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Life insurance is available to individuals of varying income levels and can be tailored to meet different needs and budgets. Life insurance is a financial product that provides financial protection to the life assured’s beneficiaries in the event of the life assured’s death. It is designed to provide a lump sum payment or regular income to help cover expenses such as funeral costs, outstanding debts, mortgage payments, education expenses, and daily living expenses.
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There are many types of life insurance policies which are as follows:
Term Life Insurance
Term Return of Premium Plans
100% Refund of Premium at No-cost Term Plan
Whole Life Insurance
Money Back
Endowment Plan
ULIP - Unit Linked Insurance Plan
Child Insurance Plans
Group Life Insurance
Note: Know what is term life policy first and then buy a term plan for your loved ones.
Term Plans
Individuals, whether rich or poor, should get life insurance to financially protect themselves and their family members. Many life insurance companies offer a wide range of insurance policies with different premium rates so that people from various income brackets can buy life insurance and secure their future financially. With life insurance plans, you can also build a corpus to fulfil any future goals you might have or secure your post-retirement life and create wealth enough to take care of any financial emergencies that may arise. Here, poor, middle class, and rich refer to low income, middle income and high income groups. So, the affordability of insurance plans and the security of a financially good life, according to the cost and standard of living, is what is being considered here.
Out of all the income brackets, low income individuals may need a life insurance more than anyone since mostly their income is often just sufficient for them to meet their day–to–day expenses, but they are unable to save up any money for emergency situations or for their future needs. However, many affordable plans offer low income individuals good coverage at affordable premiums. You can compare these plans online based on their premium rates, life cover, and other benefits to find the plan that fits your needs.
Here are a few reasons why low income people should buy life insurance plans:
Affordable Premiums: The most suitable plan for low income individuals is the saral jeevan bima yojana, which offers life cover ranging from 5 to 50 Lacs at affordable premium rates. For example, people with low income can buy a saral jeevan bima plan for a life cover of 25 Lacs at just Rs. 412, payable monthly.
Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.
Life Coverage: Low income individuals can consider buying a saral jeevan bima policy at highly affordable premium rates. Many life insurance companies in India offer saral jeevan bima yojana for a suitable life cover at really low premium costs that can help low income individuals secure their family in case of an eventuality.
Premium Payment: The best life insurance for low-income individuals is the one that offers flexible premium paying terms. Life insurance plans have different premium paying terms like monthly, quarterly, half–yearly as well as yearly. If you find it difficult to pay a regular amount every month, then you should choose a plan that will allow you to pay the premiums annually. Though the premium will also increase with the increase in the interval time, one can save ahead of time to pay the premium once a year and eliminate the hassle of paying every month. Quarterly premium payment is also a good option as the amount will be lower, and you would have to pay only 4 times a year.
Eligibility: The best life insurance for low income individuals understand that most people do not have access to higher education and thus might not be able to buy regular plans due to eligibility issues. The SJB plans are accessible to people with low educational qualifications as well as business owners who do not have solid income proof and can use substitute proof of income to buy life insurance for low income.
Tax Benefits: Buying a life insurance policy that provides tax benefits under the Income Tax Act is a great option for low income groups as they can save money by getting good tax deductions on their life insurance policy.
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Middle-class individuals can invest in a variety of life insurance plans to secure their loved ones at affordable premiums and create a corpus for themselves. The best life insurance plans for middle income individuals are those that involve the maximum amount of benefits for an affordable price.
Here are a few reasons why middle class people should buy life insurance plans:
Affordable Rates for Large Life Cover: With life insurance plans for middle class, you can secure a large life cover at really affordable premiums. For example, you can buy a 1 crore term insurance at a low premium price of just Rs. 384, payable monthly.
Financial Security: The middle-class income earners can secure their family in case of their unfortunate demise during the policy term by buying life insurance for middle class at low premiums. The family can use the benefit payout to take care of their monthly expenses, rent, and child’s fees and pay off any remaining loans.
Premium Payment: Middle class individuals have limited savings that they need. Therefore, buying a plan and regularly paying the premium is the smart thing to do. Paying the premium regularly instead of a single paying premium plan will be easier for someone of the middle class as they only need to pay a small amount each time for the premiums. A single-paying premium plan would drain your pockets faster whereas a regular paying premium plan would allow the policyholder to invest in small amounts of money from time to time.
Compare Available Plans: For a middle class individual, choosing an insurance plan should be purely done on the basis of the benefits it offers. They should buy a life insurance policy that offers the maximum number of benefits for a low price. The cost of the life insurance policy should be the secondary focus while taking up a plan. As a middle class individual, you should not purchase the lowest premium plan available; rather, a plan that offers the maximum number of benefits for a reasonable price.
Peace of Mind: Having a life insurance plan will help a middle-class individual live a stress-free life without worrying about the financial stability of the family in case of the main income earner’s untimely death during the policy term.
Note: Check out the best term insurance policy in India and choose one that suits your requirements.
A life insurance policy is necessary even if you fall under the high-income category. HNIs or high net-worth individuals can buy different types of life insurance policies like term plans or whole life insurance policies to fit their needs. Life insurance for high net-worth individuals can help HNIs secure their loved ones at affordable premiums, create more wealth for future goals and retirement, and save on yearly taxes.
Here are a few benefits of buying life insurance for high income earners, also called HNIs:
Income Replacement: High earners often have significant financial responsibilities, such as supporting a family, paying for education, or covering mortgage payments. In the event of their untimely death, life insurance can provide a lump sum payment to replace the lost income, ensuring that their dependents can maintain their standard of living and meet financial obligations.
Estate Planning: High earners typically have substantial assets and wealth that they want to preserve and pass on to their heirs. Life insurance can play a vital role in estate planning by providing liquidity to cover estate taxes, debts, and other expenses, allowing for a smooth transfer of assets to the intended beneficiaries.
Business Continuity: High earners who own businesses may rely heavily on their expertise and leadership for the success of their ventures. Life insurance can be used to fund a buy-sell agreement, ensuring the smooth transition of business ownership in the event of their death. It can provide the necessary funds for the surviving business partner(s) to purchase the deceased's share and maintain the continuity of operations.
Charitable Contributions: High earners often have philanthropic goals and charitable causes they support. Life insurance can be utilized to make significant charitable contributions by naming a charitable organization as the beneficiary. This allows them to leave a lasting impact on causes they care about while also potentially providing tax benefits.
Supplement Retirement Savings: High earners may have maximized contributions to retirement accounts and seek additional avenues to build wealth for retirement. Certain types of life insurance, such as permanent life insurance, offer a cash value component that accumulates over time. The policyholder can borrow against or withdraw from this cash value to supplement retirement income or address other financial needs.
Cost-effective at Younger Ages: Purchasing life insurance when young and healthy generally results in lower premiums. High earners who are in good health can take advantage of this and secure life insurance coverage at a more affordable cost, providing long-term financial protection for their loved ones.
As high net-worth individuals, you might have a lot of savings, and you may also have a high income to take care of your financial needs. But unfortunate situations and market crashes do not announce their arrival. You might lose your high-paying job or business due to unforeseen circumstances. Not only that, your savings could soon be depleted if you do not take measures to secure and invest your amount to create further wealth.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Financial Protection: In the event of the unfortunate demise of this individual, family members might feel helpless without his/her financial support. Therefore, life insurance for high net-worth individuals can help secure the financial future of your loved ones by providing them with a large life cover amount as the death benefit to the nominees to help them take care of their financial obligations.
Large Life Cover: A life insurance for a high net-worth individual is a great option as the HNIs can purchase a plan with a large life cover to ensure the financial stability of their family in their time of need. The family can use the large sum assured to pay off any remaining loans or take care of the losses incurred by the business in the absence of the HNI.
Flexible Plan Benefits: A high net-worth individual or HNI has the flexibility to choose the plan features and benefits as per their needs. You can choose the policy term, premium payment term, life cover, and additional riders as per your needs. You can also include special benefits like life stage benefits, special exit benefits, return of premium and more as per your requirements.
Single Premium Pay: HNIs can opt for term insurance for high net-worth individuals that have a single premium payment option as they can afford to pay a large amount of money at once, which also helps them to eliminate the hassle of paying again and again. A high net-worth individual usually prefers to pay the entire cost at once instead of making small amounts of payments often.
Create Wealth: You can even invest in life insurance for high net-worth individuals to build a corpus fund so that it can be used for further investments like purchasing a house, opening up a business or to build a trust fund for your children.
A life insurance policy is for people from all income groups, but the type and extent of coverage offered by the life insurance plan differ with each group and the individual’s age. If you want to buy a life insurance policy, you have to first figure out how much you can afford to pay for the premiums and then what your requirements are. There’s a life insurance plan for everyone!
Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.
†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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