Life insurance is an important financial tool that provides financial protection to individuals and their families in the event of unforeseen circumstances such as death, disability, or critical illnesses.India’s insurance industry has been growing rapidly in recent years, with a wide range of insurance products being offered by various companies. Among them, some of the most popular and best-selling companies are LIC, ICICI Prudential Life Insurance, SBI Life Insurance, HDFC Life Insurance, and Max Life Insurance. These companies offer a variety of policies, including term insurance, savings plans, unit-linked insurance plans, and child insurance plans, to cater to the diverse financial needs of their customers. In this article, we have discussed the popular policies offered by these companies in detail, highlighting their features and benefits.
Life Insurance Corporation of India (LIC) – Some of the popular policies offered by LIC include Jeevan Anand, Jeevan Labh, New Money Back Plan, and Term Insurance Plan.
ICICI Prudential Life Insurance – Some of the popular policies offered by ICICI Prudential Life Insurance include iProtect Smart Term Plan, ICICI Pru Wealth Builder II, and ICICI Pru Guaranteed Wealth Protector.
SBI Life Insurance – Some of the popular policies offered by SBI Life Insurance include Smart Champ Insurance, e-Shield Plan, Smart Money Back Gold, and Smart Humsafar.
HDFC Standard Life Insurance – Some of the popular policies offered by HDFC Standard Life Insurance include Click 2 Protect 3D Plus, HDFC Life Super Income Plan, and HDFC Life Click 2 Invest ULIP.
Max Life Insurance – Some of the popular policies offered by Max Life Insurance include Max Life Term Plus Plan, Max Life Smart Term Plan, and Max Life Shiksha Plus Super.
It’s important to note that the popularity of policies may vary based on a variety of factors, including customer preferences, market trends, and other factors. Customers should carefully evaluate their financial goals and choose the policy that best fits their needs.
Top 5 insurance company and their popular policies:
1. Life Insurance Corporation of India (LIC):
LIC is the largest life insurance company in India and offers a wide range of insurance policies to cater to the diverse needs of its customers. Some of the popular policies offered by LIC are:
– Jeevan Anand: This is a non-linked, participating, endowment plan that offers a combination of protection and savings. The policy provides life cover for the entire policy term, and the maturity benefit includes the sum assured and the accrued bonuses.
– Jeevan Labh: This is a non-linked, limited premium paying, endowment plan that offers protection and savings. The policy provides life cover for the entire policy term, and the maturity benefit includes the sum assured and the accrued bonuses.
– New Money Back Plan: This is a participating, non-linked, money-back plan that provides liquidity at regular intervals along with life cover. The policy provides a portion of the sum assured at regular intervals during the policy term, and the balance sum assured along with the accrued bonuses is paid on maturity.
– Term Insurance Plan: This is a pure protection plan that provides life cover for a specified period. The policy provides a lump sum amount to the nominee in case of the policyholder’s untimely demise during the policy term.
2. ICICI Prudential Life Insurance:
ICICI Prudential Life Insurance is one of the largest private life insurance companies in India and offers a range of insurance products to meet the financial needs of its customers. Some of the popular policies offered by ICICI Prudential Life Insurance are:
– iProtect Smart Term Plan: This is a term insurance plan that provides comprehensive protection against death, disability, and critical illnesses. The policy provides multiple options to customize the policy as per the customer’s needs.
– ICICI Pru Wealth Builder II: This is a unit-linked insurance plan (ULIP) that provides life cover and investment opportunities in equity and debt markets. The policy offers multiple investment options and flexibility to switch between funds.
– ICICI Pru Guaranteed Wealth Protector: This is a non-participating, non-linked, savings plan that provides guaranteed returns. The policy offers a choice of premium payment terms and provides a lump sum amount on maturity.
3. SBI Life Insurance:
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif and offers a range of life insurance products to cater to the diverse needs of its customers. Some of the popular policies offered by SBI Life Insurance are:
– Smart Champ Insurance: This is a participating, non-linked, life insurance plan that provides protection and savings for children’s education. The policy provides life cover to the child and the parent, and the maturity benefit includes the sum assured and the accrued bonuses.
– e-Shield Plan: This is a term insurance plan that provides comprehensive protection against death and critical illnesses. The policy offers multiple options to customize the policy as per the customer’s needs.
– Smart Money Back Gold: This is a participating, non-linked, money-back plan that provides liquidity at regular intervals along with life cover. The policy provides a portion of the sum assured at regular intervals during the policy term, and the balance sum assured along with the accrued bonuses is paid on maturity.
4. HDFC Standard Life Insurance:
HDFC Standard Life Insurance is a joint venture between HDFC Ltd. and Standard Life Aberdeen plc and offers a range of insurance products to meet the financial needs of its customers. Some of the popular policies offered by HDFC Standard Life Insurance are:
– Click 2 Protect 3D Plus: This is a term insurance plan that provides comprehensive protection against death, disability, and critical illnesses. The policy offers multiple options to customize the policy as per the customer’s needs, such as the choice of premium payment term and the frequency of premium payment.
– HDFC Life Super Income Plan: This is a participating, non-linked, savings plan that provides regular income along with life cover. The policy provides guaranteed annual income and a lump sum amount on maturity.
– HDFC Life Click 2 Invest ULIP: This is a unit-linked insurance plan that provides life cover and investment opportunities in equity and debt markets. The policy offers multiple investment options and flexibility to switch between funds.
5. Max Life Insurance:
Max Life Insurance is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. and offers a range of life insurance products to cater to the diverse needs of its customers. Some of the popular policies offered by Max Life Insurance are:
– Max Life Term Plus Plan: This is a term insurance plan that provides comprehensive protection against death, disability, and critical illnesses. The policy offers multiple options to customize the policy as per the customer’s needs.
– Max Life Smart Term Plan: This is a term insurance plan that provides comprehensive protection against death, disability, and critical illnesses. The policy offers multiple options to customize the policy as per the customer’s needs, such as the choice of premium payment term and the frequency of premium payment.
– Max Life Shiksha Plus Super: This is a participating, non-linked, child insurance plan that provides protection and savings for children’s education. The policy provides life cover to the child and the parent, and the maturity benefit includes the sum assured and the accrued bonuses.
In conclusion, the insurance policies offered by the top 5 insurance companies in India provide a range of options to meet the diverse financial needs of customers. These policies offer comprehensive protection against death, disability, and critical illnesses, along with savings and investment opportunities. Customers should carefully evaluate their financial goals and choose the policy that best fits their needs.