Which is the best company for insurance plans?

Oct 21, 2019

I am working as a software engineer (unmarried, parents late) in Hyderabad with a package of 6 L.P.A.

Will you please suggest me the best LIC company to choose for the below polocies.

  1. Term Insurance
  2. Life Insurance
  3. Health Insurance
1 Answer
Oct 22, 2019

Hi Gopinath,

Before I answer your questions, I want to clarify 2 things:

  1. Term and life insurance are one and the same.
  2. LIC is the name of an insurance company. There are many other insurance companies like HDFC Life, ICICI Lombard, Bajaj Allianz etc.

Buy life/term insurance only if you have financial dependents

Insurance protects the financial needs of dependents in the event of the person's untimely death. Since you have mentioned that you are "unmarried, parents late", do you have other dependents like younger siblings, grandparents etc? If not then you do not need a life insurance/term right now.

DO NOT opt for "LIC plans", which mix insurance with investment. See this Q&A Are endowment plans like LIC's Jeevan Anand a good investment option?

Best term/life insurance company - See this Which term insurance plan is suitable for me?

Health Insurance

In health insurance, you should buy 2 things:

  1. Health insurance
  2. Top up health insurance

Please go through these Q&As to get an idea of health insurance:

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