All About the Best Life Insurance Policies with High Returns

One of the most popular insurance plans, life insurance provides financial assistance to the nominees of the policyholder in case the latter meets an unfortunate demise. Owing to its benefits, life insurance plays a crucial role in safeguarding the financial future of your loved ones in case of unexpected events. Now, there are a number of life insurance plans available, so to help you out we have enlisted some of the best life insurance policies offering high returns.

How Will a Life Insurance Policy with High Returns Benefit You?

Here are some of the compelling reasons to buy a life insurance policy with high returns:

• Financial Protection of Family

When you have the right life insurance plan, you can ensure adequate financial protection for your loved ones even when you are not around. The death benefit offered in case of unforeseen circumstances can be used by your loved ones to meet their immediate financial needs.

• Child’s Aspirations

With a life insurance plan, it becomes easier to secure the aspirations of your child. Whether you require funds for your child’s education or for their marriage, the payouts received out of life insurance can prove to be extremely beneficial.

• Pay Loans

A life insurance plan offering high returns is also helpful in case you need to pay off any kind of debt. By paying off the loans through life insurance policies, you will be free of financial burdens.

• Emergencies

An emergency can knock on your door at any point in life. In such a case, you can use the payouts of life insurance policies to pay off the medical bills and other expenses. 

How to Choose the Best Life Insurance Policy?

Selecting the best life insurance policy for your specific needs involves considering various factors:

Financial Goals

First and foremost, you need to assess your financial goals and objectives. You should be clear about whether you are primarily looking for protection, or do you want a policy that can also serve as an investment. Understanding your goals will help you choose among the different types of life insurance policies available.

Budget

Evaluate your budget and determine how much you can afford to pay towards life insurance premiums. Term life insurance is typically more affordable than other types of life insurance plans, making it an attractive option for those on a tight budget. Moreover, you should also be clear that on adding different riders to the policy, the premium of life insurance will become higher. 

Duration of Coverage

Consider the duration for which you need coverage. If you only require coverage for a specific period, term life insurance may be the best choice. On the other hand, if you want lifelong protection and the potential for cash value growth, a permanent life insurance policy may be more suitable.

Health and Medical History

Your health and medical history can impact the cost and availability of life insurance. Some policies may require a medical exam, while others offer no-exam options. Be prepared to disclose any pre-existing health conditions when applying for a policy.

Age

Another way in which you can buy the best life insurance policy for yourself is by buying it as early as you can. You should buy a life insurance policy in your early 30s or as soon as you have financial dependants. The earlier you buy, the lesser premiums you will pay towards your life insurance plan. 

Best Life Insurance Policy with High Returns

Listed below are some of the best life insurance policies that offer high returns in India:

1. SBI Life eShield

The SBI Life eShield policy provides life insurance coverage up to 100 years of age. It is available in three different plan options: level cover, increasing cover, and level cover. You can also customise the plan with the better half option available. Some of the riders that you can include in this plan are accidental death benefit riders and accidental total & permanent disability riders.

2. ICICI Prudential iProtect Smart 

Another life insurance plan that offers high returns is the ICICI Prudential iProtect Smart plan. This plan provides coverage till the age of 99 years and provides different payout options such as lump sum, income, increasing income, and lump sum plus income options. It also provides coverage for over 34 critical illnesses as listed on the policy document.

3. LIC Jeevan Umang

LIC, a leading name in the life insurance industry also offers a plan with high returns - Jeevan Umang. LIC Jeevan Umang plan is a whole life insurance plan, providing life insurance coverage till the age of 100 years. The minimum entry age to buy this policy is 90 days and the maximum entry age is 55 years. Moreover, policyholders can customise the plan when it comes to choosing the premium payment frequency.

4. HDFC Life Click 2 Protect Super

The HDFC Life Click 2 Protect Super is a Non-Linked, Non-Participating, Individual, Pure Risk Premium/ Savings Life Insurance Plan. It is available in the Life, Life Plus, and Life Goal options. The minimum entry age for buying this plan is 18 years and the maximum entry age is 85 years. You can also choose the return of premium option to get back all the premiums you have paid towards this plan.

In addition to those listed above, there are a number of other life insurance plans that offer high returns. You can explore InsuranceDekho website to get details of some of the best life insurance plans available. 

Riders Available with Life Insurance

There are a number of riders that you can include in your life insurance policy to further enhance its benefits. Listed below are some of these riders:

• Critical Illness Rider

This rider provides a lump-sum payment if you are diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. It can help cover medical expenses and other financial obligations during your recovery.

• Accidental Death Benefit Rider

This rider pays an additional benefit if your death is a result of an accident. It provides an extra layer of financial protection in case of accidental tragedies.

• Child or Family Income Rider

This rider can ensure that your loved ones have a steady income stream in case of your untimely demise. It provides monthly payments to your beneficiaries for a specific duration.

Take Away

Choosing the best life insurance policy in 2023 requires careful consideration of your financial goals, budget, and individual circumstances so that you can get good returns. So, no matter which life insurance policy you opt for, the key is to select a policy that aligns with your needs and provides the necessary protection for your loved ones.

FAQs

• What are some of the best life insurance plans?

Some of the best life insurance plans include SBI Life eShield, LIC Jeevan Umang, ICICI Prudential iProtect Smart plan, and a few others.

• What is the death benefit in a life insurance policy?

The death benefit in life insurance refers to the financial assistance given to the nominees of the policyholders when the latter meets an unfortunate event.

• What are the different riders available with life insurance plans?

The different riders available with life insurance plans include critical illness rider, accidental death benefit rider, family income rider, and a few more. 

Also Read: Become an Insurance Advisor with SBI Life: Benefits, Process & More