The Indian insurance industry is flooded with life insurance policies, making finding the best life insurance plan challenging. Here is a list of the best five life insurance policies for 2021 that are very beneficial and may help you put your mind at ease in difficult times. According to the IRDAI 2019-20 study, these policies are marketed by businesses with the best claim settlement rates in the industry. Let’s take a closer look at these policies and the features of these life insurance plans.

1. ABSLI Life Shield Plan

ABSLI Life Shield Plan from ABSLI is an innovative term life insurance policy developed in collaboration with Aditya Birla Capital Ltd and Sun Life Financial Inc., a renowned Canadian financial institution founded in August 2004.

The firm has been a pioneer in general insurance and offers a wide variety of insurance solutions for clients in various categories recognised to minimise life risks. This plan, which is available in eight distinct plan types, aims to provide complete family coverage.

Features And Benefits Of ABSLI Life Shield Plan

The ABSLI Life Shield plan offers customised life insurance policy coverage and includes the following features and benefits:

There are eight distinct plan options to meet a variety of protection requirements.
One insurance provides coverage for both spouses.
Return of Premium Option at Maturity
In the event of illness or disability, the premium benefit may be waived.
Coverage can be expanded when the insured covers significant life events such as marriage and pregnancy.
Included is a Terminal Illness Benefit.
Payment of death benefits can be made in a variety of ways.

2. Canara HSBC Oriental Bank Of Commerce – iSelect Star Term Plan

Canara HSBC Oriental Bank Of Commerce – iSelect Star Term Plan is a non-linked, individual term plan that protects the insured against various life’s unexpected events and provides multiple features of life insurance. This plan is customisable and offers choices such as Whole Life Coverage and Spouse Coverage, both of which may be obtained under the same policy.

Furthermore, it offers a complete return on the Canara HSBC Oriental Bank Of Commerce – iSelect Star Term Plan premium paid. It is an ideal term plan to cover the bad occurrences that may occur in one’s life, and it is available in three options: Life, Life Plus, and Life with Return of Premium. There are also a variety of built-in covers available to improve protection.

Features And Benefits Of Canara HSBC Oriental Bank Of Commerce – iSelect Star Term Plan

Maturity Benefit
Life Plus: The total premiums will be repaid to the policyholder on the maturity day under this option. Furthermore, the plan will be extended until the insured individual reaches the age of 99.
Life with Return of Premium: If the policyholder outlives the plan tenure and terminates, the insurer will refund the premiums paid by the policyholder under this Canara HSBC iSelect Star Term Plan policy option.

Death Benefit
Life: The insured will receive the Death Sum Assured upon death or terminal disease diagnosis, whichever occurs first, and the Canara HSBC iSelect Star Term Plan insurance will be terminated.
Life Plus: The Death Sum Assured is paid if the insured dies or is diagnosed with a terminal illness (whichever happens first). If the policyholder lives, the insurer repays the Total Premiums Paid at maturity, and the Canara HSBC iSelect Star Term Plan is extended until the policyholder reaches the age of 99.
Life with Return of Premium: The Sum Assured on Death is paid in the event of death or terminal disease diagnosis, whichever occurs first. If the policyholder lives, the insurer repays the premiums paid at maturity, and the policy is cancelled.

3. Kotak Preferred e- Term Plan

The Kotak Preferred e-Term Plan is a pure term life insurance policy available online and offers a high level of protection at a low cost. In the absence of the life insured, it helps to safeguard the family from the uncertainties of life.
The plan guarantees the future of the loved ones, allowing them to satisfy their financial responsibilities while living a joyful life. It can be acquired straight from the insurance company’s website without the involvement of an insurance representative.

Features And Benefits Of Kotak Preferred e- Term Plan

If the life insured dies during the policy term, the Death Benefit is paid to the nominee.
The policy may be purchased quickly and easily on the insurance company’s website.
There is no Maturity Benefit because this is a term insurance policy.
Sections 80C and 10(10D) of the Income Tax Act of 1961 provide tax advantages.

4. IndiaFirst Life Plan

The IndiaFirst Life Plan is a conventional, non-participating term insurance policy. This protection plan provides cheap life insurance policy coverage for up to 40 years, which helps safeguard the family in the life insured’s death.
It guarantees that loved ones are protected from life’s uncertainties and are looked for even if the life insured is not there. In this manner, an unfavourable occurrence will not interrupt the daily lives of one’s loved ones.

Features And Benefits Of IndiaFirst Life Plan

The policy term ranges from 5 to 40 years under the plan.
The plan provides insurance coverage up to Rs. 50 crore.
Regular insurance premiums can be paid on a yearly, half-yearly, or monthly basis.
As this is a term insurance policy, there is no Maturity Benefit payable.

5. SBI Life eShield Plan

SBI Life eShield is a non-participating pure term plan that can be purchased on the company’s website. The online purchase of SBI Life e-Shield is quick and straightforward.
It is a non-linked, non-participating pure term insurance policy that offers substantial insurance coverage at a low premium cost. This is a comprehensive plan that gives personalised benefits to the policyholder and protects the insured’s family against any sort of unforeseen incident.

Features And Benefits Of SBI Life eShield Plan

  • It is a pure term insurance policy with regular premium payment options.
  • It features four different levels of protection to meet the demands of every individual.
  • On the death of the policyholder, the nominee receives the Sum Assured.
  • In the case of Increasing Coverage, the SA rises by 10% every five years.
  • Accidental Death Benefit riders incorporated options 2 and 4 equal to SA or 50 Lakhs, whichever is less.

Wrapping It Up

Empower your family to be financially independent and secure even when you are not present. Give them the gift of a safe and satisfying life by obtaining a life insurance policy. It is no longer an option but rather a necessity in today’s world.

Consider the plans as mentioned above, and then choose the appropriate life insurance policies by thoroughly going through the features of life insurance. Because you are the only one who knows what is best for your family.


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