Life Insurance

A life insurance policy is defined as a contract between the insurer and policyholder, wherein the insurer promises to pay a life cover (life assured) to the nominee in exchange for a premium amount, upon the death of the policyholder or after a set time. These plans are the best way to create wealth & secure your family’s future in the event of your unfortunate death. Life insurance can be availed either through “Term plans” that offer life cover for the family’s protection or through “Investment Plans” that help create wealth with financial security to meet an individual's financial goals. Read more

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.

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 - Meaning?

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

    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 Policy

  • Financial Security

    The primary benefit of a life insurance policy plans 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 life insurance 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 plans 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 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 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 2023

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
Till you turn 100 yrs old
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 2023

  • 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
Policy Term
Sum Assured
Claim Settlement Ratio
18/65 years
5 years/Whole life (99 years less entry age)
₹ 50 lakh/10 Cr
View Plans
18/65 years
1 month/85 –Entry age
₹ 50 Lakh/ 20 Cr
View Plans
18/65 years
10/67 years
₹ 20 Lakh/ No Limit
View Plans
18/60 years
10-67 years
₹ 50 Lakh/ 20 Cr
View Plans
18/65 years
5-40 years
₹ 50 Lakh/1 Cr(2 Cr with rider)
View Plans
18/60 years
10/40 with ROP and 99-Entry age without ROP
₹ 25 Lakh/No Limit
View Plans
18/65 years
5/81 years
Life Secure 25 Lakhs and 15 Lakhs for ROP and income benefit
View Plans
18/65 years
10/40 years
₹ 25 Lakh/No Limit
View Plans
18/55 years
5/(100 minus your Current Age) years
₹ 25 Lakh/No Limit
View Plans
18/55 years
5- 40 years
₹ 50 Lakh/No Limit
View Plans
18/65 years
5/(100 minus your Current Age) years
₹ 30 Lakh/No Limit
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
Policy Term
Past 7years
Maturity Value
At end of Policy
18/60 Years
10/35 Years
₹74.8 Lac
18/50 Years
15/21 Years
₹94.7 Lac
18/65 Years
10/20 Years
₹54.7 Lac
18/50 Years
10/20 Years
₹60.5 Lac
18/60 Years
10/20 Years
₹37.2 Lac
18/52 Years
10/20 Years
₹67.2 Lac
18/60 Years
12/20 Years
₹61.9 Lac
18/55 Years
10/25 Years
₹60.3 Lac
7/60 Years
10/20 Years
₹54.5 Lac
18/50 Years
15/21 Years
₹74.9 Lac

Investment Return Calculator (Power of Compounding)

  • One Time
  • Monthly
  • Yearly
/ Year
Sensex has given 10% return from 2010 - 2020
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Calculate Term Insurance Premium

Monthly premium starts from
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18 Yrs40 Yrs
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?

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

First, 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 pay on either 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, after the verification, pays the life cover amount to the nominee.

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

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.

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

* AP in the above table is the Annualised Premium which is 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 see the estimate of the required premiums you would need to pay for the desired life cover.

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?

Life Insurance News

  • 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.
  • 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 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'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 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 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 life insurance policy plans if you don’t 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.
  • 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 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 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’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 841 Reviews)
(Showing Newest 10 reviews)
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
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.
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.
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.
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.
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.
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.
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.
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.
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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