Life Insurance

Life insurance is the best way to create wealth & secure family’s future in the event of unfortunate death of the policyholder. Life insurance can be availed either through “Term plans” that offer life cover for family’s protection or through “Investment Plans” that help in wealth creation with financial security to meet individuals financial goals
TERM INSURANCE
Life Cover For Family’s Protection

Build financial backup & secure family’s future by choosing a “Term insurance plan”. Suitable for someone who wishes to ensure adequate financial backup is available to the family in case of his/her untimely death.

INVESTMENT PLAN
Life Cover With Wealth Creation

Be financially secure by choosing an “Investment plan” to meet financial goals like child’s education or stable income source for post-retirement. Suitable for someone who is looking for long term wealth creation through Market linked or Guaranteed returns in addition to family’s protection through in-built life cover.

Type of Life Insurance Policies in India

TERM INSURANCE
  • Term Insurance

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

  • Term Return of Premium (TROP)

    TROP(Term Return of Premium) is a variant of term insurance that provides an additional feature of Survival benefit. In addition to the life cover, if the policyholder survives the entire Policy Term, then all the premiums are paid back, excluding GST.

  • Whole life Insurance

    Under Whole Life Insurance, the policyholder is covered till the age of 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 high return with a life cover, is what an endowment plan offers. These are the preferred investment option for someone looking for a fixed lump sum as maturity after a specific duration. With a life cover benefit on death event and better returns than other fixed investment plans, makes these plans a must have inclusion in the investment portfolio.

  • Retirement Plans

    These are long-term investment plans which offer opportunities to get a stable post retirement income. During the investment period, a premium amount is paid at regular intervals which accumulates & grows. The maturity amount is then paid back post retirement based on the preference in-terms of lump sum or regular income.

  • Child Plan

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

Key Features & Benefits of Life Insurance

  • Financial Security

    The primary benefit of a life insurance policy is that it provides long time financial stability to the policyholder’s family in case of any unfortunate event.

    Term Investment
  • Death Benefit

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

    Term Investment
  • Maturity Benefits

    When the policy matures, some life insurance plans offer the policyholder the full premium amount paid during the policy term.

    Term Investment
  • 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.

    Term Investment
  • Wealth Creation

    Life insurance Savings plans such as ULIPs offer wealth creation benefits also. In such plans, you can invest your premium amount in different funds based on the risk appetite. These life insurance policies are good wealth-makers in the long run

    Term Investment
  • Tax Benefits

    Policyholders can avail of tax savings benefit up to Rs. 1.5 Lakhs u/s 80C of the Income Tax Act, 1961, for life insurance premium amount paid. Also, the payout received from an insurer is exempt from tax u/s 10(10D) of ITA and the premium amount paid for riders such as critical illness can be claimed u/s 80D.

    Term Investment
  • Riders

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

    Term Investment
  • 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, or could pay them at periodic time periods like monthly, quarterly, half-yearly, or yearly.

    Term Investment
  • Retirement Planning

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

    Term Investment
  • Loan Facility

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

    Term Investment

Comparison of Life Insurance Plans in India

Basis
Overview
Policy Term Range (in years)
Maturity Benefits
Death Benefits (to beneficiary)
Ideal For People who want
Term Plans
Whole Life Insurance Plans
Endowment Plans (Guaranteed Returns)
Unit Linked Insurance Plans
Term Return of Premium Plans
Pension/ Annuity Plans
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
5-85
Till you turn 100 yrs old
5-35
10-20
5-65
Whole life
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
Life Cover
Life Cover
Sum Assured
Sum Assured
Life Cover
Few plans offer this
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.

Best Life Insurance Plans in India 2022

  • Term Insurance
  • Investment Plan
Insurance Plan
ICICI iProtect Smart
HDFC Click 2 Protect Life
Max Life Smart Secure Plan
TATA AIA Sampoorn Raksha Supreme
Bajaj Smart Protect Goal
PNB Met Life Mera Term Plan Plus
Canara iSelect Star
Kotak Life e-Term Plan
Edelweiss Tokio life Total Protect Plus
IndiaFirst e-term Plus Plan
Birla DigiShield Plan
Exide Smart Term Edge Comprehensive
Entry Age
(Min/Max)
Policy Term
(Min/Max)
Sum Assured
(Min/Max)
Claim Settlement Ratio
18/65 years
10-67/81 years
₹ 50 lakh/20 Cr
97.9%
View Plans
18/60 years
10/67 years
₹ 50 Lakh/ 5 Cr
98.01%
View Plans
18/60 years
10/67 years
₹ 25 Lakh/ 10 Cr
99.35%
View Plans
18/60 years
10-67/81 years
₹ 60 Lakh/ 20 Cr
98.02%
View Plans
18/65 years
5-67/81 years
₹ 50 Lakh/20 Cr
98.48%
View Plans
18/50 years
10/(80 minus your Current Age) years
₹ 50 Lakh/2 Cr
98.17%
View Plans
18/60 years
5/(80 minus your Current Age) years
₹ 25 Lakh/2 Cr
98.57%
View Plans
18/65 years
5-40/ (75 minus your Current Age) years
₹ 25 Lakh/no upper limit
98.5%
View Plans
18/55 years
5/(100 minus your Current Age) years
₹ 50 Lakh/1.99 Cr
97%
View Plans
18/55 years
5- 40 years
₹ 25 Lakh/20 Cr
96.81%
View Plans
18/65 years
5-55 years
₹ 50 Lakh/5 Cr
98.02%
View Plans
18/65 years
5-40 years
₹ 20 Lakh/20 Cr
98.54%
View Plans
Invested amount of ₹10,000/ Month for 10 Years withdrawn after 20 years
Insurance Plan
Birla Sun Life Insurance Company Ltd-Capital Guarantee Solution
Tata AIA Life Insurance Company Ltd-Capital Guarantee Solution
HDFC Life Insurance Company Ltd-Capital Guarantee Solution
Max Life insurance Co. Ltd-Capital Guarantee Solution
ICICI Prudential Life Insurance Company Ltd-Capital Guarantee Solution
Bajaj Allianz Life Insurance Company Ltd-Capital Guarantee Solution
PNB MetLife India Insurance Company Limited-Capital Guarantee Solution
Edelwiess Tokio Life Insurance Company Ltd-Capital Guarantee Solution
HDFC Life Insurance Company Ltd-200% Capital Guarantee Income Solution
Tata AIA Life Insurance Company Ltd-Capital Guarantee Income Solution
Entry Age
(Min/Max)
Policy Term
(Min/Max)
Returns
Past 7years
Maturity Value
At end of Policy
18/60 Years
10/35 Years
17.06%
₹74.8 Lac
18/50 Years
15/21 Years
19.03%
₹94.7 Lac
18/65 Years
10/20 Years
14.56%
₹54.7 Lac
18/50 Years
10/20 Years
13.74%
₹60.5 Lac
18/60 Years
10/20 Years
11.75%
₹37.2 Lac
18/52 Years
10/20 Years
15.93%
₹67.2 Lac
18/60 Years
12/20 Years
13.36%
₹61.9 Lac
18/55 Years
10/25 Years
13.97%
₹60.3 Lac
7/60 Years
10/20 Years
14.56%
₹54.5 Lac
18/50 Years
15/21 Years
19.03%
₹74.9 Lac

Investment Return Calculator (Power of Compounding)

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/ Year
Sensex has given 10% return from 2010 - 2020
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Calculate Term Insurance Premium

Monthly premium starts from
₹449+
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18 Yrs40 Yrs
Age
50 Lac 20 Cr
Life Cover
34 Yrs 100 Yrs
Cover Till age

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+Premium showing for IndiaFirst e-term Plus Plan.

How to Buy Life Insurance Online from Policybazaar?

To get insured from the comfort of home, an individual can buy life insurance online from Policybazaar. Follow these simple steps to buy life insurance online from Policybazaar.

Step 1- Decide on the goal for which one wants to avail a life insurance plan

Step 2- Understand & compare the types of Life insurance options that’ll help meet the goals

Step 3- Provide preliminary information to get personalized quotations or plan options

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

Step 4-Choose and compare the plans from the options that get displayed. The insurance buyers can anytime avail “free” of cost & personalized Financial expert assistance to compare and review plan options.

Frequently Asked Questions

  • Term Insurance
  • Investment Plan
What is Term Life Insurance?
Who Should Buy Term Life Insurance?
How much life cover do I need to protect my family?
Do you get your money back at the end of a term life insurance?
What's the difference between whole life and term life insurance?
What happens if you outlive your term life insurance?
Is it recommended to have add-ons in my Term plan?
How to avoid rejection of your term insurance claim?
Which is a better investment - Life insurance investment plans or other options like mutual funds?
What all should be considered before selecting an investment plan or fund?
What is asset allocation and how does it work?
What are minimum criteria to be met to be eligible for an investment plan?
How are the Fund Values calculated & where can it be tracked regularly?
Are Life insurance investment plans available to NRIs?

Life Insurance Frequently Asked Questions

  • What is Life Insurance Policy?

    A life insurance policy provides your family members with financial protection in your absence and helps build wealth for the future. Policyholders can get life insurance benefits from Term insurance plans and Investment plans. The financial protection is offered in the form of life cover, called Sum Assured on the death of the policyholder. In this, the insurer pays out the benefit amount either on the death of the life assured or at the end of the policy term on the date of maturity.
  • How Does Life Insurance Work?

    Life insurance plans secure your family’s future and create wealth by offering suitable risk cover in case of your unfortunate death. In exchange, you are required to pay a certain premium amount to the insurer and ensure that your loved ones remain secured even in your absence. Let’s see how Life Insurance works:
    • Choose a life insurance plan that suits you the best. If you are married and have children, a plan that provides higher coverage will be beneficial to your family’s future and your children’s education.
    • A higher life cover means that you have to pay a higher premium amount. You can pay a premium monthly or annually depending on the policy terms.
    • In the unforeseen event of death, the nominee should file a life insurance claim to the company and submit a death certificate and other relevant documents such as ID proof, age proof, etc.
    • Then after the verification of details, the company pays the insured amount to the nominee.
    • This benefit amount thus acts as income replacement for the family of the deceased policyholder.
    • Now, if the policyholder survives till the end of the policy term, the maturity benefit is paid.
  • 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.
  • What are the Documents Required for Buying Life Insurance Policy?

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

    Here is a step-to-step guide to help you choose the best life insurance policy 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 policies, compare them, and then select the one that suits you the best
    • Study the policy's 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 requirements 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 ClaimCare helpline through e-mail or SMS
    • You can go to the insurer’s claims section to submit an online claim
    • You can also contact the insurer on their toll-free number or inform them over e-mail
    The following documents are required to be submitted along with the insurance claim:
    • Statement form of Claimant
    • 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 policy if you don’t die?

    If the policyholder survives the entire tenure of the policy, then 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.
  • 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 policies 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 policyholder’s ability to pay premiums and their health status, before forwarding their request for multiple plans.
  • What is the maximum age for life insurance?

    Ans: Since the maximum age for this insurance plan 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’s 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 won’t 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’m suffering from a terminal illness?

    If you are suffering from a terminal illness, you wouldn’t 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 don’t 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.

Life insurance articles

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Life Insurance Reviews & Ratings
4.6 / 5 (Based on 613 Reviews)
(Showing Newest 10 reviews)
Jagdish
Delhi, July 04, 2022
Excellent experience
I purchased another life insurance policy because I had previous experience purchasing a plan. The performance and services provided to me were excellent. They treat me as if I were a member of their family. The executive directly assisted me in the purchasing of a plan. Kudos!! Policy bazaar.
Imran
Hyderabad, July 02, 2022
Waiving of premium
I have a Child life insurance plan from Policy bazaar that aims to build a corpus for the child future development. This type of plan aids in the funding of a child education and marriage. It also provides me with instalments that I can pay annually, based on the child major life milestones. In the event of my death, the premium is also waived, and the policy benefits continue uninterrupted. Policy bazaar impressed me with their assistance.
John
Mumbai, July 02, 2022
Low premium
I have been doing some online navigation on life insurance. Policy Bazaar website is very user-friendly. Policy bazaar is where I bought my PnB life insurance policy. The policy has a 45-year term, and I pay the premiums quarterly. Policy bazaar services are fantastic.
Leelawati
Kohlapur, July 01, 2022
Online payments
My son recommended that I purchase an ICICI life insurance plan from Policy bazaar. This policy will be in effect for ten years. Policy bazaar executive called to see if I was comfortable with online payments. We can trust the Policy bazaar group because they are extremely understanding.
Mohit
Panna, June 29, 2022
Good online discount
I purchased the other Exide life traditional plan from Policy bazaar three years ago. This plan has a 30 year lifespan. This insurance plan annual payment is being made online. The best feature of Policy Bazaar is that I get a good discount on every payment. In addition, I receive regular updates and reminders about my plan and upcoming payments. I'm glad I went with Policy Bazaar.
Uday
Tirupati, June 28, 2022
Simple and quick services
Life insurance policies are typically time-consuming and require extra documentation; as, this is not the case with Policy Bazaar. I purchased a traditional child endowment plan, which has numerous amazing benefits. I would like to thank the team of Policy bazaar for making everything so simple and quick for me. I will undoubtedly recommend Policy Bazaar because their services are excellent.
Jasmeet
Nagpur, May 22, 2022
Best online services
After navigating term insurance plans on numerous websites, I discovered the best one through Policy bazaar as a kotak life E-term insurance. This insurance provides a claim settlement of more than 98 percent of the investment. Many thanks to Policy bazaar for supporting me and providing best services.
Komal
Orchha, May 21, 2022
satisfactory online discount
I have been with Policy Bazaar for 5 years. I am very confident regarding the security of my family, and I feel very safe now that I have purchased the ICICI prudential life insurance fund. The customer service was outstanding. The amount of coverage and discount provided to me were satisfactory.
Subhash
Bangalore, May 18, 2022
High claim settlement
Policy bazaar is where I got my Aditya Birla term life insurance. The claim settlement rate is greater than 98 percent. The entire process takes place online, and the website contains detailed information about all of the plans. It is a simple and effective plan.
Aarif
Shillong, May 15, 2022
Under my budget
ICICI prudential life insurance is the best insurer in terms of providing amazing policies and providing better services on time. The ICICI prudential plan is the best plan on the market, and it was within my budget. Policy Bazaar customer service was outstanding.
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