The top 10 insurance cum investment plans listed here provide a perfect blend of risk-benefit relationship. The availability and launching of good insurance plan along with many other factors depends on the economic situation in the country.The purpose and objective of everyone’s financial planning are never the same. The reasons for which individuals insure are thus different. The insurance plan accepted as most suitable and beneficial for Mr. A may be rejected by Mr. B as unsuitable on some reasonable definite causes irrespective of their same or different levels of income.
There may be 100 reasons behind their rationale—differences in family or economic background, responsibility and financial liability, future planning, risk appetite, intelligence level, age and many others. There is no single insurance plan and there will never be such a plan ever that is most appropriate and acceptable to everyone.
Thus, “Top Insurance Plans” often refer to the most successful policy launched by different insurers in a country. Different insurance plans launched by different insurance companies become hit or flop not solely on the quality and acceptability of the plan itself. Apart from the potential benefits to an insured under a plan, there are many invisible reasons that make an insurance plan successful in the hands of insurance companies– the benefits and commission received by the selling agents, publicity, sales techniques, financial situation in the country, these all are some of those responsible reasons.
The strong regulatory measures by Insurance Regulatory and Development Authority (IRDA) have actually helped the Indian insurance industry to flourish with many global players. The insurance industry is now a big industry in India. Basically insurance can be broadly classified into two categories: Life and General Insurance.
General Insurance is non- life insurance. They are meant for a short period of time, normally one year or less. Car insurance, fire insurance, theft insurance, marine insurance, etc fall under the category of general insurance. Some of the good examples of life insurance are, whole life insurance, term insurance, level term insurance, decreasing term plan, endowment assurance, pension / retirement insurance , money back policy, unit linked insurance plans, etc.
The top 10 insurance cum investment plans listed here provide a perfect blend of risk-benefit relationship. The availability and launching of good insurance plan along with many other factors depends on the economic situation in the country.
The Following Table Shows 10 Best Insurance Plans Now Available In India
|Insurance features||Premium||Life Cover||Guaranteed Returns||Total Returns|
|AEGON Religare Life Insurance
|Maximize||100% premium allocation, unmatched triple protection.||Rs.100,000.00||Rs.1,000,000.00||Rs.0.00||Rs.3,071,736.00|
|TATA AIG Life Insurance
|Maha Life Gold||Life cover up to 100 yrs, high guaranteed benefits||Rs.88,349.00||Rs.1,000,000.00||3,350,000.00||Rs.10,445,000.00|
|Bajaj Allianz Life Insurance||iGain III1||A higher allocation of 98%., exclusive ULIP||Rs.100,000.00||Rs.1,000,000.00||Rs.0.00||Rs.2,924,995.00
|Aviva Life Insurance||Freedom Life Advantage||Ample protection, good investment returns, regular loyalty additions||Rs.100,000.00||Rs.1,575,000.00||Rs.0.00||Rs.2,974,285.00
|India First Life Insurance||Smart Save Plan,||Systematic savings, partial withdrawal after 5 yrs..||Rs.100,000.00||Rs.1,575,000.00
|Life Insurance Corporation||Jeevan Anand||Most trusted insurers, risk cover even after maturity, profit plan + vested bonuses|| Rs.92,056.00
|Accident Benefit up to Rs 500,000||Rs.1,250,000.00||Rs.2,206,250.00|
|MetLife||Monthly Income Plan.||Guaranteed monthly income, lumps um bonus payout, protection for family||Rs.107,739.00||Rs.1,260,000.00||Rs.1,260,000.00||Rs.5,565,024.00|
|HDFC Life Insurance||Pro Growth Super II1||Life cover + death benefit + illness benefit, assured returns, risk moderate to low.||Rs.100,000.00
|ICICI Prudential Life Insurance||Life Stage Wealth II||Tax Benefits On premiums paid and benefits received, easy premium options||Rs.100,000.00||Rs.1,000,000.00||Rs.0.00||Rs.2,921,023.00|
|IDBI Federal Life Insurance Co Ltd||Wealthsurance Milestone Plan||Choice of-fixed/ variable returns, Flexi premium payments, tax benefits, market related returns||Rs.100,000.00||Rs.1,000,000.00||Rs.0.00||Rs.2,824,728.00|
The suitability of any plan as we have discussed earlier depends on each potential insured and investor, a matter to be evaluated case-wise. However, there are a few general guidelines that go with everyone’s judgment on evaluation and should not be overlooked. These tips are in the following:
- The insurance product should match individual’s objective, time frame and risk factor. So identify each of them first.
- Decide the exact risk or potential liability to be covered; it should not be over or under insured.
- Compare every option available in your category. Understand each of the features, options and riders.