Guaranteed or Non-Guaranteed – Pick You Insurance Policy Wisely

Let’s understand the meaning of guarantee first. When a company grants you a product or service guarantee, they give you a formal/written assurance that the risk related to the failure of the product or service shall be borne by the company. So a product with a guarantee is surely a lucrative deal for the customer, however it must be noted that not all guarantees come with transparent clauses. Therefore, it is essential that a customer must thoroughly understand their need for the product and study the pros and cons of the guarantee associated with it.

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There are many kinds of life insurance policies available in the market. One commonality is they all cover financial risks associated with death of the policy holder. But there are other distinguishing factors such as a guaranteed premium amount and a non-guaranteed premium that you must consider to best suit your needs. For this, you must take into account, your financial needs, number of dependents or family members, your health status, income and other related aspects.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Guaranteed life insurance policy

A guaranteed life insurance policy guarantees continuity of the cover as long as the insured individual is flawlessly regular with timely payment of premium. This means the policy will not lapse until a premium payment is missed. A distinctive benefit this policy offers is that the premium amount will remain the same throughout – even if the insurer raises its fees and other charges during the policy term.

Non-guaranteed life insurance policy

A non-guaranteed life insurance policy is a limited term insurance policy where the premium amount remains unpredictable. That means the premium amount you start to pay in the first few years of the policy may hike up based on calculations in line with market scenarios. Therefore the premium amount is not guaranteed to remain same throughout the policy tenure. For example, if you procure a non-guarantee insurance policy for 10 years, you may be paying a fixed premium amount for the first five years. For the next five years, you may have to pay a higher premium.

Note: Know what is term life insurance first and then buy a term plan for your loved ones.

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Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool before buying term insurance plan.

In a nutshell

When it comes to something as crucial as life insurance policy, it is essential to compare all of its kinds in detail. Not all policies are meant for all.

You must find out what is best for you in accordance with your current financial status and what you desire for your family in case of any eventuality. For example, if you are looking for a greater financial security for your family and the freedom to invest a sizable amount in a potentially uncertain business model that may not work well after you expire– a guaranteed policy will cover your risks better than a non-guaranteed policy.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

Note: Check all the best term insurance plan in India.

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˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.