Life today is not permanent. In fact, it comes with its own set of risks, of checks and balances. Problems increase today by the dozen and sometimes one is left wondering how to tackle these problems.

Problems just don’t stop at a personal level; you have inflation, environmental problems, financial problems, etc. Add to this the chance of having a wholesome livelihood, and you have then cope up with 15 other questions like – the certainty of livelihood, tax problems, future security, children’s security, retirement issues, etc.

Hence, it is always necessary to be prepared for any calamity. The best way to prepare yourself financially is through a life insurance that secures you and your family even after your demise.

What Is Life Insurance Plans?

The life insurance plans are bilateral agreement between the Insurance Company and the Insured person.

The Life Insurance plan assures the insured a predetermined amount of maturity or to the nominated beneficiary on the death of the insured person.

What Is the Need for Life Insurance Plans?

  • It caters to the financial requirements of the family as a security to survive any monetary problems on the demise of the insured.
  • Takes care of loans or any other expenses
  • Procurement of a loan.
  • Payments towards accidents and hospitalization.
  • Tax deduction of premium and benefits such as a tax-free assured sum under section 80 and 10 (10) D of the Income Tax Act.
  • Can be taken for investment purposes.
  • Death benefits
  • Finance for child education.
  • Regular income under the pension plan.

Required Cover Amount of Life Insurance Plan

The required cover amount differs from person to person and plan to plan. Simply choose the best life insurance based on your buying capacity. There are a variety of life insurance plans that can be tailor-made from person to person

What is the Importance of Life Insurance Plans?

The best life insurance is for the best people. Life Insurance Plans are strong financial pillars, which does not let the Insured or his or her family down in the case of any untoward incident or unforeseen life situations.

How Do You Choose the Best Life Insurance Plan?

Choosing the best life insurance plan requires a small amount of skill and awareness of you want. Let’s look at some helpful pointers in making the right choice:

  • In order to secure protection against any risk and also to procure a good corpus at a lower premium rate, it’s important to purchase the Life Insurance policy early in age.
  • Compare and choose from different Life Insurance Plans by saving and getting the best life insurance.
  • Analyze different Life insurance plans and choose the best insurance plan according to present and future requirement, which will certainly help to estimate the necessary cover.

The Best Life Insurance Plans

Given below are ten different plans that you can probably take a look at.

Life Insurance Plan Age of Entry

Min/Max

 Term of  Policy

Min/Max

 Sum Assured

Min/Max
Aegon iTerm Life Plan 18 years to 75 years 5 years to 40 years Upto 10 Lakhs
SBI ShubhNivesh Plan  18 years to 60 years 5 years to 30 years Rs. 75000
LIC Term Plan 18 years to 75 years 10 years to 35 years Upto 50 Lakhs
LIC New Jeevan Anand 18 years to 50 years 15 years to 50 years Upto Rs. 1 Lakh
Kotak Preferred Life e-Term 18 years to 75 years 10 years to 40 years Upto 25 Lakhs
HDFC Life Sanchay 30 years to 45 years 15 years to 25 years Rs. 1, 05, 673
Bharati Axa eProtect Term Plan 18 years to 75 years 10 years to 30 years Rs. 25 Lakhs
ICICI Pru iProtect 20 years to 75 years 10 years to 30 years Rs. 3 Lakhs
Max Life Online Term Plan 18 years to 70 years 10 years to 35 years Rs. 25 Lakhs to Rs. 100 Crores
SBI eSheild Plan 18 years to 70 years 5 years to 30 years Rs. 20 Lakhs


What’s Wrong with Using Insurance as an Investment?

Handling of money, especially in the long term, is not a very feasible choice for many. A lot of critics are against using insurance as means of investment. However, there are many other supporters who are for insurance being vehicles for investment.  Generally, life insurance is a cover term for someone who wants to leave something back for his dependents or in the case of an untoward accident have a corpus ready for the grieving family to tide them through the difficult times.

Now suppose your family is well looked after than a life insurance plan wouldn’t be as viable as a choice it would just be a mere after thought. Then it would be a better choice to put the said money in stocks or mutual funds.

Another instance is when a person needs the money on an urgent basis. At this stage, a life insurance plan wouldn’t be a choice as life insurance plans; even the best life insurance has a longer cover. Hence, they wouldn’t be mediums of urgent money. Similarly, if you are investing in a life insurance plan only for tax saving, then it is an unwise choice as you need to buy a life insurance only if it is a necessity.