Life insurance companies are established for providing a security to the insured ones. This is a contract done between the company and the insured person. The contract states that the company will pay some amount of money to the nominee if any mishap happened with insured person. The life insurance is a total protection plan for the insured’s family members to give them a financial support. Here we will give you an idea about the best life insurance company which you can select for satisfying your needs.
While you (insured person) have started the life insurance policy, a small amount of money is to be paid after an interval of time. After a mishap happens to you, the company will pay monthly an amount of money to your family for the financial support. Thus they will live a comfortable life in the absence of you also. Let us have a look at the best life insurance company you should have at all.
Basic details – Best Life Insurance Company:
Every life insurance companies have carried their benefits as well as some of the dis-benefits also. But this topic will provide you the details with pros and cons of the best government and private Life Insurance companies.
· LICI- Life Insurance Company of India:
At first, we will talk about LICI which is a government approved life insurance company in India. This company allows minimum 18 years to 60 years person to apply for their policy. Besides that, you can select the policy for 10 to 35 years in general. As this is a Govt. company thus you can build your trust very easily with this company.
Pros:
1. In case the insured person gets the accidental death then the assured amount as per policy plan will be paid immediately to the nominee.
Cons:
1. If the insured person does not pay the premium then the policy will get lapsed thereafter.
2. Suppose the buyer is still surviving after the maturity of policy then nothing will be paid to him.
· Max Life Insurance:
Max Life is a well-known life insurance company which provides fewer premium plans as compared to others. As like others, the policy term is 10-35 years max and the age limit is 18-60 years as max. The Max online term policy plan offers you an accidental death benefit (optional) for guard your dependent members in your absence.
Pros:
1. After the absence of an insured person, 100% benefits will be paid in a lump sum.
2. As per research, Max is the 4th largest private insurance company till now.
3. Premium payment is only one time i.e. the annual basis.
Cons:
1. As the premium policy is low, thus for the frauds this plan is more vulnerable.
· HDFC Life:
One of the best Life insurance companies is HDFC which gives you best policy plans till now. The ‘Click 2 Protect plus Plan’ is more beneficial for the policyholders as well. The age limit for the policyholder is 18-65 years and you can make policy for 10-40 years as well. They provide your various categories of insurance policy plans as you need.
Pros:
1. It offers you various add-on to get extra points and benefits.
2. Accidental death benefits will provide double sum amount to the nominee assured by you.
3. Non Tobacco insurer gets extra policy benefits.
4. It covers 19 types of critical illness as well.
5. Single payment option with low range premium.
Cons:
1. The income policy is very much waste as the nominee did not get return amount on 90% of payment done in monthly basis.
· SBI Life:
The SBI Life provides you the E-Shield plan which claims approx. 90% of the settlement record. For a period of 5-30 years, you can apply for the plan and the age limit is min. 18 and max. 65 years.
Pros:
1. The premium payment mode is single time i.e. annually.
2. In case of accidental death, extra income tax benefits if you paid your premium under 80C and 10(10D).
Cons:
1. In the middle of policy, you cannot surrender.
2. No maturity profits or benefits.
3. No loan facility available in this plan.
· Bajaj Allianz:
As like other companies, Bajaj Allianz also provides you the best policy plan i.e. ISECURE PLAN for all. The minimum age limit is 18 years and maximum 60 years to join this plan. For a period of 5-10 years, you can join this plan. More benefits are available from tax under the plan 10(10D).
Pros:
1. If the premium is given on time, then the nominee will get the whole sum of the money back after the insured person expired.
2. More benefits are assured for the buyers.
Cons:
1. If you surrender in middle then no benefits will be applicable.
2. No loan facility is there for policy.
That’s all about the best life insurance company in India which you select for you. Among them, you can choose your best company if you want your life insurance for your family members in your absence. Hope you all are satisfied with the information given here about the basic details with pros and cons of every life insurance company.
