Top 7 Life Insurance Plans Available in India


Congratulations on your decision to purchase a life insurance plan! Yes, now that you have landed here, you are looking for best life insurance plans, right?

You can take a look at 7 life insurance plans such as Reliance life insurance, ICICI life insurance, MAX life insurance and more, and even more aspects of life insurance plans!

What is Life Insurance?

Life insurance plans are the most secure and safest way to keep your dependents and family protected from any future financial issues in the event of your demise.

Under a life insurance plan in India, an insurer pays a lump sum amount of money to the family of the policyholder on his/her death during the term of the policy.

Types of Life Insurance Policies at a Glance

While choosing a life insurance policy, you can opt for one of the five categories such as:

  1. Term Insurance Plan
  2. Unit-linked Policy Plan or ULIP
  3. Whole Life Insurance Plan
  4. Endowment Plan
  5. Money-back Life Insurance Plans

  • Term Insurance

A term-insurance is one of the easiest of the life insurance plans. It gives you a financial protection for a fixed duration such as 15 or 20 years. On your demise, your family gets a fixed figure, making them financially independent and secured. You need to pay a lower premium amount. However, you don’t get anything at maturity if you are alright.

  • Unit-linked Policy Plan or ULIP

A part of your premium is utilized for offering the life insurance cover. The remaining part of the premium goes towards investments in debt and equities. It is a risky prospect to have as profits are impacted by market conditions, and you may get no get profits, sometimes. If you are a pro at investing, you can opt for this plan.

  • Whole Life Insurance Plan

Want double benefits of investments and insurance? Go for this plan! A person is insured for 100 years or whole life. The insurer calculates the interest accumulated on the assured sum and is given to policyholder’s family in case of his/her death.

  • Endowment Plan

An endowment plan works almost similar to a unit-linked policy plan; the only difference is that an endowment plan gives you the benefits of regular bonuses as well. If you are good at handling investment plans, you can opt for it and make the most.

  • Money Back Life Insurance

While the policyholder is still alive, he can enjoy the partial survival benefits as periodical payment. If you are no longer alive, the sum assured along with the survival benefits is given to a beneficiary.

Leading 7 Life Insurance Plans – Have a Look!

Life Insurance Plans

Age Bracket

Policy Term (Min/Max)

Assured Sum (Min/Max)

Aegon Life iTerm Plan

18-75 Years

5/40 Years

10 Lakhs/NA

Aviva I-Life Plan

18/55 Years

10/35 Years

25 Lakhs/NA

Bajaj Allianz iSecure

18/70 Years

10/30 Years

20 Lakhs/NA

Bharti Axa eProtect

18/75 Years

10/30 Years

25 Lakhs/NA

Reliance Life Insurance

18/55 Years

10/35 Years

25 Lakhs/NA

ICICI Life Insurance

20/75 Years

10/30 Years

3 Lakhs/NA

MAX Life Insurance

18/70 Years

10/35 Years

25 Lakhs/100 crores

You just went through some of the features of the life insurance plans and what type will provide what benefits along with the top seven life insurance plan providers.

Now that you have got the basic idea of life insurance and its plans, why don’t you go ahead and apply for one today and secure your financial future!

Should you be interested to know more about life insurance policies, you can research more on Bajaj Finserv!

Aditya Sehgal is a blogger and loves to write on various niches. He is known for his in-depth knowledge on topics such as technology, finance, current trends etc. Being a passionate writer he also contributes his knowledge in the form of articles on various blogs and websites.

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