A life insurance policy is a contract between the insurer and policyholder, wherein the insurer promises to pay a life cover in return for regular premiums paid by the insured. This life cover secures your dear ones’ future by paying a lump sum in case of an unforeseen event. In some plans, the maturity benefit is paid at the end of the policy term.
Ensure your family’s financial protection with ‘Term Insurance Plans’ and secure large sum assured at affordable premiums. The amount is paid to your family/nominee in case of your unfortunate demise during the policy term, providing them with a reliable financial backup in case of your absence.
Choose an ‘Investment Plan’ to fulfil financial goals like providing higher education for your child or ensuring stable income post-retirement. Best suited for someone looking to build wealth through market-linked/guaranteed return plans for the future while getting long-term protection via in-build life cover.
Here is a list of the 5 best life insurance policy in India with high returns that can help you take care of your retirement and beat inflation.
| Insurance Plan | Entry Age (Min/Max) | Policy Term (Min/Max) | Sum Assured (Min/Max) | Claim Settlement Ratio | |
| ICICI iProtect Smart | 18/65 years | 5 years/Whole life (99 years less entry age) | ₹ 50 lakh/10 Cr | 97.82% | |
| HDFC Click 2 Protect Super | 18/65 years | 1 month/85 –Entry age | ₹ 50 Lakh/ 20 Cr | 99.5% | |
| Max Life Smart Secure Plus | 18/65 years | 10/67 years | ₹ 20 Lakh/ No Limit | 99.51% | |
| TATA AIA Sampoorn Raksha Supreme | 18/60 years | 10-67 years | ₹ 50 Lakh/ 20 Cr | 99.34% | |
| Bajaj Smart Protect Goal | 18/65 years | 5-40 years | ₹ 50 Lakh/1 Cr(2 Cr with rider) | 99.02% | |
| PNB Met Life Mera Term Plan Plus | 18/60 years | 10/40 with ROP and 99-Entry age without ROP | ₹ 25 Lakh/No Limit | 97.33% | |
| Canara iSelect Smart 360 | 18/65 years | 5/81 years | Life Secure 25 Lakhs and 15 Lakhs for ROP and income benefit | 98.44% | |
| Kotak Life e-Term Plan | 18/65 years | 10/40 years | ₹ 25 Lakh/No Limit | 98.5% | |
| Edelweiss life Total Protect Plus | 18/55 years | 5/(100 minus your Current Age) years | ₹ 25 Lakh/No Limit | 98.09% | |
| IndiaFirst e-term Plus Plan | 18/55 years | 5- 40 years | ₹ 50 Lakh/No Limit | 96.92% | |
| Birla DigiShield Plan | 18/65 years | 5/(100 minus your Current Age) years | ₹ 30 Lakh/No Limit | 98.4% |
| Invested amount of ₹10,000/ Month for 10 Years withdrawn after 20 years | |||||
| Insurance Plan | 3 Years Return | 5 Years Return | 10 Years Return | Lumpsum Payout | |
| Tata AIA Life Insurance Company Ltd-Smart SIP - Wealth Secure | 27.4 % | 35.85 % | 25.11% | ₹3.66 Cr | |
| Bajaj Allianz Life Insurance Company Ltd-Smart Wealth Goal IV | 26.24 % | 32.99 % | 20.8% | ₹2.02 Cr | |
| Max Life insurance Co. Ltd-Online Savings Plan | 28.43 % | 29.68 % | 20.17% | ₹1.88 Cr | |
| LIC India-SIIP | 18.49 % | 18.49 % | 18.49% | ₹1.71 Cr | |
| Birla Sun Life Insurance Company Ltd-Wealth Smart Plus | 23.37 % | 25.43 % | 18.18% | ₹1.41 Cr | |
| Pramerica Life Insurance Limited-Smart Invest Plan | 29.52 % | 30.74 % | 18.11% | ₹1.42 Cr | |
| PNB MetLife India Insurance Company Limited-Mera Wealth Plan | 21.17 % | 27.21 % | 17.52% | ₹1.31 Cr | |
| SBI Life Insurance Company Ltd-eWealth Insurance | 16.86 % | 16.86 % | 16.86% | ₹1.48 Cr | |
| HDFC Life Insurance Company Ltd-Sampoorn Nivesh - Classic Waiver Benefit | 20.18 % | 24 % | 16.6% | ₹1 Cr | |
| Bharti AXA-Wealth Pro | 18.09 % | 22.28 % | 16.08% | ₹98.6 Lac | |
| Comparison of Life Insurance Plans in India 2024 | ||||||
| Basis | Term Plans | Whole life insurance plans | Endowment Plans (Guaranteed Returns) | Unit Linked Insurance Plans | Term Return of Premium Plans | Pension/ Annuity Plans |
| Overview | Life Cover against fixed Premium for a specific duration | Protection for Lifetime, i.e., Policy coverage till you are 100 yrs old | Protection + Guaranteed returns as high as 6.5% | Protection + Investment in various asset classes (Market-linked, debt, money market etc) | premiums paid are refunded upon end of the Policy Term | Provides regular pension for post-retirement expenses |
| Policy Term Range (in years) | 5-85 | Till you turn 100 yrs old | 5-35 | 10-20 | 5-65 | Whole life |
| Maturity Benefits | Maturity Benefit available only if Return of Premium option is chosen | Plan matures when you turn 100 yrs old | Yes, at the end of policy term | Yes, at the end of policy term | Survival Benefits on Maturity | Regular Income till ‘survival |
| Death Benefits (in beneficiary) | Life Cover | Life Cover | Sum Assured | Sum Assured | Life Cover | Few plans offer this |
| Ideal For People who want | Financial protection for family at affordable rates | to leave a legacy for their family | Secured and guaranteed return for tension-free investment | A well-diversified investment portfolio with good returns and life cover | Guaranteed Benefit upon Maturity + Life Cover | To Secure Retirement by regular income. |
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