Adult life insurance. What is the best life insurance company in India? - Quora

It’s undoubtedly LIC of India. Best life insurance companies.

LIC is an Indian state-owned insurance group and investment company. It is the largest insurance company in India with an estimated asset value of ₹2,009,119 crore. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.

LIC is the most trusted company enjoying more than 60 years of trust, faith and confidence of people. Revenue is $ 88.400 billion and Profit is $ 9.257 billion.

Highest Bonus rates in the industry. LIC: 3.5% to 5.2% Other: 1.2% to 2.8%

Stress-Free Claims: LIC: 99.92% Others: 89.4%

Assured returns. Your investment in LIC is backed by Sovereign Guarantee of Govt. of India.

Easy access to service. 113 Divisional Offices 2,048 branches 1,381 satellite offices Number of employees 114773 13 lakh+ agents 54 customer zones 25 metro-area service hubs

LIC has settled 208.85 lakh claims amounting to Rs 85,519.96 crore in 2015-16.

LIC is known as “Pension Provider” of the country.

Every year LIC invest money for People’s Welfare

At any time the “Return” of your money is more important than the “Returns” on your money.

The Economic Times Brand Equity Survey 2012 rated LIC as the No. 6 Most Trusted Service Brand of India.

From the year 2006, LIC has been continuously winning the Readers’ Digest Trusted brand award.

Voted India’s Most Trusted brand in the BFSI category according to the Brand Trust Report for 4 continuous years – 2011-2014 according to the Brand Trust Report.

Life insurance is the core of every financial plan. But, still, people are unable to comprehend it easily because of its complexity. With proper information and a little bit of research, you can simplify the buying process and arrive at the right choice for you and your family.

You can easily compare all the available policies in market from all top insurance companies in few seconds to choose the best policy as per your needs from here- Term

Here are few facts about life insurance that can help you to make a right decision:-

Types of Life Insurance Policies

Term insurance: It is the simplest, least expensive and most widely applicable type of life insurance. It is a pure plain vanilla protection cover without an element of investment. It offers financial protection for a specific tenure. In the case of death of the policyholder, his nominee will get the sum insured to lead a financially secured life. However, if you survive the policy tenure, you have to forgo the entire premium.

Endowment insurance plan: It offers dual benefit of life cover along with saving component. It usually gives returns much like debt instruments. A certain part of the premium is allocated towards sum insured and rest is invested. It gives a lump sum amount after the policy tenure or on the death of the policyholder, whichever is earlier.

Moneyback insurance plan: It offers periodic payouts to help you meet financial goals at regular intervals. In the case of the death of the policyholder, the insurance company pays the full sum assured along with survival benefits.

ULIP: Unit Linked Insurance Plan (ULIP) offers life cover with an investment component. However, it offers investment options much like mutual funds. Since it is linked to the market, a return is not fixed. ULIPs also give flexibility of switching between equity and debt funds. It helps to create wealth in long term.

Whole-life insurance plan: These plans offer life cover for the whole life of the policyholder or up to 100 years, whichever is earlier. It also offers dual benefit of insurance and investment. It has investment component much like bonds or CDs but backed by the insurance company.

Decide how long you want the policy to cover you

Whole life insurance policy

After deciding type of life insurance plan that you want to purchase, next step should be to decide the term of the policy. The term of your policy should be until the age you are planning to retire.

Decide the amount you need to be covered for

You should decide the amount you need to be covered for. If your cover is insufficient to meet your present liabilities, your dependents will have a hard time to make their ends meet in case of your death. And if you take very high life cover, you will end up paying very high premiums which are a waste of money.

Generally, your life insurance cover should be ten times of your annual income plus outstanding loans such as a home loan or car loan plus major future financial expenses such as your children's education and marriage plus inflation.

You can further enhance your cover by attaching rider or add-on cover with your life insurance policy. It offers financial protection over and above the basic sum insured against an eventuality. These riders can be bought for a nominal premium. Some of the popular riders are critical illness rider, disability rider, and premium waiver rider.

Get life insurance quotes

Getting life insurance quotes is very important as different insurers have different premiums for a specific amount insured for a certain period with certain exclusions for a certain age. If you choose to avail of insurance riders than the life insurance quotes will increase and this increase will not be uniform amongst various insurers. Asking for life insurance quotes can save you a lot of money over the policy term.

Study various life insurance quotes

After getting various insurance quotes, go through them minutely. Understand what every policy covers as well as its exclusions. Then shortlist few policies that fulfill your requirements, then, find out about the customer service of the shortlisted insurance companies.

It is always advisable that you go for less complicated life insurance policy so that you can comprehend it easily. Before buying any life insurance policy go through its terms and conditions thoroughly.

Read more details here- PolicyMantra's Guide to Life Insurance

Going by the number of people going for term policy and that is being

promoted as the most essential policy, most of the companies are

competing with each other to acquire more customers or clients.

Generally the benefit of term policy is that our dependents will be getting

financial benefit in our absence and most of the insurers offer many

riders along with this policy like accident rider.

Critical illness is the other essential insurance which comes at a lower premium

for any of the major critical illness defined in the policy which will

be sufficient to get best care during that time.

ICICI is offering iprotect smart which has the bundle of all these policies, a

single policy offering life, accident and 34 critical illness. You dont

need to pay your premium if you had met with accident, but the policy

Best life insurance quotes

cover continue to exist till the coverage period. Also the premium is

lesser based on certain calculation which you can check it out while

Hope you are insured with this!

Term Life Insurance Plans are the best in India i would answer few queries which are generally raised to the above contention:

Term plan or Term Insurance Plan or Term Life Insurance Plan is a pure risk plan which provides a lump sum benefit to survivors in case of death of insured.

A.The Term insurance Plan does not provide Returns on investments?

Insurance is not a preferred instrument for saving, returns and liquidity. If your financial goals are saving, returns and liquidity then there are many instruments which on any day give better returns, have better liquidity and are better savings instruments than insurance.

Instruments like saving bank, Recurring deposits and FDR in bank or post office are better saving and liquidity options than insurance, Equity, Mutual funds, Debt funds give better returns and liquidity than insurance on any day.

But if your goals are security of your loved ones then Term Life insurance is a very good option.

B.I am healthy why should I invest in a term plan?

Health in incidental but looking at anecdotal data and changing life styles and better diagnostic and medical services chances of being affected by a morbid disease including life style induced disease is on a higher side and medical research proves Indian have propensity towards MID body obesity with diabetes and hypertension.

Secondly India has the highest number of casualties as a result of Road Traffic accidents. So chances of any eventually happening is more than ZERO, in an society where chances of untimely mortality is above ZERO investing in a Term Plan is a must and need of the hour.

C.I am unmarried or never plan to marry or have no children or do not plan on having children for whom and why should I buy term plan?

not being married or not having a child is incidental today but tomorrow it may/will change and because of improvement in living standard, easy availability of financing chances of a person leaving huge liability in form of Home Loans, Credit Card outstanding’s, Motor Loans etc. is very high.

When a person jots down his / her financial goals for his/her life planning; making arrangements for settling outstanding liabilities in case of any eventuality is an important goalpost.

Nobody would like to leave his /her survivors to inherit a liability which will be a burden on their shoulder and affect their future adversely.

Buying a TERM Insurance Policy is future, long term financial planning not an investment goalpost.

D.Who can and should buy Term Plan and how much sum insured is enough?

Everybody who is in job, business, self-employed, professional should get a Term Plan. Being married or not married, having children or not is purely incidental to that time.

Human Life is unquantifiable and nobody can put a value to it but we can calculate our future liabilities and the following could be some pointers:

b. Present income or earnings

c. Future growth and increments

A broad benchmark can be for a person aged around 30 years, with annual income of 300,000 per annum, should ideally look at cover which is 100 times present income IE Rs. 3 crore cover.

Apply for life insurance online

E. What is the ideal age to buy Term Life Insurance?

There is no ideal age to buy term plan but every moment is best time, but it is best one buys the cover before the age of 45 as after 45 many factors come into play and insurance companies put in many conditions and underwriting checks before accepting a risk.

Find Best offers on Term insurance plans visit: - Compare Insurance Quotes Online:

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There’s no single best life insurance company. They are all regualted by IRDA and are safe in that respect.

While buying insurance, focus less on the company and more on your own requirements. That’s where most people go wrong.

According to me, the logical question sequence of buying life insurance is this:

1. Do I need Life Insurance right now or in my near future (if you have no dependents ot liabilities, you most likely don’t)?

2. What kind (uusally term life cover with lump sum payout)

3. For how long (differs from person to person but usually not required beyond the age of 65)

4. How much (depends on your overall financial picture)?

5. Are my existing policies(if any) sufficient? If not, what is the shortfall?

6. Now that I know what I need, which products from which companies can fulfill my requirements in the best way? Which among them is the lowest cost?

7. Am I currently eligible to buy it? At normal rates? If not, what can I do to become eligible?

8. Do I buy it directly from the company's website to save costs? Or through an agent?

9. If I want to buy it directly, can I still get good advice to answer questions 1 to 7?

Answer to question 9: Yes, there are a few professional financial advisors who can provide such a service.

For a small fee, they will give you honest, unbiased advice since they are working for a fee and not the commission from the life insurance company.

I am just one among this small but growing tribe in India.

Hope this helps. All the best!

For professional advice(fees payable), you can contact me:
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