Best Life Insurance Plans – Which one should you Choose?

A life insurance policy is as important as having savings. Life insurance is something that is becoming increasingly necessary to have yourself insured under because of the unstable economy and lives of people all around the world with the ever rising prices with the number of rising crimes and accidents that are costing livelihoods.

Life insurance coverage is a policy that provides for you and your family in certain situations. There are many different types of life insurance policies that offer different insurance coverage as well as investment opportunities. In case of the unfortunate death of the insured person, the nominees or the family of the insured are the ones that will get the benefits of the life insurance policies.  This will ensure the continuation of the daily functioning of the family though financial aid.  The whole idea is to help in maintaining the same lifestyle as the family has with the income of the policy holder, when they were alive.

One should choose the best life insurance plans tenure very carefully. Insurance plan tenure can be for as many years you choose it to be – 5, 15, 10 or 20 or even 25. You should choose a tenure which will last as long as you will have dependents that depend on your income for food, clothing or shelter. If you have a child who will most probably start earning their own income in 10 years and you are going to take up a life insurance policy, you can take up a 10 year term after which your child will not depend on you for finances anymore and can fend for themselves.

Which life insurance plan should you choose?

• Choose the one which has a good market share

Now, a high market share determines how well an insurance company is doing. It shows that the majority of the market is buying the product or service from that insurance company. And this happens over a period of time by gaining the trust and loyalty of the customers by delivering as promised and giving them all the benefits and covers at premiums which are affordable. So, life insurance plans by insurance companies with a good hold on the market are the companies from which you should be choosing your life insurance policies from so that you have a certain sense of guarantee and security. The best life insurance plans come from the insurance companies with the highest share in the insurance sector market.

Let’s look at one of the most populous countries in the world for an analysis – India.  There is no larger life insurance company in India than LIC.  LIC is on the top with a market breaking 70.5 % market share (2015-16) making it the top major player among its other insurance company counterparts. Following are few of the insurance companies with the highest market shares and you can see that only LIC – Life Insurance Corporation of India has made it to double digits. You should choose a life insurance policy from any one of the following insurance companies as they are the top 6 major players in the insurance sector with the highest holdings in the market. There are a lot more but they all fall in the 1 % or less category.

Insurance Company	2015 – 16
LIC – Life Insurance Corporation	70.5 %
SBI Life	5.1 %
ICICI Prudential	4.9 %
HDFC Life	4.7 %
Bajaj Allianz	2.1 %
Max Life	2.1 %

 

• Choose the one that is offered by a company with a high claim settlement ratio

A company which has a high claim settlement ratio has settled a lot of claims which were made. There are always some reasons due to which an insurance company does not necessarily settle claims because of various factors.  Such as the reasons are not covered in the policy or the policy holder provided wrong information which might have led to the termination of the insurance policy or the cancellation of the claim settlement. A company with a high claim settlement ratio has made sure that all the families, nominees and the policy holders that are eligible to get the claim are given the settlement. You should choose a life insurance policy from such a company so that the chances for the settlement of your claims are also high enough. The best life insurance plans are those which cover for you when you claim for the right reasons.

• Choose the one which gets you the maximum benefits

You should choose a life insurance policy which will provide you with with the maximum amount of benefits for a premium rate that seems reasonable and not too much for what you are getting. The best life insurance plans will be those ones that offer all the benefits needed at reasonable prices so that taking up the life insurance seems worth it. The benefits that are given should be worth the price of the premium rates that policy holder has to pay. Choose the best life insurance plans to get the maximum benefits.

Few of the best life insurance plans you should choose from

LIC New Jeevan Anand

If you are in India, then the New Jeevan Anand offered by LIC is one of the best life insurance plans and is a type of life insurance which is an endowment policy. This plan will provide coverage to the insured and their family throughout the life of the policy holder or till they are 100 years of age. The sum assured is paid regardless of whether the policy holder survives the tenure or dies during the term of the insurance policy.

iTerm Plan by Aegon Life

Choose the iTerm plan which is one of the best life insurance plans as it gives a good coverage at very affordable premium rate prices. It can be bought online which eliminates the hassle and the manipulation of the middlemen like the insurance agents. This plan also offers five riders, which are optional, that you can choose from to customize your plan according to the requirements that you have.

Final Thoughts

Get the best life insurance plans and live a financially hassle free life. The best life insurance plans are waiting for you and provide you with good benefits.  If you have dependents, then you definitely need to strongly consider getting a life insurance plan today!