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Himanshu Kumar
Written By:
Himanshu

Himanshu Kumar

Term & Life Insurance

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.

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Reviewed By:
Naval Goel

Naval Goel

Insurance & Business

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.

Himanshu Kumar

Himanshu Kumar

Term Insurance, Content Writer

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.

Himanshu Kumar

Written By: Himanshu Kumar

Updated on Jan 15, 2025

Himanshu Kumar

Anchita Bhattacharyya

Term Insurance, Content Manager

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

Rhishabh Garg
Written By: Rhishabh Garg
Rhishabh Garg
Rhishabh Garg Term 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 of life Insurance at Policybazaar.com and has over a decade of experience in the insurance domain. She has helped shape Policybazaar's life insurance vertical and ensures the effective execution of the company's overall strategy. Santosh is also responsible for the Term Insurance for Women domain at Policybazaar.com and educates the masses about its importance and benefits.
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What is a Life insurance Policy?

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:

  • Pure Protection Plans/ Family Life Insurance Plans/ Term Plans

    These plans offer a chosen sum assured to the policyholder's family in case of their uncertain death during the policy tenure. No maturity benefits are offered with these plans.
  • Savings Plans or Wealth Creation Plans

    Along with financial protection for loved ones, these plans help you save a lump sum amount to meet your future goals such as marriage, child education, retirement, etc.

A life insurance plan offers a range of benefits including:

  • Death benefits for your family
  • Maturity benefits
  • Market funds investment option
  • Wide range of plans
  • Tax-saving benefits
  • Retirement planning
  • Child education planning
  • Flexible premium payment frequency
  • Policy loan facility
Health Insurance Plans for Critical Illness

Types of Life Insurance Plans

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:

  1. Term Insurance Plans

    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.

  2. Term Insurance with Return of Premiums (TROP)

    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.

  3. Unit-linked Insurance Plans (ULIPs)

    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.

  4. Endowment Plans

    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).

  5. Money-back Plans

    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.

  6. Whole Life Insurance

    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.

  7. Group Life Insurance

    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.

  8. Child Insurance Plans

    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.

  9. Retirement/Pension Plans

    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.

Benefits Of Health Insurance

Best Life Insurance Plans in India in 2025

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

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

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 Supreme

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 Prudential iProtect Return Of Premium

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.

Tata AIA Sampoorna Raksha Promise

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.

SBI Life Wealth Assure

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.

SBI Smart Champ

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

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 New Money Back Plan

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 Retire Smart

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.

Avoid the Stress of Claim Rejection Avoid the Stress of Claim Rejection

Key Features of the Best Life Insurance Policy

Here are some key features of the best life insurance policy:

Critical Illness Rider

Affordable plans

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.

Personal Accident Rider

Tax benefit

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.

Hospital Daily Cash

Death benefit

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.

Maternity Benefit Rider

Maturity benefits

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.

Maternity Benefit Rider

Flexible policy tenure

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.

Maternity Benefit Rider

Flexible sum assured

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.

Who Should Invest In A Health Policy?

Benefits of Purchasing Life Insurance Plans

Financial Security

A life insurance plan offers financial safety to your loved ones. In case of your uncertain death during the policy tenure, your family will receive the chosen sum assured.

Peace of Mind

Buying a life insurance policy provides you with early peace of mind as your loved ones are financially covered even in your absence.

Wealth Creation

A life insurance policy helps you create long-term wealth over a period. Life insurance plans including ULIPs, and endowment plans are an ideal choice if you wish to create wealth.

Source of Income

Some life insurance plans offer regular income to your loved ones to meet their expenses in case of your uncertain death during the policy tenure.

Choice of Premium Payment Mode

You have the option to choose your premium payment modes including yearly, half-yearly, quarterly, monthly, etc. You can choose the payment mode that best suits your pocket.

Loan Repayment

You might have taken a loan to buy a home, or car or to meet some emergencies. A life insurance plan ensures that the burden of debt does not fall on your loved ones.

Helps to Accomplish Financial Goals

Investing in a life insurance policy helps you fulfill your financial goals such as your child's higher education, retirement planning, etc.

What are the Different Stages of Investing in a Life Insurance Policy?

An individual should invest in a life insurance policy at different stages of life including:

Dr YSR Aarogyasri Trust

Started earning

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.

Dr YSR Aarogyasri Trust

Getting married

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.

Dr YSR Aarogyasri Trust

Becoming a parent

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.

Dr YSR Aarogyasri Trust

Planning to retire

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.

What are the Payout Options Available With Life Insurance Plans?

There are usually three payout options available with life insurance plans. Let's understand each payout option in detail.

Lump sum

Under this payout option, a lump sum amount is paid to your family in case of your unfortunate death during the policy tenure.

Regular income

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.

Lump sum + Regular 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.

Clearing Up Confusion: Common Myths About Life Insurance

Myth

Life insurance is too expensive!

Fact

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.

What are the Different Types of Riders Available with Life Insurance?

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.

level

Critical Illness Rider

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.

Decreasing

Accidental Death Benefit Rider

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.

Term Insurance with Return of Premium

Accidental and Total Permanent Disability Rider

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.

Convertible Term Insurance

Accelerated Death Benefit Rider

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.

Convertible Term Insurance

Waiver of Premium Rider

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.

Convertible Term Insurance

Term Rider

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.

Factors Affecting Life Insurance Plan Premiums

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

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.

How to Choose the Right Life Insurance Plan?

To choose the right life insurance policy you have to consider certain factors. These factors will help you make the right decision.

Check the claim settlement ratio of the insurer

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.

Look for customer reviews and testimonials

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.

Compare various plans

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.

Check the solvency ratio of the insurer

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.

Look for the market reputation of the insurer

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.

Who Can Purchase a Life Insurance Policy?

The following individuals can purchase a life insurance policy in India:

  • Youngsters

    If you have just started your career, you must invest in a term life insurance plan to provide financial safety to your loved ones.
  • Senior citizens

    An annuity life insurance plan helps senior citizens enjoy a stress-free retirement life while a term life insurance policy helps them to leave an inheritance for their loved ones.
  • NRIs

    You can buy a life insurance plan if you are an NRI for your loved ones residing in India. A life insurance policy protects their family during uncertainties of life.
  • Smokers

    A smoker can also purchase a life insurance plan but the premiums for them are higher as compared to a non-smoker. You must disclose your smoking habits at the time of policy purchase to avoid claim rejection.
  • Individuals with existing health issues

    You can buy a term plan if you have existing illness or health issues. However, you must inform the insurance company about your existing illness to avoid claim rejection.

Documents Required to Buy Life Insurance Plan

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
Who Should Invest In A Health Policy?

How to Buy a Life Insurance Policy Online?

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.

Life Insurance
  • Step 1

    Visit the official website of PolicyX.com.

  • Step 2

    Click on 'Life Insurance'.

  • Step 3

    Select your age, and gender and click on 'View Plans'.

  • Step 4

    Select your city and annual income.

  • Step 5

    Enter your name, mobile number, and other required details. Click on 'Get Free Quotes'.

  • Step 6

    A list of plans will be displayed on your screen.

  • Step 7

    Choose the plan that best suits your needs and make the premium payment.

Life Insurance
  • Step 1

    Go to the insurer's official website.

  • Step 2

    Select a life insurance plan you wish to buy.

  • Step 3

    Click on the 'Buy Now' option.

  • Step 4

    Fill in the required information including your age, gender, income, city, etc.

  • Step 5

    Pay your premiums through the available payment modes and you will get the policy details on your email address shortly.

How To File A Life Insurance Claim?

The life insurance claim can be filed under two circumstances: policyholder's death and the maturity of plan.

An individual can file a life insurance claim through the following ways:

  • By visiting the insurer's branch office

    To file a claim you can visit the nearest branch office of the insurer along with the required documents. Once the claim is verified the insurance company will release the amount.
  • Through website/ application

    You can file a life insurance claim through the insurer's website or mobile application. Submit the required documents and details online to get your claim amount.
  • Through call

    You can call the customer service helpdesk of your insurer to file the life insurance claim.

How to Avoid Life Insurance Claim Rejection?

You can avoid life insurance claim rejection through the following ways:

  • Disclose the required information

    You must disclose the required information to the insurer including your age, lifestyle habits, any pre-existing illness, etc. Hiding any such information may result in claim rejection.
  • Pay your premiums timely

    Make your premium payments timely to avoid claim rejection. You can set automatic payments to avoid missing any premium payments.
  • Keep your nominee details updated

    You must update the nominee details in your life insurance policy to avoid any delay in the claim. The absence of nominee details may create problems.
Tax

Life Insurance Terminologies

There are some common life insurance terminologies that you must know to understand your policy details:

Insurance company/ Insurer

In case the policy sum insured is exhausted, it is restored automatically to cover you for the next hospitalization.

Add-on Covers

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.

Insured

The person or entity that is covered against risk is called the insured.

Policyholder

The person who buys an insurance policy is called a policyholder. A policyholder can or cannot be the insured.

Policy tenure/ Policy term

It is the number of years for which the policy remains active if the premiums are paid on time.

Sum assured/ Coverage

The fixed amount paid to the beneficiary in case of the policyholder's uncertain death during the policy tenure.

Beneficiary/ Nominee

A person who is entitled to benefits or sum assured in case of the policyholder's unfortunate death.

Premium Payment Tenure

This is the number of years for which the policyholder has to pay the premiums.

Maturity Date

It is the date at which the policy ends and the benefits are paid to the insured.

Death Benefits

It is the amount paid to the nominee in case of the policyholder's unfortunate death during the policy tenure.

Maturity Benefits

It is the amount paid at the time of policy maturity.

Life Insurance Articles

Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

Life Insurance News

19 Mar

Bajaj Group to Acquire Allianz\'s Stakes in Landmark Insurance Deal

In a significant move reshaping India's insurance sector, the Bajaj Group will acquire Allianz SE's 26% stake in their life and non-life insurance joint ventures. The deal, valued at Rs 13,780 crore for the life insurance venture and Rs 10,400 crore for the non-life venture, will result in both companies becoming fully Indian-owned.

Under the share purchase agreement, Bajaj Finserv, Bajaj Holdings & Investment, and Jamnalal Sons will collectively acquire Allianz's 26% stake. This will increase Bajaj Finserv's stake in both companies to over 75%. The move signifies the end of a 24-year partnership, allowing both Bajaj and Allianz to pursue independent insurance strategies in India.

 

The acquisition will be finalized after Bajaj acquires at least 6.1% of the stake and Allianz is reclassified from a promoter to an investor. Bajaj Allianz Life boasts an embedded value of approximately Rs 23,000 crore. As of February, the life insurance company held a 3% market share in terms of premiums, while the non-life venture held a 7% market share. The company has made the required stock exchange disclosures.

13 Mar

Drop in business premiums of life insurance companies

 

The premiums of life insurance companies dropped by 11.6% from Rs 33,913.18 crore in February 2024 to Rs 29,985.58 crore in February 2025. LIC leads the decline with a 22% drop in their premiums. Some private life insurance companies such as HDFC Life and ICICI Prudential recorded an increase in the premiums received in February 2025. Other insurance companies such as Tata AIA Life Insurance and SBI Life showed a mixed performance.

10 Mar

New Income Plan Launched by Kotak Life Insurance

 

Kotak Mahindra Life Insurance has launched a new income plan- Kotak Gen2Gen Income. This plan offers dual benefits of income and protection for two generations under a single plan on choosing the legacy option. This plan allows policyholders to choose from four plan options with each plan offering different financial goals. You can also choose additional riders with this plan to enhance your overall coverage. It is an ideal choice for anyone looking to create a legacy for their loved ones.  

07 Mar

SBI Life Insurance has launched two new child insurance plans

SBI Life Insurance- one of India’s leading life insurers has launched two new child insurance plans- Smart Future Star and Smart Platina Young Achiever to expand their product portfolio. These two new plans aim to help parents safeguard the future of their children. The cost of education and living expenses has been rapidly rising. So, there is a need for a financial tool to make sure that your child’s dreams are fulfilled regardless of different challenges.

06 Mar

New Savings Plan Launched by ICICI Prudential Life Insurance

 

ICICI Prudential Life Insurance has launched a new savings plan- ICICI Pru Gift that aims to provide guaranteed income to policyholders. This plan comes with a range of benefits including guaranteed returns, wealth creation, regular income, and much more. ICICI Pru Gift allows policyholders to choose the income amount, payout duration, and income start date. Moreover, this plan comes with a life cover that provides financial protection to your loved ones in case of your uncertain death during the policy tenure.    

Life Insurance Policy: FAQs

1. What is term life insurance?

Term life insurance is a simple plan, that takes care of your family's expenses in your absence in the form of a huge life cover for a very small premium. In case of a policyholder's untimely death, their family or nominee receives the cover amount as per the policy. The plan can be customized to one's needs by including add-on benefits.

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

The life cover you choose depends on your family's expenses as well as inflation in the economy.

3. Do you get your money back at the end of a life insurance policy?

Yes, life insurance policies such as ULIPs, child plans, retirement plans, endowment plans, and TROP plans pay back the money at the end of the policy tenure.

4. How to file a life insurance claim?

You can file a life insurance claim by visiting the insurer's branch office, through their website, or by calling their helpline number.

5. Is there any tax exemption on life insurance premiums?

Yes, the premium paid towards the policy is tax-exempt up to a maximum limit of Rs 1.5 lakh in a financial year U/S 80C of the Income Tax Act, 1961.

6. 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's death benefit which can be liquidated.

7. Do I need both life insurance and critical illness coverage?

It completely depends on your insurance needs. However, it is beneficial to have enhanced insurance coverage and opt for life insurance and critical illness coverage together.

8. Does life insurance cover accidental death?

Yes, life insurance policies do cover accidental death. However, one must check the policy documents if it states that it does not cover death by accident.

9. Do life insurance policies offer a grace period?

Yes. The life insurance policies offer a grace period of 30 days (to pay the premium) in case the policyholder misses his/her premium payment date.

10. How much life cover should I buy?

The amount of cover depends on your income, your family's requirements, and your liabilities. However, as per the financial experts, your cover should be at least 10-15 times the annual income.

11. How to revive a lapsed life insurance policy?

The IRDA has directed all insurance providers to allow policyholders to revive their lapsed policy within two years from the time it is lapsed. One needs to pay the renewal fee along with the late fee and additional penalties that may vary from insurer to insurer.

12. What will happen to the life insurance benefit if both the policyholder and nominee dies?

In such scenarios, where both the policyholder and nominee died, then the benefit will be payable to their heirs or legal representatives.

13. What to do if my nominee dies before me?

In such a case, you can add a new nominee. In case you don't, by default, the company will consider your heir your new nominee.

14. What is the most cost-effective life insurance type?

A term plan is the cheapest type of life insurance since it does not include any survivor benefits. When the policy period ends, the plan lapses.

15. I have a life insurance cover of 25 Lakhs. Is it enough?

The thumb rule for choosing the right coverage is getting the cover of 10-15 times your annual income. Therefore, analyze your requirements first, and then decide your ideal life insurance coverage.

16. Should I choose a term life insurance or a whole life insurance policy?

If you are looking for coverage that lasts for a shorter period and has affordable premiums then you can buy a term insurance policy. Whereas, if you want coverage for a very long time or your entire life then go for a whole life insurance policy.

17. What is the Return of Premium (ROP) life insurance?

Return of Premium is a feature that you can get with your term life insurance wherein, if you outlive your term insurance policy the insurer pays you back the premiums that you paid.

18. What will happen to my life insurance policy if I do not pay my premiums?

If you stop paying for your life insurance policy, your policy will lapse after the grace period and you will lose all the premiums that you have paid to date.

19. What are the factors that affect my life insurance premiums?

Your life insurance premiums are based on multiple factors such as your age when you decide to buy the policy, lifestyle habits which include smoking and drinking, medical history for existing diseases, gender, and the tenure of your policy.

20. Do I have to pay taxes on my life insurance sum assured?

As life insurance doesn't fall into gross income, you do not need to pay taxes on the amount you receive.

21. What type of life insurance is considered to be best in general?

Although all kinds of life insurance serve different purposes, term insurance is said to be the best and most affordable form of life insurance.

22. Is short-term life insurance worth it?

Short-term life insurance is known as term insurance. Yes, it is an excellent option as it gives you affordable premium payment options and you get the flexibility to switch or extend your coverage.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

What Our Customers Have to Say

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Amar Patil

Pune

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.

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Sanjeev

Hyderabad

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.

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Sumit

Coimbatore

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.

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Barkha

Delhi

May 20, 2024

Bought SUD Life Family Income Benefit Rider plan to secure the future of my plan financially even in my absence.

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Geetanjali

Kolkata

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.

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Armaan khan

Agra

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...

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Rahul Yadav

Indore

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.

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Priyanshu Sharma

Delhi

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 Kumar

Written By: Himanshu Kumar

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.