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Life insurance has been considered a good option to provide financial support to your family after you are not around. By designated beneficiaries, you ensure that they receive a death benefit, which can be used to pay expenses such as funeral costs, bills, educational fees, and more. However, with the availability of a comprehensive range of life insurance plans in the market, determining the best plan for your needs can be challenging. Policybazaar’s team of insurance experts simplifies this process by offering a life insurance guide.
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To understand what is life insurance, you need to know that life insurance is a contract between an insurer and a policyholder in which the insurance company guarantees to pay a sum of money to 1 or more designated beneficiaries when the policyholder dies in return for premiums the policyholder pays during their lifetime. The best life insurance companies have a low number of complaints by customers, good financial strength, various types of policy, riders and hassle-free applications.
There are officially two types of life insurance plans offered in India, and they are:
Investment Plans
Term insurance is one of the most affordable types of insurance that offers death benefits to the nominee of the policy in case of the policyholder’s untimely death during the policy tenure. With the regular term plans, you are only entitled to receive the sum assured on the death of the policyholder. In contrast, some variants like Term Return of Premium pay the death benefit on the death of the policyholder and offer the premiums back at the maturity of the policy.
Investment plans are a type of life insurance that offer dual benefits, protect the financial future of the family in the absence of the policyholder and provide wealth creation benefits. There are several types of plans available, and you can choose the ideal type of life insurance that will help you fulfill your financial goals. These plans usually offer cash accumulation, loan facility, and market-linked returns.
Term Plans
Let us understand how life insurance works with the help of an example:
If Raman bought a life insurance plan to ensure the financial stability of his wife and 2 kids in the event of his unfortunate demise. He diligently pays the premiums on time and receives coverage for the policy term. Unfortunately, he passed away in an accident in the 7th policy year. The insurer pays the sum assured as a death benefit to his family to help them take care of their financial needs. If Raman had outlived the policy term, he would have received the maturity benefit along with the applicable bonuses.
Here is a list of people who should consider buying a life insurance policy to secure their family:
| Types of Individuals | Benefits |
| Young Professionals | People who are young can get life insurance at much lower rates than an older individual for a large life cover |
| Working Women | Working women can financially support their dependent parents, spouse, or kids in the event of their demise |
| Parents with Kids | Parents with dependent kids can secure the financial future of their child with a life insurance plan in their absence |
| People with Loans | The benefit amount can help the family of people who have an outstanding loan or debt |
| Old Age Individuals | People who want to secure their retirement can buy pension or annuity plans to protect their post-retirement life |
| Taxpayers | People who want to save on their yearly taxes can claim tax benefits u/s 80C and 10(10D) of the IT Act, 1961 |
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The following are the benefits of buying life insurance plans in India 2024:
Financial Protection: A life insurance policy ensures your family is able to take care of their financial needs in your absence by offering them the sum assured as a death benefit.
Wealth Creation: Life insurance plans help you build a corpus for yourself and your family by investing in market-linked funds, offering bonuses, and cash accumulation.
Long Term Cover: Whole life insurance plans provide coverage under the plan for your whole life, i.e., till 99/100 years of age and offer guaranteed benefits to the nominees.
Tax Benefits: You can claim life insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.
Enhanced Cover: You can customize and enhance the base cover of your life insurance policy by adding the available life insurance riders at nominal premiums.
You can follow the steps mentioned below to buy life insurance plans from Policybazaar online from the comfort of your home:
Step 1: Visit the life insurance page of Policybazaar
Step 2: Select the type of life insurance you want to buy: ‘Term insurance’ or ‘Investment plans’
Step 3: Fill in the required details like name, contact number, date of birth, and gender
Step 4: Select the right annual income, educational background, occupation type, and smoking habits
Step 5: Choose the best life insurance policy in India and proceed to pay
†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
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