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Family Life Insurance

Family life insurance is a type of life insurance plan designed to provide financial support to your family members, typically your spouse or children, in the event of your death. When you buy a family life insurance plan, you pay regular premiums to the insurer, and in return, they promise to provide a death benefit to your beneficiaries.

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Here are a few things you should know about family life insurance.

What is Family Life Insurance Policy? 

Family life insurance is a life insurance policy that offers coverage for every member of your family. While the policy details vary, family life insurance generally includes whole life insurance coverage for the sole earner of the family and term insurance coverage for his/her spouse and other dependents.

In simple words, it is a life insurance plan that combines whole life with term insurance to cover your loved ones in a single plan. Coverage for the primary is the whole life insurance while the children and spouse are insured on a term basis for a lower amount. 

Family life insurance is customizable and can be planned in a way that suits your requirements. For instance, a life insurance plan for family could include term insurance for both parents and their children, or everyone could have the same level of permanent coverage. A Life Insurance plan for family is the smart way to protect your loved ones against any eventuality and build a corpus in the long run. 

Best Life Insurance Policy For Family

Here is a list of the best family life insurance plans in India:

Types of family life insurance plans Claim Settlement Ratio (CSR) Age at Entry Age at Maturity Sum Assured
ICICI Prudential iProtect Smart 97.82% 18 – 60 years 99 years Minimum: 50 Lacs Maximum: 10 crores
Max Life Smart Secure Plus 99.34% 18 – 65 years 85 years -
Tata AIA SRS Vitality Protect 98.53% 18 - 65 years 100 years Minimum: 50 Lacs Maximum: 2 Crores
Bajaj Allianz eTouch 99.02% 18 - 45 years 99 years Minimum: 25 Lacs Maximum: 10 Crores
HDFC Click 2 Protect Super 98.66% 18 - 65 years 85 years Minimum: 50 Lacs Maximum: 20 Crores

What is the Need for Life Insurance for Family?

A whole family life insurance is needed to secure the financial future of the family in the event of the policyholder’s untimely demise. The payout can help the family maintain their lifestyle, pay for rent, take care of the child’s costs and fees, and pay off any remaining loans and debts. Life insurance for family also provides the policy with the peace of mind that their loved ones will be financially stable in their absence, which allows them to live a peaceful life.

Types of Life Insurance Plan for Families in India 

Choosing the best life insurance policy for family depends on multiple factors such as the number of members in your family, do they have kids or not, the probability of suffering from a critical ailment/illness, and other savings and investment plans. There are various options available that one can select from. Let’s take a look at some of the types of life insurance plans and how family life insurance quotes differ from one company to another: 

  1. Term Insurance Plans 

    Term plan is one of the most common types of life insurance policy available. It is a fixed-term plan in which the life assured pays the insurer a specified pre-decided amount of premium for a specific period. In this, you can decide the tenure of the policy, the sum assured amount and the frequency of the premium as per your needs. In case of an unfortunate event of the policyholder’s death within the term period, the death benefit (sum assured) is paid to the family.  

  2. Retirement and Pension Plans 

    Retirement plans help you save funds for the post-retirement years of your lifetime. These plans are the same as pension plans but also provide the benefits of an insurance plan. In retirement plans, a person pays a premium amount to the insurer in regular time intervals or as a one-time amount. This premium amount can then be claimed as a death payout by the beneficiary/nominee on the death of the life assured. In case you outlive the policy period, you can receive the maturity amount as a lump sum or regular installments paid over the next few years.

  3. Child Insurance 

    These plans are very helpful in protecting the financial future of your child. The accumulated funds in child insurance plans can be used to pay for kids’ education, health, wedding, etc. In this, parents, guardians, and grandparents can accrue funds by giving regular or 1-time payments till the child reaches 18 years of age. Once the child reaches 18 years, you can either claim the full corpus or select the regular payment in installments that can offer help to the child. 

    These plans are highly beneficial for children in the unforeseen situation of the parent’s death. Child insurance policies can provide financial help to children to achieve their life goals. 

  4. Money-back policies 

    A money-back plan is a type of whole family life insurance policy that allows you to receive regular returns or as a lump sum payment at a specific point during the policy term. The returns provided under this plan can be guaranteed or depend on investment performance or both. This also helps you in buying a money-back policy that suits your financial objectives.  

  5. ULIPs - Unit Linked Insurance Plans 

    ULIPs are insurance policies where a share of the premium amount paid is used to provide life cover to the policyholder and the rest amount is invested in market funds of varying risks. You can select the type of fund you want to invest in, depending on your risk appetite, and create wealth for your long-term goals like a child’s marriage or higher education. 

  6. Joint Life Insurance

    This plan is specifically designed for the family in which a couple (husband and wife) may take a life insurance plan combined under one policy and the policy availed can be a ULIP or term plan or any other type of life insurance policy which ensures that you and your spouse are financially protected in case of your absence. 

How Much Family Life Insurance Cover Should I Get?

The life cover of your whole family life insurance should be enough to cover your family’s financial needs in your absence. Before selecting a life cover, you should assess your needs, your monthly expenses, your annual income, your outstanding loans and your liabilities. Ideally, the sum assured should be at least 10 to 15 times your annual income at the time of policy purchase. To help you find the right life cover for your family, you can also use the human life value calculator, which uses your age and annual income to suggest the right life cover for your family.

Advantages of Family Life Insurance Plan

There are a number of benefits of purchasing life insurance for a family and the benefits and family life insurance quotes differ from one insurance company to another. Let’s discuss the benefits of a whole family life insurance policy in detail:

  1. Protect the Financial Future 

    With a family life insurance plan, you can ensure that your loved ones always have sufficient money in your absence. A life insurance plan will provide your family with a death benefit in case of your unfortunate death during the policy term and is mainly significant if you are the main breadwinner of the family. This will help your family maintain their current quality of life and pay their rents and other expenses. 

  2. Create Wealth 

    A whole family life insurance allows you to create wealth to fulfill your family’s lifelong goals like buying a home or going on an expensive vacation. Your family can also use the payout to pay for any unexpected expenses like medical emergencies or for your child’s higher education or wedding expenses. 

  3. Tax Saving Benefit 

    You can avail of the life insurance tax benefits under sections 80C, 80D, and 10(10D) of the Income Tax Act, 1961. 

  4. Help to pay off debt 

    To avoid your family being burdened with any remaining loans or debts, you can purchase a life plan. Your family can use the payout received from a whole family life insurance plan to take care of any financial obligations. Life insurance helps your dear ones to pay off any debt left behind by you, including business debt, credit card debt, educational loans, and mortgage debt.  

  5. Rider Benefits 

    Life insurance for family offers various add-on riders that you can include in your base plan to enhance the plan’s coverage. You can include any of the following riders like Critical Illness rider, Accidental Death Benefit rider, Accidental Total and Partial Disability rider, Waiver of Premium rider, and Income Replacement rider. 

  6. Online Comparison 

    You can easily compare and purchase life insurance for family by comparing plans from different insurers on the basis of the premium rates, policy term, sum assured, and benefits offered. You can compare plans online 24x7 in just a few clicks from the comfort of your home. 

How To Choose the Best Life Insurance Policy for Family?

After discussing the benefits of a whole family life insurance plan, let us see how you can select the best life insurance policy for family online.  

  • Assess your life insurance objectives: Goals may vary from individual to individual. You should plan for your life insurance objectives with the help of a suitable life insurance plan

  • Calculate the optimal cover that you require: As per the financial experts, the life cover should be at least 10X to 15X of your current annual income.

  • Compare family life insurance plans: Before buying life insurance for family you should compare their premium rates, policy term, and sum assured online.

  • Affordable premium rates: Determine the amount you have to pay as the premium amount by using a term insurance calculator and purchasing the plan that shows the most suitable whole family life insurance quotes.

  • CSR Values: Always purchase life insurance for family from a company with a consistently good CSR value. This will ensure that your family’s potential claim in your absence will be settled.

  • Go through the policy T&Cs: Read all the policy documents carefully as the policy will be working on these terms and conditions throughout the policy term.

  • Early Purchase: Buy a life insurance plan at an early age as the whole family life insurance quotes are lower the earlier you buy.

How to Buy Family Life Insurance Policy Online in India?

Here is how you can buy a whole family life insurance plan in India online:

  • Step 1: Visit the life insurance page

  • Step 2: Write in your name, gender, mobile number, and date of birth

  • Step 3: Fill in your annual income, occupation type, smoking habits, and educational qualifications

  • Step 4: Select the most suitable whole family life insurance plan and proceed to pay

FAQ's

  • What do you mean by whole family life insurance policy?

    Ans: Life insurance for family means an individual life insurance policy that takes care of the financial needs of all the members of the family. These plans pay the death benefit on the death of the policyholder to the nominee of the policy in exchange for premiums paid regularly throughout the policy term.
  • What is the cost of a whole family life insurance policy?

    Ans: The cost of a whole family life insurance plan depends on a variety of factors like age, medical conditions, and the required life cover. The cost of life insurance for family can be reduced by buying a term life insurance, as they are the most affordable type of life insurance that offers large life cover. You can easily compare premiums from different life insurance policies online and select the most suitable plan as per your needs.
  • What if I pass away without family life insurance in place?

    Ans: If you pass away without a whole family life insurance plan in place, your loved ones may struggle financially to meet their needs, trying to pay off any remaining loans, monthly expenses, and other miscellaneous costs like funeral costs. This can burden your family members and prevent them from living a stress-free and financially stable life.
  • Can I buy multiple whole family life insurance policies?

    Ans: Yes, you can buy as much life insurance for family as you want as long as the sum assured is enough to cover your family’s financial needs in the event of your unfortunate absence.
  • Do I need to give a medical exam before buying a whole family life insurance plan?

    Ans: Yes, most life insurance companies in India require a medical exam before offering whole family life insurance to the policyholder. However, some term insurance plans do not require a medical test for a specific life cover within a certain age range.

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