Life Insurance

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

TERM INSURANCE
Life Cover For Family’s Protection

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

INVESTMENT PLAN
Life Cover With Wealth Creation

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

What is Life Insurance Policy?

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

There are two simple types of life insurance policies:

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

2. Savings Plan

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

Type of Life Insurance Policies in India

TERM INSURANCE
  • Term Insurance

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

  • Term Return of Premium (TROP)

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

  • Whole life Insurance

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

Investment Plans
  • Market Linked Systematic Investment Plan (ULIP)

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

  • Guaranteed Return Plan (Endowment Policy)

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

  • Retirement Plans

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

  • Child Plan

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

Key Features & Benefits of Life Insurance

  • Financial Security

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

    Term Investment
  • Death Benefit

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

    Term Investment
  • Maturity Benefits

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

    Term Investment
  • Guaranteed Returns

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

    Term Investment
  • Wealth Creation

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

    Term Investment
  • Tax Benefits

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

    Term Investment
  • Riders

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

    Term Investment
  • Flexible premium payment option

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

    Term Investment
  • Retirement Planning

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

    Term Investment
  • Loan Facility

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

    Term Investment
see more

Comparison of Life Insurance Plans in India

Basis
Overview
Policy Term Range (in years)
Maturity Benefits
Death Benefits (to beneficiary)
Ideal For People who want
Term Plans
Whole Life Insurance Plans
Endowment Plans (Guaranteed Returns)
Unit Linked Insurance Plans
Term Return of Premium Plans
Pension/ Annuity Plans
Life Cover against fixed Premium for a specific duration
Protection for Lifetime, i.e., Policy coverage till you are 100 yrs old
Protection + Guaranteed returns as high as 6.5%
Protection + Investment in various asset classes (Market-linked, debt, money market etc)
premiums paid are refunded upon end of the Policy Term
Provides regular pension for post-retirement expenses
5-85
Till you turn 100 yrs old
5-35
10-20
5-65
Whole life
Maturity Benefit available only if Return of Premium option is chosen
Plan matures when you turn 100 yrs old
Yes, at the end of policy term
Yes, at the end of policy term
Survival Benefits on Maturity
Regular Income till ‘survival
Life Cover
Life Cover
Sum Assured
Sum Assured
Life Cover
Few plans offer this
Financial protection for family at affordable rates
to leave a legacy for their family
Secured and guaranteed return for tension-free investment
A well-diversified investment portfolio with good returns and life cover
Guaranteed Benefit upon Maturity + Life Cover
To Secure Retirement by regular income.

Best Life Insurance Plans in India 2022

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

Investment Return Calculator (Power of Compounding)

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/ Year
Sensex has given 10% return from 2010 - 2020
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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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+Premium showing for IndiaFirst e-term Plus Plan.

How Does Life Insurance Work?

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

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

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

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

How to Buy Life Insurance Online from Policybazaar?

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

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

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

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

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

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

Frequently Asked Questions

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

Life Insurance Frequently Asked Questions

  • How Much Life Insurance Cover Do I Need?

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

    The life insurance company will ask for the following documents at the time of purchasing a policy:
    • Income certificates such as salary slip for last 3 to 6 months, ITR of last 2 to 3 years, Form-16, bank statements for last 6 months.
    • Address Proof such as utility bills, Voter ID, Aadhar card, passport, driving license, savings account bank statement and bank passbook.
    • Identity Proof such as Passport, Aadhar card, PAN card, Voter ID.
    • Age proof such as birth certificate, school leaving certificate, PAN card, Voter ID card, Aadhar card.
  • How to Choose the Best Life Insurance Policy?

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

    You can file a life insurance claim by following the below steps:
    • You can file a claim online by visiting the official website of the insurer, at the nearest office branch, or on the ClaimCare helpline through e-mail or SMS
    • You can go to the insurer’s claims section to submit an online claim
    • You can also contact the insurer on their toll-free number or inform them over e-mail
    The following documents are required to be submitted along with the insurance claim:
    • Statement form of Claimant
    • Death certificate in case of death claims
    • Medical report, diagnosis report, and other required documents
    • ID proof
    • Address proof
    • Cancelled cheque or copy of bank passbook
    • The claim assistance team will then assess your claim and inform you if they need any additional information.
    The claim assistance team will then assess your claim and inform you if they need any additional information.
  • What happens to your policy if you don’t die?

    If the policyholder survives the entire tenure of the policy, then the premium paid towards the policy is paid back to the life assured in the form of maturity benefit. Additional benefits are also included in the total sum assured, if any.
  • Can premiums be tax deductible?

    Yes, the premium paid towards the policy is tax exempted up to a maximum limit of Rs 1.5 lakh in a financial year U/S 80C of the Income Tax Act.
  • How many life insurance policies can a person buy?

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

    Ans: Since the maximum age for this insurance plan is set by the insurer, there isn’t a universal age limit. Having said that, the general maximum age limit set by the life insurance companies falls somewhere between 75 years and 80 years.
  • Who can claim life insurance after death?

    After the death of the insured, their nominee or the legal heir can file a claim.
  • Can insurance be cashed in before death?

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

    If a policyholder commits suicide within 12 months of purchasing a policy, the nominee won’t get any insurance benefits. However, the insurance company will pay the premium amount received till the death date by the insured after deducting service and administration charges and relevant processing fees.
  • Life insurance and critical illness cover- do I need both?

    It completely depends on your insurance needs. However, it is beneficial to have enhanced insurance coverage and opt for life insurance and critical illness cover both.
  • Can I get life insurance if I’m suffering from a terminal illness?

    If you are suffering from a terminal illness, you wouldn’t be eligible.
  • What will happen if my life insurance nominee dies before me?

    In case your policy nominee dies before you, you can add a new nominee. In case you don’t nominate, your heir or estate will become the nominee by default.
  • Is there a grace period provided for life insurance?

    Yes. Insurance providers offer a grace period of 30 days in case a policyholder has missed premium payments.
  • Is life insurance benefit paid in a lump sum?

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

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Life Insurance Reviews & Ratings
4.6 / 5 (Based on 662 Reviews)
(Showing Newest 10 reviews)
Mandeep
Udaipur, September 30, 2022
Low premium
For my mother I purchased Max life term plan as a term insurance policy. The plan offered good coverage for a low premium. The total sum assured is 50L. The monthly premium is Rs. 9000 if paid online. I am very impressed with the payment options. Best services by Policy bazaar.
Kushal
Raipur, September 29, 2022
Reasonsble price
I looked over several insurance plans on the Policy bazaar website. I considered a variety of life insurance plans before settling on the Aegon life insurance policy. I am glad to be their client and to have taken advantage of a variety of plans at reasonable prices. The method of payment was convenient. Thank you for your efforts Policy bazaar team.
Preeti
Raigarh, September 28, 2022
Under my budget
Policy bazaar is made up of numerous plans that are available on the website. I have seen a lot of plans that are within my budget. Policy bazaar team assisted me in finalising one of the plans. My plans superior pace is excellent and simple to purchase. Similarly the premium is lower when compared to other plans. Thank you to policy bazaar for your invaluable assistance at every stage.
Arpit
Kanpur, September 27, 2022
Excellent customer services
I have an Aegon life insurance plan from Policy bazaar which is a good plan. It was created with a longer term perspective in mind and can provide us with an annuity payout immediately. The Policy bazaar provides an excellent customer service. I am glad I was able to connect with Policy bazaar and become a regular client.
Amrit
Patna, September 26, 2022
Online payment
My son recommended that I should purchase Max smart secure plan for life insurance. This policy will evolve over the next 20 years. Policy bazaar executive called to see if I was comfortable with online payments. The claim settlement percentage is high and I believe it will be easy for the nominee to recover the money invested in the event of an insurers demise. Thank you Policy bazaar.
Hrishikesh
Nagpur, September 25, 2022
Convenient process
Working 9 hours a day at a corporate job is not easy. I considered purchasing an ICICI life insurance plan for my familys golden years. It is a very convenient for me to pay the premium. Customer support was with me every step of the way from detailed documentation to the approval process in order for me to make the maturity claim. Thank you for the assistance and services provided by Policy bazaar.
Uday
Gwalior, September 25, 2022
Lowest premium
I was looking for a policy with the lowest premium possible when I came across it on the Policy bazaar website. I received the pension plan of my choice while receiving the best customer service I have ever experienced. I pay the premium of Rs.8000 annually. I am honoured to be their client.
Munni
Vijayawada, September 24, 2022
Amazing benefits
Life insurance policies are typically time-consuming and required extensive documentation. However this is not the case with Policy Bazaar. I purchased Indias First Life insurance plan which has a plethora of amazing benefits. I like to thank the team at Policy bazaar for making everything so simple and quick for me. I will undoubtedly recommend Policy Bazaar as their services are excellent.
Meghana
Jodhpur, September 23, 2022
No surrender value
I bought Saral jeevan Bima life insurance plan from Policy bazaar and the premium can go up by 4-8 percent. Throughout ones life the increased rate remains constant. It has a tenure of 25 years. I will receive the lump sum amount when I reach maturity. This policy has no surrender value. Policy bazaars plan and services have exceeded my expectations.
Ajinkya
Bengaluru, September 23, 2022
Effective plan
My son recommended that I should purchase an ICICI life insurance plan from Policy bazaar. This policy will be in effect for ten years. Policy bazaar executive called to see if I was comfortable with online payments. We can trust the Policy bazaar group because they are extremely understanding.
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