Life Insurance - Invest and Protect for tomorrow

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Best Life Insurance Plans in India 2024
Rhishabh Garg
Written By: Rhishabh Garg
Rhishabh Garg
Rhishabh GargTerm Insurance Head
Rhishabh Garg is the Business Unit Head of Term Insurance at Policybazaar.com. He has over 10 years of experience and currently plays a crucial role in shaping the future of term insurance in the company. Rhishabh also has experience in customer services and crafts new strategies for organizational success, one of which is Policybazaar’s claim assistance program.
Santosh Agrawal
Reviewed By: Santosh Agrawal
Santosh Agrawal
Santosh AgrawalChief Business Officer
Santosh Agarwal is the Chief Business Officer- Life Insurance, Policybazaar.com and has over a decade of experience in the domain of insurance. She has helped shape the life insurance vertical of Policybazaar and ensures the effective execution of the company's overall strategy. Santosh is also responsible for the Term Insurance for Women domain in Policybazaar.com and educates the mass about its importance and benefits.

Best Life Insurance Plans: Term Insurance + Investment Plans

Life insurance is a promise between you and the insurance company to financially protect your family. You pay the premiums to the company, and in return, if something happens to you, the company gives the sum assured to your family. This money helps them manage their living expenses and other financial needs. Besides that, life insurance can also give you some benefits while you're alive, like saving money on taxes and receiving a maturity benefit payout when the policy ends.

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Types of Life Insurance

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  • information

Types of Life Insurance

Life Insurance Plans

TERM INSURANCE

Life Cover For Family’s Protection

Ensure your family's financial protection with ‘Term Insurance Plans’ and secure large sum assured at affordable premiums. The amount is paid to your family/nominee in case of your unfortunate demise during the policy term, providing them with a reliable financial backup in case of your absence.

  • Return of Premium
  • Critical Illness Cover
  • Tax Benefits
  • Affordable Premiums

INVESTMENT PLAN

Life Cover With Wealth Creation

Choose an ‘Investment Plan’ to fulfil financial goals like providing higher education for your child or ensuring stable income post-retirement. Best suited for someone looking to build wealth through market-linked/guaranteed return plans for the future while getting long-term protection via in-build life cover.

  • Long Term Wealth Growth
  • Guaranteed Payouts
  • Tax Benefits
  • Return of Premium

Best Life Insurance in India 2025

  • Top Life Insurance Plans
  • High Return Policy
  • Plan Comparison
Name of the Insurer Term Insurance Plan Claim Settled Amount (cr) Entry Age Maximum Maturity Age
Aditya Birla Sun Life Insurance Company Limited ABSLI Income Suraksha Plan 458 21-55 years 70 years Apply Now
Aviva Life Insurance Company India Limited Aviva Signature 3D Term Plan 98 18-65 years 80 years Apply Now
Bajaj Allianz Life Insurance Company Limited Bajaj Allianz eTouch 603 18-55 years 99 years Apply Now
Bandhan Life Insurance Limited Bandhan Life iTerm Prime 86 18-65 years 70 years Apply Now
Bharti Axa Life Insurance Company Limited Flexi Term Pro 148 18-65 years 99 years Apply Now
Canara HSBC Life Insurance Company Limited Canara Young Term Plan 186 18-45 years 99 years Apply Now
Edelweiss Life Insurance Company Limited Edelweiss Life Zindagi Plus 59 18-65 years 80 years Apply Now
Future Generali India Life Insurance Company Limited Future Generali India Term Insurance Plan 33 18-60 years 65 years Apply Now
HDFC Life Insurance Company Limited HDFC Click 2 Protect Super 1,389 18-65 years 85 years Apply Now
ICICI Prudential Life Insurance Company Limited ICICI iProtect Smart 1,950 18-65 years 99 years Apply Now
IndiaFirst Life Insurance Company Limited IndiaFirst Life Elite Term Plan 160 18-60 years 99 years Apply Now
Kotak Mahindra Life Insurance Company Limited Kotak e Term 321 18-65 years 85 years Apply Now
Life Insurance Corporation of India LIC New Tech Term Plan 18,398 18-65 years 80 years Apply Now
Axis Max Life Insurance Company Limited Max Life Smart Total Elite Protection 1,242 18-65 years 85 years Apply Now
PNB MetLife India Insurance Company Limited PNB MetLife Mera Term Plan Plus 407 18-50 years 80 years Apply Now
Pramerica Life Insurance Company Limited Pramerica Life Rock Solid Plan 30 18-65 years 85 years Apply Now
SBI Life Insurance Company Limited SBI eShield Next Plan 1,676 18-65 years 100 years Apply Now
Shriram Life Insurance Company Limited Shriram Life Smart Protection Plan 109 18-65 years 75 years Apply Now
Star Union DAI-ICHI Life Insurance Company Limited SUD Life Protect Shield Plus 113 18-60 years 80 years Apply Now
Tata AIA Life Insurance Company Limited Tata AIA Sampoorna Raksha Promise 776 18-65 years 100 years Apply Now
Life Insurance Policies in India with 10 Year Returns

Let us take a look at the list of SIP plans with in-built life cover to invest in 2025 in India 

Insurance Funds Plan Name 10 Years
Max Life High Growth Fund Online Savings Plan 20.50% Apply now
Tata AIA Top 200 Fund Smart SIP - Wealth Secure 20.30% Apply now
Birla Sun Life Multiplier Fund Wealth Smart Plus 18.14% Apply now
PNB Metlife Virtue II Mera Wealth Plan 17.86% Apply now
Bajaj Allianz Accelerator Mid Cap II Fund Goal Assure III 16.83% Apply now
HDFC Life Opportunities Fund Click2Invest 16.82% Apply now
Bharti AXA Growth Opportunities Plus Fund Wealth Maximizer 16.16% Apply now
Kotak Frontline Equity Fund E-Invest 15.98% Apply now
Edelweiss Life Equity Top 250 Wealth Secure+ 14.06% Apply now
Future Generali Future Apex Fund Big Dreams 13.96% Apply now
ICICI Prudential Opportunities Fund Signature 13.80% Apply now
SBI Life Equity Fund eWealth Insurance 13.24% Apply now
Canara HSBC Growth Plus Fund Promise4Growth - Wealth 11.37% Apply now
Pramerica Debt Fund Smart Invest Plan 6.93% Apply now
LIC India Flexi Growth Fund Index Plus NA Apply now
Comparison of Life Insurance Plans in India 2025
Basis Term Plans Whole life insurance plans Endowment Plans (Guaranteed Returns) Unit Linked Insurance Plans Term Return of Premium Plans Pension/ Annuity Plans
Overview 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
Policy Term Range (in years) 5-85 Till you turn 100 yrs old 5-35 10-20 5-65 Whole life
Maturity Benefits 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
Death Benefits (in beneficiary) Life Cover Life Cover Sum Assured Sum Assured Life Cover Few plans offer this
Ideal For People who want 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.

AP in the above table is the Annualised Premium, the total premiums paid in a year excluding taxes, rider premium, or any underwriting on additional premiums.

You can use the life insurance calculator to estimate the required premiums you would need to pay for the desired life cover.

Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively.

Disclaimer: The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

What is a Life Insurance Policy? What is life insurance meaning and definition?

Life insurance policy is a contract between a policyholder and an insurance company, where the insurer agrees to pay a lump sum amount either upon the policyholder's death or after a specified time, in exchange for regular premium payments. This coverage ensures that your loved ones are financially secure in case of an unfortunate event. Some policies also offer a maturity benefit, paying a sum when the policy term ends, adding more value to your investment.

There are two simple types of life insurance policies:
pure protection

Term Life Insurance Plans

Pure Protection plans, also called term insurance plans, are designed to protect your family's financial future by providing a lump sum payment in case of your untimely demise.

saving plan

Savings/Investment Plans

A savings plan is a financial product that helps you plan long-term goals like buying a home, fees for children’s higher education, and more while providing life coverage benefits.

Different Types of Life Insurance Policies in India

Term Insurance

term insurance
Term Insurance

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

trop
Term Return of Premium (TROP)

TROP(Term Return of Premium) is a variant of term insurance that offers a Maturity benefit in the form of all the premiums paid being returned (excluding GST) at the policy's maturity. In case of the policyholder’s death during this term, the death benefit will be paid to the nominee as usual.

no cost term insurance
100% Refund of Premium at No Cost Term Insurance

No-cost term insurance plans allow you to exit the plan early and receive all the premiums paid till then at the termination of the policy. In case you do not exit the plan, the policy continues and terminates as normal T&Cs.

whole life
Whole life Insurance

Under Whole Life Insurance, the policyholder is covered till the age of 99/100 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

ulip
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
Guaranteed Return Plan (Endowment Policy)

A guaranteed return plan or an endowment plan offers combined benefits of savings and insurance. It helps you save systematically on a regular basis and receive the maturity benefit on the survival of the policy term. These plans also offer death benefits on the death of the policyholder during the policy term.

retirement plan
Retirement Plans

Retirement plans are long-term investments that allow customers to secure their post-retirement life. With these plans, the customer has to pay the premiums regularly or in one single go and can receive regular income immediately or after a deferred waiting period. On the death of the life assured, the entire premium paid is also returned to the nominee.

child plan
Child Plan

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

Key Features & Benefits of Life Insurance Policy

After understanding What is Life Insurance in simple words, let’s get into the details of features and benefits of life insurance policy:

  • Financial Security

    The primary benefit of a life insurance policy is that it offers long term financial protection to the policyholder’s family in case of an eventuality, like death, disability, or illness of the policyholder. You can buy the best term insurance policy or life insurance plans to secure your family’s financial future.

  • 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.

  • Maturity Benefits

    Depending on the type of life insurance policy, insurers may offer the applicable benefit amount as maturity benefit at the end of the policy term. The maturity amount in different plans, like term return of premium plans, can also be the return of premiums paid throughout the policy tenure.

  • Wealth Creation

    Certain types of life insurance policy plans, such as ULIP, endowment, or savings plans offer wealth creation benefits along with protection benefits. You can choose the types of plans based on your risk appetite and build a corpus for your future goals.

  • Death Benefit

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

  • 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 or pay them at periodic time periods like monthly, quarterly, half-yearly, or yearly. You should use a life or term insurance calculator to estimate the approximate premiums for your policy.

  • Tax Benefits

    Policyholders can claim life insurance tax benefits on the premiums paid under sections 80C and 80D. They can also claim tax exemptions under section 10(10D) as per the prevailing tax laws.

  • Riders

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

  • Loan Facility

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

  • Retirement Planning

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

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Life Cover

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20 Cr

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+Price is calculated for salaried, annual income 10 Lacs & education is graduate and above

How Does Life Insurance Policy Work?

While buying any life insurance, it is important to understand how life insurance works and how your nominee can get the policy benefits. Good understanding of this product will help you decide the frequency of premium payment, sum assured and the payout plan.

Buy Life Insurance

Take sufficient time to choose the right life insurance plan, requesting life insurance quotes based on your financial preference. While the best term insurance plans provide flexibility, the ultimate decision, encompassing factors like plan tenure and premium, rests with you, allowing for online or offline purchases based on your preference.

Premium Payment

As mentioned in the life insurance contract, you need to pay a consistently predetermined amount of premiums for continued coverage of the policy. You can choose to pay these premiums in your preferred mode and duration of the policy. You can use a life or term insurance calculator to estimate the premiums you need to pay for the desired life cover.

Claim Filing

In the final stage of a life insurance plan, the nominee receives the life cover on the death of the life assured. This is done by submitting the duly filled claim form and necessary documents, following verification by the insurer. Plans with a premium return option offer the life assured a refund of all premiums if they survive the policy term, allowing them to fulfil various life goals.

How to Buy Best Life Insurance Policy Online from Policybazaar?

Follow these simple steps to buy best life insurance policy plans online from Policybazaar.

  • Step 01

    Assess and decide on the goal for which you want to avail of a life insurance plan

  • Step 02

    Understand & compare the types of life insurance policy options that’ll help meet the goals.

  • Step 03

    Provide preliminary information to get personalized quotations or plan options

    Information required for Term Plans & Investment Plans:

    • Do you smoke or chew tobacco? (Yes/No)
    • Select your annual income
    • Select the occupation type
    • Choose the educational qualification
    • Age, Current city
    • Investment amount
    • Payment term and Plan duration
    • Select preference of investment option – Market linked or 100% Guaranteed
  • Step 04

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

how to buy policy

Who Should Buy a Life Insurance Policy?

Individuals between the ages of 18 and 65, who are Indian citizens or NRIs, with the financial ability to pay premiums, can buy life insurance policies. To buy term insurance in India or NRI term insurance you need to provide necessary documentation and accurate medical conditions before buying life insurance policy. It's essential to understand policy T&Cs and disclose information truthfully during the application process.

  • Working Individuals

    People who have salaried jobs can buy life insurance plans at affordable premiums. This allows salaried individuals to ensure the financial safety of their dependents in the event of their unfortunate demise.

  • Married Couples

    People who are newly married or have a dependant spouse can buy life insurance for spouse or life insurance with joint cover to secure their spouse’s financial future in their absence.

  • People with Kids

    Parents are often worried about the future of their kids, and a life insurance plan can help provide them peace, knowing that their kids will be able to fulfil their dreams and get higher education in their absence with a death or maturity benefit payout.

  • Housewives

    Now housewives can buy term insurance for housewife using their husband’s income proof and ensure the financial security of her loved ones in the event of her unfortunate demise. These plans offer a large life cover at affordable premiums.

  • NRIs

    Many insurers provide life or term insurance for NRI to help Non-Resident Indians secure thier family living back in India. Apart from the NRIs, PIOs (Persons of Indian Origin), OCIs (Overseas Citizens of India), and Foreign Nationals can also buy life insurance policy via tele or video medicals in India.

  • Retirees

    Retirees may find it difficult to maintain their financial freedom after the end of their monthly income. In such cases, a life insurance pension plan can provide them with the required monthly income during their golden years.

  • Business Owners

    Business owners or self-employed individuals usually take loans to start their business. However, in such cases, if they suffer an untimely death, the family might be burdened with the remaining loans. A life insurance payout can help them pay off any remaining debts and loans.

  • People with Debts

    People with outstanding loans and debts can consider buying life insurance, as it eases the financial burden that may fall on their shoulders in your absence and allows them to pay off the remaining loans with the benefit amount received. In case you outlive the policy, you can use the amount to pay off the existing loans yourself.

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Why Should You Consider Buying Life Insurance?

Life insurance provides financial security for your loved ones in the event of your unfortunate demise, thereby ensuring their well-being in the long run. It also gives an opportunity to save corpus for a secured future. Let’s understand the different reasons why you should buy life insurance:

Why is Life Insurance Important at Every Stage of Life?

Life insurance is important for people of all age groups and life stages due to the following reasons:

  • 01 For age groups 20-30 years:

    If you're in your 20s to 30s, buying life insurance is going to prove very beneficial for you, as it offers lower premiums for young professionals. It provides comprehensive life cover, safeguarding against multiple expenses, ensuring protection for you and your family.

  • 02 For age groups 30-40 years:

    For those aged 30-40, life insurance policy ensures financial security for the extended family, including spouse and children. It also helps clear loans and liabilities like home and vehicle loans, easing the financial burden if the sole bread earner is absent.

  • 03 For age groups 40-50 years:

    If you’re aged 40-50 years, you can consider buying a life insurance policy to start your retirement planning or save corpus for future expenses, such as your children's further education.

  • 04 For age groups 50 years and above:

    For those over 50 years of age, a life insurance plan provides a lump sum or regular income, supporting daily expenses and ensuring a peaceful retirement.

why important

Looking to buy a new insurance plan?

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Comparison of Life Insurance Plans in India 2025

Do’s and Don’ts of Life Insurance Policy

Comparing Life Insurance vs Other Products

There are various financial products that help you save money, such as life insurance and other savings products. Let us take a look at the comparison of life insurance vs other savings products available in India:

Contract of Insurance
Contract of Insurance
  • Life insurance is a contractual agreement that you make with the insurance company. You agree to pay them money regularly, and in return, they promise to payout the sum assured that will eventually help your family financially in case of an eventuality.
  • It's very important to provide accurate information to the best of your knowledge when filling out the application form.
Protection
Protection
  • Different life insurance plans provide the required financial protection for your family in case of your unfortunate demise during the policy term with its insurance component.
  • Other savings products might not have the insurance component and thus may not provide the required financial protection for your family in your absence.
Helps You Save
Helps You Save
  • Life insurance helps you save money by instilling a monthly saving habit and allowing you to pay your premiums at your convenience without any hassle.
  • Other savings products, like the Salary Saving Scheme, make it easy to save by deducting money directly from your paycheck.
Liquidity
Liquidity
  • Life insurance can be helpful if you need to borrow money in the future. You can use your life policy as collateral for a loan against the cash value accumulated.
  • Other savings plans might not offer this flexibility.
Tax Benefits
Tax Benefits
  • With life insurance, you can save on your yearly taxes under sections 80C and 10(10D) as per the prevailing tax laws.
  • Other insurance products might not offer the same tax benefits.
Access to Funds
Access to Funds
  • Life insurance policies can provide money when you need it most. Whether it's for your child's education, buying a house, or starting a business, the maturity, death, or loan payout can help.
  • Other savings plans might not be as flexible in giving you access to your money when you need it.

In a nutshell, life insurance offers a mix of protection and savings, making it a reliable option for securing your family's future. However, other savings plans have their advantages too, so it's essential to choose the one that fits your financial goals and needs best.

What are the Types of Deaths Not Covered in Life Insurance?

Let us take a look at the types of deaths not covered in life insurance:

  • 01 Death due to criminal/high-risk activities

    In case you are involved in illegal or criminal activities, the insurer will not pay the nominee the death benefit on your untimely death. Not only that, death caused due to high-risk sports will also not be covered.

  • 02 Pre-existing illnesses

    Death due to pre-existing illness is usually not covered in life insurance. This is why, most insurers require you to declare any pre-existing illness you might have at the time of policy purchase.

  • 03 Death due to intoxication

    In case the policyholder passes away due to overdose or intoxication, the insurer will not provide any benefit amount to the nominee of the policy. Death due to driving under the influence of alcohol is also not covered.

  • 04 Death due to Pregnancy or Childbirth

    Most life insurance plans do not cover deaths caused during pregnancy or childbirth. However, it is better to check the policy documents to get a clear idea of the types of deaths covered under a life insurance plan.

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What are the Benefits of Online Buying Life Insurance?

  • 01 Transparent and Safe:

    No hidden costs or charges are included when you buy a life insurance policy online and the 3rd party payment gateways are end-to-end encrypted, thus securing your sensitive details. 

  • 02 Registered and Certified Online Agents: 

    Policybazaar agents will guide you about every step for selecting life insurance product, i.e., form filling, payment and customer queries. All calls are recorded for security purposes. 

  • 03 Online Discounts:

    Based on the type of product, buying life insurance policy online is cost-effective. You get an additional 10% online discount on your first premium payment

  • 04 Easy to Buy in 1 click:

    Check for all life insurance products and plan options, select policy tenures, premium payments, everything from the comfort of your house.

buying life insurance

What are the Payout Options Available in Life Insurance?

Let us take a look at the following payout options available in life insurance:

  • 01 Lump Sum Payout

    Most life insurance provides the option of receiving the benefit amount in a single lump sum payout. This can help your family pay off any remaining loans or debts.

  • 02 Monthly Income Payout

    The monthly income payout option helps your family receive monthly income in your absence, which can act as your income replacement in your absence.

  • 03 Lump Sum + Monthly Income

    The lump sum + monthly income option pays a part of the total sum assured as a lump sum, and the remaining is paid in monthly installments over a period of time.

  • 04 Increasing Monthly Income

    The increasing monthly income option pays the total sum assured in monthly installments increasing at a fixed rate every year for a fixed period of time.

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Life Insurance Terminologies You Should Know

  • 01 Policyholder

    The individual who purchases the life insurance policy and pays the premiums.

  • 02 Insurer

    The insurance provider or the insurance company that offers the policy.

  • 03 Premiums

    The amount the policyholder has to pay to get the desired life insurance coverage.

  • 04 Policy Term

    The duration for which the insurer covers the life assured.

  • 05 Life Assured

    The person covered or protected under the life insurance policy.

  • 06 Nominee/Beneficiary

    The person who would receive the death benefit in the event of the life assured’s death.

  • 07 Life Insurance Riders

    The optional benefits that enhance the coverage of the base policy at nominal premiums.

  • 08 Death Benefits

    The amount the nominee would receive in case of the policyholder’s death during the policy term.

  • 09 Maturity Benefits

    The total amount the life assured would receive in case he/she outlives the policy tenure.

  • 10 Sum Assured

    The amount for which the life insurance policy has been purchased and the amount payable in case of a claim.

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  • 01 Age and Gender

    The life insurance premiums are affected by the age and gender of the policyholder as the older you get, the more your premiums will be, and the premiums for a female customer are much lower than that of a male customer.

  • 02 Family Medical History

    Your family’s medical history also affects your life insurance premiums, if your family has a history of serious illnesses, the premiums you will have to pay will be higher as the likeliness of you getting those diseases are much higher.

  • 03 Health Conditions

    The healthier you are, the lower your premiums will be. This is because the chances of the insurer having to pay the claims for a healthy person are lower than that of a person with pre-existing illnesses.

  • 04 Type of Life Insurance

    The type of life insurance you opt for also affects your life insurance premiums. For example, the premiums for term insurance will be much lower than that for a ULIP plan or endowment plan.

  • 05 Lifestyle Habits

    Lifestyle habits like smoking or drinking alcohol can increase your premiums as they can decrease your quality of life. Not only that, if you frequently participate in adventurous activities like paragliding or other such sports, this will also increase your premiums.

  • 06 Sum Assured

    The larger the sum assured, the lower your premiums will be. However, some types of life insurance plans like term insurance, offer low premiums for large cover as well.

  • 07 Occupation Types

    Your occupation type can also affect your life insurance premiums. For example, if you work at a desk job or a job with a lower risk to life, your premiums will be much lower than of a person working at a job with a higher risk to life.

  • 08 Policy Term

    The duration for which you opt the life insurance also affects your life insurance premium rates. The longer the duration of the policy, the higher the premiums will be.

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What Happens When You Buy Life Insurance?

When you purchase a life insurance plan, you enter into an agreement and pay a premium - either monthly or annually - to the insurance company on a regular basis for a specified period of time. In case of your death, the insurer will provide your dependents or loved ones with the sum assured. If you survive the policy term, you may be eligible for a maturity benefit, depending on the policy’s T&Cs. Here is what to expect when buying a life insurance policy:

  • 01 Choosing a Policy

    The first step is deciding on the type of life insurance policy you want, the amount of coverage you need, the term that best fits your requirements, and selecting your beneficiaries.

  • 02 Application

    You must complete the necessary steps and fill out the application form. A medical examination might be required to assess your health.

  • 03 Approval and Payment

    Once your application is approved, you receive the policy documents and begin making regular premium payments.

  • 04 Death/Maturity

    Upon the policy’s maturity or death of the insured, the insurer pays the designated beneficiaries the death benefit or the maturity amount.

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Frequently Asked Questions

  • Term Insurance
  • Investment Plans
  • Life Insurance
  • What is Term Life Insurance?

    To answer what is term life insurance, it is one of the simplest life insurance plans, which takes care of the expenses of your family in your absence in the form of a huge life cover for a very small premium. In case of policyholder's untimely death, their family or nominee receives the Cover Amount as per the policy. These life insurance policy plans can be customized to one's needs by including add-on benefits like: Early Payout on Critical Illness, Additional payout on Accidental Death, Additional benefits on Diagnosis of Critical Illness, etc.

  • Who Should Buy Term Life Insurance?

    Anyone can buy 1 Crore term life insurance policy plans. If any of your family members is dependent on you for their expenses or future needs, then it is highly recommended that you get covered under term life insurance policy plans. Buying a Term life Insurance will ensure that your family is not impacted financially in your absence.

  • Is term insurance worth it?

    Yes, term insurance is a worthwhile purchase, especially if you want to ensure the financial protection of your loved ones in the event of your unfortunate demise. These plans provide the required financial security in your absence and help your family take care of their needs

  • What does a term insurance do?

    A term insurance provides the required financial protection for your loved ones in the event of your unfortunate demise. The benefits of term life insurance plans are that they are highly affordable and offer long term protection with a large life cover.

  • How much life cover do I need to protect my family?

    Your Cover amount of Term Insurance should be a factor of your family's expenses keeping in mind the inflation as well.

    A simple way to calculate is going upto 25x of your annual earnings so as to sufficiently cover your family's financial needs in your absence. You can use a human life value calculator to check the suitable life insurance cover amount for your family.

  • Do you get your money back at the end of a term life insurance?

    Term insurance plan offers an option of Return of Premium. In case you choose this option, all the premium paid, excluding GST, is paid back as a Survival Benefit in case the policyholder survives the Policy Term.

  • What's the difference between whole life and term life insurance?

    The difference between whole life and term life insurance policy plans is that whole life policy covers you for your whole life, i.e., till 99 or 100 years, and term plans cover you for a limited term (like 5 to 40 years). Both types of life insurance policy plans are good options to consider for securing the financial future of your loved ones.

  • What happens to term life insurance after maturity?

    If you outlive your term insurance policy tenure, in case of a regular plan, the policy will expire, and the insurer will no longer cover the policyholder. However, in case of a term return of premium plan, the premiums paid throughout the policy tenure will be returned to the policyholder after some nominal deductions like GST, admin charges, and other such charges.

  • Is it recommended to have add-ons in my Term plan?

    Add-ons are optional; however, including them in your primary policy can be very useful in unexpected events. They provide enhanced Life Cover at affordable premiums. You can have additional benefits within a single policy, like waiver of premium, critical illness benefit, accidental death benefit, income on disability, etc.

  • How to avoid rejection of your term insurance claim?

    Here are some points that should be considered to avoid rejection of your term insurance claim:

    • Keep the nominee information on your life insurance plan updated
    • Make sure to file your life insurance claims as soon as possible
    • Fill out your life insurance plan claim application form on your own
    • Ensure to update the list of your beneficiaries and they should have all the information about your active plans. Policybazaar offers claim assistance cards to their customers in order to access policy details easily
    • Make sure to provide correct information to the insurance company, especially details such as income, age, occupation, lifestyle habits, and medical conditions at the time of life insurance policy issuance
    • You should pay your life insurance policy premiums on time to avoid policy lapse and continue to receive benefits
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  • Which is a better investment - Life insurance investment plans or other options like mutual funds?

    Life insurance investment plans and mutual funds are two very different investment products. Even though it is tough to compare these investment options together,

    Investment life insurance plans like ULIP are good for individuals who:

    • Wants to grow wealth while securing family’s future
    • Wants to save on their taxes
    • Wants less stress during market volatility
    • Are looking for a medium to long-term investment horizon
    • Have low to medium risk appetite

    Investment options like Mutual Funds are suitable for someone who:

    • Is looking for short to medium-term investment horizon
    • Wants only to grow wealth
    • Has a high to medium risk appetite
    • Wants high liquidity and is not keen on tax-saving benefits (for non ELSS funds)
    • Have knowledge & expertise to manage market volatility
  • What is the safest investment with the highest return?

    The safest investments with the highest returns in India are capital guarantee plans and ULIP plans. These plans allow you to grow your money in the long run while getting life protection through the insurance component of the plans.

  • What is the best investment to grow money?

    The best investment to grow money depends on your individual needs. If you require a certain amount as a fixed life cover along with your wealth creation, you may want to opt for a capital guarantee plan. Whereas, if you require an investment plan with higher returns and a flexible insurance component, you may opt for the ULIP plan.

  • What if I invest Rs. 5000 per month?

    Depending on the type of investment and the risk profile of your investment, a monthly investment of Rs. 5000 can yield varying returns. It is suggested that you do thorough research on the types of plans and investment options available in the market and assess their returns before investing.

  • What are the 4 types of investments?

    The 4 major types of investment options available in India are as follows:

    • Unit-linked investment plans (ULIPs)
    • Systematic Investment Plans (SIPs)
    • Public Provident Fund (PPF)
    • National Pension Scheme (NPS)
  • What all should be considered before selecting an investment plan or fund?

    One should do thorough research before investing in any option like market-linked or guaranteed return life insurance policy plans. Following are some pointers to be considered before making a selection

    • How does the investment plan work during the invested duration?
    • What are the financial goals which are to be met through the plan?
    • What are the risks attached to the investment option being considered?
    • What returns can be expected on the investment?
    • How much amount can one invest, and for how long?
    • What are the costs, charges which are applicable to keep or sell the investment?
  • What is asset allocation and how does it work?

    Asset allocation, in basic language, means allocating or dividing your assets amongst various asset types, such as bonds, cash, stock, etc. The primary purpose behind the allocation of assets is to minimize market volatility and maximize returns. Allocation of assets works best for an individual when the following factors are taken into consideration:

    • The risk taking ability of the investor
    • The investment related goal
    • The time horizon, that is, the duration for which the investor is willing to keep their money invested.
  • What are the life insurance policies that offer compounding benefits?

    Following are the different life insurance policies that offer compounding benefits:

    • Whole life insurance: These plans offer lifelong protection and accumulate cash value over time, leading to high compounding benefits.
    • Endowment Plans: These life insurance plans offer dual benefits of insurance and savings, helping you create a corpus with bonuses and returns from life insurance.
    • Unit-linked Insurance Plans: With these plans, you have the flexibility to invest in various market-linked products, which allow you to compound your investment corpus over time.
  • What are minimum criteria to be met to be eligible for an investment plan?

    Any residential Indian citizen above the age group of 18 years can invest in various investment plans of their own choice. While making an investment in investment plans, the important eligibility criteria that are required to be fulfilled are:

    • Address proof.
    • Photo ID.
    • Aadhaar Card.
    • Bank Passbook.
    • PAN Card.
  • How are the Fund Values calculated & where can it be tracked regularly?

    Fund Value is the total monetary worth units of a policy owned by the policyholder. Fund Value can be easily calculated by multiplying the NAV (Net Asset Value) of each unit by the Number of Units held by the policyholder.

    There are several online tracking apps available on the internet where any individual can easily track their fund values.

  • Are Life insurance investment plans available to NRIs?

    Yes, as per FEMA (Foreign Exchange Management Act), any NRI (Non-Resident Indian) or PIO (Person of Indian Origin) who lives abroad has all the rights to purchase any life insurance investment plan available in India, just like any other resident in India.

    Any person of Indian origin can buy life insurance online to protect and safeguard themselves and their families.

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  • What is life insurance in simple words?

    To understand what is life insurance policy in simple words, you need to understand that it is an insurance product essentially used to ensure the financial security of your family. You select a sum assured and regularly pay the premiums to keep the policy active. In turn, the insurer promises to pay the selected sum assured to your family in case of your untimely death during the policy term. This payout from the insurer can help your family take care of their financial needs in your absence.

  • What is life insurance meaning?

    Life insurance meaning and definition is that it is a contract signed by the insurer and the policyholder. Under this, the insurance company agrees to provide the required coverage during the policy term in exchange for regularly paid premiums. During the policy term, if the policyholder suffers an untimely death, the insurer will payout the death benefit to the nominee of the policy.

  • Why life insurance is important?

    Life insurance is important because it offers financial protection to the family if the policyholder passes away unexpectedly. It ensures that the family remains financially stable and doesn't have to compromise on their standard of living due to the loss of income. By covering expenses like bills, education, or loans, a life insurance policy helps maintain the family’s financial independence during a difficult time.

  • Why is Life Insurance called life assurance?

    Life insurance is called life assurance because it covers the policyholder’s risk to life. It is called a life assurance policy as it assures the benefit amount to the nominee of the policy in case of the policyholder’s untimely death in the form of a death benefit. The most common risks covered under life insurance are the death of the policyholder, accidental total permanent disability, diagnosis of terminal or critical illness, or accidental death of the policyholder.

  • How many types of life insurance are there?

    There are 2 main types of life insurance plans: namely, term insurance and investment plans. Under these 2 types of life insurance plans, there are several other variants of term and investment plans for you to choose from.

  • Is it worth getting Life Insurance?

    Yes, a life insurance is worth it, if you have financial dependants like spouse, kids, or parents. A life insurance is a good investment option as it can help provide them with the suitable financial stability in your absence and a chance to create wealth in the long run. The death benefit payable on your death can help them pay off any remaining loans and maintain existing lifestyle.

  • What is life insurance premium?

    Life insurance premium is the amount the policyholder has to pay for the required premium payment term to ensure that the insurer provides coverage for the specific policy term. It is suggested that you always compare life insurance premium before buying the most suitable life insurance plan.

  • What are the Benefits of life insurance in India?

    There are several benefits of life insurance in India. Some of them are as follows:

    • Financial coverage for the family
    • Wealth creation for future goals
    • Get tax deductions and exemptions
    • Get cover for whole life (till 99/100 years)
    • Save for retirement or create legacy for kids
  • How to use life insurance?

    You can buy life insurance online and ensure the financial stability of your family in the event of your unfortunate demise. Life insurance plans work by offering life cover during the policy term in exchange for regularly paid premiums. With life insurance plans you can secure your family financially as well as create wealth for the future.

  • Which life insurance is best in India?

    The best life insurance depends on a variety of factors as well as personal needs. For example, age, premium of the policy, policy term, sum assured, benefits offered, and more. You can take a look at the available plans and compare them to find the best plan for your family.

  • How much is life insurance per month?

    The price of life insurance premium depends on a variety of reasons like the type of life insurance, the insurer, the sum assured, returns offered, and other such factors like policy benefits and features. A regular term insurance plan may start as low as 473 per month.

  • When should you buy Life Insurance?

    You should buy life insurance if you have dependents like parents or are planning to get married and have kids in the future. Life insurance will not only ensure the financial security of your loved ones but also provide you with the required maturity benefits in case you outlive the policy term. You can use the maturity amount to fulfil any financial goals that you may have.

  • Which is the best life insurance policy?

    The best life insurance policy in India depends on a person's individual needs. For example, term life insurance might be best suited for someone who needs a large life cover at affordable premiums, whereas an investment policy might be the best option for someone who wants to build wealth in the future.

  • 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.

  • How much life insurance should you have?

    To find the right life insurance sum assured, you need to assess your family current needs and expenses. Ideally you should consider having a life cover of at least 10 to 20 times your annual income. So for example, if you are 25 year old and your current annual income is 12 Lakhs, the ideal life cover for you should be 3 Crore.

  • What are the documents required to buy life insurance policy plans?

    The life insurance company will ask for the following documents at the time of purchasing life insurance policy plans:

    • Income certificates such as salary slip for last 3 to 6 months, ITR for last 2 to 3 years, Form-16, bank statements for last 6 months.
    • Address Proof such as utility bills, Voter ID, Aadhaar card, passport, driving license, savings account bank statement and bank passbook.
    • Identity Proof such as Passport, Aadhaar card, PAN card, Voter ID.
    • Age proof such as birth certificate, PAN card, Voter ID card, Aadhaar card.
  • How to Choose the Best Life Insurance Policy in India?

    Here is a step to step guide to help you choose the best life insurance policy plans 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 policy plans, compare them, and then select the one that suits you the best
    • Study the policy 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 policy plans requirement 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 Claim Care helpline through e-mail or SMS
    • You can go to the insurer claims section to submit an online claim
    • You can also contact the insurer on their toll free number or inform them over e-mail
  • What are the documents required for an insurance claim?

    The following documents are required to be submitted along with the insurance claim:

    • Statement form of Claim
    • 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 life insurance policy if you dont die?

    If the policyholder survives the entire tenure of the policy, then no benefit is paid in case of term plans, but in investment plans 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.

  • How can I get survival benefits with life insurance policy?

    Various life insurance policy plans offer survival benefits to their customers on surviving a certain period of the policy term. Using the survival benefits, you can pay off any medical or urgent financial emergencies that may arise in the future while being covered under the plan. You can also use the survival benefits to take care of your post-retirement life.

  • What will happen if I am unable to pay my life insurance premiums on time?

    If you are unable to pay your life insurance premiums on time, your life insurance policy will lapse. This means the insurer will no longer cover you against the eventualities of life, and no benefit will be payable to the nominee in case of your untimely death. However, most insurers offer the chance to revive your lapsed life insurance policy within the revival period by submitting the outstanding premiums and required documents.

  • 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 policy plans 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 policyholders ability to pay premiums and their health status, before forwarding their request for multiple plans.

  • How many life insurance company in India are there?

    In India, there are approximately 24 life insurance companies as per the IRDAI and the LIC or the Life Insurance Corporation is the only public sector insurance company.

  • What is the maximum age for life insurance?

    Since the maximum age for life insurance policy plans 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 assured, the assigned nominee or the legal heir can file a claim. Apart from them, any close relative or the agent who handles the policy can intimate the claim. The claim intimation should contain information like the date, place and cause of death.

  • What is the difference between term insurance and life insurance​?

    The difference between life insurance and term insurance lies in their coverage duration and cost. Life insurance provides lifetime coverage, meaning it protects your family throughout your entire life. Term insurance, on the other hand, only covers you for a specific period. Term insurance is more affordable compared to other life insurance plans and ensures that your family is financially secure if you pass away during the policy term, without imposing a financial burden on them.

  • What is surrender value in life insurance?

    The surrender value in insurance refers to the amount the insurance company pays if the policyholder terminates the plan before it matures. If the policyholder chooses to surrender the policy mid-term, the insurance company will provide the portion of the sum that has accumulated from earnings and savings up to that point.

  • 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 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 will not 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 am suffering from a terminal illness?

    If you are suffering from a terminal illness, you would not 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 do not 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.

  • What are the companies that provide policy status details in a few steps?

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Life Insurance News
SBI Life Insurance Launches Smart Platina Supreme Plan with Guaranteed Returns

SBI Life Insurance has launched the Smart Platina Supreme Plan, designed to provide policyholders with a combination of life cover and guaranteed payouts. This traditional life insurance plan offers assured regular income, making it an attractive choice for individuals seeking long-term financial security and protection for their families.

With flexible premium payment options, customers can choose between single, limited, or regular premium terms, depending on their financial needs. The plan offers guaranteed regular payouts after a set policy term, providing a steady income for the policyholder. This feature is ideal for people looking for financial stability in the long run while securing the future of their loved ones through life insurance cover protection.

Additionally, the life policy comes with tax benefits under the prevailing laws, making it an appealing option for tax-conscious investors. With a focus on flexibility and guaranteed returns, SBI Life’s Smart Platina Supreme Plan ensures peace of mind, allowing policyholders to plan their future with certainty.

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SBI Life Insurance Launches Smart Platina Supreme Plan with Guaranteed Returns

SBI Life Insurance has launched the Smart Platina Supreme Plan, designed to provide policyholders with a combination of life cover and guaranteed payouts. This traditional life insurance plan offers assured regular income, making it an attractive choice for individuals seeking long-term financial security and protection for their families.

With flexible premium payment options, customers can choose between single, limited, or regular premium terms, depending on their financial needs. The plan offers guaranteed regular payouts after a set policy term, providing a steady income for the policyholder. This feature is ideal for people looking for financial stability in the long run while securing the future of their loved ones through life insurance cover protection.

Additionally, the life policy comes with tax benefits under the prevailing laws, making it an appealing option for tax-conscious investors. With a focus on flexibility and guaranteed returns, SBI Life’s Smart Platina Supreme Plan ensures peace of mind, allowing policyholders to plan their future with certainty.

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Life Insurance in 2024: Higher Surrender Values and Improved Digital Services for Policyholders

In 2024, life insurance in India is set to see major improvements aimed at enhancing value for policyholders, driven by the Insurance Regulatory and Development Authority of India (IRDAI). One of the key changes is the introduction of higher surrender values for traditional life insurance policies, ensuring that those who exit their plans after paying premiums for a few years will receive a larger payout. This reform makes life insurance more financially rewarding, especially for those who need to surrender their policies early.

Additionally, life insurance companies are increasingly adopting digital processes, making it easier for customers to purchase policies, file claims, and access services without the hassle of paperwork. This push toward digitalization aligns with broader government initiatives to streamline industries and improve customer experiences.

These reforms, driven by IRDAI regulations and market competition, aim to provide better returns, increased flexibility, and more user-friendly interactions, making life insurance a more attractive option for policyholders in 2024.

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FDI in Insurance May Increase to 100%, Boosting Life Insurance Sector

The Indian government is considering raising the foreign direct investment (FDI) limit in the insurance sector to 100%, a significant increase from the current 74%. This change, part of the upcoming Insurance Amendment Bill, aims to enhance insurance penetration, which remains low at around 4% in India.

For the life insurance industry, this move could bring in global players with more capital, improving product variety and service quality. With 24 life insurers currently operating, this reform could reshape the sector, making life insurance more accessible and competitive. Additionally, the bill proposes allowing agents to sell policies from multiple insurers, offering customers broader choices. These measures aim to strengthen the life insurance market and support the government's financial inclusion goals.

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GST Relief on Life Insurance Premiums Likely in December Meeting

The upcoming GST Council meeting, now scheduled for December 23-24, is expected to address tax relief on life insurance premiums. Initially planned for November, the meeting was delayed to align with Union Finance Minister Nirmala Sitharaman’s pre-budget consultations with state finance ministers.

A key proposal under consideration is the full GST exemption on term life insurance premiums, which currently attract an 18% tax, significantly raising policy costs. The proposed exemption would benefit a large segment of the population, particularly seniors and those with basic term life policies. The Group of Ministers on GST has also recommended a complete exemption for health insurance premiums for senior citizens.

While the exemptions are anticipated to reduce government revenue by around ₹200 crore, this is expected to be offset by proposed rate hikes on luxury goods like high-end watches and shoes. These measures aim to ease financial burdens on households ahead of the Union Budget.

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Canara HSBC Life Insurance Unveils ‘Promise4Future’: A Blend of Protection and Savings

Canara HSBC Life Insurance has launched a new plan, ‘Promise4Future’, offering a unique mix of life protection and wealth creation. This life insurance plan caters to modern consumers seeking both financial security and long-term savings growth. Available in two variants, Savings4Future and Income4Future, the policy allows individuals to grow their savings while securing their loved ones’ future.

The Savings4Future variant ensures protection with savings, offering guaranteed returns plus bonuses, while Income4Future provides a steady income stream and a lump-sum benefit. With features like flexible premium payments and high-premium boosters, this plan offers both security and the opportunity to build wealth.

Designed with customer's needs in mind, Promise4Future empowers policyholders to confidently manage their financial goals.

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Bajaj Allianz Life Teams Up with Indian Navy to Secure Life Insurance for Naval Civilians

Bajaj Allianz Life Insurance (BALIC) has partnered with the Indian Navy to offer customized life insurance solutions to its civilian personnel. This collaboration, part of the Navy’s "Year of Naval Civilians" initiative, aims to provide comprehensive coverage at affordable rates, ensuring the financial security of naval civilians and their families.

The life insurance plans offered under this initiative are designed to address the unique needs of naval civilians, offering long-term protection while supporting their life goals. These plans provide peace of mind through benefits like financial protection, family security, and guaranteed coverage, which are critical for safeguarding the future.

Vice Admiral Sanjay Bhalla praised the tailored offerings, while Tarun Chugh, MD & CEO of BALIC, emphasized that this partnership will help bridge the insurance gap and extend life insurance benefits to more Indians. Educational sessions will also be organized to increase awareness about the value of life insurance among naval civilians.

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New Surrender Value Rules Boost Life Insurance Refunds

Starting October 1, 2024, policyholders in India will receive higher refunds upon surrendering their life insurance policies, thanks to new guidelines from the Insurance Regulatory and Development Authority of India (Irdai).

The special surrender value (SSV) will now be applicable after just one year, ensuring that policyholders receive a refund even if they exit early. The calculation will consider paid-up benefits and accrued bonuses, providing greater liquidity and flexibility. Insurers are required to implement these changes by September 30, 2024, enhancing protections for customers against mis-selling in the insurance sector.

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IRDAI's New Rules: Higher Payouts for Life Insurance Policyholders on Early Exits from October 1

Starting October 1, life insurance policyholders in India will benefit from new rules introduced by the Insurance Regulatory and Development Authority of India (IRDAI). Under the updated regulations, those who choose to exit their existing endowment policies early will receive higher surrender payouts. Previously, policyholders exiting in the first year would lose the entire premium. Now, they will get back a portion of their premium, providing greater flexibility and financial relief, especially for those facing mis-selling or unable to pay premiums (These changes will not affect ULIP and term insurance plans).

While some insurers have expressed concerns over the impact on long-term policyholders and company margins, experts believe these changes will benefit policyholders by offering fairer treatment. The new rules also include mandatory customer information sheets for clearer policy details and penalties for insurers failing to comply with ombudsman rulings.

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IRDAI Upholds Surrender Value Rules, Confirms October 1st Deadline

The Insurance Regulatory and Development Authority of India (IRDAI) has rejected the Life Insurance Corporation of India’s (LIC) request to amend surrender value regulations. LIC had sought to revise the interest rate assumption for calculating surrender values and suggested using a plan-based Government Securities (G-Sec) benchmark. However, the IRDAI emphasized that rules must be uniformly applied across all insurers, including LIC, and confirmed that new regulations will take effect on October 1, 2024, without further extensions.

The new norms will see reduced surrender charges and mandate that surrender values reflect “reasonableness and value for money” for policyholders. Additionally, health and life insurers must comply with revised health product regulations by the same deadline. Despite industry requests for more time, IRDAI has ruled out any delays.

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Family Security and Savings Drive Life Insurance in India

A recent survey by Canara HSBC Life Insurance reveals that most Indians purchase life insurance to prioritize savings and family financial security. The survey found that 57% of respondents bought insurance for savings, while 44% focused on securing their family's financial future.

However, only 26% cited retirement planning or securing their children's futures as primary reasons. The survey also uncovered a significant gap in policy reviews, with only 11% of respondents regularly reviewing their coverage. Nearly 64% of individuals regretted not starting term insurance plans earlier, and just 25% felt confident that their policies could cover unexpected costs. These findings highlight the need for timely, comprehensive financial planning.

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ABSLI launched their new Salaried Term Plan that pays 1.25% of the Sum Assured as Fixed Income

Aditya Birla Sun Life Insurance launched its new Salaried Term Plan that offers both regular life cover and return of premium life cover options.

The Fixed Income Cover option pays 1.25% of the sum assured on the policy’s month anniversary during the Income Benefit Period. You can also choose the Increasing Income Cover, where the income increases at 5% or 10% per year.

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Self-employed and business owners can now buy term life insurance plans upto 1 Crore without income proof.

Life insurance companies like HDFC life insurance and Bandhan life insurance now offer term insurance plans upto 1 Crore without income proof i.e.

ITR of the last 3 years for self employed and business owning individuals. Not only that, they can also claim an online discount of upto 10% on the premiums payable.

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Max STEP Term Plan Provides Instant 2 Lakhs On Claim Registration

Max Life launched the 'Smart Total Elite Protection Term Plan,' catering to the evolving lifestyle choices of HNI customers. Customized for a sum assured equal to or exceeding 2 crores, it features discounts for higher sums and budget-friendly premiums.

This term insurance plan includes critical illness coverage, Max Life Waiver of Premium Plus Rider, exit value, premium breaks, terminal illness payout, and instant 2 Lakhs on claim registration. Moreover, NRIs can enjoy a 5% online discount.

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Role Of Term Insurance Amidst China’s Pneumonia Outbreak

In the wake of this pneumonia outbreak in China, the significance of term insurance claims and benefits becomes apparent in providing financial support to those affected. Families struggling with the impact of the outbreak, especially if the primary breadwinner falls ill, can find solace in the financial safety net provided by term insurance. The benefits can cover medical expenses, daily needs, and other unforeseen costs, offering a sense of security during a challenging time. This underscores the broader role of insurance in not only safeguarding against unexpected events but also in providing practical assistance when faced with health crises.

The financial support provided by Term Insurance ensures that necessary medical treatments and care are accessible, enabling families to focus on recovery without the added stress of financial strain. In times of health crises, the role of term insurance emerges as a crucial support mechanism for those navigating the challenges brought about by the pneumonia outbreak in China.

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Claim Your Cyclone Michaung Relief: Quick Life Insurance Payouts for Families in Need

With over 8 deaths caused by Cyclone Michaung in Chennai, many victims suffered financially and emotionally. If you, too, have lost a loved one to Cyclone Michaung, you can contact the insurance provider to claim the life insurance.

Insurers aim to assist families with funeral expenses and immediate financial needs with fast-tracking payouts. You can attach and submit the essential documents, like the death certificate and policy details, to initiate the process online and get the support you need during these challenging times. If the policy was purchased via Policybazaar, you can simply contact your relationship manager and he/she will take care of the claim process for you.

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Be Financially Ready: 4 factors to consider before choosing life insurance coverage

Financial readiness is the skill to navigate life's necessities and uncertainties by evaluating income, budget, spending, avenues for maximizing and saving income, and planning for emergencies and retirement. Let's understand the 4 key points to consider before choosing life insurance coverage:

Current Income: Start by evaluating your current income to determine the needed coverage for sustaining your lifestyle and understanding your premium-paying capacity.

Current Expenses: Examine all facets of expenses, including living, holidays, medical costs, and others, to gauge the financial landscape.

Dependents and Financial Goals: Assess the financial goals of dependents for effective life insurance coverage, acting as a security blanket in unforeseen circumstances.

Future Expenses and Liabilities: Consider future expenses related to desired lifestyle, major purchases, and significant life events to estimate the required life insurance coverage.

By acknowledging these 4 factors, you will be able to choose the ideal life insurance coverage.

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World Diabetes Day: Key factors to keep in mind before buying life insurance policy

World Diabetes Day, observed on the 14th of November, is yet another important day when you should introspect your health condition. It is also essential to keep in mind the important factors before choosing a life insurance policy. Here are the key factors to keep in mind before you opt for the right plan this World Diabetes Day:

Type and Severity of Diabetes:

Understand your diabetes type and severity; better management and controlled HbA1c levels impact plan eligibility and premiums.

Choosing the Right Provider:

Research insurers with a customer-first approach, prioritizing family financial security despite diabetes. Thoroughly examine products and insurers before purchasing.

Diabetes Management Impact:

Consistent efforts in managing diabetes enhance term plan options, potentially leading to more affordable premiums and even incentives from some insurers. Effective management boosts insurability and financial security.

These key factors allow you to buy the ideal life insurance plan for a secured future.

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Introducing ICICI Pru Protect N Gain - A New Life Insurance Offering by ICICI Prudential Life Insurance

ICICI Prudential Life Insurance has introduced ICICI Pru Protect N Gain, a new product that offers you the dual benefits of protection as well as wealth creation and addresses the fundamental requirements of customers, i.e. protection and long-term savings.

With this plan, you can protect your family financially during the policy period and receive a substantial amount for yourself if you outlive the policy term. The product provides life insurance covers up to 100 times the annual premium and enables customers to maximise returns by offering 18 funds options spread across equity and debt to choose from, thus, making it an ideal plan to buy.

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Odisha Train Accident – How Important Is It To Claim Death Benefit?

200+ deaths, 1000+ severely injured – This was the magnitude of one of the worst train accidents in the country, that took place in the beginning of June, at Balasore, Odisha.

While the agony of people will take time to lessen, financial burdens can be taken care of with the help of the death claim amount of the deceased. Most insurance companies are granting relaxation in the life insurance claim settlement process to the affected families, thus, showing support during such critical times. The death benefit will provide immediate help to the families as well as long term support, so that they can pay off the daily living expenses. With fewer documents, like Bank details, death certificate and nominee’s address proof, and lesser settlement time, the claim settlement process has been eased out for the victims’ families.

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How Beneficial Is Term Insurance With A Return Of Premium?

Term insurance is the most affordable and convenient form of life insurance as it provides death benefit to the nominees of the policyholder upon his/her death. But, insurance companies have now come up with a new product that allows the policyholders to receive 100% of the premiums paid if they outlive the policy term.

Such plans are called Term Return of Premiums (TROP), and they offer zero-cost insurance plans, tax benefits under Section 80C and Section 10(10D) of the ITA and higher coverage in comparison to traditional term plans.

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Telangana Government Introduces Rythu Bheema Life Insurance Scheme for Toddy-tappers

The Government of Telangana announced the launch of the Rythu Bheema Life Insurance Scheme for toddy-tappers of the state. Under this life insurance scheme, the government will provide a life insurance cover of Rs. 5 Lakhs, to the families of those who died as a result of falling from trees by accident while performing daily chores.

The government further mentioned that the amount will be provided to the families of the deceased within a week of the toddy-tapper's death. The Excise and Finance Ministers of the state of Telangana have started preparing guidelines to implement this latest decision of the government.

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ABSLI Nishchit Aayush promises lump sum benefits with life insurance

Aditya Birla Sun Life Insurance Company Limited introduced a new-age savings plan, called ABSLI Nishchit Aayush Plan, that aims at empowering people to achieve their goals of life while they financially protect their families and loved ones even after death.

It encourages customers to invest in the ABSLI Nishchit Aayush savings life insurance plan, which offers guaranteed income, choice of income variant, lump sum benefits at policy maturity, and life cover during the policy term.

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Things You Must Consider Before Buying Term Insurance

Term Insurance is the simplest and most affordable form of Life Insurance. It provides high life cover at very affordable premium rates. However, there are certain things that you must consider before you opt for a term plan.

It is advised that you buy the basic plan which provides death benefits to the nominees. You also get riders to choose from so that you are covered for a specific risk. Moreover, you must always provide the correct details, such as health information, annual income, smoking preferences, etc. to the insurer before you purchase a plan. In addition to these things, you must always choose a renowned insurer with a high claim settlement ratio (CSR) to buy a term plan from. Choose your plan wisely.

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LIC Aadhar Shila Policy - The One Stop Shop For All Your Needs

LIC Aadhar Shila Policy is an endowment plan which provides both life insurance and savings potential. Moreover, this plan provides maturity benefits if the policyholder outlives the policy term.

It also addresses the liquidity requirements by offering a lending facility and vehicle insurance option. The maximum insurance term for this plan is 20 years, after which the policyholder can reinvest the lump sum in some other policy. The minimum investment term for this policy is 10 years and maximum is 20 years. However, the suicide clause in this policy is an exclusion.

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Know How Life Insurance Plans Can Rescue Your Family

As the bread earner of your family, it is your responsibility to provide the best of life to your dependents. Life Insurance can help look after your family when you least expect undesirable things to occur, such as accidents, critical illnesses, or worse, death.

A life insurance plan safeguards your family and enables them to maintain their standard of living after your death. Moreover, it allows your loved ones to repay the loans and debts you had taken when you were alive and doesn’t burden your family members with financial constraints. Lastly, it allows you to receive a tax deduction on your life insurance premiums under Section 80C of ITA, for up to a limit of Rs. 1.5 Lakhs. Therefore, it is wise to have life insurance plans so that you can enjoy peace of mind and not worry about your family’s future.

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Indian Insurance Sector Witnesses New Changes from April 1

A new line of changes have been observed in the insurance sector from the beginning of the new financial year, 2023-24. These changes include different insurance taxation, that says if a person pays premium of over Rs. 5 Lakhs, then upon maturity of the plan, the income derived from the policy is taxable.

Moreover, IRDAI has removed the previous commission cap, therefore, revising Expenses of Management (EOM) and commission limits for the insurance industry to increase insurance penetration and provide flexibility to insurers to manage their expenses.

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ICICI Prudential Life Insurance announced the launch of ‘ICICI Pru Gold'

ICICI Prudential Life Insurance has newly launched the ICICI Pru Gold, which is a long-term savings product that allows customers to earn an extra source of income to fulfill their diverse financial needs.

Apart from receiving guaranteed lifetime income, the life cover component of this product gives financial stability to the family. ICICI Pru Gold is available in three types to meet the diverse income demands of customers: Immediate Income, Immediate Income with Booster, and Deferred Income. An additional feature of this product is that it offers customers an option to save their earnings in a Savings Wallet rather than receiving them as regular payments. Customers can further withdraw the saved amount in their Savings Wallet in full or in part, depending on their needs.

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PNB MetLife announced the launch of Genius Plan

PNB MetLife Life Insurance has introduced the new Genius Plan that is specifically designed to help parents financially in funding their children’s higher education. It provides guaranteed benefits, including ATPD protection, a built-in waiver of premium on death, guaranteed benefits, flexibility for saving, and a higher benefit for girl children.

With this non-linked, non-participating, and individual life insurance plan, which offers both life insurance cover and a savings plan, parents can relax knowing their kids will be able to pursue higher education without worrying about using up all of their savings.

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Aviva Signature Guaranteed Income Plan offers long-term wealth creation and guaranteed income

Aviva Life Insurance recently launched its new savings life insurance plan called Signature Guaranteed Income Plan. The plan allows its customers to create a corpus in the long run and get guaranteed income while saving on taxes.

You can choose from 26 policy and premium payment tenures as per your convenience and financial needs. The plan offers maturity and guaranteed additions with zero alteration or frequency change charges. You can opt for any of the following variants of the plan: Signature Builder, Signature Investor, Signature Saver, and Signature Moneymaker. The plan was designed to fit the needs of people from different stages of their life and you should buy the plan and start your dual tax savings today.

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What is ‘Sum Assured’ in Life Insurance?

The term ‘sum assured’ is the benefit amount payable to the nominee in case of the policyholder’s unfortunate death or the maturity benefit you receive on outliving the policy term. Every life insurance is bought for the specific ‘sum assured’ or the life cover.

This amount is selected at the time of policy purchase and depends on factors like smoking habits, lifestyle, educational background, annual income, number of dependents, and more. The maximum amount of sum assured you are eligible for also depends on your Human Life Value calculation. You can buy life insurance plans online by comparing plans from different insurers and their maximum sum assured.

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This Valentine’s Day give your special someone the gift of financial security with life insurance plans

This Valentine’s Day, protect your partner’s financial future with a life insurance policy that also creates wealth. Where many give roses or chocolates, you can show your partner the ultimate act of love by securing their future.

With life insurance plans you can build a corpus for your loved one, make sure they are taken care of in your absence, and save on yearly taxes. You can buy either a savings life insurance plan or a pure risk protection term plan. You should always compare and buy life insurance plans online to get the plan at the most suitable premiums and life cover.

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Get a Life Cover of Rs. 2 Lacs by paying Rs. 436 per annum with Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-funded scheme, that offers individuals a life cover of Rs. 2 Lacs at the nominal premium rate of Rs. 436 payable annually. Under this plan, if you suffer an unfortunate death within the policy term, your family will receive Rs. 2 Lacs as a death benefit.

The policyholders will be covered until the age of 55 years and can pay their premiums automatically through their savings accounts. You can purchase the plan online or at your bank by submitting your basic details if you are between 18 to 50 years of age.

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Do’s and Don’t of life insurance policies

Life insurance policies are one of the most important factors in your financial planning. But to make sure you make the most of your life plans, we have created a list of do’s and don’t that you must keep in mind before purchasing a life insurance policy.

1. Do use a life insurance calculator to estimate the sufficient life cover for your family. 2. Do not delay purchasing a life insurance plan as the premium rates increase with age. 3. Do compare life insurance quotes as comparing life insurance plans online can help you purchase a plan that fits your budget and needs. 4. Do not lie about pre-existing health conditions as lying during policy purchase can get your claim rejected. 5. Do consider quitting smoking as many life insurance companies offer special premium rates for non-smokers. The life insurance premium rates for non-smokers are generally lower than the premium rates for smokers. Following these dos and don’t will help you buy the most suitable life insurance policy for yourself.

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HDFC Riders to enhance your base life insurance plan

HDFC Life Insurance is one of the leading insurers in the Indian insurance sector. They provide various financial products for the benefit of policyholders and you can enhance your HDFC term insurance plans by including any of the following riders in your base term plan.

1. Critical Illness: This rider provides financial help in case the policyholder is diagnosed with the critical illnesses specified in the plan. 2. Accidental Disability: In case the policyholder suffers a partial, permanent, or total disability due to an accident, the rider ensures a lump sum benefit payable by the insurance company. 3. Protect Plus: This rider provides protection against accidental death, personal accident, and cancer. It covers the policyholder and their dependants from any remaining loan repayment. You can include any of the above-mentioned riders in your base plan and customize the plan to fit your needs.

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Should you buy more than one life insurance policy?

Life insurance plans not only allow you to live a stress-free life by securing your loved ones but also help you build a corpus and save on your taxes. That is why it is better to purchase more than one life insurance plan.

Buying more than one life insurance plan is a great way to split the risk of claim rejection in case of your unfortunate death. But before you purchase a life insurance plan it is important to calculate the maximum limit of life cover you are eligible for. You can use the Human Life Value Calculator to calculate the right life cover limit for your life. While buying the various life insurance plans it is better to give accurate information regarding your age, nature of job, health conditions, annual income, and family medical history to avoid claims rejection.

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What are the Insurance Sections you should prioritize during your Income Tax planning?

One of the main benefits of insurance policies is that it not only provides the necessary financial protection and give a chance to grow wealth but also helps saves on yearly taxes. There are essentially 3 insurance sections in the IT Act of 1961, that you should consider while planning your taxes.

1. Section 80C: This section offers you a tax deduction of up to Rs. 1.5 Lacs on the total premiums you paid for insurance plans in a financial year. 2. Section 80D: This section is mainly applicable to health or medical insurance, but you too can claim deductions under this section by including medical riders like Hospi care, Surgical care, or critical illness riders in your base life insurance policy. 3. Section 10(10D): Under this section, the payout received in the form of a death benefit, in case of your unfortunate death or the maturity/survival benefit received in case you outlive the policy term will be completely tax exempted. These life insurance tax benefits in India can help you save a significant amount in the long run.

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How can you prevent your life insurance plan from lapsing?

A life insurance plan will lapse if the policyholder hasn't paid the premiums even during the plan grace period. A lapsed policy will no longer provide any kind of benefits, and in case you suffer an unfortunate death during the lapsed period, your family will not receive any death benefit.

To help you avoid your policy from lapsing, we have created a list of ways you can stay covered under the policy benefits. 1: Plan your Budget properly by using online tools like the life insurance premium calculator. 2: Pay your premiums on time using the company’s automatic billing system if you tend to forget to pay the premiums. This way the premiums will be deducted from your bank account directly on the due date. 3: Keep your profile details updated as you might receive premium payment reminders on the provided details. 4: Reinstate the life insurance plan if your policy has lapsed to stay covered under the policy benefits. Making sure that your policy premium payments are up to date ensures that your family is taken care of in your absence and you have a chance to create a corpus over time.

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4 times you should revisit your life insurance policy

A life insurance policy is a great way to build wealth while providing financial protection to your family. However, your needs might change with changes in life stages. If you already have a life insurance policy with a life cover enough to fit your needs, your needs might change once you get married with kids.

This is why we have created a list of all the times you should revisit your life insurance policy to ensure you have the right life cover as per your new needs. 1. After getting married, a life insurance policy financially aids your spouse in the event of your unfortunate death. 2. When having children, your family might require a larger life cover to maintain their lifestyle and pay for the child’s higher education. 3. On becoming a business owner, the life insurance plan can help fund the company until a new person is hired, in case something happens to you. 4. When you want to grow wealth, a life insurance plan’s investment portion can help create a corpus over time. With a life insurance policy, you can not only secure your family’s financial future in your absence but also grow your wealth to beat inflation and fulfill your life dreams.

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Why is life insurance a safe investment?

Life insurance policies are one of the best ways to secure your family’s financial future or intending to create a corpus in the long run. Let us see the various factors that cumulatively make life insurance plans the safest investment of life.

1. Regulation: IRDAI, the Indian insurance regulatory body releases its CSR values each financial year for policyholders to choose their insurer wisely and creates the guidelines for insurance companies to ensure that policyholders are protected. 2. Guaranteed benefits: Some life insurance plans like whole life insurance policies and money-back plans offer a certain guaranteed amount regardless of their health and circumstantial conditions. 3. Affordable premiums: Life insurance plans like term plans offer large life cover at low premium rates that fit in your budget and provide the needed protection. These factors combine to make life insurance plans one of the safest investment options in 2023. It is always important to do your research before and purchase life insurance plans from trusted sources.

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What is Human Life Value and why you should consider it before deciding on your life cover?

Human Life Value is an online tool that helps you calculate the sum assured you should have for your life insurance that will help secure your family. Since this amount will be provided to your family in case of your unfortunate death during the policy term, you need to choose this amount wisely.

The life cover should be enough to cover your family’s financial needs in your absence. A human life value calculator helps you calculate the maximum limit of your life cover for your life insurance policy by taking your current age and annual income into account.

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SUD recently launched its Life Century Gold Insurance Plan offering Guaranteed Maturity Benefits

Star Union Dai-ichi Life Insurance launched its savings life insurance plan called Life Century Gold Insurance Plan. This plan offers two plan options, namely; Goal Sure and Edu Sure which offer guaranteed maturity benefit inclusive of guaranteed additions at the maturity of the policy.

The plan also offers the flexibility to choose the premium payment frequency along with the policy and premium payment term. The plan can be purchased via online channels to gain additional benefits along with tax benefits. You can also choose to receive the death benefit in a lump sum amount or have it paid in three parts.

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Why should women consider investing in a life insurance policy?

Women make up almost 50% of the country’s population and thus it is important for females to take charge of their financial future. Here we have a list of reasons why women should consider investing in a life insurance policy

1. Life can be very uncertain but you can secure your family in your absence, with a life insurance policy in case something happens to you. 2. With a life insurance plan you would know the exact amount you need to invest to receive the desired amount as a return. This allows you to manage your money in a more effective manner. 3. A life insurance policy assures financial freedom as you won't be dependent on anyone for financial security 4. The premium amount for most plans is lower for women as women tend to live longer lives than men 5. Life insurance plans offer tax benefits to everyone under sections 80C and 10(10D). With these points in mind, you can find a life insurance policy suitable for your needs and budget.

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Bandhan Life Insurance recently launched their newest term insurance product: Bandhan Life iTerm Prime

Bandhan Life Insurance recently launched its newest term insurance product called the Bandhan iTerm Prime plan. The plan can be purchased by anyone within the 18 to 65 years of age range.

The policy offers a sum assured of over Rs. 25 Lacs with 3 premium payment terms, limited, regular, and single premium payment terms. There are also 3 premium payment modes available, namely, monthly, annually, and semi-annually. The plan also offers the option of including the Accidental Death Benefit Rider and Critical Illness Rider in the base plan to increase its coverage.

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Factors you need to consider before buying life insurance plans in 2023

According to IRDAI the life insurance industry saw a rise in premium rates in 2022 and is expected to increase further in 2023. To make sure you are buying the best life insurance plans at affordable rates we have created a list of points to consider before you buy a life insurance plan in 2023.

1. Motive of buying a life insurance plan 2. Selecting the right type of life insurance product 3. Estimating adequate life cover 4. Choosing the correct policy tenure 5. Including riders to the base plan 5. Checking the Claim Settlement ratio and solvency ratio of the insurers 6. Disclosing accurate personal information. Going through these points will ensure you end up with a life insurance plan that fits your needs and budget.

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Post Office offers life insurance plans with a sum assured up to Rs. 50 Lacs

Postal Life Insurance offers the PLI Whole Life Assurance-Suraksha Policy with a sum assured including bonuses up to Rs. 50 Lacs. The plan can be purchased by anyone within the 19 to 55 years of age range.

The policy offers a loan facility after 4 years of the policy being in force and tax benefits under Sections 80C of the Income Tax Act. The policy matures at the age of 80 and in case the policyholder suffers an unfortunate death before the end of the policy term, the nominee will receive the benefit amount.

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Don't worry if you have misplaced your original policy documents

Having the original policy documents are necessary as they need to be presented while placing a claim for death or maturity benefit of the life insurance plan. These documents are also important to understand the terms and conditions of the original policy.

Here is what you should do in case you can't find your original policy documents. 1. The first thing you should do is inform your insurer submitting your name, policy number, date of policy purchase, and type of insurance. 2. Publish an advertisement in the regional newspaper and send a copy of the published advertisement a month later to your insurance company. 3. You should sign an indemnity bond stating that you would return the original documents if you find them later. The bond protects you against the misuse of the original documents without your knowledge. The insurer will issue a duplicate of the documents after the issuance of the indemnity bond.

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What is a guaranteed income plan with life cover and who can benefit from it?

Guaranteed income plans are a type of life insurance policy that helps policyholders by offering combined benefits of savings as well as insurance. They provide guaranteed high returns, large life cover, and tax benefits on the premiums paid.

The plan works by allowing policyholders to pay premiums regularly for a fixed period while being covered under the plan. At maturity, they can receive their guaranteed income on a monthly, quarterly, yearly, or half-yearly basis. This plan is especially great for those who want to invest in low-risk plans and fulfill their life-long dreams.

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Canara HSBC launched its new savings plan called Guaranteed Fortune Plan

Canara HSBC Life Insurance recently launched its savings life insurance plan called Guaranteed Fortune Plan. The plan offers the dual benefit of long life cover and guaranteed payout.

The plan provides two plan options: Guaranteed Savings Option and Guaranteed Cashback Option. The guaranteed savings option provides a death and maturity benefit whereas the guaranteed cashback option offers a death, survival, and maturity benefit. The plan can be purchased online or offline as per your preference.

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Life insurance plans with a cash value at maturity offer loan facilities at low interest rates

Life insurance plans are often bought to secure life and provide peace of mind but they can also provide financial aid in times of emergency. A lot of life insurance policies offer death, maturity, and survival benefits but various plans also provide loan facilities through which you can request cash value at low-interest rates.

It is essential to remember that not all life insurance plans offer loan facilities. Plans like whole-life, money-back, or endowment offer loan features since they have a cash value at maturity.

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Secure your child’s future against the uncertainties of life with SBI Life Smart Champ and SBI Life Smart Scholar Insurance

SBI Life Smart Champ Insurance and SBI Life Scholar are two child life insurance plans that allow you to secure your child’s financial future. SBI life smart champ is an individual, non-linked, participating savings life insurance plan whereas SBI’s Smart Scholar secure is a unit-linked, non-participating life insurance product.

Smart Champ plan can be purchased for a child within the age range of 0 to 13 years while Smart Scholar can be purchased for a child below 17 years of age. Both plans offer single or limited premium payment options along with maturity benefits payable on the completion of the policy term.

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Bandhan Life’s iGuarantee Max Savings Plan gives you over Rs. 4.69 Lacs in return by investing Rs. 3000 monthly

Bandhan Life insurance recently released its iGuarantee plan that can give you over Rs. 4.69 Lacs in return by investing just Rs. 3000 per month. So if you are a 30-year-old male purchasing the plan for yourself for a policy term of 10 years.

If you are investing Rs. 3000 per month then your total investment over the entire policy term would have been Rs. 3.6 Lacs. If you suffer an unfortunate death during this policy term your family will receive Rs. 4,00,310 as a guaranteed death benefit and in case you outlive the policy term you will receive Rs. 4,69,278 as the Guaranteed maturity benefit.

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Reviews & Rating
4.9 / 5
(Showing Newest 10 reviews)
AS B
Aman
Ahmedabad, September 23, 2024

joint cover for spouses

"The joint term plan for my spouse and I was a perfect choice. We are both covered under one policy, and it is affordable for our combined needs."

A
Ajay
Jaipur, September 23, 2024

no medicals term insurance

"I chose a policy with no medical checkup, which made the process incredibly smooth and quick. I got covered within days without any hassle."

BP
Bhagwati
Pune, September 23, 2024

premium breaks in term plans

"I picked a term insurance policy that allows for premium breaks if I face financial difficulties. It is a great way to ensure continuous coverage even if life gets tough"

KK
Kailash
Surat, September 23, 2024

incresing term insurance

"With the increasing term plan, I feel confident that inflation will not reduce the value of the coverage. It grows with my familys needs."

T
Tammanne
Kolkata, September 23, 2024

cover increases every year

"I chose a term plan with coverage that increases every year. This way, my family will be better protected as inflation rises and our financial needs grow."

JAM
Jahoor
Chennai, September 23, 2024

term plan with return of premium

"I opted for a term plan with a return of premium feature, which means that if I outlive the term, I get all my premiums back. It is a nice backup plan for my purchase."

LR
Lalit
Bangalore, September 23, 2024

optional riders with term plans

"The option to buy additional riders, like accidental death and disability, gives me extra protection beyond basic life cover. It makes my policy feel more complete."

KS
Kuldeep
Mumbai, September 23, 2024

critical illness cover with term plan

"I love that I could choose a critical illness rider. If I get diagnosed with a serious illness, my family will receive the financial help they need without dipping into savings."

SG
Santlal
Delhi, September 23, 2024

term plan iwth waiver of premium

"My term policy includes a waiver of premium rider, so if I am ever disabled or critically ill, I do not have to worry about paying premiums while still being covered."

P
Prerna
Vadodara, September 23, 2024

income replacement term plans

"I opted for an income replacement rider in my term insurance plan. Now I know my family will have a steady income even if I am not there to provide for them."

Protect your family today @478/month+

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Disclaimer+

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. 478/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 IRDAI 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

Current Version
Dec 21, 2024
Written By
Rhishabh Garg
Reviewed By
Santosh Agrawal
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