Here is All You Need to Know About Best Life Insurance Policy in India

by Shreya Singh Self-employment

A life insurance plan is a contract between an insurer & the insured person under which the insurer promises to pay a certain amount to the nominee if the insured person passes away during policy's term. In trade, the insured person pays a pre-decided sum of money as a policy premium either regularly or one time. The best life insurance policy also includes cover for critical illnesses. Kindly note that it attracts an enhanced life insurance premium since it provides enhanced insurance coverage. There are various types of life insurance policies in India, but before knowing them, you must know benefits of life insurance plans.

Benefits of Life Insurance Plans

The perks of purchasing life insurance online are beyond safeguarding the insured person's family in difficult circumstances. Undoubtedly, breadwinners have to protect their dependent family persons in case of their unfortunate and premature death, accident, or permanent disabilities, which could cause income loss. Most individuals do not know of the many benefits offered by life insurance plans. Everyone cares only about the perks of permanent disability & unfortunate death. However, there are numerous other benefits offered by best life insurance policy. Have a look:

Also functions as a Loan Collateral
Discount on Online Payment
Discount based on Selected Payment Cycle
Business Care
Tax Benefits
Maturity Benefits

Types of Life Insurance Policies in India

Term Plans
ULIPs
Endowment Plans
Money-Back Plans
Whole Life Insurance Plans
Child Plans
Retirement Plans

Life Insurance: Best Insurers & their CSR (Claim Settlement Ratio)

CSR (claim settlement ratio) in life insurance is a total number of death claims settled by an insurer out of the total number of death claim requests received by an insurer. Below-cited is the top 10 life insurance companies in India & their CSR.

LIC of India: 97.79%
Max Life: 98.74%
HDFC Life: 99.04%
ICICI Prudential: 98.58%
Tata AIA: 99.07%
Bharti AXA: 97.28%
Bajaj Allianz: 95.01%
SBI Life: 95.03%
Reliance Nippon: 97.71%
AEGON Life: 96.45%