Life Insurance
- Secure Your Family's Future
- Learn About Life Insurance
- Choose the Best Plan
Himanshu is a content marketer with 2 years of experience in the life insurance sector. His motto is to make life insurance topics simple and easy to understand yet one level deeper for our readers.
Naval Goel, the founder of PolicyX is a well-recognised name in the Indian insurance and finance industry. His global overview has revolutionised the way insurance is perceived and bought by commoners in India.
Updated on Feb 28, 2025 18 min read
Content Manager with heart, mind, and soul dedicated to creating impactful content that exceeds the market standard, delivers and reaches the readers conveniently. Besides producing high-ranking content, my focus lies in creating content that solves user queries and adds value.
Written By: Himanshu Kumar
Updated on Jan 15, 2025
Content Manager with heart, mind, and soul dedicated to creating impactful content that exceeds the market standard, delivers and reaches the readers conveniently. Besides producing high-ranking content, my focus lies in creating content that solves user queries and adds value.
Reviewed By: Anchita Bhattacharyya
15 min read
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A life insurance plan is an agreement between the insurance company and the policyholder. The insurer provides financial protection to the policyholder's loved ones in exchange for the premiums. The coverage is offered for a specific policy tenure in which they pay premiums. The policyholder can also choose additional rider benefits with their life insurance plan to enhance the coverage.
There are two types of life insurance plans based on the purpose or benefits offered:
A life insurance plan offers a range of benefits including:
There are different life insurance plans, each offering unique benefits to the policyholder. Term insurance offers coverage for a specific period, while a whole life plan offers coverage for an entire life and ULIP plans give you 10 times of premium life coverage along with wealth creation and the list goes on.
Below are the nine different types of life insurance plans available in the market:
Term insurance plans are pure protection plans without saving options, unlike other life insurance policies. These plans offer financial protection to your family in case of your uncertain demise. With term plans, you can get a higher sum assured at lower premiums for a specific duration.
Term insurance with return of premium (TROP), is a type of term insurance plan that returns all the paid premiums upon the survival of life insured for the entire policy term. TROP plans are good for individuals who want to secure their families but also desire a potential refund of the premium paid by them.
Unit-linked insurance plans are insurance plans that have an investment component linked with them, along with life cover. A part of the premium is dedicated to life cover whereas the other is invested in market-linked funds by the insurer. Generally, in ULIP plans the life cover available is 10 times the premium amount.
Endowment plans are a type of life insurance plan that offers both death and savings benefits under the same policy. Under the endowment plan, if the policyholder passes away during the policy term, a lump sum death benefit will be payable to the nominee and if the policyholder survives the whole policy term, they will receive a saving benefit along with the bonuses or interest (depending upon the plan).
Money-back plans are the type of plans that offer payment at regular intervals from the sum assured to the customers, instead of providing a lump sum payment at the end of the policy term. Money-back plans are good for senior citizens as they require a regular income source.
Whole life insurance is a type of life insurance policy that offers insurance coverage to the life insured for the whole life, depending upon the premiums paid. Upon the unfortunate demise of the policyholder, a death benefit as per the plan will be payable to the nominee.
Group life insurance is offered for a group of people such as corporations, NGOs, or people who don't have blood relations but work for the same organization. In group life insurance, a life cover is provided to the whole group which later on is divided as per the number of individuals in the group.
A child insurance plan offers a dual benefit to the parent and the child. In case of the unfortunate demise of a parent during the policy term, a sum assured will be payable to the nominee or second parent to meet the expenses of the child and a lump sum maturity benefit will be payable to the nominee upon the survival of the policy term.
Retirement plans are designed to provide a hassle-free life after retirement, Under these plans you can get a regular monthly income to live a post-retirement life without any worries, along with the life cover. So that in case of the policyholder's demise, a sum assured can be given to the nominee.
| Plan Name | Plan type | CSR (2023-2024) | Min. Sum assured | View Plan |
|---|---|---|---|---|
 Axis Max Life Smart Term Plan Plus |
Term Plan | 99.65% | Rs. 25 lacs | |
 HDFC Life Click 2 Protect Elite |
Term Plan | 99.5% | Rs. 10 lacs | |
 Tata AIA Maha Raksha Supreme |
Term Plan | 99.13% | Rs. 50 lacs | |
 ICICI Prudential iProtect Return Of Premium |
Term Plan with Return of Premium | 99.17% | Rs. 1 lakh | |
| Tata AIA Sampoorna Raksha Promise |
Whole Life Insurance | 99.13% | Rs. 25 lacs | |
 SBI Life Wealth Assure |
ULIPs | 98.25% | Rs 3 lacs | |
| SBI Smart Champ |
Child Plan | 98.25% | Rs 1 lakh | |
 Bajaj Allianz Life Goal Assure II |
Endowment Plan | 98.23% | 10 X Annual Premium | |
 LIC New Money Back Plan |
Money back Plan | 93.48% | Rs 1 lakh | |
| SBI Retire Smart |
Retirement/ Pension Plan | 98.25% | Rs 1 lakh |
Axis Max Life Smart Term Plan Plus by Axis Max Life Insurance is a unique term insurance plan to meet the changing demands of customers at various life stages. This plan protects your family financially in case something unfortunate happens to you. You have the flexibility to choose from 7 plan variants based on your future financial goals.
HDFC Life Click 2 Protect 3D Plus provides policyholders and their loved ones with comprehensive financial security. As the name suggests, this term insurance plan offers protection against the 3Ds of insurance: death, disability, and disease. It provides financial protection to the insured person's family at affordable rates & pays for the claim made on account of death, permanent disability, and diseases.
Tata AIA Sampoorna Raksha Promise by Tata AIA Life Insurance provides you an option to get coverage up to 100 years of age. You have the option to pay your premiums at your convenience including yearly, half-yearly, quarterly, and monthly. The Life Stage benefit of this plan allows you to increase your plan coverage at various important milestones of your life.
ICICI Pru iProtect Return of Premium provides security to you and your loved ones against all such uncertainties of life that may pose a hurdle to your plan of a perfect future for yourself and your loved ones. ICICI Pru iProtect Return of Premium term plan is an excellent option that understands your needs with changing times.
Sampoorna Raksha Promise by Tata AIA Life Insurance is a pure-term insurance plan that offers financial protection to your loved ones in case of your death. This plan allows you to opt for whole-life coverage (up to 100 years). You can choose from 4 plan options available with this plan. This plan comes with an inbuilt waiver of premium on diagnosis of terminal illness.
With SBI Life Wealth Assure, give your family the assurance that you are always there to fulfil their dreams. SBI Life Wealth Assure is an individual, non-participating, non-linked, and life endowment assurance savings product that combines life cover with guaranteed returns. This plan not only covers your life but also provides you with savings that can be redeemed upon maturity.
The SBI Life Smart Champ Insurance plan is a participating non-linked individual life insurance plan. The product has been developed to provide life coverage along with savings to secure the educational needs of your child. SBI Smart Champ is designed to fulfill your goals as a parent. SBI Smart Champ helps you to save money for your child's education and secure the future of your child against the uncertainties of life.
Bajaj Allianz Life Goal Assure II is a ULIP plan that combines savings and life insurance coverage in a single plan to help you achieve your financial goals. This plan provides various benefits to the policyholders including loyalty additions, fund boosters, choice of premium payment, flexible policy tenure, and much more. It is one of the best life insurance plans that you can consider buying.
LIC's New Money Back Plan was floated on January 6, 2014, to cater to the financial needs of the business and the salaried class of Indians. This is a fixed-period non-linked participating plan that protects the policyholder against death besides disbursing a periodic payout upon survival at twenty percent of the Sum Assured upon completion of five, ten, and fifteen years.
SBI Life Retire Smart Plan is a unit-linked non-participating pension plan that guarantees 101% of all premiums paid by the policyholder on maturity and also protects your funds from market volatility. Along with the life insurance cover, multiple fund options such as equity Pension Fund, Bond Pension Fund, etc. can gradually add to the growth of an investment.
Here are some key features of the best life insurance policy:
Generally, life insurance plans are very affordable if you maintain a healthy lifestyle. A 1 cr term life insurance plan for a healthy non-smoker male starts at just Rs. 500/- month.
Investing in a life insurance plan offers you tax benefits. You can claim tax benefits up to Rs 1.5 lakhs on the premiums paid under Section 80 (C) and Section 10 (10D) of the Income Tax Act, 1961.
All life insurance plans whether it is ULIP or child insurance plans, offer assured death benefits to the nominee in case of the sudden demise of the life assured during the policy term.
Various life insurance plans offer you maturity benefits at the end of your policy tenure. You can use this amount to fulfill your financial goals.
You can choose a policy tenure that best suits your requirements. Some individuals require coverage for a short duration while others may require it for a long duration.
Life insurance plans offer you a flexible sum assured as per your requirements. Everybody has different requirements and they can choose a suitable sum assured as per their requirements.
An individual should invest in a life insurance policy at different stages of life including:
You should invest in a pure-term insurance plan when you have just started earning. It is the most economical way to financially protect your loved ones.
After marriage, your financial responsibilities increase. It's better to invest in a spouse term plan after getting married so that both partners can be financially secure.
Along with happiness, your responsibilities also increase when you become a parent. A child insurance plan offers you dual benefits of protection and savings. It helps you save a lump sum amount to fulfill your financial responsibilities.
Investing in retirement or a pension plan during your earning years helps you live a stress-free retirement life. It offers you a regular income during retirement so that you can easily carry out your expenses.
There are usually three payout options available with life insurance plans. Let's understand each payout option in detail.
Under this payout option, a lump sum amount is paid to your family in case of your unfortunate death during the policy tenure.
This payout option offers benefits in the form of regular income over a certain period. Benefits can be paid in the form of monthly, quarterly, half-yearly, or yearly income.
A part of benefits is paid as a lump sum amount while the rest amount is paid in the form of regular income or installments over a period.
Life insurance is too expensive!
No, life insurance is not that expensive, the premium rates depend upon your age. If you bought life insurance at a younger age, you hardly have to pay Rs. 500/Mo.
Riders are the add-ons that provide additional financial coverage to the policyholder. Some plans come with an in-built additional cover. Generally, the riders need to be purchased separately by paying an additional premium. Having additional coverage enhances protection for you and your family in case of death, disease, or disability.
Critical illness rider benefits the policyholders in case they get diagnosed with any of the critical illnesses listed in the policy document. The rider pays out the critical illness sum assured and allows the policyholders to concentrate on their treatments without worrying about the finances.
If the policyholder dies in an accident during the policy term, the rider benefits along with the sum assured will be paid to the beneficiary by the insurance company.
This rider comes into force if the policyholder meets with an accident and is declared partially or permanently disabled. The rider pays the benefits to the policyholder to cover their income loss and meet their expenses.
If the policyholder is diagnosed with any life-threatening terminal illness such as leukaemia, cancer, AIDs, etc., this rider will pay a part of the death benefit which can be used for the treatment of the policyholder.
Under this rider, if the policyholder is unable to pay his premiums due to the loss of income because of any unfortunate accident, injury, or disability, then all future premiums will be waived, and the policy will continue without restrictions.
Term rider pays a fixed or monthly income to the beneficiary in case of the policyholder's demise. This rider offers extra coverage for death in addition to the base sum assured that is predetermined by the insurance company.
A life insurance premium is an amount that is paid by the policyholders for a specified period and lets them enjoy the life insurance benefits. One can select their premium payment mode as per their needs.
Below are a few important factors that can affect life insurance premiums:
Age is a significant factor when calculating the life insurance premium. As per the insurer's perspective, a young individual is less likely to suffer from age-related disease and pass away prematurely and also has a higher chance of continuing their insurance policy for years. This makes younger individuals eligible for low premiums.
To choose the right life insurance policy you have to consider certain factors. These factors will help you make the right decision.
Before buying a life insurance policy from an insurer you must check their claim settlement ratio. This ratio highlights the number of claims settled by the insurer out of the total received claims in a particular financial year. You must buy a life insurance term plan from an insurer with a high claim settlement ratio.
You must look for customer reviews and testimonials before buying a life insurance plan from an insurer. The reviews highlight how good and reliable an insurance company is.
You must compare various life insurance plans before choosing the one for you. It gives you a better idea of which insurance plan is right for you.
The solvency ratio of an insurance company showcases its financial health. It highlights whether the insurance company has enough assets to settle the received claims. You must buy a life insurance policy from an insurer having a solvency ratio greater than 1.5.
You must check the insurance company's market reputation before buying a life insurance policy from them. Choosing an insurer with a good market reputation will ensure that your family can get the claim amount in your absence.
The following individuals can purchase a life insurance policy in India:
Here is the list of the documents required to buy a life insurance policy:
| Type of Document | Documents |
| Identity Proof | Passport, Voter ID, Aadhaar Card, PAN Card |
| Income Proof | If salaried - Last 3 months' salary slips and bank statements having salary credit information. |
| If self-employed - the last 3 years with Computation of Income (COI). | |
| Address Proof | Water Bill, Telephone Bill, Aadhaar Card, Rent Agreement, Electricity Bill |
| Medical Proof | Latest medical test reports |
You can buy a life insurance plan online either from PolicyX.com or the official website of the insurance company. You have to follow the below-mentioned steps to purchase a life insurance plan online.
Visit the official website of PolicyX.com.
Click on 'Life Insurance'.
Select your age, and gender and click on 'View Plans'.
Select your city and annual income.
Enter your name, mobile number, and other required details. Click on 'Get Free Quotes'.
A list of plans will be displayed on your screen.
Choose the plan that best suits your needs and make the premium payment.
Go to the insurer's official website.
Select a life insurance plan you wish to buy.
Click on the 'Buy Now' option.
Fill in the required information including your age, gender, income, city, etc.
Pay your premiums through the available payment modes and you will get the policy details on your email address shortly.
There are some common life insurance terminologies that you must know to understand your policy details:
In case the policy sum insured is exhausted, it is restored automatically to cover you for the next hospitalization.
The insurer or the insurance company is the entity that undertakes risk and promises to pay for the loss that occurred during the policy tenure in exchange for premiums paid by the policyholder.
The person or entity that is covered against risk is called the insured.
The person who buys an insurance policy is called a policyholder. A policyholder can or cannot be the insured.
It is the number of years for which the policy remains active if the premiums are paid on time.
The fixed amount paid to the beneficiary in case of the policyholder's uncertain death during the policy tenure.
A person who is entitled to benefits or sum assured in case of the policyholder's unfortunate death.
This is the number of years for which the policyholder has to pay the premiums.
It is the date at which the policy ends and the benefits are paid to the insured.
It is the amount paid to the nominee in case of the policyholder's unfortunate death during the policy tenure.
It is the amount paid at the time of policy maturity.
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Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
October 9, 2024
I want to thank Shubham Sharma for his exceptional help with my term insurance query. He went above and beyond to assist me. I’m very grateful to Policyx.com and Shubham Sharma.
May 20, 2024
SUD Life term plan truly stands out my expectations as I got SUD Life term plan along with additional riders at very affordable premiums.
May 20, 2024
I am impresses with the hassle free and quick claim settlement process of SUD Life. Thanks to PolicyX who guided me to get my claim settled.
May 20, 2024
Bought SUD Life Family Income Benefit Rider plan to secure the future of my plan financially even in my absence.
May 20, 2024
I was looking for a term plan to secure the future of my family. So I contacted PolicyX and one of their representatives Mr. Vaibhav helped me choose SUD Life term plan.
May 17, 2024
I recently purchased a Pramerica term insurance policy from Policyx.com. The customer service team was very helpful in answering all my queries and guiding me through the application process. I...
May 17, 2024
PolicyX’s dedicated support made renewing my Bandhan Life Insurance policy easy. I’m absolutely delighted with the service offered by PolicyX Insurance Advisor.
May 17, 2024
I bought a Bandhan Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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