A life insurance policy helps policyholders to create a financial corpus for their family in case of unforeseen circumstances, or get a maturity pay-out after a certain period. Such insurance instruments come with a premium which insured has to pay towards the policy.
That being said, policyholders get benefits of term insurance, endowment plan, ULIP, whole-life insurance— depending on the type of insurance you choose for the long-term.
We’ve analyzed major life insurance products in the market, and chose the best plans to look forward to in 2024.
ABSLI Fixed Maturity Plan
Aditya Birla Sun Life Insurance (ABSLI) offers an endowment insurance plan that provides life cover as well a fixed lump sum or income benefit to the policyholder. The policy also offers death, maturity and also benefits to surrender benefits, with an option to take a loan against the policy as collateral. The premium starts from INR 1,000 per month, and policy term option of five and 10 years.
Like any other life insurance plans, ABSLI fixed maturity plan comes with tax benefits wherein the premium paid as well as benefits earned are subject to tax deductions under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. The insurance doesn’t cover Covid-19 claims. It can be surrendered anytime during the policy period.
HDFC Click 2 Protect Plus
HDFC Click 2 Protect Plus is a term insurance plan that provides a life cover up to INR 1 crore, depending on the premium you choose to pay towards the policy. The insurance comes with three variants, with the option to avail of a huge variety of add-ons should you choose to add an extra layer of cover within the policy upon extra premium.
Remember, HDFC offers 10% discount on premium to policyholders when the life insurance is applied online. Also, women policyholders and non-smokers can avail of lower premium rates. The policy also covers Covid-19 claims. However, the policy is quite expensive upon renewal. One can avail of this plan after 18 years.
Max Life Smart Secure Plus
Max Life smart secure plus is a term insurance plan that offers a minimum cover of INR 20 lakh and up to INR 1 crore to help you create financial security for your family. It comes with three variants with differences mainly being on the sum insured and premium paid, however, all plans cover up to 64 critical illnesses, and also offers accidental benefits to the policyholder.
The policyholder can opt for the waiver of future premium riders in case of critical illness or death. However, it doesn’t cover Covid-19 claims, and insured can choose to pause payment of premium once it completes 10 years of policy tenure.
Aegon Life Invest
Aegon Life Invest is a unit-linked insurance plan (ULIP) designed to help policyholders to create wealth while availing of benefits of insurance. The policy gives policyholders the option to invest in six different funds, with annual premium starting from INR 24,000 for a tenure up to 25 years. Since it’s a ULIP plan, policyholders aren’t allowed to withdraw funds before the completion of five years, however, free switching between funds is allowed up to four times in a policy year.
Unlike other ULIP plans, Aegon Life Invest plan doesn’t charge fund allocation fee. Insured can also avail of tax benefits as per section 80C and Section 10D of the IT Act, 1961. However, there are no optional riders available under this plan.
LIC New Jeevan Anand Plan
LIC New Jeevan Anand is a whole life insurance plan that offers policyholders benefits of both savings and financial protection. Individuals who are 18 years up to 50 years of age can avail of the policy, which comes with a policy term ranging from 15 to 35 years. The policy offers various benefits, as well as riders including death and disability benefits upon payment of extra premium.
The policy offers a minimum sum insured up to INR 1 lakh for the lowest premium. Insured can also avail of loans against the fund value as collateral. Policyholders can choose to surrender the policy after the lock-in-period of two years.
