Best whole life insurance plan to buy in India – 2021

Nowadays the whole market is flooded with tons and tons of insurance companies providing insurance plans with different features and terms because of which the exploitation of customers is rising, but team apni policy has got it all covered – learn today which is the best whole life insurance plan to buy in India 2021.

whole life insurance plan

So whenever we are talking about the best insurance plan we should always look towards the company’s profile like how it has been performing in the past and what is its current position in the market and after that analysis, you should compare the plans of that company with other company’s plan.

 

Following are the 2 ways through which you can find out which are the top insurance companies in the market – 

 

A) Self-analysis – Under this method, you compare all of the companies available in the market by considering following of the factors – 

 

  • Claim settlement ratio

    – It is a metric that tells how many claims the company has settled down during a financial year against the number of claims it has received. Better the ratio – better the company’s position in the market. 

 

  • Claim settlement time

    – It is the in-between time from the date claim has been filed and the date on which the claim got settled. No matter how good the plan company offers if it doesn’t settle the claim on time, it is useless. 

 

  • After-sale service

    How the company treats its customer after the sale of service or goods defines the company’s true motive. So check out the genuine reviews of the company by its past customers and if the company provides a good service even after the sale then it is good to go with. 

 

  • Financial background –

    Look towards the stats of the last five years and see which company has performed better financially – how much premium it has collected throughout the year and what are the profits it has made.

Market share of insurance compnay

These are the major and non – technical points which anyone can research and understand about a company, so when you are doing a self-analysis of a company then keep them in mind and if a company is performing good in all of these points then move forward and start comparing its plan’s feature with other company’s plan.

 

The other way through which you can find out which are the top insurance companies in the market are – 

 

B) IRDA’s List of insurance companies – IRDA (insurance regulatory and development authority) controls and regulates all of the insurance companies and rules and regulations regarding insurance. 

 

IRDA releases a time-to-time report on a quarterly, yearly basis in which it shows the ranking of all of the insurance companies based on their performance in the market. 

Let’s take a look which was the top 4 insurance companies according to the IRDA’s list –

Company  Sector Founded Claim settlement ratio
Life insurance corporation (LIC) Government 1956 97%
HDFC Standard life insurance Private 2000 98%
MAX life insurance Private 2000 98%
ICICI Prudential life insurance Private 2000 98%

(All of the companies in the above table are arranged in chronological order given by IRDA.)

As now we know which are the top insurance companies let’s get back to our main point which is – Finding the best whole life insurance plan to buy in India – 2021 

 

What is Whole life insurance?

As we can relate from the name it gives the insured person coverage throughout the lifetime if the premiums are paid on time during the premium payment term. 

 

Let’s take a look at whole insurance plans offered by these top 4 companies – 

 

1 – LIC’s Jeevan Umang – It is the only whole life insurance plan offered by the LIC in which it gives life coverage to the insured person till the age of 100 even after the end of the premium payment term.

 

Following are the key features of this plan – 

 

  • Maturity benefit –

    Life coverage till the age of 100 and in case of maturity the person is given the sum assured money with the accumulated bonuses during the policy period.

 

  • Pension benefit –

    The premium payment term is selected by the insured person and as the premium payment term ends the insured person starts getting the 8% of sum assured money every year in the form of pension till his death or maturity (whichever comes earlier).


  • Death Benefit –

    On death the insured person gets the sum assured money and the bonuses accumulated till the date of death.


  • Tax benefit –

    The premium paid every year is eligible for the tax rebate and the maturity/ death money is non – taxable. 

 

2 – HDFC’s Sampoorn samridhi plus – This is the only whole life insurance policy offered by the HDFC. Following are the features of this policy – 

 

  • Maturity benefit –

    Life coverage till the age of 100 and in case of maturity the person is given the sum assured money with the accumulated bonuses during the policy period.


  • Death Benefit –

    On death the insured person gets the sum assured money and the bonuses accumulated till the date of death. All of the money given on the demise of the person is tax-free.

 

  • Tax benefit –

    The premium paid every year is eligible for the tax rebate and the maturity/ death money is non – taxable. 

 

3 – Max Life’s Whole life super plan – It is the only whole life insurance plan offered by max life insurance and the following are the key features of this plan –

 

  • Maturity benefit –

    Life coverage till the age of 100 is given and in case of maturity, the person is given the sum assured money with the accumulated bonuses during the policy period.

 

  • Terminal illness benefit –

    In case of terminal illness, the insured person gets the 50% of the guaranteed sum assured 


  • Flexibility to withdraw –

    The insurance person can withdraw the accumulated bonuses in case of an emergency. 


  • Tax benefit –

    The premium paid every year is eligible for the tax rebate and the maturity/ death money is non – taxable. 

 

4 – ICICI’s Whole life insurance policy – Following are the features of this policy – 

 

  • Maturity benefit –

    Life coverage till the age of 99 and in case of maturity the person is given the sum assured money with the accumulated bonuses during the policy period.


  • Death Benefit –

    On death the insured person gets the sum assured money and the bonuses accumulated till the date of death. All of the money given on the demise of the person is tax-free.

 

  • Tax benefit –

    The premium paid every year is eligible for the tax rebate and the maturity/ death money is non – taxable. 

 

So these were the whole life insurance plans offered by the top 4 life insurance companies in India – 2021. 

 

Our Opinion 

 

All of them are the best whole life insurance plans but among them, LIC and Max life insurance is giving some extra features like pension benefit and withdrawal option in comparison to others and in between LIC and max the LIC will be a better option as it is a government’s corporation and next year it is going IPO so the existing policyholders will get the benefits of IPO from next year. 

Comparison

But we will suggest that as now you have full knowledge about these plans, check your own requirements and choose a plan that fulfills them as they all are the best companies in the market with a large customer base.

 

Power Tip

 

Almost every good company in the market offers the same features in plan with a little bit of difference in premiums but what really matters nowadays is the connection through which you are taking the policy is trusted or not. whether it is giving you the right information and knowledge or not? The opinion is unbiased or not?

 

So choose your connection wisely and book a free call with team apni policy right now by filling up the contact form given below and get an unbiased opinion from a brand that holds 27 years of experience in the field of insurance. 

 

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