What is Insurance for Life?

Insurance for life, commonly called ‘Life Insurance’, is an insurance product designed to financially secure the dependents of the life assured against life risks like death and disabilities. These plans protect your family by providing them with the death benefit for the policyholder's death during the policy term. Let us take a look at why you should get a life insurance policy:

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What is Life Insurance?

To answer what is life insurance, it is an insurance plan that financially protects your loved ones in the event of your untimely demise during the policy term. These plans pay the death benefits as per the sum assured chosen by you for your family in your absence, which ultimately helps them fulfil their financial needs and obligations. In exchange, you need to pay regular premiums for the entire premium pay term. Some life insurance policy also provide wealth creation benefits through their cash value accumulation benefits.

Why Should You Buy a Life Insurance Policy?

Life insurance can ensure your family's financial stability in the event of your unfortunate demise. The policy will cover the entire policy term as long as the premiums are duly paid. Then, in case of the policyholder’s untimely death during the policy term, the insurer will payout the life cover to help ease the financial strain on the family. The nominees can use the benefit amount to cover their monthly needs, child’s fees, and rent.

Note: Check all the best term insurance plan in India.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

What are the Types of Life Insurance Policies?

Here is a list of the different types of insurance for life available in the USA:

Term Life Insurance

Term insurance is a type of life insurance that offers financial coverage for a fixed term and during that tenure, if the policyholder suffers an untimely death, the insurer will pay the life cover to the nominee of the policy. However, this plan offers no maturity or wealth creation benefits.
Whole Life Insurance

A whole life insurance policy is a type of life insurance that provides coverage for the entire life of the policyholder (till 99/100 years of age). These plans offer cash value accumulation benefits, guaranteed death benefits, and the loan facility.
Universal Life Insurance

Universal life insurance is a type of life insurance plan that is very similar to the whole life insurance policies as it offers coverage for the entire policy term, but it also has fund options in which you can contribute for higher returns and create wealth over time.

What are the Life Insurance Company in the USA?

The life insurance company in the USA depends on your individual needs, and the company that offers the required benefits would be the life insurance company for you. Let us take a look at some of the most common life insurance companies in the USA:

Life Insurance Companies in the USA	Types of Plans Offered
Globe Life Insurance	Term life, children’s life, whole life, final expense, accidental death, and mortgage protection insurance plans
Ethos Life Insurance	Term life and whole life insurance plans
TruStage Life Insurance	Term life, whole life, and guaranteed acceptance whole life insurance
State Farm Life Insurance	Term life, whole life, and universal life insurance
Met Life Insurance	Term life, group variable universal life, group universal, and accidental death insurance

* You can use a life insurance calculator to check the approximate life insurance quotes applicable to your profile.

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Do I Need Life Insurance Plans?

Yes, everyone needs insurance for life as most individuals already have financial dependents or may have dependents sooner. Here is a list of reasons on how a life insurance can help you:

The payout can replace income in your absence
Family can pay off remaining debts and loans
Dependent kids can pay for their higher education
Leave a guaranteed legacy for the family
Secure your or your spouse’s retirement after the end of your monthly income
Family can use the payout to take care of the funeral costs

How to Determine the Right Type of Insurance for Life?

You can determine the right type of insurance for life by assessing your and your family’s financial needs and the tenure for which you want to cover your dependents. But to help you understand a little better, here is a list of benefits of life insurance plans:

Term Life Insurance
- Lowest premiums compared to other plans
- Death benefits on the death of life assured
- Customisable coverage and policy term
- Quick and easy policy issuance
- Suited for income replacement
Whole Life Insurance
- Cover till 99 or 100 years of age
- Cash value accumulation
- Death benefit on the death of the policyholder
- Liquidity offered through a loan facility
- For people who want to ensure a legacy
Investment Plans/Universal Life Insurance
- Wealth creation through market-linked funds
- Death benefits on the death of the life assured
- Bonus offered as per policy participation
- Offers liquidity via loan facility
- For securing retirement or a child’s future

* You can use a life or term insurance calculator to get an estimate of the premiums you would need to pay for the desired life cover.

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FAQs

Q: How much does life insurance cost?

Ans: The cost of life insurance plans depends on a variety of factors like age, medical history, smoking and drinking habits, lifestyle, and the type of life insurance you choose to buy. Generally, the younger you are, the lower the premiums will be.
Q: How much life insurance do I need?

Ans: When deciding the right life cover amount for your life insurance plans, you should assess your needs, your annual income, potential inflation, and your family’s monthly requirements. As per the general thumb’s rule, the insurance for life cover amount should be at least 10 - 15 times your current annual income. You can also use the human life value calculator, to check the ideal cover you should opt for at the time of buying the life insurance policy.
Q: When is the right time to get a life insurance policy?

Ans: The right time to get a life insurance policy is as soon as possible. This is because the premiums increase as you age, and thus if you purchase a policy early on, you will be able to secure a large coverage at low premiums. Also, buying life insurance early ensures your family’s financial protection for the longer term.
Q: Who needs a life insurance policy?

Ans: Individuals who have financial dependents should buy insurance for life to secure their financial future in the event of their unfortunate demise during the policy term. If you are the family's main breadwinner, a life insurance policy can replace the income in your absence and help them fulfil their financial goals.
Q: Should I buy life insurance even if I already have work insurance?

Ans: Yes, you should buy an individual life insurance plan even if you are covered under corporate insurance because, in individual insurance, you can customise the policy details like the policy term and sum assured as per your needs. Therefore, with individual insurance for life, you can secure your family with suitable life cover and ensure their financial needs are met even in your absence.

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

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

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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