Life Insurance - Invest and Protect for tomorrow

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Rhishabh Garg
Written By: Rhishabh Garg
Rhishabh Garg
Rhishabh GargTerm Insurance Head
Rhishabh Garg is the Business Unit Head of Term Insurance at Policybazaar.com. He has over 10 years of experience and currently plays a crucial role in shaping the future of term insurance in the company. Rhishabh also has experience in customer services and crafts new strategies for organizational success, one of which is Policybazaar’s claim assistance program.
Santosh Agrawal
Reviewed By: Santosh Agrawal
Santosh Agrawal
Santosh AgrawalChief Business Officer
Santosh Agarwal is the Chief Business Officer- Life Insurance, Policybazaar.com and has over a decade of experience in the domain of insurance. She has helped shape the life insurance vertical of Policybazaar and ensures the effective execution of the company's overall strategy. Santosh is also responsible for the Term Insurance for Women domain in Policybazaar.com and educates the mass about its importance and benefits.

Life Insurance

A life insurance policy is a contract between the insurer and policyholder, wherein the insurer promises to pay a life cover in return for regular premiums paid by the insured. This life cover secures your dear ones’ future by paying a lump sum in case of an unforeseen event. In some plans, the maturity benefit is paid at the end of the policy term.

  • Video
  • information

Types of Life Insurance

  • Video
  • information

Types of Life Insurance

TERM INSURANCE

Life Cover For Family’s Protection

Ensure your family's financial protection with ‘Term Insurance Plans’ and secure large sum assured at affordable premiums. The amount is paid to your family/nominee in case of your unfortunate demise during the policy term, providing them with a reliable financial backup in case of your absence.

  • Return of Premium
  • Critical Illness Cover
  • Tax Benefits
  • Affordable Premiums

INVESTMENT PLAN

Life Cover With Wealth Creation

Choose an ‘Investment Plan’ to fulfil financial goals like providing higher education for your child or ensuring stable income post-retirement. Best suited for someone looking to build wealth through market-linked/guaranteed return plans for the future while getting long-term protection via in-build life cover.

  • Long Term Wealth Growth
  • Guaranteed Payouts
  • Tax Benefits
  • Return of Premium

What is a Life Insurance Policy? What is its meaning and definition?

A life insurance policy is an agreement between an insurance company and a policyholder, where the life insurer promises to pay a fixed amount of money after a set time period or upon the life insured’s death in exchange for premiums paid periodically.

There are two simple types of life insurance policies:

Term Life Insurance Plans

Pure Protection plans, also called term insurance plans, are designed to protect your family's financial future by providing a lump sum payment in case of your untimely demise.

Savings/Investment Plans

A savings plan is a financial product that helps you plan long-term goals like buying a home, fees for children’s higher education, and more while providing life coverage benefits.

Types of Life Insurance Polices in India

Term Insurance

Term Insurance

The purest and most affordable life insurance plan offers financial coverage to the policyholder against the fixed premiums for a specific duration. In case of the policyholder's untimely death, their nominee receives the life cover amount, as per the chosen sum assured when buying the policy.

Term Return of Premium (TROP)

TROP(Term Return of Premium) is a variant of term insurance that offers a Maturity benefit in the form of all the premiums paid being returned (excluding GST) at the policy's maturity. In case of the policyholder’s death during this term, the death benefit will be paid to the nominee as usual.

Whole life Insurance

Under Whole Life Insurance, the policyholder is covered till the age of 99/100 years. If you want to leave a legacy for your family, and ensure that they are always financially covered, then Whole life Term Insurance is the best option for you.

Investment Plans

Market Linked Systematic Investment Plan (ULIP)

Unit linked investment plans (ULIPs) are unique market-linked life insurance plans that provide dual benefits of wealth creation through investments (in equity, debt or both) and a life insurance cover. High performing ULIPs have shown 15-20% returns (tax free), making it a popular choice for medium to long term investors.

Guaranteed Return Plan (Endowment Policy)

A guaranteed return plan or an endowment plan offers combined benefits of savings and insurance. It helps you save systematically on a regular basis and receive the maturity benefit on the survival of the policy term. These plans also offer death benefits on the death of the policyholder during the policy term.

Retirement Plans

Retirement plans are long-term investments that allow customers to secure their post-retirement life. With these plans, the customer has to pay the premiums regularly or in one single go and can receive regular income immediately or after a deferred waiting period. On the death of the life assured, the entire premium paid is also returned to the nominee.

Child Plan

These plans are designed to enable financial security for children where the returns on the investment help fulfill a child's future needs like education. Child plans specifically ensure these remain intact even in your absence by providing life cover to the nominee & funding the balance premiums through the insurer, thus securing the financial future of the child.

Key Features & Benefits of Life Insurance Policy

After understanding What is Life Insurance, let’s get into the details of features and benefits of life insurance policy:

  • Financial Security

    The primary benefit of a life insurance policy is that it offers long term financial protection to the policyholder’s family in case of an eventuality, like death, disability, or illness of the policyholder. You can buy the best term insurance policy or life insurance plans to secure your family’s financial future.

  • Guaranteed Returns

    Life insurance plans guarantee that you receive a fixed amount after a specific term. The return you get can help in paying the loan, child’s higher education, and other expenses.

  • Maturity Benefits

    Depending on the type of life insurance policy, insurers may offer the applicable benefit amount as maturity benefit at the end of the policy term. The maturity amount in different plans, like term return of premium plans, can also be the return of premiums paid throughout the policy tenure.

  • Wealth Creation

    Certain types of life insurance policy plans, such as ULIP, endowment, or savings plans offer wealth creation benefits along with protection benefits. You can choose the types of plans based on your risk appetite and build a corpus for your future goals.

  • Death Benefit

    In case of any unfortunate event with the policyholder, the insurer provides financial benefit in the form of a death payout. The appointed nominee receives the entire sum assured plus the bonus accumulated over time.

  • Flexible premium payment option

    Policyholders can choose the frequency of premium payments as per their requirements. For example, you can choose to pay premiums as a lump sum amount for your life insurance policy plans, or you could pay them at periodic time periods like monthly, quarterly, half-yearly, or yearly.

  • Tax Benefits

    Policyholders can claim life insurance tax benefits on the premiums paid under sections 80C and 80D. They can also claim tax exemptions under section 10(10D) as per the prevailing tax laws.

  • Riders

    Riders such as critical illness, waiver of premium, etc. are add-ons to your current base plan, which help customize the life insurance policy plan according to your specific needs.

  • Loan Facility

    Certain life insurance plans provide the option of a loan and allow the policyholder to borrow some percentage of the plan value or the sum assured, depending on the policy T&Cs.

  • Retirement Planning

    Annuity-based life insurance plans give a monthly pension to the policyholder on maturity and help plan a secured retirement.

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Best Life Insurance in India 2024

  • High Return Policy
  • Top Life Insurance Plans
  • Plan Comparison
Best Life Insurance Policy in India with High Returns

Here is a list of the 5 best life insurance policy in India with high returns that can help you take care of your retirement and beat inflation.

Insurance Company High return policy in India Entry age Maturity age Sum Assured
Max Life Insurance Max Life Smart Flexi Protect Solution 18 - 50 years 85 years 50 Lacs - 1 Crore Apply now
HDFC Life Insurance HDFC Life Smart Protect 18 - 45 years 85 years 50 Lacs - 2.25 Crore Apply now
Tata AIA Life Insurance Tata AIA Smart Sampoorna Raksha - Param Rakshak 18 - 45 years 85 years 50 Lacs - 5 Crores Apply now
Tata AIA Life Insurance Tata AIA Fortune Pro 18 - 59 years 99 years 1.25 the AP for single pay
10x the AP or 0.5x policy term x AP for regular and limited pay
Apply now
Life Insurance Corporation of India (LIC) LIC SIIP Plan 90 days - 65 years 85 years Below the age of 55 years - 10 times the AP
Above the age of 55 years - 7 times the AP
Apply now
Insurance Plan Entry Age (Min/Max) Policy Term (Min/Max) Sum Assured (Min/Max) Claim Settlement Ratio
ICICI iProtect Smart 18/65 years 5 years/Whole life (99 years less entry age) ₹ 50 lakh/10 Cr 97.82% View Plans
HDFC Click 2 Protect Super 18/65 years 1 month/85 –Entry age ₹ 50 Lakh/ 20 Cr 99.5% View Plans
Max Life Smart Secure Plus 18/65 years 10/67 years ₹ 20 Lakh/ No Limit 99.51% View Plans
TATA AIA Sampoorn Raksha Supreme 18/60 years 10-67 years ₹ 50 Lakh/ 20 Cr 99.34% View Plans
Bajaj Smart Protect Goal 18/65 years 5-40 years ₹ 50 Lakh/1 Cr(2 Cr with rider) 99.02% View Plans
PNB Met Life Mera Term Plan Plus 18/60 years 10/40 with ROP and 99-Entry age without ROP ₹ 25 Lakh/No Limit 97.33% View Plans
Canara iSelect Smart 360 18/65 years 5/81 years Life Secure 25 Lakhs and 15 Lakhs for ROP and income benefit 98.44% View Plans
Kotak Life e-Term Plan 18/65 years 10/40 years ₹ 25 Lakh/No Limit 98.5% View Plans
Edelweiss life Total Protect Plus 18/55 years 5/(100 minus your Current Age) years ₹ 25 Lakh/No Limit 98.09% View Plans
IndiaFirst e-term Plus Plan 18/55 years 5- 40 years ₹ 50 Lakh/No Limit 96.92% View Plans
Birla DigiShield Plan 18/65 years 5/(100 minus your Current Age) years ₹ 30 Lakh/No Limit 98.4% View Plans
Invested amount of ₹10,000/ Month for 10 Years withdrawn after 20 years
Insurance Plan 3 Years Return 5 Years Return 10 Years Return Lumpsum Payout  
HDFC Life Insurance Company Ltd-Sampoorn Nivesh - Classic Waiver Benefit34.42 % 32.28 % 25.5% ₹3.54 Cr
Bajaj Allianz Life Insurance Company Ltd-Goal Assure II26.8 % 30.58 % 21.45% ₹2.26 Cr
Tata AIA Life Insurance Company Ltd-Fortune Pro25.7 % 30.51 % 20.17% ₹1.8 Cr
Max Life insurance Co. Ltd-Online Savings Plan28.38 % 31.55 % 19.89% ₹1.81 Cr
Pramerica Life Insurance Limited-Smart Invest Plan5.5 % 22.45 % 19.71% ₹1.78 Cr
PNB MetLife India Insurance Company Limited-Mera Wealth Plan32.06 % 27.4 % 18.5% ₹1.51 Cr
LIC India-SIIP18.31 % 18.31 % 18.31% ₹1.67 Cr
Birla Sun Life Insurance Company Ltd-Wealth Smart Plus22.22 % 23.2 % 18.06% ₹1.39 Cr
SBI Life Insurance Company Ltd-eWealth Insurance16.67 % 16.67 % 16.67% ₹1.44 Cr
Bharti AXA-Wealth Pro19.18 % 21.32 % 16.17% ₹99.9 Lac
Comparison of Life Insurance Plans in India 2024
Basis Term Plans Whole life insurance plans Endowment Plans (Guaranteed Returns) Unit Linked Insurance Plans Term Return of Premium Plans Pension/ Annuity Plans
Overview Life Cover against fixed Premium for a specific duration Protection for Lifetime, i.e., Policy coverage till you are 100 yrs old Protection + Guaranteed returns as high as 6.5% Protection + Investment in various asset classes (Market-linked, debt, money market etc) premiums paid are refunded upon end of the Policy Term Provides regular pension for post-retirement expenses
Policy Term Range (in years) 5-85 Till you turn 100 yrs old 5-35 10-20 5-65 Whole life
Maturity Benefits Maturity Benefit available only if Return of Premium option is chosen Plan matures when you turn 100 yrs old Yes, at the end of policy term Yes, at the end of policy term Survival Benefits on Maturity Regular Income till ‘survival
Death Benefits (in beneficiary) Life Cover Life Cover Sum Assured Sum Assured Life Cover Few plans offer this
Ideal For People who want Financial protection for family at affordable rates to leave a legacy for their family Secured and guaranteed return for tension-free investment A well-diversified investment portfolio with good returns and life cover Guaranteed Benefit upon Maturity + Life Cover To Secure Retirement by regular income.

AP in the above table is the Annualised Premium, the total premiums paid in a year excluding taxes, rider premium, or any underwriting on additional premiums.

You can use the life insurance calculator to estimate the required premiums you would need to pay for the desired life cover.

Calculate Term Insurance Premium

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Age

18 Yrs

65 Yrs

Life Cover

50 Lac

20 Cr

Cover till Age

30 Yrs

100 Yrs

Monthly Premium Start from
₹478+

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+Price is calculated for salaried, annual income 10 Lacs & education is graduate and above

How Does Life Insurance Policy Work?

Buy Life Insurance

Take ample time to choose the right life insurance plan, requesting life insurance quotes based on your financial preference. While the best term insurance plans provide flexibility, the ultimate decision, encompassing factors like plan tenure and premium, rests with you, allowing for online or offline purchases based on your preference.

Premium Payment

As mentioned in the life insurance contract, you need to pay a consistently predetermined amount of premiums for continued coverage of the policy. You can choose to pay these premiums in your preferred mode and duration of the policy. You can use a life or term insurance calculator to estimate the premiums you need to pay for the desired life cover.

Claim Filing

In the final stage of a life insurance plan, the nominee receives the life cover on the death of the life assured. This is done by submitting the duly filled claim form and necessary documents, following verification by the insurer. Plans with a premium return option offer the life assured a refund of all premiums if they survive the policy term, allowing them to fulfil various life goals.

How to Buy Best Life Insurance Policy Online from Policybazaar?

Follow these simple steps to buy best life insurance policy plans online from Policybazaar.

  • Step 01

    Assess and decide on the goal for which you want to avail of a life insurance plan

  • Step 02

    Understand & compare the types of life insurance policy options that’ll help meet the goals.

  • Step 03

    Provide preliminary information to get personalized quotations or plan options

    Information required for Term Plans & Investment Plans:

    • Do you smoke or chew tobacco? (Yes/No)
    • Select your annual income
    • Select the occupation type
    • Choose the educational qualification
    • Age, Current city
    • Investment amount
    • Payment term and Plan duration
    • Select preference of investment option – Market linked or 100% Guaranteed
  • Step 04

    Choose and compare the best life insurance plans from the options that are displayed. The insurance buyers can anytime avail “free” of cost & personalized Financial expert assistance to compare and review plan options.

Who can Buy a Life Insurance Policy?

Individuals between the ages of 18 and 65, who are Indian citizens or NRIs, with the financial ability to pay premiums, can buy life insurance policies. To buy term insurance in India or NRI term insurance you need to provide necessary documentation and accurate medical conditions before buying life insurance policy. It's essential to understand policy T&Cs and disclose information truthfully during the application process.

  • Working Individuals

    People who have salaried jobs can buy life insurance plans at affordable premiums. This allows salaried individuals to ensure the financial safety of their dependents in the event of their unfortunate demise.

  • Married Couples

    People who are newly married or have a dependant spouse can buy life insurance for spouse or life insurance with joint cover to secure their spouse’s financial future in their absence.

  • People with Kids

    Parents are often worried about the future of their kids, and a life insurance plan can help provide them peace, knowing that their kids will be able to fulfil their dreams and get higher education in their absence with a death or maturity benefit payout.

  • Housewives

    Now housewives can buy term insurance for housewife using their husband’s income proof and ensure the financial security of her loved ones in the event of her unfotunate demise. These plans offer a large life cover at affordable premiums.

  • NRIs

    Many insurers provide life or term insurance for NRI to help Non-Resident Indians secure thier family living back in India. Apart from the NRIs, PIOs (Persons of Indian Origin), OCIs (Overseas Citizens of India), and Foreign Nationals can also buy life insurance policy via tele or video medicals in India.

  • Retirees

    Retirees may find it difficult to maintain their financial freedom after the end of their monthly income. In such cases, a life insurance pension plan can provide them with the required monthly income during their golden years.

  • Business Owners

    Business owners or self-employed individuals usually take loans to start their business. However, in such cases, if they suffer an untimely death, the family might be burdened with the remianing loans. A life insurnace payout can help them pay off any remaining debts and loans.

  • People with Debts

    People with outstanding loans and debts can consider buying life insurance, as it eases the financial burden that may fall on their shoulders in your absence and allows them to pay off the remaining loans with the benefit amount received. In case you outlive the policy, you can use the amount to pay off the existing loans yourself.

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Why Should You Buy Life Insurance?

Life insurance provides financial security for your loved ones in the event of your unfortunate demise, thereby ensuring their well-being in the long run. It also gives an opportunity to save corpus for a secured future. Let’s understand the different reasons why you should buy life insurance:

Why is Life Insurance Important at Every Stage of Life?

Life insurance is important for people of all age groups and life stages due to the following reasons:

  • 01 For age groups 20-30 years:

    If you're in your 20s to 30s, buying life insurance is going to prove very beneficial for you, as it offers lower premiums for young professionals. It provides comprehensive life cover, safeguarding against multiple expenses, ensuring protection for you and your family.

  • 02 For age groups 30-40 years:

    For those aged 30-40, life insurance policy ensures financial security for the extended family, including spouse and children. It also helps clear loans and liabilities like home and vehicle loans, easing the financial burden if the sole bread earner is absent.

  • 03 For age groups 40-50 years:

    If you’re aged 40-50 years, you can consider buying a life insurance policy to start your retirement planning or save corpus for future expenses, such as your children's further education.

  • 04 For age groups 50 years and above:

    For those over 50 years of age, a life insurance plan provides a lump sum or regular income, supporting daily expenses and ensuring a peaceful retirement.

Comparison of Life Insurance Plans in India 2024

Do’s and Don’ts of Life Insurance Policy

Comparing Life Insurance vs Other Products

When you think about saving money, there are different ways to do it, like with life insurance or other savings plans. Here is a comparision of life insurance vs other savings products in India:

Contract of Insurance
  • Life insurance is like making a promise with the insurance company. You agree to pay them money regularly, and in return, they promise to help your family financially if something happens to you.
  • It's very important to tell the insurer everything truthfully, otherwise, your policy might not provide you with the benefit when you need it the most.
Protection
  • Life insurance is like having a safety net for your family. If something happens to you, they'll get a lump sum of money from the insurance company.
  • Other savings plans might not give as much protection. They usually only give back the money you put in, plus some extra from interest.
Helps You Save
  • Life insurance helps you save money in an easy way. You can pay your premiums monthly, quarterly, or yearly without too much hassle.
  • Some savings plans, like the Salary Saving Scheme, make it easy to save by deducting money directly from your paycheck.
Liquidity
  • Life insurance can be helpful if you need to borrow money in the future. You can use your policy as collateral for a loan.
  • Other savings plans might not offer this flexibility.
Tax Benefits
  • With life insurance, you can get some tax breaks. This means you might have to pay less in taxes if you have a life insurance policy.
  • Other savings plans might not offer the same tax benefits.
Access to Funds
  • Life insurance policies can provide money when you need it most. Whether it's for your child's education, buying a house, or starting a business, your life insurance policy can help.
  • Other savings plans might not be as flexible in giving you access to your money when you need it.

In a nutshell, life insurance offers a mix of protection and savings, making it a reliable option for securing your family's future. However, other savings plans have their advantages too, so it's essential to choose the one that fits your financial goals and needs best.

What are the Types of Deaths Not Covered in Life Insurance?

Let us take a look at the types of deaths not covered in life insurance:

  • 01 Death due to criminal/high-risk activities

    In case you are involved in illegal or criminal activities, the insurer will not pay the nominee the death benefit on your untimely death. Not only that, death caused due to high-risk sports will also not be covered.

  • 02 Pre-existing illnesses

    Death due to pre-existing illness is usually not covered in life insurance. This is why most insurers require you to declare any pre-existing illness you might have at the time of policy purchase.

  • 03 Death due to intoxication

    In case the policyholder passes away due to overdose or intoxication, the insurer will not provide any benefit amount to the nominee of the policy. Death due to driving under the influence of alcohol is also not covered.

  • 04 Death due to natural calamities

    Most life insurance plans do not cover deaths caused due to natural calamities. However, it is better to check the policy documents to get a clear idea of the types of deaths covered under a life insurance plan.

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What are the Benefits of Online Buying Life Insurance?

  • 01 Transparent and Safe:

    No hidden costs or charges are included when you buy life insurance policy online because of no involvement of agents. 

  • 02 Registered and Certified Online Agents: 

    Policybazaar agents will guide you about every step for selecting life insurance product, i.e., form filling, payment and customer queries. All calls are recorded for security purposes. 

  • 03 Online Discounts:

    Based on the type of product, buying life insurance policy online is cost-effective. You get an additional 10% online discount on your first premium payment

  • 04 Easy to Buy in 1 click:

    Check for all life insurance products and plan options, select policy tenures, premium payments, everything from the comfort of your house.

What are the Payout Options Available in Life Insurance?

Let us take a look at the following payout options available in life insurance:

  • 01 Lump Sum Payout

    Most life insurance provides the option of receiving the benefit amount in a single lump sum payout. This can help your family pay off any remaining loans or debts.

  • 02 Monthly Income Payout

    The monthly income payout option helps your family receive monthly income in your absence, which can act as your income replacement in yoru absence.

  • 03 Lump Sum + Monthly Income

    The lump sum + monthly income option pays a part of the total sum assured as lump sum and the remaining is paid in monthly installments over a period of time.

  • 04 Increasing Monthly Income

    The increasing monthly income option pays the total sum assured in monthly installments increasing at a fixed rate every year for a fixed period of time.

Frequently Asked Questions

  • Term Insurance
  • Investment Plans
  • Life Insurance
  • What is Term Life Insurance?

    Term Insurance is one of the simplest life insurance plans, which takes care of the expenses of your family in your absence in the form of a huge life cover for a very small premium. In case of policyholder's untimely death, their family or nominee receives the Cover Amount as per the policy. These life insurance policy plans can be customized to one's needs by including add-on benefits like: Early Payout on Critical Illness, Additional payout on Accidental Death, Additional benefits on Diagnosis of Critical Illness, etc.

  • Who Should Buy Term Life Insurance?

    Anyone can buy 1 Crore term life insurance policy plans. If any of your family members is dependent on you for their expenses or future needs, then it is highly recommended that you get covered under term life insurance policy plans. Buying a Term life Insurance will ensure that your family is not impacted financially in your absence.

  • How much life cover do I need to protect my family?

    Your Cover amount of Term Insurance should be a factor of your family's expenses keeping in mind the inflation as well.

    A simple way to calculate is going upto 25x of your annual earnings so as to sufficiently cover your family's financial needs in your absence. You can use a human life value calculator to check the suitable life insurance cover amount for your family.

  • Do you get your money back at the end of a term life insurance?

    Term insurance plan offers an option of Return of Premium. In case you choose this option, all the premium paid, excluding GST, is paid back as a Survival Benefit in case the policyholder survives the Policy Term.

  • What's the difference between whole life and term life insurance?

    The difference between whole life and term life insurance policy plans is that whole life policy covers you for your whole life, i.e., till 99 or 100 years, and term plans cover you for a limited term (like 5 to 40 years). Both types of life insurance policy plans are good options to consider for securing the financial future of your loved ones.

  • What happens if you outlive your term life insurance?

    If you outlive your term insurance policy tenure, in case of a regular plan, the policy will expire, and the insurer will no longer cover the policyholder. However, in case of a term return of premium plan, the premiums paid throughout the policy tenure will be returned to the policyholder after some nominal deductions like GST, admin charges, and other such charges.

  • Is it recommended to have add-ons in my Term plan?

    Add-ons are optional; however, including them in your primary policy can be very useful in unexpected events. They provide enhanced Life Cover at affordable premiums. You can have additional benefits within a single policy, like waiver of premium, critical illness benefit, accidental death benefit, income on disability, etc.

  • How to avoid rejection of your term insurance claim?

    Here are some points that should be considered to avoid rejection of your term insurance claim:

    • Keep the nominee information on your life insurance plan updated
    • Make sure to file your life insurance claims as soon as possible
    • Fill out your life insurance plan claim application form on your own
    • Ensure to update the list of your beneficiaries and they should have all the information about your active plans. Policybazaar offers claim assistance cards to their customers in order to access policy details easily
    • Make sure to provide correct information to the insurance company, especially details such as income, age, occupation, lifestyle habits, and medical conditions at the time of life insurance policy issuance
    • You should pay your life insurance policy premiums on time to avoid policy lapse and continue to receive benefits
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  • Which is a better investment - Life insurance investment plans or other options like mutual funds?

    Life insurance investment plans and mutual funds are two very different investment products. Even though it is tough to compare these investment options together,

    Investment life insurance plans like ULIP are good for individuals who:

    • Wants to grow wealth while securing family’s future
    • Wants to save on their taxes
    • Wants less stress during market volatility
    • Are looking for a medium to long-term investment horizon
    • Have low to medium risk appetite

    Investment options like Mutual Funds are suitable for someone who:

    • Is looking for short to medium-term investment horizon
    • Wants only to grow wealth
    • Has a high to medium risk appetite
    • Wants high liquidity and is not keen on tax-saving benefits (for non ELSS funds)
    • Have knowledge & expertise to manage market volatility
  • What all should be considered before selecting an investment plan or fund?

    One should do thorough research before investing in any option like market-linked or guaranteed return life insurance policy plans. Following are some pointers to be considered before making a selection

    • How does the investment plan work during the invested duration?
    • What are the financial goals which are to be met through the plan?
    • What are the risks attached to the investment option being considered?
    • What returns can be expected on the investment?
    • How much amount can one invest, and for how long?
    • What are the costs, charges which are applicable to keep or sell the investment?
  • What is asset allocation and how does it work?

    Asset allocation, in basic language, means allocating or dividing your assets amongst various asset types, such as bonds, cash, stock, etc. The primary purpose behind the allocation of assets is to minimize market volatility and maximize returns. Allocation of assets works best for an individual when the following factors are taken into consideration:

    • The risk taking ability of the investor
    • The investment related goal
    • The time horizon, that is, the duration for which the investor is willing to keep their money invested.
  • What are minimum criteria to be met to be eligible for an investment plan?

    Any residential Indian citizen above the age group of 18 years can invest in various investment plans of their own choice. While making an investment in investment plans, the important eligibility criteria that are required to be fulfilled are:

    • Address proof.
    • Photo ID.
    • Aadhar Card.
    • Bank Passbook.
    • PAN Card.
  • How are the Fund Values calculated & where can it be tracked regularly?

    Fund Value is the total monetary worth units of a policy owned by the policyholder. Fund Value can be easily calculated by multiplying the NAV (Net Asset Value) of each unit by the Number of Units held by the policyholder.

    There are several online tracking apps available on the internet where any individual can easily track their fund values.

  • Are Life insurance investment plans available to NRIs?

    Yes, as per FEMA (Foreign Exchange Management Act), any NRI (Non-Resident Indian) or PIO (Person of Indian Origin) who lives abroad has all the rights to purchase any life insurance investment plan available in India, just like any other resident in India.

    Any person of Indian origin can buy life insurance online to protect and safeguard themselves and their families.

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  • What is Life Insurance?

    Life insurance refers to a contract signed by the insurer and the policyholder. Under this, the insurance company agrees to provide the required coverage during the policy term in exchange for regularly paid premiums. During the policy term, if the policyholder suffers an untimely death, the insurer will payout the death benefit to the nominee of the policy.

  • Why is Life Insurance called life assurance?

    Life insurance is called life assurance because it covers the policyholder’s risk to life. It is called a life assurance policy as it assures the benefit amount to the nominee of the policy in case of the policyholder’s untimely death in the form of a death benefit. The most common risks covered under life insurance are the death of the policyholder, accidental total permanent disability, diagnosis of terminal or critical illness, or accidental death of the policyholder.

  • How many types of life insurance are there?

    There are 2 main types of life insurance plans: namely, term insurance and investment plans. Under these 2 types of life insurance plans, there are several other variants of term and investment plans for you to choose from.

  • Is life insurance worth it?

    Yes, a life insurance is worth it, if you have financial dependants like spouse, kids, or parents. A life insurance is a good investment option as it can help provide them with the suitable financial stability in your absence and a chance to create wealth in the long run. The death benefit payable on your death can help them pay off any remaining loans and maintain existing lifestyle.

  • What is life insurance premium?

    Life insurance premium is the amount the policyholder has to pay for the required premium payment term to ensure that the insurer provides coverage for the specific policy term. It is suggested that you always compare life insurance premium before buying the most suitable life insurance plan.

  • What are the Benefits of life insurance in India?

    There are several benefits of life insurance in India. Some of them are as follows:

    • Financial coverage for the family
    • Wealth creation for future goals
    • Get tax deductions and exemptions
    • Get cover for whole life (till 99/100 years)
    • Save for retirement or create legacy for kids
  • How to use life insurance?

    You can buy life insurance online and ensure the financial stability of your family in the event of your unfortunate demise. Life insurance plans work by offering life cover during the policy term in exchange of regularly paid premiums. With life insurance plans you can secure your family financially as well as create wealth for the future.

  • Which insurance is best for life?

    The life insurance best for life depends on a variety of factors as well as personal needs. For example, age, premium of the policy, policy term, sum assured, benefits offered, and more. You can take a look at the available plans and compare them to find the best plan for your family.

  • How much is life insurance per month?

    The price of life insurance premium depends on a variety of reasons like the type of life insurance, the insurer, the sum assured, returns offered, and other such factors like policy benefits and features. A regular term insurance plan may start as low as 473 per month.

  • Which is the best life insurance policy?

    The best life insurance policy in India depends on a person's individual needs. For example, term life insurance might be best suited for someone who needs a large life cover at affordable premiums, whereas an investment policy might be the best option for someone who wants to build wealth in the future.

  • How Much Life Insurance Cover Do I Need?

    The life insurance coverage amount should be sufficient to support your loved ones financially after your unforeseen demise, while its premium amount fits well into your regular expenses. So, it is recommended to have a life cover amount of at least 10X the annual income. And you should also check what plan suits your portfolio the best.

  • How much life insurance should you have?

    To find the right life insurance sum assured, you need to assess your family current needs and expenses. Ideally you should consider having a life cover of at least 10 to 20 times your annual income. So for example, if you are 25 year old and your current annual income is 12 Lakhs, the ideal life cover for you should be 3 Crore.

  • What are the documents required to buy life insurance policy plans?

    The life insurance company will ask for the following documents at the time of purchasing life insurance policy plans:

    • Income certificates such as salary slip for last 3 to 6 months, ITR of last 2 to 3 years, Form-16, bank statements for last 6 months.
    • Address Proof such as utility bills, Voter ID, Aadhar card, passport, driving license, savings account bank statement and bank passbook.
    • Identity Proof such as Passport, Aadhar card, PAN card, Voter ID.
    • Age proof such as birth certificate, school leaving certificate, PAN card, Voter ID card, Aadhar card.
  • How to Choose the Best Life Insurance Policy in India?

    Here is a step to step guide to help you choose the best life insurance policy plans that suits all your requirements:

    • Assess your life insurance objectives
    • Calculate the optimal life cover that you need
    • Determine the amount you have to pay as the premium amount and choose the best offering
    • Choose the right policy term
    • Check all the companies offering life insurance policy plans, compare them, and then select the one that suits you the best
    • Study the policy inclusions, exclusions, coverage, claim settlement ratio, and other important details carefully
    • Do not hide any information from your life insurer
    • Purchase life insurance at an early age
    • Choose a comprehensive plan with appropriate riders such as critical illness, accidental death benefit, terminal illness, permanent disability
    • Evaluate your life insurance policy plans requirement regularly
  • How to File a Life Insurance Claim?

    You can file a life insurance claim by following the below steps:

    • You can file a claim online by visiting the official website of the insurer, at the nearest office branch, or on the Claim Care helpline through e-mail or SMS
    • You can go to the insurer claims section to submit an online claim
    • You can also contact the insurer on their toll free number or inform them over e-mail
  • What are some life insurance requirements?

    Some life insurance requirements to buy a new life insurance plan are medical and personal information, income proof, and details about your lifestyle habits.

  • What are the documents required for an insurance claim?

    The following documents are required to be submitted along with the insurance claim:

    • Statement form of Claim
    • Death certificate in case of death claims
    • Medical report, diagnosis report, and other required documents
    • ID proof
    • Address proof
    • Cancelled cheque or copy of bank passbook
    • The claim assistance team will then assess your claim and inform you if they need any additional information.

    The claim assistance team will then assess your claim and inform you if they need any additional information.

  • What happens to your life insurance policy if you dont die?

    If the policyholder survives the entire tenure of the policy, then no benefit is paid in case of term plans, but in investment plans the premium paid towards the policy is paid back to the life assured in the form of maturity benefit. Additional benefits are also included in the total sum assured, if any.

  • How can I get survival benefits with life insurance policy?

    Various life insurance policy plans offer survival benefits to their customers on surviving a certain period of the policy term. Using the survival benefits, you can pay off any medical or urgent financial emergencies that may arise in the future while being covered under the plan. You can also use the survival benefits to take care of your post-retirement life.

  • What will happen if I am unable to pay my life insurance premiums on time?

    If you are unable to pay your life insurance premiums on time, your life insurance policy will lapse. This means the insurer will no longer cover you against the eventualities of life, and no benefit will be payable to the nominee in case of your untimely death. However, most insurers offer the chance to revive your lapsed life insurance policy within the revival period by submitting the outstanding premiums and required documents.

  • Can premiums be tax deductible?

    Yes, the premium paid towards the policy is tax exempted up to a maximum limit of Rs 1.5 lakh in a financial year U/S 80C of the Income Tax Act.

  • How many life insurance policy plans can a person buy?

    There is no limit to the number of life insurance plans that one can buy, as long as they can pay the premium amount. The insurance company will assess the policyholders ability to pay premiums and their health status, before forwarding their request for multiple plans.

  • What is the maximum age for life insurance?

    Since the maximum age for life insurance policy plans is set by the insurer, there isn’t a universal age limit. Having said that, the general maximum age limit set by the life insurance companies falls somewhere between 75 years and 80 years.

  • Who can claim life insurance after death?

    After the death of the insured, their nominee or the legal heir can file a claim.

  • Can insurance be cashed in before death?

    Yes. Depending upon the cash value of a particular policy, it can be cashed in. Cash value is a part of a life insurance policy death benefit which can be liquidated. Different insurers have set different cash value growth rates. It is also referred to as ROA Rate of Accumulation. In case the policyholder takes a loan against the cash value and passes away while the loan is unpaid, the death benefit is reduced by the amount of the outstanding loan.

  • Does a policyholder get a life insurance benefit if he/she commits suicide?

    If a policyholder commits suicide within 12 months of purchasing a policy, the nominee wont get any insurance benefits. However, the insurance company will pay the premium amount received till the death date by the insured after deducting service and administration charges and relevant processing fees.

  • Life insurance and critical illness cover do I need both?

    It completely depends on your insurance needs. However, it is beneficial to have enhanced insurance coverage and opt for life insurance and critical illness cover both.

  • Can I get life insurance if I am suffering from a terminal illness?

    If you are suffering from a terminal illness, you would not be eligible.

  • What will happen if my life insurance nominee dies before me?

    In case your policy nominee dies before you, you can add a new nominee. In case you do not nominate, your heir or estate will become the nominee by default.

  • Is there a grace period provided for life insurance?

    Yes. Insurance providers offer a grace period of 30 days in case a policyholder has missed premium payments.

  • Is life insurance benefit paid in a lump sum?

    It depends on the payout option opted by the policyholder at the time of buying the policy. Additionally, for some plans, the nominees have the flexibility of selecting how they want to receive the death benefit.

  • What are the companies that provide policy status details in a few steps?

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Current Version
Jul 22, 2024
Written By
Rhishabh Garg
Reviewed By
Santosh Agrawal
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