Best Life Insurance Schemes in India

Life insurance is a crucial component of a comprehensive financial plan, providing a safety net for your family in the event of your untimely demise. In India, the life insurance market is diverse, offering a wide range of policies tailored to meet various needs and preferences. This article delves into some of the best life insurance schemes in India, highlighting their features, benefits, and unique selling points.

1. LIC Jeevan Amar

The Life Insurance Corporation of India (LIC) is a trusted name in the insurance sector, and LIC Jeevan Amar is one of its premier term insurance plans. This non-linked, non-participating term plan offers high coverage at affordable premiums.

Key Features:

  • Flexibility to choose between two benefit options: Level Sum Assured and Increasing Sum Assured.
  • Option to enhance coverage with riders such as Accidental Death and Disability Benefit.
  • Special premium rates for non-smokers and female policyholders.
  • Policy term ranging from 10 to 40 years, catering to various age groups and financial goals.


  • High sum assured at low premiums, ensuring substantial financial protection for your family.
  • Customizable options allowing policyholders to tailor the plan according to their needs.
  • Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

2. HDFC Life Click 2 Protect Plus

HDFC Life Click 2 Protect Plus is a comprehensive term insurance plan designed to provide extensive coverage with multiple options to choose from. This plan ensures that the financial future of your family is secured in your absence.

Key Features:

  • Four plan options: Life Option, Extra Life Option (Accidental Death Benefit), Income Option, and Income Plus Option.
  • Flexibility to increase the cover at key life stages such as marriage or childbirth.
  • Return of Premium option, providing maturity benefits if the policyholder survives the term.


  • A wide array of plan options catering to different needs and life stages.
  • Option to receive death benefits as a lump sum, monthly income, or a combination of both, ensuring steady financial support for the family.
  • Attractive premium rates for female policyholders and non-smokers.

3. Max Life Online Term Plan Plus

Max Life Insurance offers the Online Term Plan Plus, a robust term plan available online, providing substantial life cover at competitive rates. This plan is ideal for individuals seeking a convenient, hassle-free insurance solution.

Key Features:

  • Three death benefit options: Basic Life Cover, Basic Life Cover + Monthly Income, and Basic Life Cover + Increasing Monthly Income.
  • Option to enhance coverage with riders such as Critical Illness and Waiver of Premium.
  • Coverage up to the age of 85 years, ensuring long-term financial security.


  • Comprehensive coverage with flexibility in benefit payouts to suit individual preferences.
  • Critical illness rider providing additional protection against major health issues.
  • Easy online purchase process, making it accessible to a broader audience.

4. ICICI Prudential iProtect Smart

ICICI Prudential iProtect Smart is an innovative term plan offering extensive coverage, including health benefits. This plan is designed to provide a comprehensive safety net for your family while addressing critical health concerns.

Key Features:

  • Coverage for 34 critical illnesses, offering a comprehensive health and life insurance solution.
  • Flexible payout options: Lump sum, regular income, or a combination of both.
  • Inbuilt terminal illness benefit, providing the sum assured on diagnosis of a terminal illness.


  • Dual protection against death and critical illnesses, ensuring complete financial security.
  • Multiple payout options allowing policyholders to choose a plan that best suits their family’s financial needs.
  • Attractive premium rates, especially for non-smokers and young individuals.

5. SBI Life eShield

SBI Life eShield is a pure term insurance plan from SBI Life Insurance, offering significant life cover at affordable premiums. This plan is suitable for individuals seeking straightforward life insurance without any investment component.

Key Features:

  • Four plan options: Level Cover, Increasing Cover, Level Cover with Accidental Death Benefit, and Increasing Cover with Accidental Death Benefit.
  • Option to enhance the policy with additional riders for comprehensive coverage.
  • Policy term ranging from 5 to 30 years, catering to various financial goals.


  • High sum assured at competitive premium rates, ensuring substantial financial protection.
  • Flexibility to choose and customize coverage options based on individual needs.
  • Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

Choosing the right life insurance plan is a critical decision that requires careful consideration of your financial goals, family needs, and budget. The aforementioned life insurance schemes are among the best in India, offering a range of features and benefits to ensure financial security for your loved ones. Whether you are looking for basic term plans or comprehensive coverage with health benefits, there is a plan to suit every need. It is advisable to compare different policies, understand the terms and conditions, and consult with a financial advisor to make an informed decision.

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