Life Insurance
Protect your family today and get ₹1 Crore @478/month+
Tax benefit is subject to changes in tax laws
Life insurance is just like an investment for your family’s future. It is a contract between a policyholder and an insurer where the policyholder pays premiums for the plan chosen. In return, an insurance company promises an assured sum of money to the beneficiary of policy upon the policyholder’s unforeseen death. This, it’s important to choose a good life insurance plan catering to your preferences and needs.
There are life insurance plans like insurance plans that help you achieve desired financial goals, and Term Insurance Plans that provide affordable and comprehensive coverage, ensuring financial security for your loved ones in case of unforeseen events. If you are new to investing, you can get expert advice from IRDAI certified insurance advisors to make an informed decision.
TERM INSURANCE
Ensure your family's financial protection with Term Insurance. Get a large sum assured at affordable premiums. The amount is paid to your family/nominee in case of an unfortunate event during the policy known as ‘term’, providing them with reliable financial support in case of your absence.
INSURANCE PLAN
Choose an Investment Insurance Plan to fulfil financial goals like providing higher education for your child or ensuring stable income post-retirement. Idle for someone looking to generate wealth while getting long-term protection via in-built life cover.
There are only two types of life insurance plans: term insurance (protection plans) and insurance plans. Let's explore their different variants.
Term insurance is one of the simplest and purest types of protection plans. This plan pays your family members a fixed amount of money (sum assured) in case of your demise during the policy term. Term plans provide high life cover at a low premium rate. For example, 1 crore life insurance cover can be availed at just Rs 487/month. Since this is a pure protection plan, it doesn’t pay any payout if you outlive the policy duration.
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.
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 right option for you.
ULIPs or Unit Linked Insurance Plans, are insurance products that provide you with dual benefits of insurance and investment. They allow you to invest a larger portion of your premium in insurance funds while also providing life insurance coverage. This dual-purpose approach makes ULIPs a good option for people looking for insurance protection and investment growth.
After understanding the basics of insurance, let’s get into the detailed features and benefits of an insurance policy:
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While buying any type of life insurance plan, it is important for you to understand how life insurance works and how your nominee can get the policy benefits. To understand more that how it will help on deciding the payment frequency, payout and sum assured, let’s discuss in 3 steps:
When buying a life insurance plan, it is important to consider the below factors:
Life coverage amount you need
Type of life insurance plans that will fulfill your financial needs
Premium amounts that you will pay. For example, term insurance calculator helps you calculate the premiums to buy term insurance plan.
Riders that helps you get a enhanced financial cover.
Comparsion between different life insurance quotes of different companies.
The life insurance premium depends on some factors, such as type of plan you bought, policy term, premium payment term, your gender, your age, the insurer selling the plan, and your overall health, family history, and wellness.
To calculate term insurance plan premiums, you can use term insurance calculator
In life insurance claim, if the life assured passes away during the policy term, a death benefit is paid to the assured’s appointed nominee pre-specified by the insurance company. This claim can be submitted online using text messages, phone, email or in person at the insurer's branch office. In order to fasten the claim processing, it is a good idea to notify the insurance company once the required documentation is done. Always research about the claim settlement ratio of an insurer before buying a life insurance plan. This suggests the possibility that your death claim will get resolved.
Life insurance plays a crucial role in securing your financial future, from your first job to your retirement years. Below mentioned are some of the scenarios where having a life insurance policy will help you:
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 a life insurance policy. It's essential to understand policy terms and conditions and disclose information truthfully during the application process.
An insurance policy benefits some other groups of individuals in addition to the ones discussed above.
Life is unpredictable, and ensuring your family’s financial security in your absence is a important. Have you considered how they would manage daily expenses like EMIs, groceries, education, and future milestones like marriage and higer studies? Would your savings be enough to sustain them for years to come? If these concerns cross your mind, life insurance is the right way to safeguard your family’s future.
Choosing the right coverage amount is essential to ensure that your loved ones remain financially stable without putting a strain on your budget. A life insurance calculator can help you determine the ideal sum assured based on your income, liabilities, and long-term financial goals. Experts suggest that your life cover should be at least 10 times your annual income to provide adequate protection for your family.
Like men, women should also consider buying a life insurance plan because of its necessity these days. Irrespective of gender, insurance acts as an online financial tool for various reasons such as:
Here is a list of some factors that affect the life insurance premium amount:
Yes, you can buy more than one life insurance plan. The final decision to buy more than one life insurance plan depends on your situations, goals and finances. Having multiple plabs provides you broad coverage and coverage for more risks. Also, if the claim of one plan is rejected or the coverage is inadequate, the other life insurance policy can become a financial cushion for your family.
With multiple plans offering enhanced life coverage, they also results in increased premiim that might come in between your financial objectives. But this should be noted that managing several plans can be complicated and increase the chances of missing premium payments, thus leading to policy lapse.
Let us take a look at the following payout options available in life insurance:
Step 1: Visit Policybazaar Life insurance and fill the application form
Step 2: Enter details such as gender, name, age, mobile number and country. Click on ‘View Quotes’
Step 3: Choose an insurance company with a good track record and customer support, fast claim settlements and an easy claim process.
Step 4: Choose the policy term and sum assured for your plan wisely. Check the premium amount if it fits within your pocket.
Step 5: Submit all the requested documents.
Step 6: Pay premiums online.
Filing a claim for your life insurance policy is a simple process. You can do this online, via phone, email, or by visiting a branch. Follow these steps to ensure a smooth claim process:
Let us take a look at the types of deaths not covered in life insurance:
Here is a list of four times you should revisit your life insurance plan:
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the 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