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Aegon Life Insurance
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100% Grievances Solved 95.67% Claim Settlement Ratio*
No upper limit Maximum Cover (Sum Assured) 80 years Maximum Maturity Age*
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Life Insurance:

One of the most important financial decisions a person can make is buying life insurance. Irrespective of what you earn, it is impossible to predict the future. Premature death, accidents, and illnesses that the breadwinner may face can rupture the financial well-being of an entire family. This could lead to devastating consequences for the surviving family members, as they will inevitably struggle to maintain their standard of living. However, if the victim had a life insurance policy, it will cover the outstanding debts or other such financial obligations.

Types of Life Insurance Top 10 Life Insurance Companies in India Life insurance provider statics Life Insurance Riders FAQ's

Benefits of a Life Insurance Policy

Life Insurance policies offer several different benefits to individuals. Following are the most important:

  • Risk Cover: Since uncertainties are unpredictable and may cause problems to an individual and his / her family at any time, availing a life insurance policy will ensure that your family and dependents continue to enjoy a quality lifestyle in case of your unforeseen and accidental death.
  • Comprehensive Plan for Different Stages of Life: Not only does life insurance offer financial support in case of the policyholder’s unforeseen and accidental death, but also serves as a long-term investment in the sense that it encourages you to lay down your objectives, whether it is the education of your children, their marriage, constructing the home of your dreams, or even planning for a peaceful retired life. The planning will be done based on your risk appetite and life stage. Most conventional life insurance plans, such as traditional endowment plans, provide specific maturity benefits and built-in guarantees via a number of product options like Guaranteed Maturity Values, Guaranteed Cash Values, Money Back, etc.
  • Cover for Increasing Health Expenses: Whether it is through stand-alone insurance policies or through riders, all life insurance providers offer financial cover against hospitalisation expenses and critical illnesses. Since health expenses are increasing constantly, the need for health insurance policies has increased too, as it ensures that the policyholder will have minimal medical costs to deal with.
  • Promotes Savings in the Long Run: Since life insurance policies are long-term agreements wherein the policyholder is required to make a fixed periodical payment, it helps the policyholder inculcate the habit of savings. Saving money regularly over a relatively long period of time helps in building a good corpus which will in turn help in meeting your financial requirements at different stages of life.
  • Profitable and Secure Long-Term Investment: The insurance industry is highly regulated. The Insurance Regulatory and Development Authority of India has implemented several regulations through which the money of the policyholder is ensured to be safe with the stakeholders, which means that all the money you invest in your life insurance policy will be the responsibility of the stakeholders of the company through which you avail your policy. Since life insurance is a long-term savings product, it also ensures that the policyholder focuses on long-term returns rather than focussing on risky investment decisions that could provide short-term profits.
  • Guaranteed Income via Annuities: When it comes to planning for retirement, there are few instruments as effective as life insurance policies. Since you will be saving money over a period of time, life insurance policies will help in providing a steady source of income after you have retired from professional life.
  • Growth via Dividends: Conventional life insurance policies provide customers with an opportunity to take part in the economic growth while taking no investment risk whatsoever. While the policyholder split the investment income through yearly announcements of bonus / dividends, the policyholder will earn maturity benefits in addition to contributing to economic growth
  • Loan Facility: Individuals who avail life insurance policies will have the choice of availing a loan against their insurance policy, which could help them meet their unplanned life stage requirements without hampering the benefits provided by the policy they have purchased.
  • Redemption of Mortgage: Life insurance policies serve as the best possible tool for the coverage of loans and mortgages availed by the policyholder. If there is ever any unforeseen situation due to which the policyholder is not able to repay his / her loan or mortgage, the bereaved family members will not have the burden of repayment, and the policy can be used to repay the loan or mortgage.
  • Tax Benefits: Life insurance policies offer attractive tax benefits and help you save a significant amount of money which would otherwise be spent on taxes.
Parameter Endowment Policies Unit Linked Insurance Policies Money Back Policies Whole Life Policies Pension/Annuity Policies Term Insurance Policies
Overview These are protection plus investment policies These are investment plus insurance policies which are unit-linked and participatory in nature These are protection plus saving policies which are participatory in nature These are protection plus saving policies which are participatory in nature These are traditional policies which are non-participatory in nature These are the simplest life insurance policies
Term* Term typically ranges between 10 -35 years Term ranges between 10 – 20 years Typically ranges between 5 to 25 years Covers the whole life of a policyholder. Term can be as long as 40 years Typically there are no fixed terms, with annuity kicking in post-retirement Typically ranges from 5 years to 30 years
Death benefits Payable to nominee on death of policyholder. Typically includes bonuses accumulated also Payable to nominee if policyholder dies while policy is in place Payable to nominee if policyholder dies while policy is in place. Death benefit is exclusive of other pay-outs Payable to nominee if policyholder dies while policy is in place Some plans offer a provision to return the invested amount in the case of death of policyholder Sum assured is payable to the nominee if policyholder dies while the policy is in place
Maturity benefits Maturity benefit will be paid to policyholder on survival at end of term Maturity benefit will be paid to policyholder on survival at end of term Survival benefit will be paid on maturity of policy Maturity benefits are typically paid when the policyholder reaches a certain age (could range between 80 years to 100 years) No maturity benefits per se. Policyholders are entitled to regular pension for the term specified. No maturity benefit will be paid on survival
Premium costs High premium costs Premiums are on the higher side, owing to investment costs Affordable premiums Generally have higher premiums associated with them Premiums are moderately priced, with most policies requiring one-time payment Affordable premiums, lowest among all policy classes
Additional benefits Investments accumulate profits, which are paid as bonus Investments accumulate profits, paid as bonus. Tax exemptions can also be claimed Regular monetary benefits are given to policyholder while the policy is in force, with these amounts not impacting the death benefit Benefits paid on maturity or death include a bonus component along with the sum assured Regular income source post retirement These plans provide maximum cover at low premiums. One can opt for variants of pure term plans which provide maturity benefits
Ideal for People with income to pay high premium and those who are looking to protect themselves and multiply their investment People who are looking at a medium term investment goal to diversify their portfolios. Also suited to those with high income and keen investment sense Individuals who are looking to secure their life but wish to earn some money at regular intervals. It is ideal for people looking at an investment plus protection plans People who want to protect the interest of their family and those looking to secure the financial future of their loved ones irrespective of what happens People who are worried about their retirement life, and those who wish to have a regular income source post retirement. Not suited for those looking at higher returns on their investment People who are looking to secure the financial interest of their family members without having to pay exorbitant premiums. Individuals looking for short term protection can opt for these plans

Life Insurance Provider Statistics:

Insurance Provider Claims Recieved(2017-18) Claims Paid(2017-18) Claim Settlement Ratio (in %) Percentage of Grievances Solved
LIC 739082 724596 98.04% 100%
SBI Life 18885 18274 96.76% 100%
ICICI Prudential 11459 11216 97.88% 99.97%
HDFC Standard 12566 12289 97.80% 99.85%
Bajaj Allianz 14315 13176 92.04% 99.48%
Max Life 10332 10152 98.26% 100%
Birla Sun Life 5491 5292 96.38% 99.75%
Kotak Mahindra 3074 2881 93.72% 99.29%
Reliance Nippon 8987 8553 95.17% 99.94%
India First 1810 1626 89.83% 98.86%
PNB MetLife 4089 3726 91.12% 98.32%
Canara HSBC 837 797 95.22% 99.70%
Tata AIA 2850 2793 98.00% 100%
DHFL Pramerica 592 572 96.62% 99.75%
Shri Ram 3146 2524 80.23% 99.75%
Star Union Daichi 1241 1145 92.26% 100%
Exide Life 3357 3250 96.81% 100%
IDBI Federal 1161 1068 91.99% 100%
Bharti Axa 888 860 96.85% 100%
Aviva 1118 1056 94.45% 100%
Future Generali 1291 1202 93.11% 100%
Edelweiss Tokio 189 180 95.24% 100%
Aegon Life 554 530 95.67% 100%
Sahara 672 556 82.74% 87.06%

Life Insurance for Women in India 

Women are becoming more and more empowered in all aspects in India. These days they are not only contributing to household chores but are also working shoulder to shoulder alongside men. Gone are the days where the man of the house was the sole breadwinner. 

  1. They offer financial protection – Life insurance is essentially reliable because it offers a sense of security and protection to the policyholder and his/her family members. Moreover, when you are financially responsible for your family, no compromises should be made on protecting the same. 
  2. Life insurance policies help in savings growth – Women have always been successful with their attempts at traditional money saving, through a piggy bank, for instance. However, with the introduction of market-linked investment plans like ULIPs or endowment plans, it has now become possible to receive returns on your investment alongside coverage and protection. 
  3.   Life insurance provides protection during critical illnesses – The cost of medical treatments and surgical procedures have skyrocketed, especially in the preceding years. The diagnosis of a critical illness can render the whole family helpless, in terms of finances. Moreover, if the breadwinner of the family is the sufferer, it creates an even greater financial burden on the family of the policyholder. In such a scenario, a comprehensive life insurance or health insurance policy will provide coverage and protection and thus help the family tide over the financial loss. 
  4. Life insurance policies are cost-effective – According to a study conducted recently, females outlive men and hence their life expectancy is longer. This is the reason why insurance companies see women as less risky than men and hence their premiums are highly cost-effective. 
  5. Life insurance provides the scope for retirement saving – Relying completely on the retirement investment plan of your husband might not be the most advisable thing to do. Instead, you should purchase a comprehensive life insurance policy for yourself, to help enhance the already existing retirement savings. 

What are the Types of Life Insurance Policies Suitable for Women in India? 

The following types of life insurance policies are most suitable for the women in India: 

  1. Term insurance plan –With the help of a term life insurance policy, you can keep all your loved ones safe and secure. Moreover, term plans come at an extremely concessional rate, and are therefore much more cost-effective than traditional life insurance policies. You should purchase a term plan early on in life as that will fetch you lower premiums. 
  2. Critical illness coverage policy – To ensure that you receive standard medical treatment in the event of occurrence of a critical illness, it is imperative that you purchase a critical illness coverage plan. This is an enhancement for your existing financial investment planning. 
  3. Endowment life insurance policy –Such plans can help you build your savings. Through endowment plans you can achieve your long-term or short-term goals. 

What’s The Average Cost Of Life Insurance And What Affects The Price?

Life insurance policies are known for insuring the life of an insured and also for providing a lump sum amount to the insured’s family after the former (the insured) passes away. The insurance market is flooded with with numerous insurance policies offered by various insurance providers in today’s date. Hence, choosing a life insurance policy that best suits one’s needs has become a convenient process.

However, before investing in a life insurance policy, it is important to analyse the cost and one’s needs, and invest accordingly. Mentioned below are a few life insurance plans in India offering the best benefits.

Life Insurance Policy Minimum and Maximum Entry Age Minimum and Maximum Term of the Policy Minimum and Maximum Sum Assured Amount
Aegon Life iTerm Plan 18 years as on the last birthday and 65 years as on the last birthday Individuals can opt to invest in any policy that has a term ranging from 5 years to 62 years. A coverage for 100 years can also be opted for Minimum sum assured is Rs.25 lakh and there is no maximum limit
Bajaj Allianz iSecure Plan 18 years as on the last birthday and 60 years as on the last birthday The policy terms range from 10, 15, 20, 25, to 30 years Minimum sum assured is Rs.2.5 lakh (general category) and there is no maximum limit
HDFC Life Sanchay 30 days as on the last birthday and 50 years if the term of the policy is 10 years and 45 years if the term of the policy is 15 to 25 years The minimum policy term is 15 years and maximum ranges between 15 years and 25 years Minimum sum assured is Rs.1.18 lakh and there is no maximum limit
SBI e-Shield Plan 18 years as on the last birthday and 60 years is the maximum entry age If the policy is a level cover then the minimum term is 5 years and for increasing cover the term is 10 years. Maximum policy term is 30 years Minimum sum assured is Rs.35 lakh and there is no maximum limit