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High net worth individuals often opt for life insurance plans to secure the lives of their loved ones in their absence. These plans offer a large sum assured at affordable rates and ensure that the financial needs of individuals with high net worth are fulfilled. These plans are especially beneficial for high-income individuals as they provide financial protection to their loved ones in the event of their untimely demise and give them a chance to create a corpus by securing a large life cover at affordable premiums. Let us see some of the life insurance products high-income individuals opt for.
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HNIs buy life insurance plans to secure their loved ones in the event of their unfortunate absence. Since these plans are available at affordable premiums, high net worth individuals are able to invest the rest of their savings into investment products for higher returns and building corpus. Not only that, these plans offer dual benefits of protection and wealth creation while providing the policyholder with the chance of saving on their yearly taxes. The family can use the death benefit payout in case of the policyholder’s death to pay off any remaining loans, pay for the child’s higher education, and take care of their financial needs.
To understand the reasoning behind buying an HNI buying life insurance plan, let us take a look at the following example:
Karan is a 27-year-old employee at an MNC and earns over 12 Lakhs per annum. He is the main income earner of his family and wants to secure his loved ones in his absence. He consulted his financial expert, who advised him to invest in a life insurance plan. Karan calculates his human life value and finds out he is eligible to buy an insurance plan worth 3 crores since he didn’t have any other existing insurance. He logs into Policybazaar to find out the suitable plans that will help cover his needs at affordable premiums and ensure the financial protection of his family. Let us take a look at the plans Karan came across while looking for a suitable life insurance plan for high net worth individuals.
Term Plans
Here is a list of the life insurance plans HNIs buy in India in 2024:
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz eTouch | 603 | 18-55 years | 99 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Click 2 Protect Super | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Max Life Insurance Company Limited | Max Life Smart Total Elite Protection | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Maha Raksha Supreme Select | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
* You can use the life insurance calculator to estimate the required premiums you would need to pay for the desired life cover.
The plan offers 4 benefit options to choose from: life, life plus, life & health, and all in one
You get life stage protection through which you can enhance the life cover at different stages of life
The plan provides the option of choosing the most suitable death benefit payout option
You can exit the plan at an early stage and receive all the premiums paid till policy termination
The plan offers coverage against women-specific critical illnesses like breast and cervical cancers under its accelerated critical illness benefit
The plan offers long term coverage till 85 years of age
Inbuilt Payout Accelerator Benefit provides 50% of the base sum assured immediately on the diagnosis of a terminal illness
The plan offers special premium rates for female and non-smoking customers
You can pay the premiums once, for a limited term, or for the entire policy tenure
You can increase the sum assured on different milestones with the life stage plus option
The plan offers two cover options: life cover and increasing life cover
On diagnosis of a terminal illness, 100% of the guaranteed death benefit (max. Limit 1 Crore) will be paid to the policyholder
You can take two premium holidays throughout the policy term
The plan offers a return of premium variant under which all the premiums are paid back at the end of the policy term
You can cover your spouse within the same plan with the joint-life option
The plan offers you 3 plan options to choose from: life, life plus, life goal
You can increase your death benefit by 200% under the life option
The plan offers the option of including your spouse within the same plan
The plan provides a return of all the premiums paid throughout the policy at the maturity
You can choose to receive the death benefits in installments over a span of a few years
The plan offers coverage against death, terminal illness, and disabilities
Receive your total premiums paid at the maturity of the policy as a maturity benefit
You can choose the mode of death benefit payout as per your suitability
You can exit the plan early and receive all the premiums paid throughout the policy term
The premium holiday feature helps you skip premium payments for 1, 2 or 3 policy years as per the policy details
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Here is how you can buy a life insurance product for high income individuals in India 2024:
Step 1: Go to the life insurance page
Step 2: Fill in your name, DOB, contact number, and gender
Step 3: Choose the right option for smoking habits, occupation type, annual income, and educational background
Step 4: Select the most suitable plan and proceed to pay
Life insurance plans are an important part of everyone’s financial portfolio. These plans secure the life assured’s dependents and offer the policyholder a chance to create corpus in the long run. With these plans, the HNIs can rest assured that their loved ones will be able to fulfill their goals and financial needs in the event of the policyholder’s untimely death during the policy term.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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