Life Insurance Plans

Insurance companies are now introducing women-only term insurance plans featuring benefits like premium holidays, childcare riders, and health perks. These life insurance plans target homemakers, who were often excluded earlier because they did not have steady income sources. Term insurance offers high life cover for a low price, but not many people buy it because they expect a payout at the end of the term. Eligibility usually requires regular income and good health. With these women-specific plans, insurers aim to make life cover more accessible, helping women secure their families’ financial future while enjoying tailored benefits for health, childcare, and lifestyle needs.

Tata AIA Life Insurance has introduced two new funds: the Sector Leaders Index Fund and the Sector Leaders Index Pension Fund, giving investors exposure to India’s top companies while ensuring life cover. Both funds, linked to the BSE India Sector Leaders Customised Index, invest across 21 industries and are available at ₹10 per unit during the NFO period ending September 22, 2025. With fund charges exempted from GST under the new norms, the launch offers a blend of long-term wealth creation, retirement planning, and financial protection, backed by Tata AIA’s strong performance record.

ICICI Prudential Life Insurance reported a 99.6% claim settlement ratio for the first quarter of FY26, settling death claims worth ₹406.89 crore. The insurer said claims were cleared in an average of 1.1 days after receiving the final document, aided by data analytics and AI tools. Under its ‘Claim for Sure’ initiative, the company disbursed ₹74.72 crore, promising settlement of eligible claims within one day.

The GST Council has announced a complete GST exemption on individual life insurance premiums, removing the earlier 18% tax burden. Union Finance Minister Nirmala Sitharaman announced the decision to make life insurance more accessible and affordable. The revised GST rates will be applicable from September 22, 2025, aligning with the beginning of Navratri, and are expected to significantly increase insurance adoption among Indian households.

How Does 0% GST on Life Insurance Benefit Common People?

Until now, both health and life insurance carried an 18% GST, which increased the overall cost of premiums. With the GST cut from 18% to 0% on all individual life insurance policies, life insurance premiums will become more affordable, making it more accessible for the common people to secure coverage.

Industry experts suggest this reform will boost insurance penetration, especially among middle-class families and younger buyers, by removing a key cost barrier. The GST impact on life insurance premiums is crucial in shaping policy affordability.

Impact of NIL GST on Government and Insurers

While customers will directly benefit from zero GST on term insurance and other life insurance policy premiums, the change has mixed implications for insurers and the government. Insurers will no longer be able to claim input tax credit (ITC) on costs like office rent, agent commissions, and marketing. Earlier, these expenses were partly offset by the GST collected from policyholders. Without ITC, insurers may load an additional 3–4% onto premiums to recover these costs.

For the government, removing GST on insurance premiums means a dip in tax collections. However, experts argue the trade-off could be positive in the long run, as lower costs will likely boost insurance adoption. This would increase coverage across households and potentially reduce the state’s burden of providing financial aid during health or income crises.

A Group of Ministers (GoM) has recommended exempting Goods and Services Tax (GST) on life and health insurance premiums, which, if cleared by the GST Council, could significantly reduce policyholders' costs. Currently, premiums attract 18% GST, substantially increasing the amount customers pay on top of the base premium.

According to reports in the Indian Express and Hindustan Times, the proposal is expected to be discussed in the upcoming GST Council meeting scheduled for mid-September. The exemption could be effective as early as October or November this year if approved. This means policies could become up to 15–18% cheaper for consumers. For example, a ₹20,000 annual premium currently costs ₹23,600 after tax; under the new rule, it would remain at ₹20,000.

However, as India Today and Economic Times highlighted, the benefit may not be fully passed on. Insurers currently avail input tax credits on GST for services like distribution, technology, and customer support. If GST on premiums is removed but input credits are blocked, insurers could raise the base premium to offset higher backend costs. Experts suggest making insurance “zero-rated", so customers pay no GST while insurers retain credits, which would be more effective, though this option has not been proposed.

Industry executives told Reuters that while the exemption would boost affordability and penetration, the net savings for consumers will depend on how insurers adjust pricing once input credits are withdrawn.

The final decision rests with the GST Council, chaired by the Union Finance Minister, which will consider the GoM's proposal in September. If approved, the exemption would mark a significant policy shift to make life and health insurance more accessible across India.

Aditya Birla Sun Life Insurance has introduced the Super Term Plan, a comprehensive term policy combining life cover, income protection, and health support. Key features include three coverage options, Enhanced Life Stage Protection, and health management services.

Policyholders can choose from various death benefit pay-out modes, including a lump sum or staggered income. The plan also offers instant claim payments and return of premium benefits, addressing evolving customer needs.

India's life insurance sector saw a strong start to FY26, with new business premiums rising by 10.8% to ₹52,427 crore from April to May. In May alone, collections grew 12.6% to ₹30,463 crore. LIC, the largest insurer, posted a 10.27% growth in May premiums at ₹18,405 crore.

The growth is driven by increased focus on first-time buyers and essential life cover. Group premiums also rose significantly, with LIC seeing a 13.79% jump in May.

A recent study by Tata AIA Life Insurance and NielsenIQ reveals that Gen Z in South India (ages 21–29) is leading the way in financial preparedness. Over 54% prioritise retirement planning through life insurance, the highest across all regions. Nearly half are ready to invest over ₹2,000 monthly in life insurance, showing strong financial discipline.

The study also highlights that 78% of the budget is for inflation, and 28% prefer term plans. Key factors influencing their policy choices include low premiums, tax-saving benefits, and a simple claims process.

The Reserve Bank of India (RBI) has slashed the repo rate by 50 basis points, bringing the total cuts for the year to 100 bps. This is great news for homebuyers, especially those with existing loans, as it reduces EMIs.

For example, a ₹50 lakh home loan EMI can drop by over ₹3,000 per month. Borrowers can also opt for higher loan amounts without increasing their EMIs, making homeownership more affordable in 2025.

The Employees' Provident Fund Organisation (EPFO) has proposed key updates to the Employees' Deposit Linked Insurance (EDLI) scheme to enhance coverage and ease claims.

A minimum payout of ₹50,000 is suggested for EPF members who die within their first year of service, while those with over a year would receive at least ₹2.5 lakh. To ensure continuity, a job gap of up to two months will not break service records. Also, if a member dies within six months of their last PF contribution and remains on the employer’s record, they will still be eligible.

These changes could benefit over 14,000 families annually. Approved in the 237th CBT meeting led by Labour Minister Mansukh Mandaviya, the proposal awaits government notification.

The EDLI scheme provides a maximum benefit of ₹7 lakh without any premium from employees. Members are urged to update their nominee details on the EPFO portal to ensure smooth claim settlements.

According to an Allianz Global Insurance report, India's life insurance sector is projected to grow 10.5% annually over the next decade, significantly outpacing the global average of 5%. Driven by strong economic growth, supportive government policies, and a 100% FDI allowance, India is set to become Asia's second-largest life insurance market, surpassing Japan.

The turnaround of public sector insurers and rising insurance awareness further fuel this rapid expansion in the country's insurance landscape. Insurance experts have suggested this momentum will boost life insurance penetration and contribute significantly to the country's long-term financial security and economic resilience.

In India, many people purchase term life insurance primarily to save tax under Sections 80C and 10(10D) of the Income Tax Act. However, the true purpose of term insurance goes far beyond tax benefits—it's a crucial financial safety net for your family.

In the unfortunate event of the policyholder's death, term insurance provides a lump sum payout to help the family manage essential expenses such as home loan EMIs, children's education fees, and rising healthcare costs.

Financial experts recommend selecting a sum assured that is 10 to 15 times your annual income to ensure your loved ones are adequately protected.

With digital advancements, buying term insurance today is easier than ever. Online platforms offer a convenient, affordable, and transparent way to compare plans, check eligibility, and complete the purchase process in just a few clicks.

Hansa Research's latest Insurance CuES 2025 report shows that ICICI Prudential Life Insurance and Axis Max Life Insurance have topped customer experience rankings with Net Promoter Scores of 65% and 64%, above the industry average of 58%.

The report is based on feedback from over 3,600 customers across 13 life insurance companies. It highlights improvements in trust, innovation, and customer support. Tata AIA, Kotak Life, and HDFC Life also performed well. The study found that customers now value easy-to-understand plans, digital services, and strong advisor support more than ever.

The Supreme Court has ruled that failing to disclose existing life insurance policies while purchasing a new one can lead to claim rejection. The court emphasized that life insurance is a contract based on "uberrima fides" (utmost good faith), requiring policyholders to fully disclose all relevant information to insurers.

In a recent case, an insurer rejected a claim because the policyholder had not revealed all previous insurance policies. The court upheld the decision, stating that non-disclosure of material facts affects the risk assessment process. Experts caution that insurers determine coverage based on a person's total financial exposure, and hiding such details could result in policy cancellation or claim denial.

Financial and legal experts advise individuals always to declare their existing policies when applying for a new one. Transparency ensures smooth claim settlements and prevents disputes in the future.

The life insurance industry in India has seen a significant boost in its workforce, adding 2.41 lakh new agents in a year, bringing the total number of agents to 30.34 lakh as of January 2025, according to the latest data from the Life Insurance Council. India's largest insurer, LIC (Life Insurance Corporation of India), has added 62,946 agents, increasing its agency strength from 13.83 lakh in January 2024 to 14.46 lakh in January 2025.

TATA AIA Life secured the second position by adding 49,908 agents, while HDFC Life followed with 38,662 new agents.

LIC remains the largest insurer with 14.46 lakh agents, followed by:

• SBI Life: 2.38 lakh agents
• HDFC Life: 2.34 lakh agents
• ICICI Prudential Life: 2.22 lakh agents
• Bajaj Life: 1.60 lakh agents

The life insurance sector has witnessed an 8.6% growth in its agent network over the past year, highlighting the expanding reach and importance of life insurance in India.

Tata AIA Life Insurance Company, a joint venture between Tata Sons (51%) and AIA Group (49%), has informed the Insurance Regulatory and Development Authority of India (IRDAI) that its foreign promoter, AIA Group, is not interested in proceeding with a public listing. This challenges IRDAI's efforts to encourage insurance companies to go public.

Established in 2001, Tata AIA initially had a 26% foreign stake, which increased to 49% in 2016 after the foreign direct investment (FDI) cap was raised. AIA Group operates in 18 markets, including India, Mainland China, Hong Kong SAR, Thailand, and Singapore, with total assets of $286 billion as of December 31, 2023.

In the financial year ending March 31, 2024, Tata AIA reported a total premium income of ₹25,692 crore, marking a 25% increase from the previous year. The company's solvency margin stood at 177%, well above the regulatory requirement of 150%.

New surrender value norms, effective from October 1, may hinder growth for life insurers, especially those targeting rural and middle-income customers. While the changes benefit customers, they affect the profitability of smaller insurers.

Shriram Life Insurance reported a 14% decline in net profit for Q3 despite a 37% rise in premiums. The company is focused on long-term growth, aiming to increase its market share and break into the top 10 insurers. It plans to deepen its presence across 15 states and strengthen its technology to support this growth.

The government has changed the tax rules for Unit-Linked Insurance Policies (ULIPs). Starting April 1, 2026, if your annual ULIP premium is more than ₹2.5 lakh, the returns will be taxed as capital gains. Long-term gains (after one year) will be taxed at 12.5%.

Earlier, these returns were taxed as regular income, sometimes up to 30%. Finance Minister Nirmala Sitharaman announced this in Budget 2025 to make ULIP taxation clearer and similar to mutual funds. ULIPs with premiums under ₹2.5 lakh will remain tax-free. This change will affect those using ULIPs for tax-saving investments.

Life insurance stocks in India have experienced a significant de-rating despite impressive growth in embedded value (EV) and market capitalization. From FY20 to H1FY25, insurers like HDFC Life, Max Financial, and ICICI Prudential saw EV growth from 8% to 23%.

However, the price-to-embedded value (P/EV) multiples have dropped, particularly for HDFC Life, which decreased from 4.8x to an estimated 2.1x. Factors contributing to this de-rating include regulatory risks, a shift toward low-margin ULIPs, and stagnating market growth, causing investor concerns despite the strong fundamentals.

The Reserve Bank of India's (RBI) recent liquidity infusion is set to benefit banks and NBFCs like HDFC Bank, Axis Bank, and LIC Housing Finance. This move aims to enhance credit availability, ease funding constraints, and support economic growth.

With improved liquidity, these institutions can extend loans more efficiently, boosting sectors like housing and small businesses. Analysts believe this step will stabilize interest rates and improve market conditions. Additionally, it enhances investor confidence, ensuring financial stability and promoting economic resilience. Experts will monitor its long-term effects on growth.

For the first time, SBI Life Insurance surpassed LIC in regular premium policies in December 2024, collecting ₹3,416 crore—a 16.7% year-on-year growth. In contrast, LIC saw a 15% decline, collecting ₹2,628 crore compared to ₹3,111 crore in December 2023.

SBI Life’s market share rose to 17.5%, with its premiums totalling ₹5,307 crores. While private insurers collectively grew by 11.4% in individual APEs, LICs declined by 13%. Despite setbacks, LIC maintained its leadership with ₹13,523 crore in total new business premiums. The overall life insurance industry saw a 21% drop in December 2024 premiums compared to last year.

India's life insurance sector saw a 6.1% year-on-year growth in premium income, reaching ₹8.30 lakh crore in FY 2023-24, according to the Insurance Regulatory and Development Authority. Private insurers led the surge with a 15.1% rise, while the public sector insurers grew modestly at 0.23%.

A total of 291.77 lakh new policies were issued, with the public sector accounting for 70% (203.93 lakh policies) and private insurers 30% (87.84 lakh policies). Private insurers saw a 9.23% growth in new policies issued, while the public sector recorded a slight decline of 0.18%.

Go Digit Life Insurance Limited has introduced its first individual term life insurance plan, Digit Glow Term Life Insurance, tailored for India's 300 million self-employed individuals. Designed to overcome challenges like fluctuating incomes and lack of formal income proof, the plan simplifies access through a fully digital process, eliminating rigid documentation and lengthy procedures.

Offering coverage from ₹2.25 lakh to ₹1 crore, the plan is customizable and affordable, catering to individuals from varied socio-economic backgrounds. Optional covers include protection against accidental death, total and permanent disability, and terminal illnesses. Customers also benefit from flexible policy terms, premium payment options, and over 15 complimentary wellness add-ons, such as teleconsultations, diagnostic discounts, therapy sessions, and elder care programs.

An 8-month-old baby in Bengaluru has been diagnosed with Human Metapneumovirus (HMPV), raising concerns about respiratory health. The baby, admitted to a city hospital with fever and cough symptoms, is under medical care as health authorities monitor the situation closely.

What is Human Metapneumovirus (HMPV)?

HMPV is a respiratory virus similar to influenza and Respiratory Syncytial Virus (RSV). Though not as well-known as COVID-19, it can cause serious respiratory issues, especially in young children, the elderly, and those with weakened immune systems. It is transmitted through respiratory droplets and can lead to symptoms ranging from mild cold-like signs to more severe pneumonia.

SBI Life Insurance has launched the Smart Platina Supreme Plan, designed to provide policyholders with a combination of life cover and guaranteed payouts. This traditional life insurance plan offers assured regular income, making it an attractive choice for individuals seeking long-term financial security and protection for their families.

With flexible premium payment options, customers can choose between single, limited, or regular premium terms, depending on their financial needs. The plan offers guaranteed regular payouts after a set policy term, providing a steady income for the policyholder. This feature is ideal for people looking for financial stability in the long run while securing the future of their loved ones through life insurance cover protection.

Additionally, the life policy comes with tax benefits under the prevailing laws, making it an appealing option for tax-conscious investors. With a focus on flexibility and guaranteed returns, SBI Life’s Smart Platina Supreme Plan ensures peace of mind, allowing policyholders to plan their future with certainty.

In 2024, life insurance in India is set to see major improvements aimed at enhancing value for policyholders, driven by the Insurance Regulatory and Development Authority of India (IRDAI). One of the key changes is the introduction of higher surrender values for traditional life insurance policies, ensuring that those who exit their plans after paying premiums for a few years will receive a larger payout. This reform makes life insurance more financially rewarding, especially for those who need to surrender their policies early.

Additionally, life insurance companies are increasingly adopting digital processes, making it easier for customers to purchase policies, file claims, and access services without the hassle of paperwork. This push toward digitalization aligns with broader government initiatives to streamline industries and improve customer experiences.

These reforms, driven by IRDAI regulations and market competition, aim to provide better returns, increased flexibility, and more user-friendly interactions, making life insurance a more attractive option for policyholders in 2024.

The Indian government is considering raising the foreign direct investment (FDI) limit in the insurance sector to 100%, a significant increase from the current 74%. This change, part of the upcoming Insurance Amendment Bill, aims to enhance insurance penetration, which remains low at around 4% in India.

For the life insurance industry, this move could bring in global players with more capital, improving product variety and service quality. With 24 life insurers currently operating, this reform could reshape the sector, making life insurance more accessible and competitive. Additionally, the bill proposes allowing agents to sell policies from multiple insurers, offering customers broader choices. These measures aim to strengthen the life insurance market and support the government's financial inclusion goals.

Canara HSBC Life Insurance has launched a new plan, ‘Promise4Future’, offering a unique mix of life protection and wealth creation. This life insurance plan caters to modern consumers seeking both financial security and long-term savings growth. Available in two variants, Savings4Future and Income4Future, the policy allows individuals to grow their savings while securing their loved ones’ future.

The Savings4Future variant ensures protection with savings, offering guaranteed returns plus bonuses, while Income4Future provides a steady income stream and a lump-sum benefit. With features like flexible premium payments and high-premium boosters, this plan offers both security and the opportunity to build wealth.

Designed with customer's needs in mind, Promise4Future empowers policyholders to confidently manage their financial goals.

Bajaj Allianz Life Insurance (BALIC) has partnered with the Indian Navy to offer customized life insurance solutions to its civilian personnel. This collaboration, part of the Navy’s "Year of Naval Civilians" initiative, aims to provide comprehensive coverage at affordable rates, ensuring the financial security of naval civilians and their families.

The life insurance plans offered under this initiative are designed to address the unique needs of naval civilians, offering long-term protection while supporting their life goals. These plans provide peace of mind through benefits like financial protection, family security, and guaranteed coverage, which are critical for safeguarding the future.

Vice Admiral Sanjay Bhalla praised the tailored offerings, while Tarun Chugh, MD & CEO of BALIC, emphasized that this partnership will help bridge the insurance gap and extend life insurance benefits to more Indians. Educational sessions will also be organized to increase awareness about the value of life insurance among naval civilians.

Starting October 1, 2024, policyholders in India will receive higher refunds upon surrendering their life insurance policies, thanks to new guidelines from the Insurance Regulatory and Development Authority of India (Irdai).

The special surrender value (SSV) will now be applicable after just one year, ensuring that policyholders receive a refund even if they exit early. The calculation will consider paid-up benefits and accrued bonuses, providing greater liquidity and flexibility. Insurers are required to implement these changes by September 30, 2024, enhancing protections for customers against mis-selling in the insurance sector.

Starting October 1, life insurance policyholders in India will benefit from new rules introduced by the Insurance Regulatory and Development Authority of India (IRDAI). Under the updated regulations, those who choose to exit their existing endowment policies early will receive higher surrender payouts. Previously, policyholders exiting in the first year would lose the entire premium. Now, they will get back a portion of their premium, providing greater flexibility and financial relief, especially for those facing mis-selling or unable to pay premiums (These changes will not affect ULIP and term insurance plans).

While some insurers have expressed concerns over the impact on long-term policyholders and company margins, experts believe these changes will benefit policyholders by offering fairer treatment. The new rules also include mandatory customer information sheets for clearer policy details and penalties for insurers failing to comply with ombudsman rulings.

The Insurance Regulatory and Development Authority of India (IRDAI) has rejected the Life Insurance Corporation of India’s (LIC) request to amend surrender value regulations. LIC had sought to revise the interest rate assumption for calculating surrender values and suggested using a plan-based Government Securities (G-Sec) benchmark. However, the IRDAI emphasized that rules must be uniformly applied across all insurers, including LIC, and confirmed that new regulations will take effect on October 1, 2024, without further extensions.

The new norms will see reduced surrender charges and mandate that surrender values reflect “reasonableness and value for money” for policyholders. Additionally, health and life insurers must comply with revised health product regulations by the same deadline. Despite industry requests for more time, IRDAI has ruled out any delays.

A recent survey by Canara HSBC Life Insurance reveals that most Indians purchase life insurance to prioritize savings and family financial security. The survey found that 57% of respondents bought insurance for savings, while 44% focused on securing their family's financial future.

However, only 26% cited retirement planning or securing their children's futures as primary reasons. The survey also uncovered a significant gap in policy reviews, with only 11% of respondents regularly reviewing their coverage. Nearly 64% of individuals regretted not starting term insurance plans earlier, and just 25% felt confident that their policies could cover unexpected costs. These findings highlight the need for timely, comprehensive financial planning.

Aditya Birla Sun Life Insurance launched its new Salaried Term Plan that offers both regular life cover and return of premium life cover options.

The Fixed Income Cover option pays 1.25% of the sum assured on the policy’s month anniversary during the Income Benefit Period. You can also choose the Increasing Income Cover, where the income increases at 5% or 10% per year.

Life insurance companies like HDFC life insurance and Bandhan life insurance now offer term insurance plans upto 1 Crore without income proof i.e.

ITR of the last 3 years for self employed and business owning individuals. Not only that, they can also claim an online discount of upto 15% on the premiums payable.

Max Life launched the 'Smart Total Elite Protection Term Plan,' catering to the evolving lifestyle choices of HNI customers. Customized for a sum assured equal to or exceeding 2 crores, it features discounts for higher sums and budget-friendly premiums.

This term insurance plan includes critical illness coverage, Max Life Waiver of Premium Plus Rider, exit value, premium breaks, terminal illness payout, and instant 2 Lakhs on claim registration. Moreover, NRIs can enjoy a 5% online discount.

In the wake of this pneumonia outbreak in China, the significance of term insurance claims and benefits becomes apparent in providing financial support to those affected. Families struggling with the impact of the outbreak, especially if the primary breadwinner falls ill, can find solace in the financial safety net provided by term insurance. The benefits can cover medical expenses, daily needs, and other unforeseen costs, offering a sense of security during a challenging time. This underscores the broader role of insurance in not only safeguarding against unexpected events but also in providing practical assistance when faced with health crises.

The financial support provided by Term Insurance ensures that necessary medical treatments and care are accessible, enabling families to focus on recovery without the added stress of financial strain. In times of health crises, the role of term insurance emerges as a crucial support mechanism for those navigating the challenges brought about by the pneumonia outbreak in China.

With over 8 deaths caused by Cyclone Michaung in Chennai, many victims suffered financially and emotionally. If you, too, have lost a loved one to Cyclone Michaung, you can contact the insurance provider to claim the life insurance.

Insurers aim to assist families with funeral expenses and immediate financial needs with fast-tracking payouts. You can attach and submit the essential documents, like the death certificate and policy details, to initiate the process online and get the support you need during these challenging times. If the policy was purchased via Policybazaar, you can simply contact your relationship manager and he/she will take care of the claim process for you.

Financial readiness is the skill to navigate life's necessities and uncertainties by evaluating income, budget, spending, avenues for maximizing and saving income, and planning for emergencies and retirement. Let's understand the 4 key points to consider before choosing life insurance coverage:

Current Income: Start by evaluating your current income to determine the needed coverage for sustaining your lifestyle and understanding your premium-paying capacity.

Current Expenses: Examine all facets of expenses, including living, holidays, medical costs, and others, to gauge the financial landscape.

Dependents and Financial Goals: Assess the financial goals of dependents for effective life insurance coverage, acting as a security blanket in unforeseen circumstances.

Future Expenses and Liabilities: Consider future expenses related to desired lifestyle, major purchases, and significant life events to estimate the required life insurance coverage.

By acknowledging these 4 factors, you will be able to choose the ideal life insurance coverage.

World Diabetes Day, observed on the 14th of November, is yet another important day when you should introspect your health condition. It is also essential to keep in mind the important factors before choosing a life insurance policy. Here are the key factors to keep in mind before you opt for the right plan this World Diabetes Day:

Type and Severity of Diabetes:

Understand your diabetes type and severity; better management and controlled HbA1c levels impact plan eligibility and premiums.

Choosing the Right Provider:

Research insurers with a customer-first approach, prioritizing family financial security despite diabetes. Thoroughly examine products and insurers before purchasing.

Diabetes Management Impact:

Consistent efforts in managing diabetes enhance term plan options, potentially leading to more affordable premiums and even incentives from some insurers. Effective management boosts insurability and financial security.

These key factors allow you to buy the ideal life insurance plan for a secured future.

ICICI Prudential Life Insurance has introduced ICICI Pru Protect N Gain, a new product that offers you the dual benefits of protection as well as wealth creation and addresses the fundamental requirements of customers, i.e. protection and long-term savings.

With this plan, you can protect your family financially during the policy period and receive a substantial amount for yourself if you outlive the policy term. The product provides life insurance covers up to 100 times the annual premium and enables customers to maximise returns by offering 18 funds options spread across equity and debt to choose from, thus, making it an ideal plan to buy.

200+ deaths, 1000+ severely injured – This was the magnitude of one of the worst train accidents in the country, that took place in the beginning of June, at Balasore, Odisha.

While the agony of people will take time to lessen, financial burdens can be taken care of with the help of the death claim amount of the deceased. Most insurance companies are granting relaxation in the life insurance claim settlement process to the affected families, thus, showing support during such critical times. The death benefit will provide immediate help to the families as well as long term support, so that they can pay off the daily living expenses. With fewer documents, like Bank details, death certificate and nominee’s address proof, and lesser settlement time, the claim settlement process has been eased out for the victims’ families.

Term insurance is the most affordable and convenient form of life insurance as it provides death benefit to the nominees of the policyholder upon his/her death. But, insurance companies have now come up with a new product that allows the policyholders to receive 100% of the premiums paid if they outlive the policy term.

Such plans are called Term Return of Premiums (TROP), and they offer zero-cost insurance plans, tax benefits under Section 80C and Section 10(10D) of the ITA and higher coverage in comparison to traditional term plans.

The Government of Telangana announced the launch of the Rythu Bheema Life Insurance Scheme for toddy-tappers of the state. Under this life insurance scheme, the government will provide a life insurance cover of Rs. 5 Lakhs, to the families of those who died as a result of falling from trees by accident while performing daily chores.

The government further mentioned that the amount will be provided to the families of the deceased within a week of the toddy-tapper's death. The Excise and Finance Ministers of the state of Telangana have started preparing guidelines to implement this latest decision of the government.

Aditya Birla Sun Life Insurance Company Limited introduced a new-age savings plan, called ABSLI Nishchit Aayush Plan, that aims at empowering people to achieve their goals of life while they financially protect their families and loved ones even after death.

It encourages customers to invest in the ABSLI Nishchit Aayush savings life insurance plan, which offers guaranteed income, choice of income variant, lump sum benefits at policy maturity, and life cover during the policy term.

Term Insurance is the simplest and most affordable form of Life Insurance. It provides high life cover at very affordable premium rates. However, there are certain things that you must consider before you opt for a term plan.

It is advised that you buy the basic plan which provides death benefits to the nominees. You also get riders to choose from so that you are covered for a specific risk. Moreover, you must always provide the correct details, such as health information, annual income, smoking preferences, etc. to the insurer before you purchase a plan. In addition to these things, you must always choose a renowned insurer with a high claim settlement ratio (CSR) to buy a term plan from. Choose your plan wisely.

LIC Aadhar Shila Policy is an endowment plan which provides both life insurance and savings potential. Moreover, this plan provides maturity benefits if the policyholder outlives the policy term.

It also addresses the liquidity requirements by offering a lending facility and vehicle insurance option. The maximum insurance term for this plan is 20 years, after which the policyholder can reinvest the lump sum in some other policy. The minimum investment term for this policy is 10 years and maximum is 20 years. However, the suicide clause in this policy is an exclusion.

As the bread earner of your family, it is your responsibility to provide the best of life to your dependents. Life Insurance can help look after your family when you least expect undesirable things to occur, such as accidents, critical illnesses, or worse, death.

A life insurance plan safeguards your family and enables them to maintain their standard of living after your death. Moreover, it allows your loved ones to repay the loans and debts you had taken when you were alive and doesn’t burden your family members with financial constraints. Lastly, it allows you to receive a tax deduction on your life insurance premiums under Section 80C of ITA, for up to a limit of Rs. 1.5 Lakhs. Therefore, it is wise to have life insurance plans so that you can enjoy peace of mind and not worry about your family’s future.

A new line of changes have been observed in the insurance sector from the beginning of the new financial year, 2023-24. These changes include different insurance taxation, that says if a person pays premium of over Rs. 5 Lakhs, then upon maturity of the plan, the income derived from the policy is taxable.

Moreover, IRDAI has removed the previous commission cap, therefore, revising Expenses of Management (EOM) and commission limits for the insurance industry to increase insurance penetration and provide flexibility to insurers to manage their expenses.

ICICI Prudential Life Insurance has newly launched the ICICI Pru Gold, which is a long-term savings product that allows customers to earn an extra source of income to fulfill their diverse financial needs.

Apart from receiving guaranteed lifetime income, the life cover component of this product gives financial stability to the family. ICICI Pru Gold is available in three types to meet the diverse income demands of customers: Immediate Income, Immediate Income with Booster, and Deferred Income. An additional feature of this product is that it offers customers an option to save their earnings in a Savings Wallet rather than receiving them as regular payments. Customers can further withdraw the saved amount in their Savings Wallet in full or in part, depending on their needs.

PNB MetLife Life Insurance has introduced the new Genius Plan that is specifically designed to help parents financially in funding their children’s higher education. It provides guaranteed benefits, including ATPD protection, a built-in waiver of premium on death, guaranteed benefits, flexibility for saving, and a higher benefit for girl children.

With this non-linked, non-participating, and individual life insurance plan, which offers both life insurance cover and a savings plan, parents can relax knowing their kids will be able to pursue higher education without worrying about using up all of their savings.

Aviva Life Insurance recently launched its new savings life insurance plan called Signature Guaranteed Income Plan. The plan allows its customers to create a corpus in the long run and get guaranteed income while saving on taxes.

You can choose from 26 policy and premium payment tenures as per your convenience and financial needs. The plan offers maturity and guaranteed additions with zero alteration or frequency change charges. You can opt for any of the following variants of the plan: Signature Builder, Signature Investor, Signature Saver, and Signature Moneymaker. The plan was designed to fit the needs of people from different stages of their life and you should buy the plan and start your dual tax savings today.

The term ‘sum assured’ is the benefit amount payable to the nominee in case of the policyholder’s unfortunate death or the maturity benefit you receive on outliving the policy term. Every life insurance is bought for the specific ‘sum assured’ or the life cover.

This amount is selected at the time of policy purchase and depends on factors like smoking habits, lifestyle, educational background, annual income, number of dependents, and more. The maximum amount of sum assured you are eligible for also depends on your Human Life Value calculation. You can buy life insurance plans online by comparing plans from different insurers and their maximum sum assured.

This Valentine’s Day, protect your partner’s financial future with a life insurance policy that also creates wealth. Where many give roses or chocolates, you can show your partner the ultimate act of love by securing their future.

With life insurance plans you can build a corpus for your loved one, make sure they are taken care of in your absence, and save on yearly taxes. You can buy either a savings life insurance plan or a pure risk protection term plan. You should always compare and buy life insurance plans online to get the plan at the most suitable premiums and life cover.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-funded scheme, that offers individuals a life cover of Rs. 2 Lacs at the nominal premium rate of Rs. 436 payable annually. Under this plan, if you suffer an unfortunate death within the policy term, your family will receive Rs. 2 Lacs as a death benefit.

The policyholders will be covered until the age of 55 years and can pay their premiums automatically through their savings accounts. You can purchase the plan online or at your bank by submitting your basic details if you are between 18 to 50 years of age.

Life insurance policies are one of the most important factors in your financial planning. But to make sure you make the most of your life plans, we have created a list of do’s and don’t that you must keep in mind before purchasing a life insurance policy.

1. Do use a life insurance calculator to estimate the sufficient life cover for your family. 2. Do not delay purchasing a life insurance plan as the premium rates increase with age. 3. Do compare life insurance quotes as comparing life insurance plans online can help you purchase a plan that fits your budget and needs. 4. Do not lie about pre-existing health conditions as lying during policy purchase can get your claim rejected. 5. Do consider quitting smoking as many life insurance companies offer special premium rates for non-smokers. The life insurance premium rates for non-smokers are generally lower than the premium rates for smokers. Following these dos and don’t will help you buy the most suitable life insurance policy for yourself.

HDFC Life Insurance is one of the leading insurers in the Indian insurance sector. They provide various financial products for the benefit of policyholders and you can enhance your HDFC term insurance plans by including any of the following riders in your base term plan.

1. Critical Illness: This rider provides financial help in case the policyholder is diagnosed with the critical illnesses specified in the plan. 2. Accidental Disability: In case the policyholder suffers a partial, permanent, or total disability due to an accident, the rider ensures a lump sum benefit payable by the insurance company. 3. Protect Plus: This rider provides protection against accidental death, personal accident, and cancer. It covers the policyholder and their dependants from any remaining loan repayment. You can include any of the above-mentioned riders in your base plan and customize the plan to fit your needs.

Life insurance plans not only allow you to live a stress-free life by securing your loved ones but also help you build a corpus and save on your taxes. That is why it is better to purchase more than one life insurance plan.

Buying more than one life insurance plan is a great way to split the risk of claim rejection in case of your unfortunate death. But before you purchase a life insurance plan it is important to calculate the maximum limit of life cover you are eligible for. You can use the Human Life Value Calculator to calculate the right life cover limit for your life. While buying the various life insurance plans it is better to give accurate information regarding your age, nature of job, health conditions, annual income, and family medical history to avoid claims rejection.

One of the main benefits of insurance policies is that it not only provides the necessary financial protection and give a chance to grow wealth but also helps saves on yearly taxes. There are essentially 3 insurance sections in the IT Act of 1961, that you should consider while planning your taxes.

1. Section 80C: This section offers you a tax deduction of up to Rs. 1.5 Lacs on the total premiums you paid for insurance plans in a financial year. 2. Section 80D: This section is mainly applicable to health or medical insurance, but you too can claim deductions under this section by including medical riders like Hospi care, Surgical care, or critical illness riders in your base life insurance policy. 3. Section 10(10D): Under this section, the payout received in the form of a death benefit, in case of your unfortunate death or the maturity/survival benefit received in case you outlive the policy term will be completely tax exempted. These life insurance tax benefits in India can help you save a significant amount in the long run.

A life insurance plan will lapse if the policyholder hasn't paid the premiums even during the plan grace period. A lapsed policy will no longer provide any kind of benefits, and in case you suffer an unfortunate death during the lapsed period, your family will not receive any death benefit.

To help you avoid your policy from lapsing, we have created a list of ways you can stay covered under the policy benefits. 1: Plan your Budget properly by using online tools like the life insurance premium calculator. 2: Pay your premiums on time using the company’s automatic billing system if you tend to forget to pay the premiums. This way the premiums will be deducted from your bank account directly on the due date. 3: Keep your profile details updated as you might receive premium payment reminders on the provided details. 4: Reinstate the life insurance plan if your policy has lapsed to stay covered under the policy benefits. Making sure that your policy premium payments are up to date ensures that your family is taken care of in your absence and you have a chance to create a corpus over time.

A life insurance policy is a great way to build wealth while providing financial protection to your family. However, your needs might change with changes in life stages. If you already have a life insurance policy with a life cover enough to fit your needs, your needs might change once you get married with kids.

This is why we have created a list of all the times you should revisit your life insurance policy to ensure you have the right life cover as per your new needs. 1. After getting married, a life insurance policy financially aids your spouse in the event of your unfortunate death. 2. When having children, your family might require a larger life cover to maintain their lifestyle and pay for the child’s higher education. 3. On becoming a business owner, the life insurance plan can help fund the company until a new person is hired, in case something happens to you. 4. When you want to grow wealth, a life insurance plan’s investment portion can help create a corpus over time. With a life insurance policy, you can not only secure your family’s financial future in your absence but also grow your wealth to beat inflation and fulfill your life dreams.

Life insurance policies are one of the best ways to secure your family’s financial future or intending to create a corpus in the long run. Let us see the various factors that cumulatively make life insurance plans the safest investment of life.

1. Regulation: IRDAI, the Indian insurance regulatory body releases its CSR values each financial year for policyholders to choose their insurer wisely and creates the guidelines for insurance companies to ensure that policyholders are protected. 2. Guaranteed benefits: Some life insurance plans like whole life insurance policies and money-back plans offer a certain guaranteed amount regardless of their health and circumstantial conditions. 3. Affordable premiums: Life insurance plans like term plans offer large life cover at low premium rates that fit in your budget and provide the needed protection. These factors combine to make life insurance plans one of the safest investment options in 2023. It is always important to do your research before and purchase life insurance plans from trusted sources.

Human Life Value is an online tool that helps you calculate the sum assured you should have for your life insurance that will help secure your family. Since this amount will be provided to your family in case of your unfortunate death during the policy term, you need to choose this amount wisely.

The life cover should be enough to cover your family’s financial needs in your absence. A human life value calculator helps you calculate the maximum limit of your life cover for your life insurance policy by taking your current age and annual income into account.

Star Union Dai-ichi Life Insurance launched its savings life insurance plan called Life Century Gold Insurance Plan. This plan offers two plan options, namely; Goal Sure and Edu Sure which offer guaranteed maturity benefit inclusive of guaranteed additions at the maturity of the policy.

The plan also offers the flexibility to choose the premium payment frequency along with the policy and premium payment term. The plan can be purchased via online channels to gain additional benefits along with tax benefits. You can also choose to receive the death benefit in a lump sum amount or have it paid in three parts.

Women make up almost 50% of the country’s population and thus it is important for females to take charge of their financial future. Here we have a list of reasons why women should consider investing in a life insurance policy

1. Life can be very uncertain but you can secure your family in your absence, with a life insurance policy in case something happens to you. 2. With a life insurance plan you would know the exact amount you need to invest to receive the desired amount as a return. This allows you to manage your money in a more effective manner. 3. A life insurance policy assures financial freedom as you won't be dependent on anyone for financial security 4. The premium amount for most plans is lower for women as women tend to live longer lives than men 5. Life insurance plans offer tax benefits to everyone under sections 80C and 10(10D). With these points in mind, you can find a life insurance policy suitable for your needs and budget.

Bandhan Life Insurance recently launched its newest term insurance product called the Bandhan iTerm Prime plan. The plan can be purchased by anyone within the 18 to 65 years of age range.

The policy offers a sum assured of over Rs. 25 Lacs with 3 premium payment terms, limited, regular, and single premium payment terms. There are also 3 premium payment modes available, namely, monthly, annually, and semi-annually. The plan also offers the option of including the Accidental Death Benefit Rider and Critical Illness Rider in the base plan to increase its coverage.

According to IRDAI the life insurance industry saw a rise in premium rates in 2022 and is expected to increase further in 2023. To make sure you are buying the best life insurance plans at affordable rates we have created a list of points to consider before you buy a life insurance plan in 2023.

1. Motive of buying a life insurance plan 2. Selecting the right type of life insurance product 3. Estimating adequate life cover 4. Choosing the correct policy tenure 5. Including riders to the base plan 5. Checking the Claim Settlement ratio and solvency ratio of the insurers 6. Disclosing accurate personal information. Going through these points will ensure you end up with a life insurance plan that fits your needs and budget.

Postal Life Insurance offers the PLI Whole Life Assurance-Suraksha Policy with a sum assured including bonuses up to Rs. 50 Lacs. The plan can be purchased by anyone within the 19 to 55 years of age range.

The policy offers a loan facility after 4 years of the policy being in force and tax benefits under Sections 80C of the Income Tax Act. The policy matures at the age of 80 and in case the policyholder suffers an unfortunate death before the end of the policy term, the nominee will receive the benefit amount.

Having the original policy documents are necessary as they need to be presented while placing a claim for death or maturity benefit of the life insurance plan. These documents are also important to understand the terms and conditions of the original policy.

Here is what you should do in case you can't find your original policy documents. 1. The first thing you should do is inform your insurer submitting your name, policy number, date of policy purchase, and type of insurance. 2. Publish an advertisement in the regional newspaper and send a copy of the published advertisement a month later to your insurance company. 3. You should sign an indemnity bond stating that you would return the original documents if you find them later. The bond protects you against the misuse of the original documents without your knowledge. The insurer will issue a duplicate of the documents after the issuance of the indemnity bond.

Guaranteed income plans are a type of life insurance policy that helps policyholders by offering combined benefits of savings as well as insurance. They provide guaranteed high returns, large life cover, and tax benefits on the premiums paid.

The plan works by allowing policyholders to pay premiums regularly for a fixed period while being covered under the plan. At maturity, they can receive their guaranteed income on a monthly, quarterly, yearly, or half-yearly basis. This plan is especially great for those who want to invest in low-risk plans and fulfill their life-long dreams.

Canara HSBC Life Insurance recently launched its savings life insurance plan called Guaranteed Fortune Plan. The plan offers the dual benefit of long life cover and guaranteed payout.

The plan provides two plan options: Guaranteed Savings Option and Guaranteed Cashback Option. The guaranteed savings option provides a death and maturity benefit whereas the guaranteed cashback option offers a death, survival, and maturity benefit. The plan can be purchased online or offline as per your preference.

Life insurance plans are often bought to secure life and provide peace of mind but they can also provide financial aid in times of emergency. A lot of life insurance policies offer death, maturity, and survival benefits but various plans also provide loan facilities through which you can request cash value at low-interest rates.

It is essential to remember that not all life insurance plans offer loan facilities. Plans like whole-life, money-back, or endowment offer loan features since they have a cash value at maturity.

SBI Life Smart Champ Insurance and SBI Life Scholar are two child life insurance plans that allow you to secure your child’s financial future. SBI life smart champ is an individual, non-linked, participating savings life insurance plan whereas SBI’s Smart Scholar secure is a unit-linked, non-participating life insurance product.

Smart Champ plan can be purchased for a child within the age range of 0 to 13 years while Smart Scholar can be purchased for a child below 17 years of age. Both plans offer single or limited premium payment options along with maturity benefits payable on the completion of the policy term.

Bandhan Life insurance recently released its iGuarantee plan that can give you over Rs. 4.69 Lacs in return by investing just Rs. 3000 per month. So if you are a 30-year-old male purchasing the plan for yourself for a policy term of 10 years.

If you are investing Rs. 3000 per month then your total investment over the entire policy term would have been Rs. 3.6 Lacs. If you suffer an unfortunate death during this policy term your family will receive Rs. 4,00,310 as a guaranteed death benefit and in case you outlive the policy term you will receive Rs. 4,69,278 as the Guaranteed maturity benefit.

ICICI Pru Life Insurance company has introduced a new long-tenure savings insurance plan, i.e., ICICI Pru Sukh Samruddhi plan that offers customers the benefit of guaranteed income, potential bonuses, and life insurance cover for the complete policy term.

This plan also provides a higher benefit at maturity to women policy buyers in their savings journey and to achieve financial freedom. The innovative features of ‘Savings Wallet’ helps buyers to accrue and grow their income, instead of taking it as payment. This life variant is suitable for customers to build an amount over a long tenure and then use the one-time (lump sum) maturity payout to fulfill financial objectives like buying a house, higher education of children, etc.