policyholder is eligible to get tax benefits for premiums paid.

SBI Life Shield

It is a type of non-linked and non-participating insurance plans. It offers a high coverage in return of minimum premiums.

Features and benefits

1. It offers 30 days to review the terms and conditions.

2. Your paid premiums are tax exempted.

3. It has two options: Increasing Cover and Level Cover. Both of these covers have the accelerated terminal illness benefit. Should you want to go with increased power, your assured sum shall increase by 10% after each 5 years of policy tenure.

4. The plan comes with an option to increase the coverage through riders like SBI life-accidental death benefit rider & SBI life-Accidental total & permanent disability benefit rider.

HDFC Click 2 Protect 3D Plus Term Plan

This plan covers three uncertainties like disability, disease and death. It is mainly for women and children.

Features and benefits

1. Policy holders who are women and are non-smokers can get the plan at a low premium.

2. It gives maximum flexibility for premium payouts, terms and more.

3. If you give premiums regularly, you can get tax benefits.

4. This plan gives you as many as 9 options to choose from.

Max Life Smart Term Plan

This plan gives you comprehensive protection against as many as 40 critical illnesses, death, disability and gives financial protection for the family in case of the policyholder’s absence. 

Features and benefits

1. Coverage can be enhanced with riders like accidental cover and accelerated critical illness if you pay more premiums.

2. It gives 7 variants of death benefits.

3. There are various premium payment options.

Edelweiss Tokio Life – My Term+

It offers pure risk coverage. It covers you and your spouse and also gives the additional benefit of a limited premium payment plan.

Feature and benefits

1.  It offers a waiver of premium benefit under which you don’t need to pay the premiums if you are diagnosed by any one of the 12 listed critical illnesses

2. It gives three death benefit payout options

3. Premiums paid and received are tax free

So, there you have it! The top life insurance plans for 2020-2021.