Life Insurance

Life Insurance

Ever wondered what would happen to your family if something happened to you? Who would manage their finances—mortgage, groceries, education, weddings?

Ensure their security with life insurance. It provides essential financial support if you're not there, ensuring their future is protected.

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What is Life Insurance Policy?

Life insurance is a crucial safety net for your loved ones in case of unforeseen circumstances. It involves an agreement between you and an insurance company: you pay regular premiums, and in return, they commit to providing a sum of money to your family if you pass away within a specified period. Some policies also include options like coverage for serious illnesses or accidents, offering additional peace of mind.

Fundamentally, life insurance guarantees that your family remains financially stable even after your demise, ensuring their well-being and future prospects. For non-resident Indians (NRIs) living abroad, life insurance offers essential financial protection for their families and dependents in India, bridging the gap created by geographical distances and ensuring their security regardless of their location.

Best Insurance Plans

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Akhil Bharat Term Plan
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Starting Price

Rs.6 /day*

Claim Ratio

99.6%

Cover Amount

5 Lacs

Entry Age

18 - 45 yrs
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iGuarantee Max Savings
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Starting Price

Rs. 16 /day**

Guaranteed Returns

Up to 298%

Monthly Savings

Rs. 500 – Rs. 28.7 Lacs

Entry Age

90 days - 50 yrs
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Saral Jeevan Bima
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Starting Price

Rs. 6 /day***

Claim Ratio

99.6%

Cover Amount

5 Lacs – 25 Lacs

Entry Age

18 – 65 yrs
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iTerm prime
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Starting Price

Rs. 13 /day #

Claim Ratio

99.6%

Cover Amount

25 Lacs – 99 Cr

Entry Age

18 – 65 yrs
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iTerm comfort
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Starting Price

Rs. 13 /day @

Claim Ratio

99.6%

Cover Amount

25 Lacs – 1.25 Cr

Entry Age

18 – 65 yrs
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*The premium for a healthy, non-smoking 30-year-old male is ₹6 per day, translating to an annual premium of ₹2000 (₹5.48 per day excluding taxes). This covers ₹5 lacs sum assured over a 10-year policy and premium payment term.

** The premium for a 35-year-old healthy salaried male is ₹500 per month. This covers a life insurance amount of ₹63,217 for 7 years, with a premium paying term also of 7 years. The annualized premium for these terms is ₹5,747 per year, excluding taxes, cesses, levies, and rider premiums.

*** An 18-year-old healthy female pays ₹163 per month for a ₹5 lakh life cover over 20 years. The annualized premium under these terms is ₹1,874 per year, excluding taxes, cesses, levies, and rider premiums.

Why Life Insurance is Essential for Financial Security and Peace of Mind?

Life insurance is not just about financial security; it's a cornerstone of smart financial planning. Here’s why it’s so crucial: It ensures your loved ones are financially protected if you pass away, guaranteeing their well-being. Additionally, it serves as a savings tool for building a secure future.

Financial Security for Loved Ones

Ensure your family's financial stability with life insurance, providing a lump sum (death benefit) to cover expenses like mortgage, education, and daily living. Your loved ones can maintain their lifestyle and focus on emotional healing without financial worries.

Debt-Free Future

Life insurance proceeds can settle outstanding loans and credit card payments. By lifting the financial burden, surviving family members can focus on rebuilding their lives, free from debt.

Income Replacement

Replace lost income with life insurance when primary earners pass away. The death benefit significantly restores family income, ensuring financial stability during tough times.

Cover Funeral and End-of-Life Expenses

Life insurance can ease the financial strain of funerals and end-of-life care, allowing loved ones to grieve and heal without monetary concerns.

Smooth Estate Planning and Inheritance

Life insurance is essential for estate planning, providing a steady cash stream to cover settlement costs and estate taxes. It ensures assets transfer smoothly to beneficiaries without complications.

Future Financial Growth

Invest in life insurance to grow your wealth with guaranteed or market-linked returns, tailored to your risk appetite and financial goals.

Business Continuity

Business owners can secure their company's future with life insurance, aiding in buy-sell agreements, corporate debt repayment, and financial support during transitions, preserving the firm's legacy.

Peace of Mind

The most significant advantage of life insurance is peace of mind. Knowing your loved ones will be financially supported in your absence provides stability and comfort amid life's uncertainties.

Affordable Premiums

Flexible coverage options and payment plans make life insurance customizable to fit your needs and budget.

Tax Benefits*

Enjoy multiple tax advantages with life insurance. Premiums and maturity benefits can offer tax savings under sections 80C, 80D, and 10(10D) as per applicable tax rules.

Secure Retirement

Plan for a stress-free retirement with life insurance pension plans, providing sustained regular income to replace lost earnings post-retirement.

Robust Risk Management

Life insurance is crucial for managing risk, safeguarding financial stability during unforeseen circumstances. It provides a safety net for family members during life's storms.

Diverse Coverage Options

Choose from a wide range of life insurance policies to suit your needs. Term insurance offers short-term coverage, permanent insurance covers a lifetime, and investment-linked plans offer growth potential.

In conclusion, investing in a life insurance policy is a critical step in securing your family's financial future. It provides peace of mind, financial stability, and a range of benefits that ensure your loved ones are protected and supported in your absence.

Types of Life Insurance Policies

Term Insurance

Term Insurance Plans

Term Insurance Plans: Term insurance is the purest and most affordable type of life insurance. It provides financial coverage for a specific duration in exchange for fixed premiums. If the policyholder passes away during the term, the nominee receives the cover amount as per the policy.

Term Return of Premium (TROP)

Term Return of Premium (TROP) is a variant of term insurance that offers a survival benefit. Besides providing life cover, if the policyholder survives the entire policy term, all the premiums paid are returned, excluding GST.

Whole Life Insurance Plans

Whole Life Insurance provides coverage until the age of 100. If you want to leave a financial legacy for your family and ensure they are always protected, Whole Life Insurance is an excellent option.

Investment Plans

Unit Linked Insurance Plans (ULIPs)

ULIPs provide life insurance along with investment opportunities in equity, debt, or both. The returns depend on market performance, offering potential for high growth.

Endowment Plans

Combining insurance with savings, endowment plans pay a lump sum on maturity or death during the policy term. They offer guaranteed returns along with bonuses, making them suitable for long-term savings.

Money Back Plans

These plans offer periodic payouts during the policy term, providing liquidity. A lump sum is paid on maturity or death, making them ideal for those seeking regular returns.

Pension Plans

Designed for retirement, pension plans help accumulate a corpus to provide a regular income post-retirement. They can offer a combination of lump sum and annuity payouts.

Child Insurance Plans

These plans secure a child’s financial future by providing a lump sum for education or other needs. They offer death and maturity benefits, ensuring financial stability for the child.

Group Life Insurance

Providing coverage to a group, usually employees, this policy offers a death benefit to the insured members' beneficiaries. It typically comes at lower premiums than individual policies.

Annuity Plans

Annuity plans ensure a steady income stream for life, starting either immediately after a lump sum payment or at a future date. They are ideal for securing financial stability during retirement.

Who Can Buy a Life Insurance Policy?

Individuals aged 18 to 65, including Indian citizens and NRIs, are eligible to purchase life insurance policies, provided they have the financial capacity to pay premiums. Applicants must submit the necessary documentation and accurately disclose their medical history. It is essential to fully understand the policy's terms and conditions and to provide truthful information throughout the application process.
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Individuals: Any adult can purchase a life insurance policy to secure their family's financial future. This includes single individuals, married couples, and parents who want to ensure their dependents are taken care of in their absence.

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Parents: Parents can buy life insurance to provide financial security for their children’s education, upbringing, and future needs.

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Spouses: Married individuals often buy life insurance to ensure their partner is financially protected and can maintain their standard of living if one spouse passes away.

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Young Adults: Young professionals starting their careers can benefit from purchasing life insurance early, locking in lower premiums and ensuring long-term financial security.

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Business Owners: Business owners can purchase life insurance to protect their business interests, fund buy-sell agreements, and ensure business continuity in the event of their untimely death.

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Senior Citizens: While life insurance premiums are higher for older individuals, seniors can still purchase policies to cover final expenses, leave a legacy, or support surviving family members.

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Employees: Some employers offer group life insurance policies to their employees as part of their benefits package, providing coverage at lower premiums.

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Key Employees: Businesses can also purchase key person insurance for employees whose loss would significantly impact the company, providing financial protection for the business.

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Individuals with Debt: People with significant debts, such as mortgages or personal loans, can use life insurance to ensure that these obligations are covered, preventing financial strain on their loved ones.

Factors That Affect Life Insurance Premiums

Life insurance premiums are affected by age, gender, health status, lifestyle choices, occupation, coverage amount, policy type, and duration. Family medical history, optional riders, payment frequency, and geographical location also influence premium rates.

  • Age: Younger individuals typically pay lower premiums because they are considered less risky to insure.

  • Gender: Statistically, women tend to live longer than men, often resulting in lower premiums for female policyholders.

  • Health Status: An individual's medical history, including existing conditions and lifestyle choices, significantly impacts premium rates. Healthier applicants generally receive better rates.

  • Lifestyle Choices: Factors such as smoking, alcohol consumption, and participation in high-risk activities (e.g., extreme sports) can lead to higher premiums.

  • Occupation: Jobs with higher risk levels, such as those in construction or aviation, can increase premium costs due to the associated hazards.

  • Coverage Amount: The higher the sum insured, the higher the premium. Applicants must balance their coverage needs with affordability.

  • Policy Type: Different types of policies (e.g., term, whole life, ULIPs) have varying premium structures, affecting overall costs.

  • Policy Duration: Longer policy terms may result in higher premiums due to extended coverage periods and associated risks.

  • Family Medical History: A family history of chronic illnesses or genetic conditions can influence premiums, as it may indicate higher potential health risks.

  • Riders and Add-ons: Additional coverage options, such as critical illness riders or accidental death benefits, can increase premium costs.

  • Payment Frequency: Choosing annual payment plans may result in lower premiums compared to monthly or quarterly payment options.

  • Location: The policyholder's geographical location can affect premiums due to varying healthcare costs and risk factors in different regions.

    • Important Terms About Life Insurance Plans

    Here are some essential terms commonly used in life insurance.

  • Sum Assured: The guaranteed amount payable to beneficiaries upon the insured's death or policy maturity.

  • Life Assured: The person whose life is covered by the policy. Their death triggers the payment of death benefits to the beneficiaries.

  • Death Benefit: A lump sum paid by the insurance company if the insured passes away before the policy expires.

  • Maturity Benefit: The amount the policyholder receives when the policy ends, which includes profits and bonuses accumulated during the policy term.

  • Riders: Additional benefits that can be added to a policy, such as critical illness, accidental death, disability coverage, and premium waiver.

  • Free Look Period: A 30-day period after the policy is issued, allowing policyholders to review the terms and cancel for a refund if unsatisfied.

  • Lapsed Policy: A policy that becomes inactive due to non-payment of premiums by the due date. Policyholders must settle unpaid premiums to renew it.

  • Grace Period: An extension of time (usually 15-30 days) beyond the premium payment deadline, allowing policyholders to maintain coverage without lapsing.

  • Revival Period: The timeframe within which a lapsed policy can be reinstated by paying overdue premiums and fulfilling any additional insurer requirements.

  • Claim Process: The procedure beneficiaries must follow to access the death benefit after the insured's passing.

  • Exclusions: Specific conditions that may prevent a claim from being paid, such as suicide during the initial policy term or participation in high-risk activities.

  • Policy: A legally binding contract between the insurer and the insured, outlining the rights and responsibilities of both parties.

  • Policy Tenure: The duration for which the life insurance policy is valid, varying based on the policy type and the policyholder's needs.

    • Documents Required to Buy a Life Insurance Plan

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    Identity Proof: A government-issued ID, such as Aadhaar card, passport, or voter ID, to verify identity.

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    Address Proof: Documents like utility bills, rental agreements, or bank statements to confirm the applicant's address.

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    Age Proof: Birth certificate, school certificate, or government ID to establish the applicant's age.

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    Income Proof: Salary slips, bank statements, or income tax returns to demonstrate financial capability for premium payments.

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    Medical Records: Health certificates or reports, especially for those over a certain age or with pre-existing conditions.

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    Photographs: Recent passport-sized photographs as per the insurer's requirements.

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    Nominee Details: Information about the nominee(s), including their ID and relationship to the policyholder.

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    Application Form: A duly filled application form providing personal, health, and financial details.

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    KYC Documents: Know Your Customer (KYC) documents as per regulatory requirements, often including a combination of identity and address proof.