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 Read more

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.

What is Life Insurance Policy?

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 in return for a premium, after a set time period or upon the life assured’s death.

There are two simple types of life insurance policies:

1. Pure Protection plan i.e., Term Insurance Plan

2. Savings Plan

Pure Protection plans are specifically designed to protect the future of your family by providing a lump sum payment, in case of your absence. Whereas a savings plan is a financial product that helps in planning long-term goals like buying a home, fees for children’s higher education, and more while providing life coverage benefits.

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
see more

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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₹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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How Does Life Insurance Work?

Let’s understand how life insurance plans work with the help of an example:

First, you should choose a life insurance plan that suits you the best. If you are married and have kids, a plan that promises a higher life coverage will be beneficial for your children’s higher education and their future. Depending upon the terms and conditions of the plan, you can either pay on an annual or a monthly basis.

In case of an unforeseen death, the nominated individual should inform the life insurer and file a claim. The nominee is required to submit some relevant documents such as a death certificate, identity proof, etc. The insurer company, after the verification, pays the life cover amount to the nominee.

Thus, the future of your family is protected with life insurance and they can fulfill their dreams even after your absence.

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 News

  • How can you prevent your life insurance plan from lapsing?

    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.
  • 4 times you should revisit your life insurance policy

    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.
  • Why is life insurance a safe investment?

    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.
  • What is Human Life Value and why you should consider it before deciding on your life cover?

    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.
  • SUD recently launched its Life Century Gold Insurance Plan offering Guaranteed Maturity Benefits

    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.
  • Why should women consider investing in a life insurance policy?

    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.
  • Aegon Life Insurance recently launched their newest term insurance product: Aegon Life iTerm Prime

    Aegon Life Insurance recently launched its newest term insurance product called the Aegon 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.
  • Factors you need to consider before buying life insurance plans in 2023

    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.
  • Post Office offers life insurance plans with a sum assured up to Rs. 50 Lacs

    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.
  • Don't worry if you have misplaced your original policy documents

    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.
  • What is a guaranteed income plan with life cover and who can benefit from it?

    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 launched its new savings plan called Guaranteed Fortune Plan

    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 with a cash value at maturity offer loan facilities at low interest rates

    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.
  • Secure your child’s future against the uncertainties of life with SBI Life Smart Champ and SBI Life Smart Scholar Insurance

    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.
  • Aegon Life’s iGuarantee Max Savings Plan gives you over Rs. 4.69 Lacs in return by investing Rs. 3000 monthly

    Aegon 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 Prudential Introduces Long-Term Savings Product: ICICI Pru Sukh Samruddhi

    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.

Life Insurance Frequently Asked Questions

  • 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.

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Life Insurance Reviews & Ratings
4.7 / 5 (Based on 801 Reviews)
(Showing Newest 10 reviews)
Punja
Coimbatore, February 07, 2023
Online Discount
One of my friend suggested me to purchase policy from policy bazaar. In policy bazaar i found various policy and it was easy to compare them. I purchase the policy online which gives me online discount also the services are very good. Hoping to buy more policy from here.
Adhya
Haora, February 06, 2023
Extra benefits
While purchasing life insurance policy for me and my family many things come across on my mind that which policy is best for my family and many more thing but the customer executive of policy bazaar team make everything smooth and simple. Thank you for this.
Sharma
Ranchi, February 05, 2023
Tax saver
I have chosen the plan of HDFC life for me and my family. The coverage value of this policy is 50L. This policy covers all type of death, accident and natural death. I am paying premium online only. I am getting tax benefit sec 80 C.
Devadhikar
Allahabad, February 04, 2023
Good benefits
I have taken the life insurance policy from policy bazaar. The plan i choose in this the premium i have to pay is Rs. 582 for the coverage of the value of 6 L. The policy will cover all type of deaths and accident also. I am getting tax exemption and it is for life long.
Choraghad
Navi Mumbai, February 03, 2023
Old customer
I am an old customer of policy bazaar. I have taken the life insurance policy from policy bazaar. I have completed the 10 years and the policy will be matured next month. The policy features and benefit was clearly shared by the agent. Thank you policy bazaar team for being so cooperative.
Talavalakar
Amritsar, February 02, 2023
Satisfactory
My friend recommended me to purchase the life insurance policy from policy bazaar. I choose the plan Max life. The conditions of policy was satisfactory. The policy is for 15 years and the premium i have to pay is 15,000 per year. I had really a good experience with the agent of policy bazaar. Happy to be their customer.
Rajavade
Dhanbad, February 01, 2023
Everything is digital
My Kotak life insurance plan which I purchased to secure me and my friend is completely paperless. I am very much happy with the digital process available at policy bazaar. Thanks to the portal, I did not have to face any hassle to hold my policy papers. Happy to be their customer.
Shevade
Aurangabad, January 31, 2023
Trust worthy
I have chosen a life insurance policy from policy bazaar. I select max life plan. This plan is going to mature in 10 years. The benefits are okay. The executive of policy bazaar call me to check if i am facing any issue or not because I was purchasing the policy online. We can trust policy bazaar team they are very understanding.
Bhate
Srinagar, January 30, 2023
Good Return
I personally hold a life insurance plan for my kid with from policy bazaar. The plan i have choose was SBI life. The multiple premium payment and policy term options made life easy along side bonuses to ensure a good return. Everyone will be satisfied with the plan as i am satisfied. Thank you policy bazaar. I will recommend to my all known ones who are interested in buying insurance.
Gurnani
Varanasi, January 29, 2023
Good policy
I have chosen MAX LIFE insurance from policy bazaar. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs. Thankyou policy bazaar team for helping me to choose best one for me.
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