A life insurance policy is one of the best investments as well as security made by an individual for the whole family. An individual usually makes a life insurance policy during his or her early years, usually after beginning to work. The premium is usually lower at lesser ages and gradually increase with increasing age. There is a sum assured, which is paid out to the nominee in case of death of the person whose life is insured. The individual also receives rebates on income tax under section 80C of the income tax act upto a limit of Rs 1250,000 in a year. A life insurance policy is also seen as a moderately good investment, and the individual receives the sum assured along with bonuses and loyalty additions, and the entire amount is tax-free.
A survey of the best There are several good life insurance plans, and there are several sites such as policy bazaar that review the best life insurance plans and provide comparisons for people to choose the best life insurance plans most suited to their needs. Some of the best life insurance plans have been rated on the basis of the claim ratio, the death benefits offered, and flexibility in the plans tailored to individual requirements. The claim ratio is a computation of the number of claims cleared, and a life insurance plan in India with a higher claim ratio essentially indicates that the family of a deceased policyholder will receive claim payout early and with minimum hassle. Max life insurance ranks one of the highest with a claim ratio of 99.2% and a policy term from 10 years to 35 years with modifications in individual plans based on customer preferences. The age factor is important, and this is well demonstrated by the fact that an individual buying a life insurance plan at the age of 30 years will need to pay just Rs 1000 per month for an assured sum of Rs 1 crore at the end of the term. Another unique feature of the Max Life Insurance plans is the facility of adding Covid 19 rider. The addition of this unique feature will mean that an individual will receive a claim of Rs 2 lakhs for covid 19 treatment even for home confinement and an additional payout of Bharati Axa life insurance ranks high with a claim ratio of 97.4%. The maximum coverage term is 85 years. This life insurance plan has provisions for heart diseases and cancer and covers 35 critical illnesses as a comprehensive cover and 15 major illnesses. One of the best features of the Bharatiaxa life insurance plans is the option to pay the death benefit in the form of a monthly income for 15 years, the income amount increasing by 10% every year. Any list of leading life insurance plans in India would be incomplete without including the Life Insurance Corporation of India. This is one of India's oldest life insurance companies and has one of the widest networks, with branches in even small towns. Life Insurance Corporation of India is so ethnic in its image that every Indian household trusts it though its claim ratio is much lower at 94.45%. The processes of application and claim settlement are slower. SBI life insurance is the life insurance division of the State bank of India and is well supported by the wide network of SBI branches. Though the claim ratio of SBI life insurance is still lower at 92.13%, the best part of SBI life insurance is an increase in the sum assured by 10% after every 5 years. SBI life insurance is also popular with people below the poverty line for its policies, and the maximum sum assured for life insurance plans in this category is Rs 50000. Another unique feature of SBI life insurance is the discount in premium on the large sum assured, and the discount can be as high as 30%. There are also several other life insurance plans besides the ones listed above. Customers can browse through the details of the plans and even refer to reviews to choose the best life insurance plans for themselves.
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