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Life insurance is a contract between an insurance company and an insured. According to this, if any kind of accident happens to the insured in which he dies, the insurance company pays a sum assured to his nominee (family member). The insured has to make regular payments of a small amount as premium for a limited period of time. This insurance policy acts as a financial protection shield for the family or loved ones.
Apart from financial security of the family, life insurance policy also helps in saving tax under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Apart from tax benefits and financial protection, a Max life insurance plan also offers many additional benefits, which we will know in detail later. Let us first get information about some good Max life insurance plans in India.
Top Life Insurance Plans of 2020 in India
According to PolicyX.com, here are the best life insurance policies in India 2019-2020 that you can buy-
Schemes Minimum / Maximum Entry Age Maximum Maturity Age Minimum Sum Assured
HDFC Life Sanchay Plus 5 Years / 60 Years 80 Years Based on Premium
ICICI iProtect Smart 18 years / 65 years 75 years subject to minimum premium (Rs 2,400)
Max Life Smart Term Plan Plus 18 Years / 60 Years 85 Years 25 Lakh
LIC Tech Term Plan 18 Years / 65 Years 80 Years 50 Lakh
SBI E-Shield Plan 18 Years / 65 Years 80 Years 35 Lakh
SBI Shubh Nivesh Plan 18 Years / 60 Years 65 Years 75,000 (x 1000)
Kotak Life E-Term Plan 18 Years / 65 Years 75 Years 25 Lakh
HDFC Click2Protect Plus 18 Years / 65 Years 85 Years 25 Lakh
Aegon iTerm Plan 18 Years / 65 Years 100 Years 25 Lakh
Bajaj Allianz Eye Secure Term Plan 18 Years / 60 Years 70 Years 2.5 Lakh
** These values are subject to change according to the different plan options if the plan has multiple options.
Why buy a life insurance policy and what are its benefits?
No one can tell what is going to happen in the future. The passing of someone at any point in life can cause problems for his family. Hence, buying a Max life insurance policy will ensure that your family will be able to live comfortably after you. They can maintain their standard of living in case of any emergency. There are many benefits that Max life insurance policies offer to policyholders. Let’s take a look at the most important benefits.
Financial Aid (Death Benefit)
An individual needs insurance to cover his expenses, pay off debts, maintain income and education of children. Everyone knows that death is a fact, but what happens when a person dies. So in his absence his family has to face a lot of difficulties. In such times Max life insurance works as an assistant and contributes to meet their needs.
Any person may face an accident in which something unfair may happen to him. The cost of self-healing after an accident is huge and general insurance policies do not provide them the support they expect. But luckily a Max life insurance policy is able to do that, aiming to meet the needs that we think to reduce.
In the case of retirement, there are some schemes that prove beneficial in saving money. You keep saving money within a certain period of time which you get back as an income later. It works as a fixed income at the time of retirement.
People availing Max life insurance also have the option of availing loan or loan through their insurance policy. Which can help them to meet the necessities of their life without working out the assured benefits on the policy purchased.
Life insurance offers attractive tax benefits and helps you to build a huge amount of wealth. Almost all Max life insurance policies offer you the benefit of tax deduction on payment of premium under Section 80C of the Income Tax Act, 1961 and also offer tax-free sum assured under 10(10)D.
What are the types of life insurance policy?
Life insurance providers have created different types of Max life insurance plans keeping in mind the need and choice of the people. You can get information about all types of insurance policies below. Life insurance providers have created different types of Max life insurance plans keeping in mind the need and choice of the people. You can get information about all types of insurance policies below.
term insurance policy
This insurance policy comes under the protection category as it only provides financial protection. Basically, it covers the risk of death. In this plan, after the death of the insured, the sum assured is paid to the nominee or beneficiary as mentioned in the policy document. If the insured survives the policy term, he or his family will not get any amount or can only get the premium back. Which basically varies from insurer to insurer. If you are planning to buy only life risk cover, then term insurance is the best and cheapest form of policy.
Whole Life Insurance Plan (Whole Life Insurance)
Whole Life Insurance Policy Whole Life
provides security for. In such plans, the insured is generally given an option to pay the premium amount for a specified period of time. Also known as maturity period. If the life assured reaches maturity, he/she has the option to keep the life cover till death without paying the premium and receiving the sum assured or bonus.
Endowment Policy (endowment insurance plan)
Endowment policy pays you the sum assured along with both investment and death benefits. The plan charges a high premium which is being invested in the asset market – debt and equities. Endowment is a policy in which the insurer promises to pay a lump sum amount at the time of maturity. Maturities are limited to a fixed age of 10, 15 or 20 years. Some plans also pay the amount in case of critical illness. The amount can also be received early in an endowment plan wherein the insured receives the surrender value.
Child Insurance Policy
These plans provide financial coverage for the future needs of the child. Along with this, it gives you the opportunity to better plan and stabilize your future. It is basically a combination of insurance cover and investment that secures multiple future stages of your child. This Max life insurance policy will provide you the amount as a lump sum amount at the end of the policy. Apart from this basic cover, this policy also helps you in offering payouts at crucial stages of your child’s life. It is obvious that you do not want to think about your death or some unfortunate event, but have you ever thought about what your child will do after your death, how he will manage to secure the future. Basically, a child insurance policy ensures that the future financial needs of the child are taken care of even in your absence.
Pension Plan (Retirement Plan)
This plan helps you to financially secure your post-retirement life. To plan your retirement, there are many pension plans available in the market. These plans are different from each other. Their benefits, features, exclusions etc. are also different. A pension plan is basically an investment or savings instrument to meet the retirement requirements in the future.
Under this, the insured gets regular income in the form of an annuity during the days of your retirement. Annuity plan is a form of insurance plan which pays regular income from the beginning and the rest depends on the features of the plan you choose.
This policy also helps you to save and get insurance cover. Improvement in lifestyle, better and brighter living aspirations and increasing anxiety make people think of investing money to secure their future. Securing all your financial goals with existing investment resources means investment planning. It is true that everyone’s needs are different, so one investment plan definitely does not suit everyone’s needs. Nowadays, insurance companies are offering a wide range of effective investment plans.
Unit-Linked Insurance Plans (ULIPs)
In all the above schemes you have no option to choose where you want to invest your money. Most of these schemes invest in loans to secure your capital, whereas Unit-Linked Insurance Plans (ULIPs) give you the absolute right to choose the best way to invest your money. Which you can also invest in debt and equity. If you want to switch the current investment method, you can do the same easily.
ULIP is basically a financial tool which provides you insurance cover and also helps in wealth creation. Those who have good knowledge about stock market can understand it easily.
money back plan
Money-back plans are like endowment plans with the only difference being that a part of the return can be withdrawn during the payout period. In this, some portion is returned to the insured from time to time as per the policy tenure. In case of death the full sum assured will be paid. This also includes bonuses. With these additional features, the premium for these plans is higher than other online Max life insurance plans.
What are riders? Which riders can be added to a life insurance policy?
Riders act as an additional cover in any insurance plan. Mostly, the rider is purchased along with the insurance plan and cannot be added later.
Types of Life Insurance Rider: Riders provide a specific benefit and are added to the Max life insurance policy for additional benefits. Each rider offers a different benefit. Let’s get to know about some riders.
Permanent Total Disability or Accidental Death Rider: With the help of this rider, in case of permanent total disability or in case of death and additional sum assured is given to the policyholder.
Premium Waiver Rider: The benefit of this rider is availed when the policyholder becomes financially unproductive due to accident or critical illness and is unable to earn. B in this rider
The Sum Assured takes full responsibility of paying the premium amount till the time of maturity, Sum Assured is paid to the Sum Assured.
Critical Illness Rider: In this rider, the sum assured is paid to the policyholder in case of serious ailments like kidney failure, heart attack, cancer etc. In most cases, the sum assured is paid and the plan terminates. Critical illness riders become more expensive with age. In some cases, the insurer may even deny rider coverage to the policyholder due to their health conditions at the time of purchase. This is the reason why it is better to buy riders at a young age.
Surgical Rider: This is a beneficial rider that assists the insured by providing financial coverage for surgeries requiring 43 types of medical treatments. The cover is different for minor or major surgery treatments.
Hospital Cash Rider: During hospitalization, a fixed amount is payable on a per day basis towards hospitalization charges. The minimum and maximum sum assured benefit amount may vary from insurer to insurer along with the clauses of the policy.
Term Rider: Term rider pays a fixed or monthly income to the beneficiary in the event of the death of the policyholder. This is equal to the predetermined value mentioned in the policy or base plan coverage.
How to choose the best life insurance policy?
Since there are various plans offered by Max life insurance companies, it is very confusing to choose the best plan among various options to get the best coverage at an affordable premium. Some of the points to remember before buying a plan are as follows:
1 Keep in mind the claim ratio
A person buys a life insurance policy only to get a claim in the time of need. But what if the family does not get the sum insured after the person leaves? There is nothing to worry about, there is a way to solve it. Before selecting a provider, you should check its claim ratio. This will give you an idea of the number of claims a company has made in a year. The company that has the highest ratio may be a good option for you.
2 Company background check
There are many companies today that provide insurance policies. Because of this, there is a dearth of quality providers in the industry. To be smart, you should do a background check on each company. Whatever the facts match your expectations you should go with that.
3 Valuation of Sum Assured
Before you start knocking on the doors of insurance providers, it is highly recommended to calculate your expected sum assured. Along with this, you can do a deep check from the premium calculation which is done by the companies. Combine both the factors to know which company deserves your hard earned money.
4 Customer Reviews Are Important
Sometimes, a company may look great from outside but run with bad intentions from inside. The best way to find such companies is through customer reviews. These reviews are given by people who have experienced how such companies work and whether they live up to their promises. Reading the reviews of such people can really influence your buying decision.
How to buy life insurance policy online?
Offline shopping takes a long time to get good results. It is best to opt for online shopping to save time and money. One such platform that you can rely on is PolicyX.com. Check the steps given below to buy life insurance-
To get life insurance premium online, go to the top-right corner of this page.
Provide the required details and tap on ‘Continue’.
Enter your number and city to proceed.
Select the plan from the list of available options.
make payment. You will get your policy details on your registered email id.
How to claim for Max life insurance policy?
In case of death of the insured, the nominee/executive of the deceased shall be able to claim in the following manner:
Inform the insurance company about the death as soon as possible with important details like time, place and cause of death.
Submit the required documents and proofs to the insurance company. This will include the death certificate of the insured along with the claim form provided by the insurance company.
If the policy was assigned, the assignee has to provide the documents. If any person (other than nominee or assignee) is filing the claim, he/she has to submit legal proof of his/her relationship with the insured.
If necessary, the report of the post-mortem, hospital and attending physician will also need to be submitted.
In cases involving police inquiries, an investigation/survey report has to be submitted.
Once the investigation is over, the insurance company will approve/reject the claim. The details of the same will be shared with the claimant.
Should You Compare Life Insurance with PolicyX.com?
Definitely need to compare. There is no doubt about that. It is a certified Insurance Regulator with full support of IRDAI (License No: IRDA/WBA17/14). But that’s not the only reason you should put your trust in PolicyX.com.
We provide you online premiums from various companies without spending money.
If you have any doubt regarding plans or premium calculation, you can freely get in touch with our experts. They will fully assist you.