Top 13 Life Insurance Companies in India 2020

Top 13 Life Insurance Companies in India 2020

Updated on 28 Jan 2020.

Without wasting time let’s go deep into the top best insurance companies in India. I have curated a list of 13 top companies. You can also read 10 things to know before buying a life insurance.

#1. Life Insurance Corporation

LIC is the only public life insurance company. It is one of the best life insurance companies due to its largest network and consistency in claim settlements.

According to the IRDA reports, LIC’s claim settlement and rejection ratio for last two years are

LIC’s claim settlement ratio

  • 97.79% in year 2018-19
  • 98.04% in year 2017-18

Claim rejection ratio

  • For the year 2018-19 rejected claim 0.43%.
  • For the year 2017-18 rejected claim 0.67%.

Best plans offered by LIC in India-

Endowment Plans

#New Jeevan Anand (815)

  • This plan provides coverage up to the age of 100 years.
  • You have to pay a regular premium until the maturity of the policy. On maturity, you get maturity value.
  • After the maturity of the death within the age of 100, the nominee gets another benefit of equal to the sum assured.

#New Endowment Plan (814)

  • After the death of the policyholder, the lump sum amount is given to the nominee, equal to the total of sum assured of the policy + simple reversionary bonus + additional bonus if any.
  • This sum total is known as maturity value. On the maturity of the policy, the policyholder gets that maturity value.

#Lic Jeevan Labh (836)

  • In this plan, you have to pay a premium up to a fixed period of time which is known as premium payment time. And policy provides coverage up to the term of the policy.
  • Like in one case of this policy you have to pay a premium for the first 15 years and the company provides cover for 21 years.

#Lic Jeevan Pragati (838)

  • In this plan, risk cover automatically increases every 5 years during the term of the policy.
  • It also provides loan facility. You can take a loan against the policy.
  • This plan automatically increases the risk cover every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facilities.

Term Insurance Plans by LIC

#Anmol Jeevan II (822)

  • If the policyholder dies during the term of the policy sum assured is given to the nominee
  • In the case of survival, nothing is paid.

#Amulya Jeevan (823)

  • If the policyholder dies during the term of the policy sum assured is given to the nominee.
  • No survival benefits.

#2. Max Life Insurance

Max’s life insurance is one of the leading private life insurance companies. It is a joint venture of Max India Ltd. and Mitsui Sumitomo Insurance Co.

Claim settlement ratio of Max Life Insurance is

  • For year 2018-19  98.74%
  • For year 2017-18 is 98.26%

Claim rejection ratio

  • For year 2018-19 rejected claim 1.24%
  • For year 2017-18 rejected claim 1.72%

List of best Max Life Insurance Plans

Max Life Saving Plans

#1. Max life monthly income advantage plan

  1. It gives a offer of guaranteed monthly income for 10 years after policy term.

#2. Max life guaranteed income plan

  • Max life guaranteed income plan offers a regular monthly payout immediately after the policy terms.
  • In case of death of policyholder, nominee will have the option to either select lump sum amount or regular monthly income.

#3. Max whole life super

  • Max Whole life super plan offer the cover till the age of 100.

Max Term Plans

#1. Basic life cover

  • It provides basic cover as lump sum amount on the event of death
  • Policy provides a cover of lump sum Rs 1 crore on the premium paying Rs. 7,500 annually.

#2. Life cover monthly income

  • Life cover monthly income provide basic cover with a monthly additional extra payout.
  • Lump sum = 1 crore + 40,000 pm.
  • Annual premium amount is approx. Rs. 10,000.

#3. Life cover increasing monthly income

  • It provides basic cover with additional increasing monthly income 10% p.a.
  • Lump sum= 1 crore + 40,000 increasing 10% p.a.
  • The annual premium amount is approx. Rs. 11,000.

You can also read detailed review of Max term online insurance plan.

Note – In these term plans, the premium is calculated for a 30-year-old, non-smoking person with a policy term of 30 years.

Max Life Child Plan

#1. Max life Shiksha plus super

  • This plan offers the payouts from the maturity value of the policy whenever you need it for your child. In this policyholder cannot withdraw or surrender the policy before the completion of 5 years of policy

#3. Aditya Birla Sun Life Insurance

ABSL is a joint venture started by the Aditya Birla Group and Sun Life Financial Inc. ABSL was the first company to introduce the “free look period” even before made compulsory by IRDA.

Claim settlement ratio of Birla Sun Life Insurance is

  • For the year 2018-19 is 97.15%
  • For the year 2017-18 is 96.38%

Claim rejection ratio

  • For the year 2018-19 rejected claim 2.40%
  • For the year 2017-18 rejected claim 2.80%

Saving with protection (Endowment Plan)

#1. ABSL vision Moneyback plus plan

  • This is a money bank life insurance plan that provides regular payout for fulfilling your needs. This payout is made every 5 years throughout the term of the policy.

#2. ABSL vision life income

  • BSLI vision life income plan is whole life cover plan that covers your life till the age of 100 years and provides a regular income till the policy term.

#3. ABSL saving plans

  • This plans provide service to save money regularly and enables steady growth over time.

#4. ABSL income assured plan

  • It provides regular income after completing the premium paying period till the maturity along with life security.

Term Plans

#1. ABSL future guard plan

  • This plan is for the financial security of your family even when you are not around, with an increasing sum assured policy.

#2. BSL easy protection plan

  • It provides option that you can choose constant or increasing sum assured per annum according to your requirements.

Child Plan

#1. ABSL vision star plan

  • This plan offers the payouts from the maturity value of the policy whenever you need it for your child.

#4. ICICI Prudential life insurance

ICICI Prudential life insurance is a joint venture between ICICI Bank and Prudential plc.

The claim settlement ratio of ICICI Prudential Life Insurance is

  • For 2018-19, claim settlement ratio is 98.58%
  • For  2017-18, claim settlement ratio is 97.88%

Claim rejected ratio

  • For the year 2018-19, rejected claims are 1.18%
  • For the year 2017-18, rejected claims are 1.77%

Savings and Unit Linked Insurance Plans

#1. ICICI Prudential wealth builder II

  • This plan provides the choice to choose your investment strategy in equities and debentures along with life security.

#2. ICICI Prudential guaranteed wealth protector

  • This plan provides a guarantee on the money you invested along with life security.

#3. ICICI Prudential elite wealth II

  • This plan is good if you are looking for a policy having an annual premium greater than 5 lakh per month because in this policy the minimum limit of premium is Rs 5 lakh per month.

Term Plans

#1. ICICI Prudential i-protect smart

  • This plan provides an option to choose the type of protection.
  • Payout in case of 34 critical diseases.

#2. ICICI Prudential i-care II

  • It provides protection to the family in case of death of the policyholder.
  • You can choose policy to least for 5, 10, 15, 20, 25 and 30 years.

Retirement Plans

#1. ICICI Prudential easy retirement

  • This plan provides regular income after your retirement.
  • This also provides security to your money invested in the assets.

#2. ICICI Prudential immediate annuity

  • In this plan you get regular income in your retirement days.
  • The minimum payout amount is Rs 1,000 per month.

#5. Kotak Life Insurance

Kotak Life Insurance was a joint venture between Kotak Mahindra Bank Ltd and Old Mutuals Plc (UK) in a ratio of 74:26. But in 2017, Kotak Mahindra bought the entire 26% shares of Old Mutuals and became 100% shareholder in Kotak Life Insurance.

Kotak Mahindra improved a lot in terms of claim settlement and claim rejections. You can see the difference below.

The claim settlement ratio is

  • For the year 2018-19, claim settlement ratio is 97.40%
  • For the year 2017-18, claim settlement ratio is 93.72%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 2.21%
  • For the year 2017-18 rejected claims are 5.69%

Plans offered by Kotak Life Insurance

Savings and Investment Plans

#1. Kotak premier life plan

  • This plan provides protection up to the age of 99 years.
  • You will have the option to either receive the bonus payouts during the policy term or you can accumulate them under the policy.

#2. Kotak single investment plan

  • This is a unit-linked insurance plan (ULIP)
  • This is a single premium plan in which you have to pay for a single time
  • Under this policy, both the husband and wife can get insured under one policy.

#3. Kotak Sampoorn Bima micro-insurance plan

  • This is also a single premium plan.
  • The term of the policy is fixed for 5 years. You cannot extend the term of policy beyond 5 years.
  • Premium in this plan is less because this plan is for low-income group people.

#4. Kotak assured income accelerator

  • Under this plan  guaranteed income is paid every year during the payment period of policy.
  • Payouts will increase @ 5% – 7 % every year .

Protection Plans (Term Plans)

#1. Kotak preferred e-term plan

  • This term plan offers high level of protection with nominal premium.
  • In case of total and permanent disability, the remaining premium is waived off
  • It also provide payout options like lump sum or regular.

#2. Kotak Saral Suraksha

  • This plan is cost effective i.e. lesser amount of premium as compared to the other plans with significant cover.
  • You can choose the term of policy either for  5 or 10 years.

#3. Kotak preferred term plan

  • This plan is for high coverage.
  • You will have the option to change your cover.
  • Preferential rates for females and non-tobacco users.

You may also read – Best term insurance plans in India.

Child Plan

#1. Kotak headstart child assure

  • It provides the corpus amount on the maturity of the policy.
  • On the death of the policyholder, the company provides immediate cover value.
  • All future premiums are waived off and paid by the company
  • Policy continues even after the death of policyholder until the maturity and nominee get the maturity value of the policy at the end of the policy.

#6. SBI Life Insurance company

SBI life insurance is a joint venture between the State Bank of India and BNP Paribas Cardif.

It’s alarming for SBI to improve their claim settlement process. Because SBI’s claim settlement ratio has decreased in last year and they rejected almost double of the claims as compared to the 2017-18 year.

The claim settlement ratio of SBI life insurance is

  • For the year 2018-19, claim settlement ratio is 95.03%
  • For the year 2017-18, claim settlement ratio is 96.76%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 4.47%
  • For the year 2017-18 rejected claims are 2.63%

Different plans offered by SBI life insurance are

Endowment Plans

#1. SBI Life smart women advantage

  • This insurance plan is designed for females.
  • It provides benefits of life cover + saving and critical illness benefits.
  • You can also choose the additional pregnancy complication and congenital anomalies.

#2. SBI Life smart Swadhan Plus

  • It provides 100% of the sum assured on the survival of the policyholder.

#3. SBI Life smart Humsafar

  • This plan covers both the husband and wife under a single plan.
  • Even on the of death either husband or wife,  the policy continues and the remaining premiums are waived off.

#4. SBI Life smart money planner

  • It provide regular income throughout the benefit payment period.
  • It also provides the feature of growth period.

#5. SBI Life smart income protect

  • It provides both protection and saving
  • Guaranteed annual payment of 11% of sum assured over a period of 15 years after maturity .

#6. SBI Life smart money back gold

  • Providing payout options on maturity as per your requirements.
  • Survival benefits of 110% of the sum assured on the maturity.

Terms Plan

#1. SBI Life e-Income Shield

  • This plan is for securing your family life behind you with a regular monthly income.
  • It provides the option to can choose payouts monthly half-yearly or yearly.
  • You also have the option to choose an increasing monthly salary at a simple interest per year. For example 5% p.a. increase in income.
  • Lower premium for females and non- smokers

#2. SBI Life smart shield

  • This plan for high-level coverage min level is Rs 25 lakhs.
  • On death, cover value is provided in lump sum.

#3. SBI Life Grameen Bima

  • This plan is for the deprived section of the society to provide life coverage at very lower rate

Child Plans

#1. SBI Life Smart Champ Insurance

  • In this plan, the company pays 4 installments of the maturity value after your child attained the age of 18. These payments are done on attaining the age of 18,19,20 and 21.
  • On death, the sum assured is immediately paid. The remaining premiums are waived off and the benefits on the sum assured are paid on maturity of the policy.
  • SBI life  smart scholar
  • It is a unit-linked insurance plan. In this plan, your premiums are invested in the equities.
  • The same death benefits are provided.

#7. HDFC Life insurance

HDFC Life (formerly HDFC Standard life insurance) is a joint venture between HDFC Ltd. and Standard Life Plc. I liked the way HDFC standard life insurance has it’s death claim settlement process and providing 99% claim settlement ratio.

The claim settlement ratio of the HDFC standard life insurance is

  • For the year 2018-19, claim settlement ratio is 99.03%
  • For the year 2017-18, claim settlement ratio is 97.80%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 0.52%
  • For the year 2017-18 rejected claims are 1.66%

List of insurance plans offered by HDFC standard life insurance is

Endowment/ULIP Plans

#1. HDFC Life click2invest

  • This is a unit-linked plan in which you can invest in the financial market and can provide protection to your family and fulfill your investment requirement.

#HDFC Life Sanchay

  • Premium paying term is limited to 5, 8 or 10 years.
  • The maturity value will lie between 220% to 325% of the sum assured of the policy.

#HDFC super income plan

  • The payout period of this policy is 8 or 15 years.
  • Every year payout or income comprises of guaranteed base income payouts, varying from 8 to 12.5% of sum assured on maturity.

#HDFC classic assure plan

  • The premium payment period is limited, 7 and 10 years.
  • Single life coverage.
  • EMI facility is also available for the HDFC credit cardholders.
  • In this plan, you can choose an option in which an additional sum assured is paid by the company for the treatment of 19 critical illnesses. These illnesses are defined in policy documents. For choosing this option, you have to pay a little more.

Term Plans

#1. HDFC life click2protect plan

  • You have the option to get lump sum payment on death
  • If the cause of death is accident, then extra sum assured is provided with basic sum assured.
  • The remaining part of the sum assured after paying on death is given as monthly income for the next 15 years.

#2. HDFC life CSC Suraksha

  • It pays the lump sum amount on the death of the policyholder. This plan is to cover village households that’s why terms and conditions are simple.

Child Plans

#1. HDFC SL YoungStar super premium

  • This plan gives you the option to invest your money according to your expected return on your investment.
  • The available options are – income fund, balanced fund, bluechip fund, opportunity fund.

#2. HDFC life YoungStar Udaan

  • This plan offers you to get the maturity level either as a lump sum or as a money-back for fulfilling your child’s academic or career needs.

Retirement Plans (Pension Plans)

#1. HDFC life personal pension plus

  • This plan is for single person.
  • Assured benefit equal to 101% of all regular premium paid.

#2. HDFC life click2 retire

  • In this plan death benefits given to the nominee is the fund value of your policy or 105% of the premium paid till the end, whichever is higher.

#3. HDFC life assured pension plan

  • This is a unit-linked plan.
  • You can gain from the outside market.
  • Death benefits given to the nominee is the fund value of your policy or 105% of the premium paid till the end, whichever is higher.

#8. Tata AIA Life Insurance

Tata AIA life insurance is a joint venture between Tata Sons Pvt. Ltd and AIA Group Ltd. (a Shanghai-based global insurance company).

Claim settlement ratio is

  • For the year 2018-19, claim settlement ratio is 99.07%
  • For the year 2017-18, claim settlement ratio is 98.00%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 0.93%
  • For the year 2017-18 rejected claims are 2.00%

Plans offered by Tata AIA life insurance

Endowment/ULIP Plans

#1. TATA AIA Life Insurance Invest One Plan

  • In this plan, you have to pay a single one time and enjoy maturity benefit in equal installments for 5 years. In case of death of the policyholder, 105% of the single premium amount or fund value (whichever is higher) is paid to the nominee.

#2. TATA AIA Life Insurance Fortune Maxima Plan

  • In this, the policyholder gets life insurance coverage for the whole life till 100 years and also gets market-based returns.

#3. Tata AIA Life Guaranteed Return Insurance Plan

  • In this policy, the policyholder pays a regular premium for selected years and after that, you receive regular income till the maturity of the policy. You have the option to receive regular income on what interval – monthly, quarterly or yearly.

#4. Tata AIA Life Insurance Diamond Savings Plan

  • In this plan, you have to pay for 8 or 12 years and enjoy life cover for a policy tenure of 18 or 25 years.
  • You get guaranteed income (annually) starting on next policy year from the premium paid till maturity of the Policy or till death of the Life Insured, whichever is earlier.

Term Plans

#1. Tata AIA life Sampoorna Raksha Plan

  • TATA AIA term plans give longer life cover of up to 85 years of age or for whole life coverage which is till the age of 100 years. TATA AIA offers a higher protection discount of up to 25% for sum assured of over Rs. 75 Lacs.

Child Plans

#1. Tata AIA life Super Achiever

  • In this plan, you can receive a maturity amount in lumpsum or in periodical payments on completing the term. Policy benefits continue in case of the death of the parent or guardian who is paying the premium.

#9. Bharti AXA Life Insurance

Bharti AXA life insurance is a joint venture between Bharti Enterprises and AXA Business group (a global insurance company).

Claim settlement ratio is

  • For the year 2018-19, claim settlement ratio is 97.28%
  • For the year 2017-18, claim settlement ratio is 96.85%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 2.07%
  • For the year 2017-18 rejected claims are 2.36%

Plans offered by Bharti AXA life insurance

Endowment/ULIP Plans

#1. Bharti AXA Life Elite Advantage

  • In this plan, you enjoy guaranteed returns during the policy term and again receive100% sum assured on maturity. Premium payment terms are 5, 7 and 12 years.

#2. Bharti AXA Life Grow Wealth

  • Bharti AXA Life Grow Wealth is a Unit linked plan. In this, the policyholder has to pay single premium and policyholder gets maturity amount with additional loyalty bonuses.

#3. Bharti AXA life monthly advantage

  • You enjoy the monthly income till the maturity of the term along with accrued bonuses on maturity.

#4. Bharti AXA Life Secure Income Plan

  • In this policy, the policyholder pays a regular premium for selected years and after that, you receive regular income till the maturity of the policy.
  • You also get additional bonuses on maturity.

Term Plans

#1. Bharti AXA life Flexi term life cover

  • This plan provides higher cover to the policyholder. If the policyholder dies during the term of the policy, the company will pay full cover value.
  • You can also get added coverage for critical illnesses at an additional cost. You get 3 options for your family to get the benefit as lumpsum, increasing monthly income or lump sum plus increasing monthly income.

Child Plans

#1. Bharti AXA Life Shining Stars

  • You can select from two maturity options- Annual payout or Flexi payout to get returns in multiple years as per your goals for child education or marriage. You also get 5 years of extra life cover after the last premium paid.

#10. Aviva Life Insurance

Aviva life insurance is a joint venture between Aviva Plc. (UK) and Dabur Group.

Claim settlement ratio is

  • For the year 2018-19, claim settlement ratio is 96.06%
  • For the year 2017-18, claim settlement ratio is 94.45%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 2.13%
  • For the year 2017-18 rejected claims are 4.83%

Plans offered by Aviva life insurance

Endowment Plans

#1. Aviva Family New Income Builder

  • In this, you have to pay premium till the premium payment time of policy after that you get regular annual returns up to 12 years. It offers double the amount of the premiums paid.

#2. Aviva life star saver

  • It’s a unit-linked plan.
  • The policyholder has to pay a single premium. On the maturity, the policyholder gets lump sum amount = sum assured on maturity + accrued guaranteed additions + loyalty benefits

#3. Aviva Dhan Nirman

  • In this policy, the policyholder pays a regular premium for selected years and after that, you receive regular income till the maturity of the policy.
  • You have the option to receive regular income on what interval i.e monthly, quarterly or yearly.
  • It offers a guaranteed regular stream of income and also bonuses at the end of the policy term.

Term Plans

#1. Aviva i-Shield Term Insurance

  • In this plan higher cover is provided to the policyholder. If the policyholder dies during the term of the policy, the company will cover from 100% to 120% of the sum assured.
  • In the case of the survival of policyholders, 110% of the total premiums are paid to the policyholder.

Child Plans

#1. Aviva Young Scholar Secure

  • It is a unit-linked plan.
  • It offers double the number of premiums paid.
  • Regular payouts for 12 years.
  • On the death of the policyholder, the insurance company will pay the remaining premiums and the policy continues.

#11. Bajaj Allianz Life Insurance

Bajaj Allianz is a joint venture between Bajaj Finserv and Allianz SE established in 2001.

The claim settlement of Bajaj Allianz life insurance is

  • For the year 2018-19, claim settlement ratio is 95.01%
  • For the year 2017-18, claim settlement ratio is 92.04%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 3.49%
  • For the year 2017-18 rejected claims are 5.79%

Plans offered by Bajaj Allianz are

Endowment Plans ( Saving Plans)

#1. Save Assure

  • This plan guaranteed maturity or death benefits of 115% of the sum assured.
  • The policy term available is 15 or 17 years.
  • Premium payment period 10 or 12 years.

#2. Guarantee Assure

  • Fixed premium payment term of 5 years.
  • Policy term available 7, 8, 9 years.
  • Guaranteed addition of 63% of the sum assured of the policy.

#3. Cash Assure

  • Cash Assure is a money-back plan.
  • Guaranteed money back is up to 150% of the sum assured.
  • 4 options available for policy terms 16, 20, 24, 28 years.

Term Plans

#1. I-secure

  • It provides higher coverage at a lower cost.
  • The nominee has the option to get the benefits over a period of 5 or 10 years.

#2. I-secure more

  • This plan is for fulfilling your families increasing financial requirements.
  • Increasing cover 5% every year.

#3. I-secure loan

  • This plan is to secure your family from any type of loan like a house loan, car loan, personal loan, and credit card dues.

#4. Life secure

  • It Provides cover to the age of 100.
  • You have to choose coverage from 3 options death benefits, death benefits with extra accidental and death benefits and critical illness.

Child Plans

#1. Bajaj Allianz young assure

  • Multiple premiums and terms of policy available for fulfilling the need of a child like education, health, and marriage.
  • Guaranteed maturity benefits, additions, and bonuses ensure a good return
  • Discounted rates for females.

#2. Bajaj Allianz lifelong assure

  • The cash bonus starts at the end of the 6th year.
  • Life covers up to the age of 100.
  • 3 Premium payment period choice 10, 15, 20 years.

Retirement Plans

#1. Pension guarantee

  • In this plan regular annuity is given after the retirement on the basis of option you choose.

#2. Retire rich

  • Retire rich is a unit-linked pension plan
  • They provide the option regarding the premium payment i.e. regular , limited or single.
  • It also provides the option to change the payment term of policy.

#12. Reliance Nippon Life Insurance

Reliance Nippon life insurance policy is a joint venture between the Reliance group and a Japanese company Nippon life.

The claim settlement ratio of Reliance Nippon life insurance is

  • For the year 2018-19, claim settlement ratio is 97.71%
  • For the year 2017-18, claim settlement ratio is 95.17%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 2.25%
  • For the year 2017-18 rejected claims are 4.48%

The policies offered by the Reliance Nippon life insurance are

Saving and Investment Plans

#1. Reliance’s guaranteed money back plan

  • This plan provides periodic payouts after any unforeseen event to fulfill family requirements.

#2. Reliance Nippon life fixed saving plan

  • In this plan, you create a corpus for unforeseen expenses. This offers guaranteed benefits includes fixed addition that accrues every year with an additional lump sum at maturity.
  • This provides up to 10% fixed regular additions

#3. Reliance increasing income insurance plan

  • This is a growing income plan in which the payouts increases at a fixed rate of interest per annum

#4. Reliance whole life income

  • Under this plan, company pays a regular income till the age of 85 years

Term Plans

#1. Reliance term plan

  • This plan provide higher coverage at reasonable premium.
  • You can enhance your protection through riders.

#2. Reliance online term

  • Under this plan company provide coverage of Rs 1 crore in just Rs 15 per day.
  • Medial texts are done at the doorsteps.

#3. Reliance online income protect

  • This plan provides both, the lump sum amount and regular monthly incomes.
  • The amount of monthly payouts and policy terms all based on your policy conditions.

#13. Exide Life Insurance

Exide life insurance is also known as ING Vysya life insurance is a joint venture between Exide industries and ING insurance international.

Claim settlement ratio is

  • For the year 2018-19, claim settlement ratio is 97.03%
  • For the year 2017-18, claim settlement ratio is 96.81%

Claim rejection ratio is

  • For the year 2018-19 rejected claims are 2.97%
  • For the year 2017-18 rejected claims are 3.04%

Plans offered by Exide life insurance

Endowment Plans

#1. Exide life assured gain plus

  • In this plan, you have to pay a premium for 5 years and enjoy returns and cover until the term of the policy.

#2. Exide life income advantage plan

  • In this, the policyholder has to pay premium till the premium payment time of policy after that policyholder get regular annual returns up to the term of policy

#3. Exide life star saver

  • The policyholder has to pay a regular premium till the maturity of the policy. On the maturity, the policyholder gets lump sum amount = sum assured on maturity + accrued guaranteed additions +  loyalty  benefits

#3. Exide life guaranteed income insurance plan

  • In this policy, the policyholder pays a regular premium for selected years and after that, you receive regular income till the maturity of the policy.
  • You have the option to receive regular income on what interval i.e monthly, quarterly or yearly.

Term Plans

#1. Exide life smart term plan

  • In this plan higher cover is provided to the policyholder. If the policyholder dies during the term of the policy, the company will pay full cover value.
  • In case of the survival of policyholder, the total premium is paid to the policyholder.

Child Plans

#1. Exide life wealth maxima- maxima child

  • It is a unit-linked plan
  • On the death of the policyholder, the insurance company will pay the remaining premiums and the policy continues.
  • At the end of maturity, the fund value is paid to the beneficiary.

#2. Exide life Mera Aashirvad

  • In this plan, on the death higher of the sum assured, 10 times of annual premium or 105% of the premium paid is given to the nominee.

Conclusion

You can make an informed decision on the information provided in this article. It is always better to compare 2-3  insurance policies and then apply for anyone.

How did you like the article? Let me know in the comments.

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