Choosing life insurance in India should not be challenging. After all, everyone needs a life insurance policy to protect their families in case of an unfortunate event. However, with the availability of different types of life insurance plans, there is greater choice and one can simply narrow down on a single life insurance plan by understanding their insurance needs and how much life insurance coverage can secure their family.
 

Even though the major threat of COVID-19 has passed, you need to be prepared for the probable emergence of new variants. Therefore, in 2023, your life insurance plan should not only focus on savings and investment but also equally on adequate life insurance coverage.

Life insurance in India is quite diverse; from a simple life cover to save options, your life insurance policy in India can offer complete solutions for your needs if you choose your policy carefully. For this, all you need to do is analyse all plans carefully and know their features and benefits before you select a suitable one! And to make this easier for you, here are some of the life insurance plans available in India.

What are the Life Insurance Plans in 2023?

Here is the list of plans that you can buy in 2023:
 

• Term Insurance
  
  Term insurance has always taken precedence over other forms of life insurance for a few simple reasons. Since it offers pure life cover protection to you and your family, this type of policy is uncomplicated and easy to understand. Your family will receive a death benefit in case of your death during the policy term.
  
  The lesser and affordable premiums are yet another reason why term plans are preferred by most policyholders. Term insurance plans are also quite flexible and allow you to choose a policy term and premium paying term as per your needs.
  
  Hence, if you need to secure your loved ones even for a period of only 5 years, you can select a 5-year term insurance or select a life insurance coverage for the maximum policy term offered by your insurance provider.
  
  
• Savings Insurance
  
  A suitable time to start saving money is either at the start of the calendar year or the fiscal year. And a life insurance savings plan can offer you this convenience, along with the benefit of a life insurance cover.
  
  If you want to build a savings corpus during your premium paying term, a savings plan can help you systematically save money as long as you pay the premiums. The total premium amount paid each month, quarter or year is divided between the life cover and the rest of it is contributed to the savings.
  
  You can also choose between different savings plans – for instance, a money-back plan starts paying out benefits during the policy term, while an endowment plan will offer a lump sum on maturity. The other benefit of savings life insurance policy plans are the guaranteed¹ returns on your savings.

 





• Unit-Linked Insurance Plan
  
  Many policyholders are keen to grow their wealth and make diverse investments in various market-linked instruments. A Unit-Linked Insurance Plan is a good choice for such policyholders as they can combine their investment and life insurance coverage for their family under a single policy. This means a single premium they pay will be split into the investment as well as the life cover, removing the hassle of a separate investment.
  
  If you are buying a ULIP in 2023, be sure to understand which funds would be suited for your investments. You can also check the past performance of the investment funds and then pick a few funds, based on your risk appetite, investment goals and so on.
  
  Since ULIPs have a lock-in period of 5 years, during this time, one can steadily grow their wealth without disrupting the investment.
  
  ULIPs under TATA AIA life plans are not only flexible and offer a good choice of fund options but also offer the convenience of switching between funds so that you can meet your investment goals.
  
  
• Retirement Insurance Plan
  
  Every year is a good time to start planning your retirement. However, it is advisable not to delay retirement planning. In 2023, if you are 10-20 years away from your retirement, this would be a good time to start saving or investing for your retirement years.
  
  Retirement insurance plans and annuity plans are specifically designed to ensure that you can invest your money over the years through premium payments and purchase an annuity during retirement.
  
  With this annuity, you can receive a regular income during your golden years so that all the needs of your family can be fulfilled. A steady flow of income during retirement can be helpful since you are not earning a monthly salary anymore.
  
  When investing in a retirement plan, you can plan the various goals you want to achieve after retirement. This can help you plan the sum assured or the total financial corpus to be saved and invested.
   

In 2023, while selecting from the life insurance plans in India, it is equally important that you have a reliable life insurance provider who not only offers a range of plans to choose from but also has an enhanced individual death claim settlement ratio², as per industry standards.
 

A good life insurance policy provider also offers a range of optional riders# that increase the coverage of your base insurance policy and help you stay safe against specific risks that cannot be covered by your life insurance plan. These riders^# can be added for a nominal premium amount and offer a variety of benefits when the event or the risk befalls you or your family.
 

Conclusion

Many life insurance providers offer their life insurance plans online, which has made it easier for consumers to compare and choose from different plans. This saves a lot of time and hassle that would have been spent by manually comparing plans. Another benefit of buying your policy online is that your life insurance policy details are always secure and can be safely accessed through your insurer’s official website.

L&C/Advt/2023/Aug/2606