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. 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 your child’s education or stable income source for post-retirement. Suitable for someone looking for long term wealth creation through market-linked or guaranteed return plans in addition to family’s protection through in-built life cover.

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 in exchange for premiums paid periodically, after a set time period or upon the life insured’s death.

There are two simple types of life insurance policies:

1. Pure Protection plan, i.e., Term Insurance Plan: Pure Protection plans, also called term insurance plans, are designed to protect your family's future by providing a lump sum payment in case of your untimely demise.

2. Savings Plan: 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.

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 the 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 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

    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 and 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 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.

    Term Investment
  • 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.

    Term Investment
  • 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.

    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

    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.

    Term Investment
  • Tax Benefits

    Policyholders can claim 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.

    Term Investment
  • 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.

    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 plans, or you 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 the policyholder to borrow some percentage of the plan value or the sum assured, depending on the policy T&Cs.

    Term Investment
see more

Comparison of Life Insurance Plans in India 2024

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 2024

  • Term Insurance
  • Investment Plan
Insurance Plan
ICICI iProtect Smart
HDFC Click 2 Protect Super
Max Life Smart Secure Plus
TATA AIA Sampoorn Raksha Supreme
Bajaj Smart Protect Goal
PNB Met Life Mera Term Plan Plus
Canara iSelect Smart 360
Kotak Life e-Term Plan
Edelweiss Tokio life Total Protect Plus
IndiaFirst e-term Plus Plan
Birla DigiShield Plan
Entry Age
(Min/Max)
Policy Term
(Min/Max)
Sum Assured
(Min/Max)
Claim Settlement Ratio
18/65 years
5 years/Whole life (99 years less entry age)
₹ 50 lakh/10 Cr
97.82%
View Plans
18/65 years
1 month/85 –Entry age
₹ 50 Lakh/ 20 Cr
99.5%
View Plans
18/65 years
10/67 years
₹ 20 Lakh/ No Limit
99.51%
View Plans
18/60 years
10-67 years
₹ 50 Lakh/ 20 Cr
99.34%
View Plans
18/65 years
5-40 years
₹ 50 Lakh/1 Cr(2 Cr with rider)
99.02%
View Plans
18/60 years
10/40 with ROP and 99-Entry age without ROP
₹ 25 Lakh/No Limit
97.33%
View Plans
18/65 years
5/81 years
Life Secure 25 Lakhs and 15 Lakhs for ROP and income benefit
98.44%
View Plans
18/65 years
10/40 years
₹ 25 Lakh/No Limit
98.5%
View Plans
18/55 years
5/(100 minus your Current Age) years
₹ 25 Lakh/No Limit
98.09%
View Plans
18/55 years
5- 40 years
₹ 50 Lakh/No Limit
96.92%
View Plans
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
Max Life insurance Co. Ltd-Online Savings Plan
ICICI Prudential Life Insurance Company Ltd-Signature
Tata AIA Life Insurance Company Ltd-Fortune Pro
Pramerica Life Insurance Limited-Smart Invest Plan
PNB MetLife India Insurance Company Limited-Mera Wealth Plan
Birla Sun Life Insurance Company Ltd-Wealth Aspire Plan
Bajaj Allianz Life Insurance Company Ltd-Goal Assure II
LIC India-SIIP
HDFC Life Insurance Company Ltd-Sampoorn Nivesh - Classic Waiver Benefit
Bharti AXA-Wealth Pro
3 Years
Return
5 Years
Return
10 Years
Return
Lumpsum
Payout
57.93 %
31.2 %
26.3%
₹4.44 Cr
30.27 %
27.89 %
24.15%
₹3.35 Cr
25.27 %
28.79 %
20.76%
₹1.96 Cr
4.97 %
22.45 %
19.71%
₹1.78 Cr
32.53 %
27.4 %
18.38%
₹1.48 Cr
23.5 %
20.43 %
18.28%
₹1.37 Cr
22.49 %
19.95 %
16.97%
₹1.19 Cr
16.95 %
16.95 %
16.95%
₹1.4 Cr
24.81 %
27.62 %
16.81%
₹1.03 Cr
18.73 %
19.04 %
16.35%
₹1.03 Cr

Investment Return Calculator (Power of Compounding)

  • One Time
  • Monthly
  • Yearly
/ Year
Top 25% of investors consistently generate more than 12% return.
YOU INVEST
YOU GET
View Plans

Calculate Term Insurance Premium

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

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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, utilizing quotes based on your financial profile. While top policies 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, insurers commit to pay a predetermined amount of premiums consistently. It’s smart to choose an affordable premium aligned with your financial obligations.

Claim Filing

In the final stage of a life insurance plan, the nominee receives the life cover after submitting a 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, providing a means to fulfil various life goals.

How Does Life Insurance Work How Does Life Insurance Work

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.

Insurers Best life insurance policy in India with High Returns Entry age Maturity age Sum Assured
Max Life Insurance Max Life Smart Flexi Protect Solution 18 - 50 years 85 years 50 Lacs - 1 Crore
HDFC Life Insurance HDFC Life Smart Protect 18 - 45 years 85 years 50 Lacs - 2.25 Crore
Tata AIA Life Insurance Tata AIA Smart Sampoorna Raksha - Param Rakshak 18 - 45 years 85 years 50 Lacs - 5 Crores
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
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

* 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.

Important Term About Life Insurance Important Term About Life Insurance

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 veryimportant 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.

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. They 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 plan at affordable premiums. This allows salaried individuals to ensure the financial safety of their dependants 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 thier kids and a life insurance plan can help provide them peace knowing that their kids will be able to fulfill 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 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 Foregin Nationals can also buy life insurance policy via tele or video medicals in India.

Retirees

Retirees may find it difficult to maintain thier 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.

How Much Life Insurance Cover Do You Need?

Calculating the right life cover to secure your family members is important. Here are some of the factors you need to consider when computing the life insurance coverage required:

  • Your Family’s Needs: You need to assess your family’s financial needs like total income and total monthly expenses before finding the right life cover.
  • HLV Calculation: While selecting the suitable sum assured, you need to use the human life value calculator to get an accurate estimate of your required life cover.
  • Income Replacement: You should choose a sum assured that can be paid in monthly installments to easily replace your income in your absence.
  • Exisitng Loans and Debts: The life cover you select should be enough to pay off any remaining loans or debts that you might leave behind.
  • Medical Emergencies: You need to consider any unexpected medical or financial emergencies that may arise and thus choose a life cover large enough.
  • Life Stage Changes: Your life stage may change during the course of the policy, and thus you need to choose a life cover large enough to support your different life stages.

Why Do You Need Life Insurance?

Here is a list of reasons why you need life insurance:

  • Long Term Financial Stability: A life insurance policy will provide you and your family with the required financial security to take care of their financial needs. You can use the death or the maturity benefit payout to take care of any financial emergencies that may arise.
  • Protect Child's Future: A life insurance policy will ensure that in case of your untimely demise, your child is able to complete their school and fund their higher education. Not only that, they can also use the benefit amount to pay for their wedding.
  • Pay Debts/Liabilities: The life insurance policy payout can help you or your family payoff the remaining loans and debts like home loans, business loans, or any other loans you might have pending.
  • Tax Benefits: With life insurance policy in India, you can claim tax benefits as per the prevailing tax laws u/s 80C and 10(10D) of the IT Act, 1961.

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:

  • Family’s Financial Security: Life insurance guarantees your family's financial stability in the unfortunate event of your demise, offering a safety net for ongoing expenses and maintaining their quality of life.
  • Protection Against Critical Illness: Beside death benefit, life insurance provides coverage in case of critical illnesses, easing the burden of medical expenses and ensuring your family's well-being during challenging times.
  • Long Term Coverage at Low Cost: Life insurance offers high cover at affordable premium rates, allowing you to secure your family's financial future without putting pressure on your budget.
  • Save for Financial Emergencies: Life insurance acts as a financial safety net, thereby letting you accumulate savings over time that can be utilized for unexpected expenses or emergencies.
  • Create Wealth for Future Goals: Through life insurance, you have the opportunity to save corpus over the years, providing a financial foundation to achieve future goals like child’s education, or starting a business, etc.
  • Secure your Retirement Life: Life insurance can serve as a retirement planning tool, ensuring a steady income stream for your post-retirement years and maintaining your quality of life.
  • Claim Tax Benefits: Life insurance not only offers financial security but also provides tax benefits, allowing you to save on taxes, under Sections 80C and 10(10D) of the Income Tax Act, 1961.
  • Get Peace of Mind: With life insurance cover to protect your loved ones against life’s uncertainties, you can enjoy peace of mind knowing that their financial future is secure even during the most trying and tough time

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:

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.

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.

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.

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

Type of Life Insurance Policy Benefits Who should Buy
Term Life Insurance Pure Risk Cover
Option for Whole life Cover
Breadwinners of the family, Young individuals, self-employed, housewife
Savings Insurance Plans Life Cover Guaranteed Maturity Benefits* T&Cs Apply Young individuals, parents with dependant kids, married couples
Unit-linked Insurance Plans Life Cover Market-linked Returns Young individuals, parents with dependant kids, married couples
Retirement Plans Life Cover Annuity Benefits Senior citizens, people with dependant spouse

What are the Factors That Affect Life Insurance Premiums?

The following factors can affect your life insurance premiums:

  • Sum Assured: The higher the sum assured the more the premiums will be. This however, does not mean that you should opt for a small life cover for the premiums to fit in your budget. You can compare plans from different types of plans and insurers to select the one most suitable for you.
  • Your age: The younger you are at the time of buying a life insurance policy, the lower the premiums will be. This is because, as you age, you get predisposed to different medical conditions and your life expectancy decreases, which results in the insurer increasing your premiums.
  • Your gender: Different people of the same age and medical conditions may have to pay different premiums because of their gender. Women are usually charged lower premiums than males because they have a higher life expectancy. For example: Term insurance for women are upto 20% lower than males.
  • Medical history: Most insurers require you to provide the updated medical details of the policyholder and their family. This promotes transparency and allows the insurer to be up to date of the life assured’s pre-existing conditions.
  • Lifestyle habits: Lifestyle habits like adventure sports or other recreational activities can increase your premiums. Apart from that, smoking or drinking alcohol can also increase your premiums. For example: Non-smokers have to pay a lower premium compared to the smoking customers.
  • Your occupation: Your current occupation affects your premiums as a person with a desk job in a comparatively safe environment will have to pay a lower premium. Whereas a person with a risky occupation like mining or other such jobs where the risk to life is higher would be charged a higher premium.

What are the Payout Options Available in Life Insurance?

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

  • Lump Sum Payout: Most life insurance provide 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.
  • 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. 
  • 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.
  • 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.

How To Claim Life Insurance Plans in India?

You can follow these simple steps to file a claim:

  • Claim Intimation: You can claim your life insurance policy by either visiting the company’s website or office and filling out the claim intimation form. If the policy is purchased via Policybazaar, you can get in touch with your Relationship Manager, who will help you guide through the claim process.
  • Documents Required: Here is a list of the documents required for life insurance claims
    • Thoroughly filled claim form ( provided by the insurer)
    • Original policy documents
    • Medical records (admission notes, death/ discharge summary, test report, etc.)
    • Death certificate (original and attested copy issued by local municipal authority)
    • Photo of the nominee, ID proof like PAN card, Aadhar card, passport, etc.
    • Post-mortem report, if any
    * The list of documents required may differ for different insurers
  • Submission of Documents: Attach the required documents to teh claims form and submit in either online or at the nearest company office.
  • Claim Settlement: As per the IRDAI rules and regulations, the insurer has to respond to the claim request within the next 30 days from the date of claim intimation. Most insurers have a proactive claim settlement duration, with some insurers settling the claims within 4 hours of claim request.

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:

Death due to criminal/high-risk activities

In case you are involved in illegal or criminal activities, the insurer will not pay the nominee th3e death benefit on your untimely death. Not only that, death caused due to high-risk sports will also not be covered.

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.

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 alchohol is also not covered.

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.

What are the Benefits of Online Buying Life Insurance?

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

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. 

Online Discounts: Based on the type of product, buying life insurance policy online is cost-effective. You get additional 5% online discount on your first premium payment 

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.

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

Step 2- Understand & compare the types of life insurance policy plans option 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 best life insurance 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?
Factor Affecting Life Insurance Premium Rates Factor Affecting Life Insurance Premium Rates

Life Insurance News

  • ABSLI launched their new Salaried Term Plan that pays 1.25% of the Sum Assured as Fixed Income

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

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

  • Self-employed and business owners can now buy term life insurance plans upto 1 Crore without income proof.

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

    ITR of the last 3 years for self employed and business owning individuals. Not only that, they can also claim an online discount of upto 10% on the premiums payable.

  • Max STEP Term Plan Provides Instant 2 Lakhs On Claim Registration

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

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

  • Role Of Term Insurance Amidst China’s Pneumonia Outbreak

    In November 2023, health authorities in China reported an outbreak of respiratory illnesses that was initially characterized as a surge in "undiagnosed pneumonia," which raised concerns among the public and international health organizations.

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

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

  • Claim Your Cyclone Michaung Relief: Quick Life Insurance Payouts for Families in Need

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

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

  • Be Financially Ready: 4 factors to consider before choosing life insurance coverage

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

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

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

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

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

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

  • World Diabetes Day: Key factors to keep in mind before buying life insurance policy

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

    Type and Severity of Diabetes:

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

    Choosing the Right Provider:

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

    Diabetes Management Impact:

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

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

  • Introducing ICICI Pru Protect N Gain - A New Life Insurance Offering by ICICI Prudential Life Insurance

    ICICI Prudential Life Insurance has introduced ICICI Pru Protect N Gain, a new product that offers you the dual benefits of protection as well as wealth creation and addresses the fundamental requirements of customers, i.e. protection and long-term savings.
    With this plan, you can protect your family financially during the policy period and receive a substantial amount for yourself if you outlive the policy term. The product provides life insurance covers up to 100 times the annual premium and enables customers to maximise returns by offering 18 funds options spread across equity and debt to choose from, thus, making it an ideal plan to buy.
  • Odisha Train Accident – How Important Is It To Claim Death Benefit?

    200+ deaths, 1000+ severely injured – This was the magnitude of one of the worst train accidents in the country, that took place in the beginning of June, at Balasore, Odisha.
    While the agony of people will take time to lessen, financial burdens can be taken care of with the help of the death claim amount of the deceased. Most insurance companies are granting relaxation in the life insurance claim settlement process to the affected families, thus, showing support during such critical times. The death benefit will provide immediate help to the families as well as long term support, so that they can pay off the daily living expenses. With fewer documents, like Bank details, death certificate and nominee’s address proof, and lesser settlement time, the claim settlement process has been eased out for the victims’ families.
  • How Beneficial Is Term Insurance With A Return Of Premium?

    Term insurance is the most affordable and convenient form of life insurance as it provides death benefit to the nominees of the policyholder upon his/her death. But, insurance companies have now come up with a new product that allows the policyholders to receive 100% of the premiums paid if they outlive the policy term.
    Such plans are called Term Return of Premiums (TROP), and they offer zero-cost insurance plans, tax benefits under Section 80C and Section 10(10D) of the ITA and higher coverage in comparison to traditional term plans.
  • Telangana Government Introduces Rythu Bheema Life Insurance Scheme for Toddy-tappers

    The Government of Telangana announced the launch of the Rythu Bheema Life Insurance Scheme for toddy-tappers of the state. Under this life insurance scheme, the government will provide a life insurance cover of Rs. 5 Lakhs, to the families of those who died as a result of falling from trees by accident while performing daily chores.
    The government further mentioned that the amount will be provided to the families of the deceased within a week of the toddy-tapper's death. The Excise and Finance Ministers of the state of Telangana have started preparing guidelines to implement this latest decision of the government.
  • ABSLI Nishchit Aayush promises lump sum benefits with life insurance

    Aditya Birla Sun Life Insurance Company Limited introduced a new-age savings plan, called ABSLI Nishchit Aayush Plan, that aims at empowering people to achieve their goals of life while they financially protect their families and loved ones even after death.
    It encourages customers to invest in the ABSLI Nishchit Aayush savings life insurance plan, which offers guaranteed income, choice of income variant, lump sum benefits at policy maturity, and life cover during the policy term.
  • Things You Must Consider Before Buying Term Insurance

    Term Insurance is the simplest and most affordable form of Life Insurance. It provides high life cover at very affordable premium rates. However, there are certain things that you must consider before you opt for a term plan.
    It is advised that you buy the basic plan which provides death benefits to the nominees. You also get riders to choose from so that you are covered for a specific risk. Moreover, you must always provide the correct details, such as health information, annual income, smoking preferences, etc. to the insurer before you purchase a plan. In addition to these things, you must always choose a renowned insurer with a high claim settlement ratio (CSR) to buy a term plan from. Choose your plan wisely.
  • LIC Aadhar Shila Policy - The One Stop Shop For All Your Needs

    LIC Aadhar Shila Policy is an endowment plan which provides both life insurance and savings potential. Moreover, this plan provides maturity benefits if the policyholder outlives the policy term.
    It also addresses the liquidity requirements by offering a lending facility and vehicle insurance option. The maximum insurance term for this plan is 20 years, after which the policyholder can reinvest the lump sum in some other policy. The minimum investment term for this policy is 10 years and maximum is 20 years. However, the suicide clause in this policy is an exclusion.
  • Know How Life Insurance Plans Can Rescue Your Family

    As the bread earner of your family, it is your responsibility to provide the best of life to your dependents. Life Insurance can help look after your family when you least expect undesirable things to occur, such as accidents, critical illnesses, or worse, death.
    A life insurance plan safeguards your family and enables them to maintain their standard of living after your death. Moreover, it allows your loved ones to repay the loans and debts you had taken when you were alive and doesn’t burden your family members with financial constraints. Lastly, it allows you to receive a tax deduction on your life insurance premiums under Section 80C of ITA, for up to a limit of Rs. 1.5 Lakhs. Therefore, it is wise to have life insurance plans so that you can enjoy peace of mind and not worry about your family’s future.
  • Indian Insurance Sector Witnesses New Changes from April 1

    A new line of changes have been observed in the insurance sector from the beginning of the new financial year, 2023-24. These changes include different insurance taxation, that says if a person pays premium of over Rs. 5 Lakhs, then upon maturity of the plan, the income derived from the policy is taxable.
    Moreover, IRDAI has removed the previous commission cap, therefore, revising Expenses of Management (EOM) and commission limits for the insurance industry to increase insurance penetration and provide flexibility to insurers to manage their expenses.
  • ICICI Prudential Life Insurance announced the launch of ‘ICICI Pru Gold'

    ICICI Prudential Life Insurance has newly launched the ICICI Pru Gold, which is a long-term savings product that allows customers to earn an extra source of income to fulfill their diverse financial needs.
    Apart from receiving guaranteed lifetime income, the life cover component of this product gives financial stability to the family. ICICI Pru Gold is available in three types to meet the diverse income demands of customers: Immediate Income, Immediate Income with Booster, and Deferred Income. An additional feature of this product is that it offers customers an option to save their earnings in a Savings Wallet rather than receiving them as regular payments. Customers can further withdraw the saved amount in their Savings Wallet in full or in part, depending on their needs.
  • PNB MetLife announced the launch of Genius Plan

    PNB MetLife Life Insurance has introduced the new Genius Plan that is specifically designed to help parents financially in funding their children’s higher education. It provides guaranteed benefits, including ATPD protection, a built-in waiver of premium on death, guaranteed benefits, flexibility for saving, and a higher benefit for girl children.
    With this non-linked, non-participating, and individual life insurance plan, which offers both life insurance cover and a savings plan, parents can relax knowing their kids will be able to pursue higher education without worrying about using up all of their savings.
  • Aviva Signature Guaranteed Income Plan offers long-term wealth creation and guaranteed income

    Aviva Life Insurance recently launched its new savings life insurance plan called Signature Guaranteed Income Plan. The plan allows its customers to create a corpus in the long run and get guaranteed income while saving on taxes.
    You can choose from 26 policy and premium payment tenures as per your convenience and financial needs. The plan offers maturity and guaranteed additions with zero alteration or frequency change charges. You can opt for any of the following variants of the plan: Signature Builder, Signature Investor, Signature Saver, and Signature Moneymaker. The plan was designed to fit the needs of people from different stages of their life and you should buy the plan and start your dual tax savings today.
  • What is ‘Sum Assured’ in Life Insurance?

    The term ‘sum assured’ is the benefit amount payable to the nominee in case of the policyholder’s unfortunate death or the maturity benefit you receive on outliving the policy term. Every life insurance is bought for the specific ‘sum assured’ or the life cover.
    This amount is selected at the time of policy purchase and depends on factors like smoking habits, lifestyle, educational background, annual income, number of dependents, and more. The maximum amount of sum assured you are eligible for also depends on your Human Life Value calculation. You can buy life insurance plans online by comparing plans from different insurers and their maximum sum assured.
  • This Valentine’s Day give your special someone the gift of financial security with life insurance plans

    This Valentine’s Day, protect your partner’s financial future with a life insurance policy that also creates wealth. Where many give roses or chocolates, you can show your partner the ultimate act of love by securing their future.
    With life insurance plans you can build a corpus for your loved one, make sure they are taken care of in your absence, and save on yearly taxes. You can buy either a savings life insurance plan or a pure risk protection term plan. You should always compare and buy life insurance plans online to get the plan at the most suitable premiums and life cover.
  • Get a Life Cover of Rs. 2 Lacs by paying Rs. 436 per annum with Pradhan Mantri Jeevan Jyoti Bima Yojana

    Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-funded scheme, that offers individuals a life cover of Rs. 2 Lacs at the nominal premium rate of Rs. 436 payable annually. Under this plan, if you suffer an unfortunate death within the policy term, your family will receive Rs. 2 Lacs as a death benefit.
    The policyholders will be covered until the age of 55 years and can pay their premiums automatically through their savings accounts. You can purchase the plan online or at your bank by submitting your basic details if you are between 18 to 50 years of age.
  • Do’s and Don’t of life insurance policies

    Life insurance policies are one of the most important factors in your financial planning. But to make sure you make the most of your life plans, we have created a list of do’s and don’t that you must keep in mind before purchasing a life insurance policy.
    1. Do use a life insurance calculator to estimate the sufficient life cover for your family. 2. Do not delay purchasing a life insurance plan as the premium rates increase with age. 3. Do compare life insurance quotes as comparing life insurance plans online can help you purchase a plan that fits your budget and needs. 4. Do not lie about pre-existing health conditions as lying during policy purchase can get your claim rejected. 5. Do consider quitting smoking as many life insurance companies offer special premium rates for non-smokers. The life insurance premium rates for non-smokers are generally lower than the premium rates for smokers. Following these dos and don’t will help you buy the most suitable life insurance policy for yourself.
  • HDFC Riders to enhance your base life insurance plan

    HDFC Life Insurance is one of the leading insurers in the Indian insurance sector. They provide various financial products for the benefit of policyholders and you can enhance your HDFC term insurance plans by including any of the following riders in your base term plan.
    1. Critical Illness: This rider provides financial help in case the policyholder is diagnosed with the critical illnesses specified in the plan. 2. Accidental Disability: In case the policyholder suffers a partial, permanent, or total disability due to an accident, the rider ensures a lump sum benefit payable by the insurance company. 3. Protect Plus: This rider provides protection against accidental death, personal accident, and cancer. It covers the policyholder and their dependants from any remaining loan repayment. You can include any of the above-mentioned riders in your base plan and customize the plan to fit your needs.
  • Should you buy more than one life insurance policy?

    Life insurance plans not only allow you to live a stress-free life by securing your loved ones but also help you build a corpus and save on your taxes. That is why it is better to purchase more than one life insurance plan.
    Buying more than one life insurance plan is a great way to split the risk of claim rejection in case of your unfortunate death. But before you purchase a life insurance plan it is important to calculate the maximum limit of life cover you are eligible for. You can use the Human Life Value Calculator to calculate the right life cover limit for your life. While buying the various life insurance plans it is better to give accurate information regarding your age, nature of job, health conditions, annual income, and family medical history to avoid claims rejection.
  • What are the Insurance Sections you should prioritize during your Income Tax planning?

    One of the main benefits of insurance policies is that it not only provides the necessary financial protection and give a chance to grow wealth but also helps saves on yearly taxes. There are essentially 3 insurance sections in the IT Act of 1961, that you should consider while planning your taxes.
    1. Section 80C: This section offers you a tax deduction of up to Rs. 1.5 Lacs on the total premiums you paid for insurance plans in a financial year. 2. Section 80D: This section is mainly applicable to health or medical insurance, but you too can claim deductions under this section by including medical riders like Hospi care, Surgical care, or critical illness riders in your base life insurance policy. 3. Section 10(10D): Under this section, the payout received in the form of a death benefit, in case of your unfortunate death or the maturity/survival benefit received in case you outlive the policy term will be completely tax exempted. These life insurance tax benefits in India can help you save a significant amount in the long run.
  • 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.
  • Bandhan Life Insurance recently launched their newest term insurance product: Bandhan Life iTerm Prime

    Bandhan Life Insurance recently launched its newest term insurance product called the Bandhan iTerm Prime plan. The plan can be purchased by anyone within the 18 to 65 years of age range.
    The policy offers a sum assured of over Rs. 25 Lacs with 3 premium payment terms, limited, regular, and single premium payment terms. There are also 3 premium payment modes available, namely, monthly, annually, and semi-annually. The plan also offers the option of including the Accidental Death Benefit Rider and Critical Illness Rider in the base plan to increase its coverage.
  • 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.
  • Bandhan Life’s iGuarantee Max Savings Plan gives you over Rs. 4.69 Lacs in return by investing Rs. 3000 monthly

    Bandhan Life insurance recently released its iGuarantee plan that can give you over Rs. 4.69 Lacs in return by investing just Rs. 3000 per month. So if you are a 30-year-old male purchasing the plan for yourself for a policy term of 10 years.
    If you are investing Rs. 3000 per month then your total investment over the entire policy term would have been Rs. 3.6 Lacs. If you suffer an unfortunate death during this policy term your family will receive Rs. 4,00,310 as a guaranteed death benefit and in case you outlive the policy term you will receive Rs. 4,69,278 as the Guaranteed maturity benefit.
  • ICICI 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

  • 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.
  • 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 persons 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 for Buying 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 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 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?

    Ans: 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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Life Insurance Reviews & Ratings
4.7 / 5 (Based on 841 Reviews)
(Showing Newest 10 reviews)
Aman
Chennai, April 06, 2023
Good Insurance
It was looking for good annuity plan then i got the perfect plan from policy bazaar that's why i select policy bazaar. Policy bazaar preferred the good plan about my life insurance. I need to pay the premium amount for 10 years and the life is getting cover till my death. I am really happy with this plan
Jiya
Ahmedabad, April 05, 2023
Good service
Policy premiums are low and the claims are high. PNB metlife policy plan respond the people promptly and smoothly. One of my friend introduced policy bazaar this company for insurance. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good services are offered by policy bazaar.
Nipun
Mumbai, April 01, 2023
Variety of plans
When you come to buy life insurance from policy bazaar, you get a variety of plans available. I chose my Bharti AXA life insurance, after gaining advice from the experts here. So grateful to the team. Thank you policy bazaar team.
Neeraj
Belgaum, March 31, 2023
Quick responses
I bought a Life Insurance plan last 2 months ago from Policybazaar website. Right from buying the plan online till medicals and receiving of all the policy related documents, process was quite easy and hassle free. No needed to follow up with their them for anything. So overall it was a nice experience and even if you need help, just drop a mail to your sales executive and they will call and resolve your queries on immediate basis.
Govind
Jammu, March 29, 2023
Good plan
Purchased my life insurance policy from policy bazaar 2 years back . My friend is working as an agent hence he suggested me to take this policy here. Yearly, I'm paying the premium amount of Rs. 25,000. They are giving me a sum assured amount of Rs. 2.5 lakhs for the term period of 10 years plan. This policy has tax benefits also.
Harmeet
Nellore, March 28, 2023
Good policy
I was searching for life insurance policy for me. Premium for my plan is 31,000 thrice per year and at the time of maturity the sum assured might be 49 Lakhs. They have send daily update so i get numbers of mails from them. Good services by policy bazaar.
Jasmine
Siliguri, March 25, 2023
Good service
My friend recently recommend me to buy life insurance policy from policy bazaar. Before taking any decision to purchase plan i compare all of them and choose best plan for me. Services provided by policy bazaar is really good.
Irana
Jamnagar, March 22, 2023
Good coverage
I search life insurance plan for my children. I select bajaj allianz life insurance policy plan for my children. I buy three policies in just 60 K premium quarterly per year for all of them. The policy coverage is good and the service is quick because of the cooperative team of policybazaar and the Payback returns are around 40 L each.
Enam
Gulbarga, March 21, 2023
Very convenient
My friend refer me to buy life insurance policy from policy bazaar. When i visited to the website of lpolicy bazaar i found very convenient i can generate quotes, compare easily and many more. Looking to buy more policy from policy bazaar.
Kajal
Kolapur, March 19, 2023
Tax benefit
I was looking for good life insurance plan online then i landed to policy bazaar website where i choose birla life insurance plan I got the tax benefits also and I saved a lot more money at buying the plan of Birla. Thanks to whole team for giving suggestion for such a great plan. Hoping to buy moreplan from policy bazaar.
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A Financial Security For Your Family @473/month+
Current Version
May 01, 2024
Written By
Rhishabh Garg
Reviewed By
Santosh Agrawal
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