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Best Insurance Plans in India

Looking for insurance plans in India? The best insurance plans provide several benefits and security. Read our complete guide on how to select the best insurance plan.

  • 13,093 Views | Updated on: Jan 02, 2024

Life is uncertain and an accident, illness, or natural disaster may leave you vulnerable at any point in time. How do you protect yourself and your loved ones from such risks and uncertainties? Life insurance is one way to avail of such protection. It is able to offer financial protection in case of an untoward incident.

You may choose from different types of insurance plans based on your specific needs and personal situation. Here are four kinds of insurance plans you may choose from.

Protection plans

These insurance plans in India are available with several beneficial features to ensure the security of your loved ones at all life stages. One of these includes term plans, which are affordable policies that provide financial security to your family in case of your absence. You may also opt for an income protection plan that offers regular monthly income to the beneficiaries in case of an unfortunate incident. Your family also receives a lump sum assured benefit along with the monthly income.

Investment and savings plans

These plans provide the dual benefits of insurance coverage along with investment income. Such plans ensure your money works for you so you are able to live your life without any worries or compromise. You may opt for a single premium plan or a policy with a certain duration wherein the premium is paid at regular intervals. Another option is a money back policy that provides specified lump sum payouts at predetermined intervals. These plans are beneficial to help you meet your various financial goals during different stages of life. Certain types of investment and savings plans provide bonus payouts even after the end of the premium payment term.

Retirement plans

When you are working, you are accustomed to a certain standard of living. There is no reason to change this even after you do not have a regular income post-retirement. Availing of a retirement plan provides you with the financial security and a peace of mind. With this plan, you may have a relaxed retired life and enjoy your golden years. You may pay the premium during your working years to accumulate wealth over the long-term. The corpus may then be used to meet your financial expenses after you retire. Another option is to buy an annuity plan, which gives you assured income during your lifetime without facing any stress due to financial difficulties. Additionally, the regular annuity is paid to your spouse in case of an untoward event, which ensures her financial well being too.

Child plans

Your children are precious to you but so are their dreams. You do not want to be in a position where your children need to compromise on their dreams due to lack of funds. When you choose a child plan, a portion of the premium is invested in market-related instruments such as debt, equity, or money market products. However, you need to remember that in most of these plans you will have to remain invested for at least five years. However, it is recommended to stay invested for a longer period of ten to 15 years in order to generate higher returns. After the end of the fifth year, you may withdraw your investment partially or completely. The cost of higher education is skyrocketing. A child plan allows you to accumulate a good corpus over a period of time to ensure you are able to educate your children without facing any financial trouble. These plans also provide protection to them in case of your absence due to an unfortunate event.

Insurance plan riders

The best insurance plans provide several benefits and security. You may provide additional protection to your family members by including riders to your basic plan. Some of the common riders include accidental death benefits, critical illness rider, and permanent disability benefit. You may include one or more of the riders as per your requirements by paying a nominally higher premium. These riders may be included at the time of purchasing the policy or at the time of renewal.

Insurance coverage is important for your financial well-being. However, with the different types of plans that are available, making the right choice may be confusing. It is recommended you understand the different plans, terms and conditions, and inclusions and exclusions before you make your decision.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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