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Life Insurance Policy - Check Types, Features & Benefits in 2024
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href="/credit-card/best-co-branded-credit-cards-in-india.html" title="Co-branded Credit Cards" aria-label="Co-branded Credit Cards">Co-branded Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/rbl-bank-bankbazaar-savemax-credit-card.html" title="RBL SaveMax Credit Card" aria-label="RBL SaveMax Credit Card">RBL SaveMax Credit Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/finbooster-yes-bank-bankbazaar-co-branded-credit-card.html " title="Yes Bank FinBooster Credit Card" aria-label="Yes Bank FinBooster Credit Card">Yes Bank FinBooster Credit Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-credit-card.html" title="HDFC Credit Cards" aria-label="HDFC Credit Cards">HDFC Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-credit-card.html" title="SBI Credit Cards" aria-label="SBI Credit Cards">SBI Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/indusind-credit-card.html" title="Indusind Bank Credit cards" aria-label="Indusind Bank Credit cards">Indusind Bank Credit cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/top-10-credit-cards-in-india.html" title="Top 10 Credit Cards" aria-label="Top 10 Credit Cards">Top 10 Credit Cards</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-school mr-2 h-full"><path d="M14 22v-4a2 2 0 1 0-4 0v4"></path><path d="m18 10 4 2v8a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2v-8l4-2"></path><path d="M18 5v17"></path><path d="m4 6 8-4 8 4"></path><path d="M6 5v17"></path><circle cx="12" cy="9" r="2"></circle></svg>Home Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan.html" title="Compare Home Loans" aria-label="Compare Home Loans">Compare Home Loans</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/emi-calculator.html" title="Home Loan Calculator" aria-label="Home Loan Calculator">Home Loan Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-interest-rate.html" title="Home Loan Interest Rates" aria-label="Home Loan Interest Rates">Home Loan Interest Rates</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-eligibility.html" title="Home Loan Eligibility" aria-label="Home Loan Eligibility">Home Loan Eligibility</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-balance-transfer.html" title="Home Loan Transfer" aria-label="Home Loan Transfer">Home Loan Transfer</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/pradhan-mantri-awas-yojana.html" title="PMAY" aria-label="PMAY">PMAY</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-home-loan.html" title="SBI Home Loan" aria-label="SBI Home Loan">SBI Home Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-home-loan.html" title="HDFC Home Loan" aria-label="HDFC Home Loan">HDFC Home Loan</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Personal Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan.html" title="Compare Personal Loans" aria-label="Compare Personal Loans">Compare Personal Loans</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan/emi-calculator.html" title="Personal Loan Calculator" aria-label="Personal Loan Calculator">Personal Loan Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan-interest-rate.html" title="Personal Loan Interest Rates" aria-label="Personal Loan Interest Rates">Personal Loan Interest Rates</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan-eligibility.html" title="Personal Loan Eligibility" aria-label="Personal Loan Eligibility">Personal Loan Eligibility</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-personal-loan.html" title="SBI Personal Loan" aria-label="SBI Personal Loan">SBI Personal Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-personal-loan.html" title="HDFC Personal Loan" aria-label="HDFC Personal Loan">HDFC Personal Loan</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Other Loans<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/car-loan.html" title="Car Loan" aria-label="Car Loan">Car Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/two-wheeler-loan.html" title="Two Wheeler Loan" aria-label="Two Wheeler Loan">Two Wheeler Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/education-loan.html" title="Education Loan" aria-label="Education Loan">Education Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gold-loan.html" title="Gold Loan" aria-label="Gold Loan">Gold Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/loan-against-property.html" title="Loan Against Property" aria-label="Loan Against Property">Loan Against Property</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-calculator mr-2 h-full"><rect width="16" height="20" x="4" y="2" rx="2"></rect><line x1="8" x2="16" y1="6" y2="6"></line><line x1="16" x2="16" y1="14" y2="18"></line><path d="M16 10h.01"></path><path d="M12 10h.01"></path><path d="M8 10h.01"></path><path d="M12 14h.01"></path><path d="M8 14h.01"></path><path d="M12 18h.01"></path><path d="M8 18h.01"></path></svg>Calculators<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/finance-tools/emi-calculator.html" title="EMI Calculator" aria-label="EMI Calculator">EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/emi-calculator.html" title="Home Loan EMI Calculator" aria-label="Home Loan EMI Calculator">Home Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan/emi-calculator.html" title="Personal Loan EMI Calculator" aria-label="Personal Loan EMI Calculator">Personal Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/car-loan/emi-calculator.html" title="Car Loan EMI Calculator" aria-label="Car Loan EMI Calculator">Car Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/tax/income-tax-calculator.html" title="Income Tax Calculator" aria-label="Income Tax Calculator">Income Tax Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/fixed-deposit/fd-calculator.html" title="FD Calculator" aria-label="FD Calculator">FD Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/recurring-deposit/rd-interest-calculator.html" title="RD Calculator" aria-label="RD Calculator">RD Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/calculators.html" title="All Financial Calculators" aria-label="All Financial Calculators">All Financial Calculators</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Investments<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/fixed-deposit-rate.html" title="Fixed Deposit" aria-label="Fixed Deposit">Fixed Deposit</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/recurring-deposit-rates.html" title="Recurring Deposit" aria-label="Recurring Deposit">Recurring Deposit</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account.html" title="Savings Account" aria-label="Savings Account">Savings Account</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/saving-schemes.html" title="Saving Schemes" aria-label="Saving Schemes">Saving Schemes</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gold-rate-india.html" title="Gold Rate" aria-label="Gold Rate">Gold Rate</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/silver-rate-india.html" title="Silver Rate" aria-label="Silver Rate">Silver Rate</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/mutual-fund.html" title="Mutual Funds" aria-label="Mutual Funds">Mutual Funds</a></li></ul></div></details></div><span><a href="/credit-score.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 minW-auto bg-inherit text-inherit hover:bg-inherit no-underline h-auto text-wrap font-medium focus-visible:ring-0 w-full py-4"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-wallet-cards mr-2 h-full"><rect width="18" height="18" x="3" y="3" rx="2"></rect><path d="M3 9a2 2 0 0 1 2-2h14a2 2 0 0 1 2 2"></path><path d="M3 11h3c.8 0 1.6.3 2.1.9l1.1.9c1.6 1.6 4.1 1.6 5.7 0l1.1-.9c.5-.5 1.3-.9 2.1-.9H21"></path></svg><span class="flex-auto "><strong><p class="text-sm ">Credit Score</p></strong></span><img src="https://static.bankbazaar.com/images/common/bbicons-menu-free-badge.webp" alt="FREE" title="FREE" width="40" height="20" style="max-width:100%;display:inline"/></a></span><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-file-text mr-2 h-full"><path d="M15 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7Z"></path><path d="M14 2v4a2 2 0 0 0 2 2h4"></path><path d="M10 9H8"></path><path d="M16 13H8"></path><path d="M16 17H8"></path></svg>Govt. Utility Documents<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/pan-card.html" title="Pan Card" aria-label="Pan Card">Pan Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/aadhar-card.html" title="Aadhaar Card" aria-label="Aadhaar Card">Aadhaar Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/voter-id.html" title="Voter ID" aria-label="Voter ID">Voter ID</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/electricity-bill.html" title="Electricity Bill" aria-label="Electricity Bill">Electricity Bill</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/driving-licence.html" title="Driving Licence" aria-label="Driving Licence">Driving Licence</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/passport.html" title="Passport" aria-label="Passport">Passport</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/visa.html" title="Visa" aria-label="Visa">Visa</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gas-connection.html" title="Gas Connection" aria-label="Gas Connection">Gas Connection</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/ration-card.html" title="Ration Card" aria-label="Ration Card">Ration Card</a></li></ul></div></details></div><span><a href="/getapp.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 minW-auto bg-inherit text-inherit hover:bg-inherit no-underline h-auto text-wrap font-medium focus-visible:ring-0 w-full py-4"><span class="mr-2"><img src="https://static.bankbazaar.com/images/common/bbicons-menu-download-app.webp" alt="Download App" title="Download App" width="25" height="28" style="max-width:100%;display:inline"/></span><span class="flex-auto "><strong><p class="text-sm ">Download Mobile App</p></strong></span><img src="https://static.bankbazaar.com/images/common/bbicons-menu-android-star-badge.webp" alt="Badge" title="Badge" width="12" height="20" style="max-width:100%;display:inline"/></a></span><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-umbrella mr-2 h-full"><path d="M22 12a10.06 10.06 1 0 0-20 0Z"></path><path d="M12 12v8a2 2 0 0 0 4 0"></path><path d="M12 2v1"></path></svg>Insurance<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 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no-underline text-bbBlue" href="/life-insurance/postal-life-insurance/post-office-monthly-income-scheme.html" title="Post Office Monthly Income Scheme" target="_blank" aria-label="Post Office Monthly Income Scheme">Post Office Monthly Income Scheme</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/life-insurance/how-to-generate-lic-premium-statement-for-it-returns.html" title="LIC Policy Statement Download" target="_blank" aria-label="LIC Policy Statement Download">LIC Policy Statement Download</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/life-insurance/claim-settlement-ratio-for-life-insurance.html" title="Claim Settlement Ratio for Life Insurance" target="_blank" aria-label="Claim Settlement Ratio for Life Insurance">Claim Settlement Ratio for Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/lic-life-insurance-endowment-plans/new-jeevan-anand-plan.html" title="LIC's New Jeevan Anand Plan" target="_blank" aria-label="LIC's New Jeevan Anand Plan">LIC's New Jeevan Anand Plan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/life-insurance/postal-life-insurance-premium-calculator.html" title="Postal Life Insurance Premium Calculator" target="_blank" aria-label="Postal Life Insurance Premium Calculator">Postal Life Insurance Premium Calculator</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/lic-life-insurance/lic-jeevan-labh-plan.html" title="LIC Jeevan Labh Plan " target="_blank" aria-label="LIC Jeevan Labh Plan ">LIC Jeevan Labh Plan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/rural-postal-life-insurance/gram-suraksha-plan.html" title="Gram Suraksha Rural Postal Life Insurance Scheme " target="_blank" aria-label="Gram Suraksha Rural Postal Life Insurance Scheme ">Gram Suraksha Rural Postal Life Insurance Scheme</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/lic-life-insurance/jeevan-akshay.html" title="LIC Tax Benefits" target="_blank" aria-label="LIC Tax Benefits">LIC Jeevan Akshay</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/term-insurance/1crore-term-insurance-plan.html" title="1 Crore Term Insurance Plan" target="_blank" aria-label="1 Crore Term Insurance Plan">1 Crore Term Insurance Plan</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/life-insurance/surrender-lic-policy.html" title="How to Surrender LIC Policy" target="_blank" aria-label="How to Surrender LIC Policy">How to Surrender LIC Policy</a></li></ul><h4 class="text-sm font-bold ">Life Insurance by Insurers</h4><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/sbi-life-insurance.html" title="Check Plans from SBI Life Insurance" target="_blank" aria-label="Check Plans from SBI Life Insurance">SBI Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/lic-life-insurance.html" title="Check Plans from LIC Life Insurance" target="_blank" aria-label="Check Plans from LIC Life Insurance">LIC Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/max-life-insurance.html" title="Check Plans from Max Life Insurance" target="_blank" aria-label="Check Plans from Max Life Insurance">Max Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/exide-life-insurance.html" title="Check Plans from Exide Life Insurance" target="_blank" aria-label="Check Plans from Exide Life Insurance">Exide Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/bharti-axa-life-insurance.html" title="Check Plans from Bharti AXA Life Insurance" target="_blank" aria-label="Check Plans from Bharti AXA Life Insurance">Bharti AXA Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/indiafirst-life-insurance.html" title="Check Plans from Indiafirst Life Insurance" target="_blank" aria-label="Check Plans from Indiafirst Life Insurance">Indiafirst Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/reliance-life-insurance.html" title="Check Plans from Reliance Life Insurance" target="_blank" aria-label="Check Plans from Reliance Life Insurance">Reliance Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/hdfc-life-insurance.html" title="Check Plans from HDFC Life Insurance" target="_blank" aria-label="Check Plans from HDFC Life Insurance">HDFC Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/aviva-life-insurance.html" title="Check Plans from Aviva Life Insurance" target="_blank" aria-label="Check Plans from Aviva Life Insurance">Aviva Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/kotak-life-insurance.html" title="Check Plans from Kotak Life Insurance" target="_blank" aria-label="Check Plans from Kotak Life Insurance">Kotak Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/bajaj-allianz-life-insurance.html" title="Check Plans from Bajaj Allianz Life Insurance" target="_blank" aria-label="Check Plans from Bajaj Allianz Life Insurance">Bajaj Allianz Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/birla-sun-life-insurance.html" title="Check Plans from Birla Sun Life Insurance" target="_blank" aria-label="Check Plans from Birla Sun Life Insurance">Birla Sun Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/shriram-life-insurance.html" title="Check Plans from Shriram Life Insurance" target="_blank" aria-label="Check Plans from Shriram Life Insurance">Shriram Life Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/tata-aia-life-insurance.html" title="Check Plans from Tata Aia Life Insurance" target="_blank" aria-label="Check Plans from Tata Aia Life Insurance">Tata Aia Life Insurance</a></li></ul><h4 class="text-sm font-bold ">Popular Term Insurance Reads</h4><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/term-insurance/top-term-insurance-plans-india.html" title="Top Term Insurance Plans" target="_blank" aria-label="Top Term Insurance Plans">Top Term Insurance Plans</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/term-insurance/term-insurance-plan-maturity-benefits.html" title="Term Insurance Maturity Benefits" target="_blank" aria-label="Term Insurance Maturity Benefits">Term Insurance Maturity Benefits</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/term-insurance/term-life-insurance-for-tax-benefits.html" title="Term Life Insurance for Tax Benefits" target="_blank" aria-label="Term Life Insurance for Tax Benefits">Term Life Insurance for Tax Benefits</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/term-insurance/10-year-term-life-insurance-policy.html" title="Ten years Term Insurance Policy" target="_blank" aria-label="Ten years Term Insurance Policy">Ten years Term Insurance Policy</a></li></ul><h4 class="text-sm font-bold ">Term Life Insurance by Insurers</h4><ul class="list-none "><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/edelweiss-term-plan.html" title="Check Plans from Edelweiss Term Insurance" target="_blank" aria-label="Check Plans from Edelweiss Term Insurance">Edelweiss Term Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/future-generali-term-plan.html" title="Check Plans from Future Generali Term Insurance" target="_blank" aria-label="Check Plans from Future Generali Term Insurance">Future Generali Term Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/kotak-term-insurance.html" title="Check Plans from Kotak Mahindra Term Insurance" target="_blank" aria-label="Check Plans from Kotak Mahindra Term Insurance">Kotak Mahindra Term Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/indiafirst-term-plan.html" title="Check Plans from Indiafirst Term Insurance" target="_blank" aria-label="Check Plans from Indiafirst Term Insurance">Indiafirst Term Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/lic-term-plan.html" title="Check Plans from LIC Term Insurance" target="_blank" aria-label="Check Plans from LIC Term Insurance">LIC Term Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/shriram-term-plan.html" title="Check Plans from Shriram Life Term Insurance" target="_blank" aria-label="Check Plans from Shriram Life Term Insurance">Shriram Life Term Insurance</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/insurance/tata-aia-term-plan.html" title="Check Plans from Tata Aia Term Insurance" target="_blank" aria-label="Check Plans from Tata Aia Term Insurance">Tata Aia Term Insurance</a></li></ul></div></div><div data-inline-ad-position="LEFT_NAV"></div></aside></div><div class=" lg:col-span-10 md:col-span-10 col-span-12"><div class="flex flex-col gap-2.5 px-1"><div class="items-center flex gap-2.5"><h1 class="text-xl font-bold ">Life Insurance Policy</h1></div><div class="rounded-lg border border-slate-200 text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative bg-primary-light"><div class="p-2.5"><div class="pr-md font-large" style="max-height:500px;overflow-y:auto"><h2 class="text-lg font-bold pt-5">What is Life Insurance?</h2><p class="text-base ">Life insurance is a financial safety net that offers a lump sum amount to a policyholder's family or dependents in case of an untimely death. It ensures financial security by covering essential expenses such as daily needs, loans, or education.</p><p class="text-base ">Additionally, some policies also provide savings and investment benefits, helping families achieve long-term goals.</p></div></div></div><div><div class="mb-xl"><span style="background-color:#ffff009c" class="mb-xl">Updated On - 24 Nov 2024</span></div><div class="flex flex-col gap-1"><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check FREE Credit Score">Check FREE Credit Score</a></div><h2 class="text-lg font-bold pt-5">Types of Life Insurance Policies in India:</h2><div class="mb-2.5"><img src="https://static.bankbazaar.com/images/india/infographic/life-insurance-policy.webp" alt="Life Insurance policy" title="Life Insurance policy" width="500" height="400" loading="lazy" style="max-width:100%;display:block;float:left;margin:0 auto"/></div><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/insurance/term-insurance.html">Term Life Insurance Plans</a></li><li class="pt-1 pb-1"><a href="/term-insurance/term-insurance-plan-return-of-premium.html" target="_blank">Term Return of Premium </a>(TROP)</li><li class="pt-1 pb-1"> <a href="/life-insurance/whole-life-plans.html" target="_blank">Whole life Insurance</a><a href="https://www.bankbazaar.com/insurance/term-insurance.html"></a></li><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/endowment-plans.html">Endowment Policies</a></li><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/ulip.html">Unit Linked Insurance Plans(ULIP)</a></li><li class="pt-1 pb-1"><a href="/life-insurance/plans-for-children.html" target="_blank">Child Plan</a><a href="https://www.bankbazaar.com/life-insurance/ulip.html"></a></li><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/money-back-plans.html">Money Back Policies</a></li><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/whole-life-plans.html">Whole Life Policy</a></li><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/life-insurance/annuity-pension-plans.html">Annuity/Pension Plans</a><a href="https://www.bankbazaar.com/life-insurance/annuity-pension-plans.html"></a></li></ol><p class="text-base ">1. <strong>Term Life Insurance:</strong> This type of policy comes with a death benefit payable only in the event that the policyholder dies before the term of the plan. The nominee can make a death claim after the policyholder’s death. However, if the policyholder survives the policy term, a death claim cannot be made, and the policy coverage will cease without any maturity value. These policies can be supported with riders for additional coverage, such as accidental death benefits, critical illness benefits, and others.</p></div><div><div class="flex flex-col gap-1"><p class="text-base ">2. <strong>TROP</strong>: This is a particular type of term life insurance that comes with the additional advantage of survival benefit where all premiums paid by the insured will be paid back with GST if the insured survives the entire policy term.</p><p class="text-base ">3. <strong>Whole Life Insurance:</strong> This policy covers the policyholder until 100 years of age and ensures financial coverage throughout the policy term.</p><p class="text-base ">4. <strong>Endowment Policies:</strong> This type of insurance plan combines guaranteed returns and life coverage. This type of plan offers a lump sum payout on maturity and enables the nominee to make a death claim in the event of the policyholder’s untimely death. Some endowment plans also come with the benefit of a bonus over the policy coverage.</p><p class="text-base ">5. <strong>ULIP:</strong> Unit- Linked Insurance Plans are wealth builder plans that offer the benefits of both an investment plan and an insurance plan. Customers can invest in various funds, such as equity, hybrid, bonds, and others, according to their risk appetite and receive market-linked returns from investments. These plans include a five-year lock-in period, loyalty addition, and the option of partial withdrawal and fund switching.</p><p class="text-base ">6. <strong> Money Bank Policies:</strong> This type of insurance plan offers a percentage of the assured sum of the policy at regular intervals and returns the remaining portion of the corpus along with a bonus if the policyholder survives the policy term. The entire sum assured will be returned in case of an unfortunate event before the policy term. The policy also offers maturity benefits with lump sum payments.</p><p class="text-base ">7. <strong>Child Plan</strong>: Ensures financial security for the child by fulfilling the child’s future goals using the return on investment. These policies offer life cover to the nominee and fund the balance premium even in the absence of the policyholder.</p><p class="text-base ">8. <strong>Whole Life Policy:</strong> This type of insurance policy offers 99 years of coverage with family protection for an extended duration. This type of plan is best suited for policyholders with dependents and offers lifetime protection to the policyholder and their children.</p><p class="text-base ">9. <strong>Pension or Retirement or Annuity Plans:</strong> This is a wealth-building plan for non-working years of the policyholder and offers financial protection to family members as well. This plan comes with various withdrawal options, such as a lump sum payment, regular income, or both.</p><p class="text-base ">Some other types of Life Insurance policies also include:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Children Life Insurance Policy:</strong> This plan is a combination of savings and investment plan specially designed to meet the financial needs of the children in the future. This plan comes with intermediate withdrawal or provision of withdrawal after the child reaches adulthood.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"> <strong>Group Life Insurance:</strong> This type of policy is offered to the employees by employers, bank customers, NGOs, non-banking financial organizations, professional groups, and microfinance institutions. This plan offers financial support to the employees and to their family members in case of the untimely demise of the employee. Some group insurance plans come with critical illness coverage, and disability along with outstanding loan coverage for debtors.</li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check FREE Credit Score">Check FREE Credit Score</a></div><h2 class="text-lg font-bold pt-5">Key Features and Benefits of a Life Insurance Policy</h2><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Financial Security</strong>: Provides long-term financial protection for the policyholder's family in case of an emergency.</li><li class="pt-1 pb-1"><strong>Maturity Benefits</strong>: On policy completion, the insurer may offer a maturity benefit, depending on the type of policy.</li><li class="pt-1 pb-1"><strong>Death Benefit</strong>: In the event of the policyholder's death, the insurer pays the sum assured and any bonuses to the nominated beneficiary.</li><li class="pt-1 pb-1"><strong>Assured Returns</strong>: Guarantees a fixed sum after a specific term, helping cover future expenses like education or other needs.</li><li class="pt-1 pb-1"><strong>Tax Benefits</strong>: Premiums qualify for tax deductions under sections 80C and 80D, with tax exemptions on benefits under section 10(10D).</li><li class="pt-1 pb-1"><strong>Retirement Planning</strong>: Annuity policies provide a monthly pension after policy maturity, ensuring financial stability in retirement.</li><li class="pt-1 pb-1"><strong>Riders</strong>: Optional add-ons, such as critical illness or premium waivers, allow customization of the policy to suit personal needs.</li><li class="pt-1 pb-1"><strong>Wealth Creation</strong>: Some policies, like ULIPs and endowment plans, offer opportunities to build wealth alongside protection.</li><li class="pt-1 pb-1"><strong>Loan Facility</strong>: Certain policies allow you to borrow against the policy’s value or sum assured.</li><li class="pt-1 pb-1"><strong>Flexible Premium Payment</strong>: Choose from various premium payment options—monthly, quarterly, half-yearly, or annually - based on your preference.</li></ul><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check Your Credit Score Now">Check Your Credit Score Now</a></div><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">Comparison of Different Types of Life Insurance Plans</h2><p class="text-base ">Life insurance has evolved from a luxury to a necessity, playing a vital role in securing financial stability. Despite the country's low life insurance penetration, more people are enrolling in life insurance plans every day. Choosing the right policy can be challenging with so many options available. Understanding the different types of life insurance plans is crucial to selecting the best coverage for your needs.</p><p class="text-base ">The table below will highlight and compares key aspects related to the different types of life insurance policies in India:</p><div class="relative w-full overflow-auto"><table class="w-full caption-bottom text-sm border"><thead class="[&_tr]:border-b font-bold"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Type of Plan</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Policy Term</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l bg-secondary hover:bg-secondary text-white p-2" colSpan="1"><p class="text-base ">Maturity Benefit</p></td></tr></thead><tbody class="[&_tr:last-child]:border-0"><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Term Plan</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5 years to 85 years</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Maturity Benefit is only accessible if the Return of Premium option is selected</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Endowment Plan</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5 years to 35 years</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Yes, when the policy's term expires</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">ULIP</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">10 years to 20 years</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Yes, when the policy's term expires</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Annuity/Pension Plan </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Entire life</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Regular earnings until survival</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Whole Life Insurance </p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Until you attain the age of 100 years</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">When you attain the age of 100 years</p></td></tr><tr class="border-b transition-colors data-[state=selected]:bg-slate-100 dark:hover:bg-slate-800/50 dark:data-[state=selected]:bg-slate-800 hover:bg-inherit even:bg-gray-100 hover:even:bg-gray-100"><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Term Return of Premium Plan</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">5 years to 65 years</p></td><td class="align-middle [&:has([role=checkbox])]:pr-0 border-l p-2" colSpan="1" rowSpan="1"><p class="text-base ">Benefits of survival on maturity</p></td></tr></tbody></table></div><p class="text-base ">*Note – The term varies from plan to plan, with the numbers mentioned above reflecting an overall average.</p><h2 class="text-lg font-bold pt-5">How to Save Tax with Life Insurance in India?</h2><p class="text-base ">Being insured in today’s times is of utmost importance. Even if your partner has a life insurance policy and a group policy from his/her company, it is important that you purchase a comprehensive life cover for yourself. Covering your life will not reduce the emotional distress that you may be going through, but a life insurance policy will ensure that you have adequate financial backup during times of need. The insurance market is currently flooded with insurers selling a horde of insurance products and services. While selecting a particular life insurance policy, it is imperative to understand its tax implications.</p><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Section 80C of the Income Tax Act Deduction:</strong> If you are currently paying a premium toward your life insurance policy or for the life of your parents, children, or spouse, you will be eligible for a <a href="https://www.bankbazaar.com/insurance/life-insurance/income-tax-exemption.html" target="_blank">deduction under Section 80C of the Income Tax Act</a>. Irrespective of whether your child is a minor or not, the deduction shall be applicable. However, to be able to claim the said deduction, the premium amount (being paid by the policyholder) must not be more than 10% of the sum assured amount, if the policy was issued after 1 April 2012.</li><li class="pt-1 pb-1"><strong>Section 10(10D) Maturity Deduction:</strong> If the premium amount (being paid by the policyholder) does not exceed 10% of the sum assured for plans issued after April 1, 2012, and 20% of the sum assured for plans issued before April 1, 2012, then the maturity amount that the policyholder receives at the end of the policy term will be completely exempt from tax as per Section 10(10D) of the Income Tax Act, 1961.</li></ul><h3 class="text-md font-bold pt-5">GST on Life Insurance Premium</h3><p class="text-base ">Life insurance is not exempted from <a href="/tax/gst.html" target="_blank">GST </a>(Goods and Services Tax). The introduction of GST will have an impact on the life insurance industry. The insurance premiums will most likely increase from 15% to 18% in the insurance sector. If you are paying premiums for health, car, and life insurance, you will be affected heavily.</p><p class="text-base ">When life insurance companies calculate the premium for each individual, certain factors are taken into consideration. Because life insurance is a form of investment, even low premiums can yield relatively high returns over a period of time. However, availing a life insurance policy with a low premium may not always be possible as you will have to meet certain requirements as laid down by the insurer. However, some individuals tend to avail similar life insurance policies as others at significantly lower costs. The reason for this is that these individuals have made the right life choices that have enabled them to avail lower premiums.</p><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">Documents Required for Buying a Life Insurance Policy</h2><p class="text-base ">Following are the documents you will require to purchase a life insurance policy:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Passport-sized photographs.</li><li class="pt-1 pb-1">Age Proof (<a href="/driving-licence.html" target="_blank">Driving License</a> / <a href="/pan-card.html" target="_blank">PAN Card</a> /<a href="/passport.html" target="_blank"> Passport</a> / SSC Certificate).</li><li class="pt-1 pb-1">Proof of Residence (Passport / Telephone Bill / Electricity Bill / <a href="https://www.bankbazaar.com/ration-card.html" target="_blank">Ration Card</a> / Water Bill / Voter ID).</li><li class="pt-1 pb-1">Identity Proof (Ration Card / Voter ID / <a href="/pan-card.html" target="_blank">PAN Card</a> / Passport / Driving License).</li><li class="pt-1 pb-1">Proof of Income (Pension Pass Book / <a href="/tax/income-tax-return.html" target="_blank">Income Tax Returns</a> /<a href="/tax/form-16.html" target="_blank"> Form 16 </a>/ Salary Slip).</li></ol><h2 class="text-lg font-bold pt-5">How Does Life Insurance Work?</h2><p class="text-base ">Here are the details regarding how life insurance works:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Select the life insurance that suits your needs</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Select the premium payment option, either annual or monthly, depending on terms and conditions</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Life should be informed, and claim should be filed by the nominee in case death of the insured</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Relevant documents should be submitted to file the claim, such as death certificate, identity proof, etc.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The life cover amount is paid to the nominee only after successful verification of the documents</li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check FREE Credit Score">Check FREE Credit Score</a></div><h2 class="text-lg font-bold pt-5">Importance of Life Insurance</h2><p class="text-base ">In the unfortunate event of the policyholder’s death, life insurance gives financial security and long-term well-being for the family members. Additionally, it provides a chance to save corpus for a safe future. Here is why life insurance is necessary:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The financial security of the policyholder’s family is ensured by life insurance. It provides a layer of security for regular expenses and preserves their standard of living in the event of the policyholder’s death.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"> Life insurance allows you to secure the financial security of your family without straining your budget by providing high coverage at reasonable premium rates. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"> In addition to providing a death benefit, life insurance covers serious illnesses and relieves the financial strain of medical bills. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"> Having life insurance can help you prepare for retirement by guaranteeing a consistent flow of income during your post-retirement years.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Besides providing financial security, life insurance also offers tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961, which enable you to save on taxes.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">You can accumulate corpus through life insurance over time, which will give you the financial means to meet future objectives like buying a house, children’s education, etc.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">You can feel secure in the knowledge that your loved ones' financial future is protected even in the most difficult times. </li></ol><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">How Much Life Insurance Coverage is Required?</h2><p class="text-base ">It is essential to determine the appropriate life insurance for your family members. When determining the necessary amount of life insurance coverage, you should take the following factors into account:</p><p class="text-base "><strong>Your Family's Requirements:</strong> Before selecting the appropriate life insurance, you should evaluate the financial needs of your family, including total income and total monthly costs.</p><p class="text-base "><strong>Existing Debts and Loans:</strong> The life insurance policy you choose should cover any outstanding debts or loans you may have.</p><p class="text-base "><strong>HLV Calculation:</strong> You can obtain a precise estimate of the necessary life insurance by using the human life value calculator.</p><p class="text-base "><strong>Medical Emergencies:</strong> You should select a life insurance policy that is enough to cover any unforeseen medical or financial emergencies.</p><p class="text-base "><strong>Income Replacement:</strong> In order to replace your income in the event of your absence, you should select an amount assured that is payable in monthly instalments.</p><p class="text-base "><strong>Changes in Your Life Stage: </strong>You should select a life insurance policy that is sufficient to cover your various life stages because your life stage could shift during the policy term.</p><h2 class="text-lg font-bold pt-5">Life Insurance Claim Process</h2><h3 class="text-md font-bold pt-5">How to Claim Life Insurance in Case of Death?</h3><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Inform the Insurer</strong>: Notify the insurer with details of the policyholder's death.</li><li class="pt-1 pb-1"><strong>Submit Required Documents</strong>: Provide the death certificate and completed claim form.</li><li class="pt-1 pb-1"><strong>Submit Original Policy and Discharge Form</strong>: Include the original policy document and a signed discharge form.</li><li class="pt-1 pb-1"><strong>Include Assigned Policy Deed (if applicable)</strong>: If the policy is assigned to another person, submit the assignment deed.</li><li class="pt-1 pb-1"><strong>Provide Legal Proof of Claimant’s Entitlement</strong>: The claimant must submit proof of their legal right to claim.</li><li class="pt-1 pb-1"><strong>Provide Additional Documents (if required)</strong>: Submit any extra documents requested by the insurer.</li></ul><h3 class="text-md font-bold pt-5">How to Claim Life Insurance After Maturity?</h3><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Receive Bank Discharge Form</strong>: The insurer will send a discharge form for the maturity claim.</li><li class="pt-1 pb-1"><strong>Complete the Form</strong>: Fill out the discharge form accurately.</li><li class="pt-1 pb-1"><strong>Submit the Form and Supporting Documents</strong>: Submit the completed form along with any required documents.</li><li class="pt-1 pb-1"><strong>Receive the Sum Assured and Maturity Bonus</strong>: After processing, you will receive the sum assured along with any applicable maturity bonuses.</li></ul><h3 class="text-md font-bold pt-5">How to Claim Riders in Life Insurance?</h3><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Pay Extra Premium for Rider Benefits</strong>: Ensure rider premiums are paid to activate benefits.</li><li class="pt-1 pb-1"><strong>Follow the Specific Claim Procedure for Each Rider</strong>: Each rider (e.g., critical illness, accidental death) may have a different claim process.</li><li class="pt-1 pb-1"><strong>For Death-Related Riders</strong>: Follow the same process as the death claim for death-related riders.</li><li class="pt-1 pb-1"><strong>For Other Riders</strong>: Submit a signed claim form along with a copy of the policy.</li></ul><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check FREE Credit Score">Check FREE Credit Score</a></div><h2 class="text-lg font-bold pt-5">Documents Required for Initiating Claiming Procedures</h2><p class="text-base ">The following are the documents required for initiating claiming procedures:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Post-mortem reports</li><li class="pt-1 pb-1">Original policy certificate</li><li class="pt-1 pb-1">Death certificate issued by the local authority</li><li class="pt-1 pb-1">FIR (First Information Report)</li><li class="pt-1 pb-1">Claim form which dully filled and signed by the applicant</li><li class="pt-1 pb-1">Bank statement</li><li class="pt-1 pb-1">Cancelled cheque</li><li class="pt-1 pb-1">KYC documents of beneficiary, such as copy of address proof and photo ID proof</li><li class="pt-1 pb-1">Summary of hospital discharge</li><li class="pt-1 pb-1">Legal proof of the person making the claim in case he or she is not an assignee or nominee</li></ol><h2 class="text-lg font-bold pt-5">Guidelines for Beneficiaries Claiming Life Insurance:</h2><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">To claim the death benefit, the nominee must file a death claim. Obtain a claim intimation form from your insurer for physical policies or apply online for digital policies.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The claim intimation should include essential details like policy number, policyholder's name, place of death, insured person's name, and the claimant's name.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The nominee must complete the required death claim forms and provide proof of death.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">After submitting the forms, the insurance company acknowledges the death claim.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Gather all necessary supporting documents. Submit the documents to the insurance company for the claim settlement process.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The company will review the forms and documents before making a claim settlement decision.</li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check FREE Credit Score">Check FREE Credit Score</a></div><h2 class="text-lg font-bold pt-5">What’s the Average Cost of a Life Insurance Plan and what Affects the Price?</h2><p class="text-base ">Life insurance policies are known for insuring the life of the insured and also for providing a lump sum amount to the insured’s family after the former (the insured) passes away. The insurance market is flooded with numerous insurance policies offered by various insurance providers. Hence, choosing a life insurance policy that best suits one’s needs has become a convenient process.</p><p class="text-base ">However, before investing in a life insurance policy, it is important to analyse the cost and one’s needs, and invest accordingly.</p><p class="text-base "><strong>Factors Affecting Life Insurance Policy Premiums:</strong></p><p class="text-base ">The following are the factors affecting life insurance policy premiums:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Weight and Obesity:</strong> Overweight or obese individuals may face higher premium rates.</li><li class="pt-1 pb-1"><strong>Occupation Risk:</strong> Risky professions, like race car driving, can lead to elevated premiums due to the higher associated risks.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Smoking:</strong> Smokers typically pay higher premiums due to increased health risks.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Heavy Drinking:</strong> Excessive alcohol consumption may result in additional premium costs</li></ol><h3 class="text-md font-bold pt-5">Factors Affecting Life Insurance Policy Premiums</h3><p class="text-base ">Following are the factors that are taken into consideration by life insurance companies for the calculation of premiums:</p><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Age</li><li class="pt-1 pb-1">Gender</li><li class="pt-1 pb-1">Health records</li><li class="pt-1 pb-1">Medical history</li><li class="pt-1 pb-1">Smoking</li><li class="pt-1 pb-1">Drinking</li><li class="pt-1 pb-1">Type of policy</li><li class="pt-1 pb-1">Profession</li><li class="pt-1 pb-1">Lifestyle choices</li><li class="pt-1 pb-1">Obesity</li></ul><h3 class="text-md font-bold pt-5">Life Insurance Premium Calculation</h3><p class="text-base ">These are the basic steps involved in calculating premium for Life Insurance: </p><p class="text-base "><strong>Step 1</strong>- <strong>Collect Personal Information</strong>: Insurance companies gather essential data about the individual seeking coverage. This includes details like age, gender, medical history, and lifestyle choices.</p><p class="text-base "><strong>Step 2</strong>- <strong>Evaluate Health and Lifestyle:</strong> Underwriters assess the applicant's health status, considering factors such as pre-existing medical conditions, tobacco use, and overall fitness. A healthier lifestyle typically leads to lower premiums.</p><p class="text-base "><strong>Step 3</strong>- <strong>Analyze Personal History: </strong>Motor vehicle reports and medical information are examined to gauge risk. Past incidents or health issues may impact the premium.</p><p class="text-base "><strong>Step 4- Statistical Data and Actuarial Analysis</strong>: Insurance providers use mathematical calculations and statistical models to determine the risk profile of the applicant. Actuaries, who are experts in risk assessment, play a crucial role in this step.</p><p class="text-base "><strong>Step 5- Risk Assessment:</strong> Actuaries predict the likelihood of the applicant making a claim on the policy. The higher the perceived risk, the more the individual will pay in premiums.</p><p class="text-base "><strong>Step 6- Mortality and Sickness Tables:</strong> Actuaries create tables that outline potential losses due to illnesses or death. These tables are based on mathematical data and historical trends.</p><p class="text-base "><strong>Step 7- Modeling Risk:</strong> Actuaries use the mortality and sickness tables to build models that estimate the likelihood of the applicant falling ill or passing away during the policy term.</p><p class="text-base "><strong>Step 8- Determine Premium:</strong> The final step is to calculate the premium based on the individual's risk profile. Those with a higher probability of claiming benefits will be charged higher premiums, while healthier, lower-risk individuals will pay less.</p><h4 class="text-sm font-bold pt-5">Grace Period in Life Insurance</h4><p class="text-base ">Here are the details regarding grace period in life insurance:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">In case the policyholder fails to pay premium on time, grace period allows them to clear the due</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Grace period is of 30 days for life insurance plan during which premium can be paid</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Time period of grace varies in some life insurance plans</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The benefits of life insurance plan remain active during the grace period</li></ol><h4 class="text-sm font-bold pt-5">Cash Value of Life Insurance Plans</h4><p class="text-base ">The following are some of the details of cash value of life insurance plans:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Earning and Borrowing:</strong> This component earns interest and is available for borrowing or withdrawal.</li><li class="pt-1 pb-1"><strong>Financial Flexibility:</strong> You can use the cash value as a source for loans or premium payments.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Wealth Building:</strong> It aids in accumulating wealth while enhancing your life cover.</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Premium Allocation</strong>: Your premium is divided into two parts – one for wealth creation and interest earnings, and the other for financial security. </li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Maturity or Emergency:</strong> Once sufficient cash value accumulates, you can receive it at maturity or utilize it for emergency loans.</li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check FREE Credit Score">Check FREE Credit Score</a></div><h2 class="text-lg font-bold pt-5">What are the Late Charges on Life Insurance Premiums?</h2><p class="text-base ">Here are some details regarding late charges on life insurance premiums:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Policyholders will need to pay penalties on late charges on life insurance premiums</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The penalty amount varies depending on policy and the insurer</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">To revive the policy through ‘reinstatement’, policyholders need to pay all the outstanding premiums with applicable interest rates will be applicable</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Late payment charges also depend on the duration for which premium payment is due</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"> Life insurance plan can be revived within five years of last premium paying date</li></ol><h2 class="text-lg font-bold pt-5">How to Avoid Late Charges on Life Insurance Premiums?</h2><p class="text-base ">The following are some of the significant points that you should remember to avoid paying late fees in life insurance:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Select auto-debit option so that you do not miss out on premium payments</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Select reminder option before premium payment date to avoid delayed payment</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Keep track of the premium payment reminders</li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Opt for yearly premium payment instead of monthly payments to avoid missing out on regular payments</li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check FREE Credit Score">Check FREE Credit Score</a></div><h2 class="text-lg font-bold pt-5">Life Insurance Exclusion</h2><p class="text-base ">The exclusions under life insurance plans may differ from one policy to another. However, there are certain exclusions that almost all policies agree with. Mentioned below are some important ones:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Death caused while performing criminal or unlawful activities</li><li class="pt-1 pb-1">Death caused by man-made disasters like war, riot, etc.</li><li class="pt-1 pb-1">Suicide or any self-inflicted injury</li><li class="pt-1 pb-1">Death caused while participating in adventure sports or any dangerous activities like bungee jumping, rock climbing, etc.</li><li class="pt-1 pb-1">Death from HIV or any other sexually transmitted diseases</li><li class="pt-1 pb-1">Death or harm caused by indulging in illegal intoxicants</li><li class="pt-1 pb-1">Death caused during the waiting period is not covered by life insurance policies</li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_LIFAQBUTTON_35199&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_LIFAQBUTTON_35199" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check FREE Credit Score">Check FREE Credit Score</a></div></div><h2 class="text-lg font-bold pt-4">FAQs on Life Insurance</h2><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>How much life insurance cover does a person need? </strong><p class="text-base ">The amount of life insurance coverage required depends on factors like income, expenses, and liabilities. Evaluating these factors helps determine the appropriate coverage amount.</p></li><li class="pt-1 pb-1"><strong>What is the average life insurance cost per month?</strong><p class="text-base ">The average monthly cost of life insurance depends on factors such as the type of policy, your age, health, and the sum assured. Term plans are generally more affordable than traditional or unit-linked plans.</p></li><li class="pt-1 pb-1"><strong>Why is term life insurance better than whole life insurance for some people? </strong><p class="text-base ">Term life insurance offers high coverage at lower premium rates, making it suitable for those seeking cost-effective protection for a specific period. Whole life insurance combines death benefits and savings but comes at a higher cost.</p></li><li class="pt-1 pb-1"><strong>How do term insurance policies offer higher life coverage than other types of insurance policies?</strong><p class="text-base ">Term insurance premiums are primarily allocated to create a life cover, while other plans use part of the premium for different purposes, making term insurance more affordable and focused on pure protection.</p></li><li class="pt-1 pb-1"><strong>When does life insurance cover begin? </strong><p class="text-base ">Your life insurance coverage starts on the Risk Commencement date, which is the date when the insurer approves your insurance application.</p></li><li class="pt-1 pb-1"><strong>What are the major differences between a non-participating policy and a participating one? </strong><p class="text-base ">Non-participating policies don't allow policyholders to share in the company's profits, while participating policies enable policyholders to participate in the company's profits, though the dividends may vary based on investment returns.</p></li><li class="pt-1 pb-1"><strong>What happens if my policy is canceled during the free-look period? </strong><p class="text-base ">During the free-look period, you can cancel your policy without cost. After this period, canceling the policy may involve a small fee.</p></li><li class="pt-1 pb-1"><strong>Are life insurance payouts taxable? </strong><p class="text-base ">As per Section 10(10D) of the Income Tax Act, sums assured, and bonuses received under the policy are usually tax-free. However, there are exceptions in certain cases.</p></li><li class="pt-1 pb-1"><strong>Is it better to take a single cover policy or a joint life insurance policy? </strong><p class="text-base ">Single cover policies cover individuals separately, while joint policies cover both individuals under one policy. Joint policies result in a single payout, whereas two single policies provide two separate payouts.</p></li><li class="pt-1 pb-1"><strong>When should you buy life insurance? </strong><p class="text-base ">Ideally, purchase life insurance in your late 20s or early 30s. The timing may vary based on the number of dependents and family health history.</p></li><li class="pt-1 pb-1"><strong>Do life insurance premiums increase with age? </strong><p class="text-base ">Premiums for whole life policies remain fixed, while term insurance premiums may increase if you renew the policy after the initial term, as age is considered a risk factor.</p></li><li class="pt-1 pb-1"><strong>What is a graded premium life insurance policy? </strong><p class="text-base ">Graded life insurance features initially lower premiums that increase yearly for a set period before becoming fixed for the rest of the policy term.</p></li><li class="pt-1 pb-1"><strong>What is the ‘Surrender Value’ of a policy?</strong><p class="text-base ">The surrender value is the amount refunded if the policy is canceled and is based on premiums paid and policy duration. Certain insurance companies offer loans against policies, utilizing the surrender value as collateral.</p></li><li class="pt-1 pb-1"><strong>What is a policy's ‘Free-Look Period’?</strong><p class="text-base ">The free-look period allows policyholders to cancel within the first 15 days of purchase and get a refund. Cancellation during the free-look period is free, but a small fee may apply after the period</p></li><li class="pt-1 pb-1"><strong>What are Riders?</strong><p class="text-base ">Riders are additional policy benefits, such as critical illness coverage, available for an extra premiums.</p></li><li class="pt-1 pb-1"><strong>How can I verify the authorization of the agent selling me the life insurance policy? </strong><p class="text-base ">You can ensure their certification by checking the agent's IRDA authorization card.</p></li><li class="pt-1 pb-1"><strong>Can I get life insurance for my parents? </strong><p class="text-base ">Yes, you can purchase life insurance policies for your parents, depending on their age and health. There are policies designed specifically for older individuals or senior citizens.</p></li><li class="pt-1 pb-1"><strong>What is a Money Back Plan? </strong><p class="text-base ">A Money Back Plan combines insurance and investment, offering periodic returns during the policy term and a lump sum at the end of the policy term.</p></li></ul><script type="application/ld+json" data-testid="faq-json-ld">{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"How much life insurance cover does a person need? ","acceptedAnswer":{"@type":"Answer","text":"The amount of life\ninsurance coverage required depends on factors like income, expenses, and\nliabilities. Evaluating these factors helps determine the appropriate coverage\namount. ."}},{"@type":"Question","name":"What is the average life insurance cost per month?","acceptedAnswer":{"@type":"Answer","text":"The average monthly cost\nof life insurance depends on factors such as the type of policy, your age,\nhealth, and the sum assured. Term plans are generally more affordable than\ntraditional or unit-linked plans."}},{"@type":"Question","name":"Why is term life insurance better than whole life insurance for some people? ","acceptedAnswer":{"@type":"Answer","text":"Term life insurance\noffers high coverage at lower premium rates, making it suitable for those\nseeking cost-effective protection for a specific period. Whole life insurance\ncombines death benefits and savings but comes at a higher cost."}},{"@type":"Question","name":"How do term insurance policies offer higher life coverage than other types of insurance policies?","acceptedAnswer":{"@type":"Answer","text":"Term insurance premiums\nare primarily allocated to create a life cover, while other plans use part of\nthe premium for different purposes, making term insurance more affordable and\nfocused on pure protection."}},{"@type":"Question","name":"When does life insurance cover begin? ","acceptedAnswer":{"@type":"Answer","text":"Your life insurance\ncoverage starts on the Risk Commencement date, which is the date when the\ninsurer approves your insurance application."}},{"@type":"Question","name":"What are the major differences between a non-participating policy and a participating one? ","acceptedAnswer":{"@type":"Answer","text":"Non-participating\npolicies don't allow policyholders to share in the company's profits, while\nparticipating policies enable policyholders to participate in the company's\nprofits, though the dividends may vary based on investment returns."}},{"@type":"Question","name":"What happens if my policy is canceled during the free-look period? ","acceptedAnswer":{"@type":"Answer","text":"During the free-look\nperiod, you can cancel your policy without cost. After this period, canceling\nthe policy may involve a small fee."}},{"@type":"Question","name":"Are life insurance payouts taxable? ","acceptedAnswer":{"@type":"Answer","text":"As per Section 10(10D) of\nthe Income Tax Act, sums assured, and bonuses received under the policy are\nusually tax-free. However, there are exceptions in certain cases."}},{"@type":"Question","name":"Is it better to take a single cover policy or a joint life insurance policy? ","acceptedAnswer":{"@type":"Answer","text":"Single cover policies\ncover individuals separately, while joint policies cover both individuals under\none policy. Joint policies result in a single payout, whereas two single\npolicies provide two separate payouts."}},{"@type":"Question","name":"When should you buy life insurance? ","acceptedAnswer":{"@type":"Answer","text":"Ideally, purchase life\ninsurance in your late 20s or early 30s. The timing may vary based on the\nnumber of dependents and family health history."}},{"@type":"Question","name":"Do life insurance premiums increase with age? ","acceptedAnswer":{"@type":"Answer","text":"Premiums for whole life\npolicies remain fixed, while term insurance premiums may increase if you renew\nthe policy after the initial term, as age is considered a risk factor."}},{"@type":"Question","name":"What is a graded premium life insurance policy? ","acceptedAnswer":{"@type":"Answer","text":"Graded life insurance\nfeatures initially lower premiums that increase yearly for a set period before\nbecoming fixed for the rest of the policy term."}},{"@type":"Question","name":"What is the ‘Surrender Value’ of a policy?","acceptedAnswer":{"@type":"Answer","text":"The surrender value is\nthe amount refunded if the policy is canceled and is based on premiums paid and\npolicy duration. Certain insurance companies offer loans against policies,\nutilizing the surrender value as collateral."}},{"@type":"Question","name":"What is a policy's ‘Free-Look Period’?","acceptedAnswer":{"@type":"Answer","text":"The free-look period\nallows policyholders to cancel within the first 15 days of purchase and get a\nrefund. Cancellation during the free-look period is free, but a small fee may\napply after the period ."}},{"@type":"Question","name":"What are Riders?","acceptedAnswer":{"@type":"Answer","text":"Riders are additional policy benefits, such as critical illness coverage, available for an extra premiums."}},{"@type":"Question","name":"How can I verify the authorization of the agent selling me the life insurance policy? ","acceptedAnswer":{"@type":"Answer","text":"You can ensure their\ncertification by checking the agent's IRDA authorization card."}},{"@type":"Question","name":"Can I get life insurance for my parents? ","acceptedAnswer":{"@type":"Answer","text":"Yes, you can purchase\nlife insurance policies for your parents, depending on their age and health.\nThere are policies designed specifically for older individuals or senior\ncitizens."}},{"@type":"Question","name":"What is a Money Back Plan? ","acceptedAnswer":{"@type":"Answer","text":"A Money Back Plan\ncombines insurance and investment, offering periodic returns during the policy\nterm and a lump sum at the end of the policy term."}}]}</script><h2 class="text-lg font-bold pt-2 pb-2">News about Life Insurance </h2><div class="flex flex-col gap-2.5"><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">New business premium of life insurance rises by 22% in August</h3></div><div class="p-2.5"><p class="text-base ">The premium collection for new businesses in August 2024 rose by 22% and stood at Rs.32,644 crore. For the first five months of FY25, the new business premium collection rose by 21% from Rs.1,27,661 crore to Rs.1,54,194 crore. The year-to-date collections grew to Rs.1,54,194 crore this year from Rs.1,27,661 crore and new business premiums expanded to Rs.32,644 crore in August 2024 from Rs.26,788.55 crore in August 2023.</p><div class="text-end px-2.5 py-1">10 September 2024</div></div></div></div><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">More than 7 lakh policyholders to get a higher bonus of 20% by Kotak Mahindra Life Insurance</h3></div><div class="p-2.5"><p class="text-base ">Over 7 lakh eligible policyholders will be given a bonus of Rs.1,007 crore as per an announcement made by Kotak Mahindra Life Insurance. The bonus will be for the financial year 2023-24. This will 23 years in a row that a bonus has been provided by Kotak Life on participating bonus. The policy’s maturity or death benefit will increase because of the declared bonuses.</p><div class="text-end px-2.5 py-1">20 May 2024</div></div></div></div><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">Bajaj Allianz unveils Life Assured Wealth Goal Platinum Smart Income Plan</h3></div><div class="p-2.5"><p class="text-base ">Bajaj Allianz Life Insurance introduces the Life Assured Wealth Goal Platinum Smart Income plan, offering guaranteed early income payouts from the second policy year. The plan allows subscribers to tailor their financial strategy for various life goals, providing flexibility and assurance. It is a non-linked, non-participating individual life insurance and savings plan, offering options to use early income for immediate goals, accumulate for a lump sum, or offset renewal premiums. Key features include continued income, enhanced Return of Premium, and a choice of riders for comprehensive protection. The plan operates in two steps: users decide on the premium details and income start year, aligning payouts with specific financial needs. Additionally, the plan offers tax benefits in accordance with prevailing tax laws.</p><div class="text-end px-2.5 py-1">13 February 2024</div></div></div></div><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">IRDAI proposes changes to insurance company listing requirements</h3></div><div class="p-2.5"><p class="text-base ">On Friday, the Insurance Regulatory and Development Authority of India (IRDAI), proposed to remove the requirement for prior approval by the regulator for the listing of Indian insurance companies on stock exchanges as long as certain conditions are met.</p><p class="text-base ">The proposal is based on the recommendations of the regulation Review Committee (RRC), which merged the existing regulations into IRDAI Regulations, 2024. These recommendations are expected to improve the ease of doing business and protect the interests of the customers.</p><div class="text-end px-2.5 py-1">6 February 2024</div></div></div></div><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">IRDAI Approves the Takeover of Aegon Life by Bandhan Financial Holdings</h3></div><div class="p-2.5"><p class="text-base ">Aegon Life Insurance is about to be taken up by Bandhan Financial Holdings. The Insurance Regulatory & Development Authority (Irdai) granted the holding company of Bandhan Bank final permission for the transaction earlier this week.</p><div class="text-end px-2.5 py-1">5 February 2024</div></div></div></div><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">Private Life Insurers Witness Nearly 6% Surge in Benefits, Payouts Soar to Rs. 1.57 Trillion in FY23</h3></div><div class="p-2.5"><p class="text-base ">The aggregate benefits disbursed by private life insurance companies to policyholders recorded a 5.98% increase, reaching Rs 1.57 trillion in the fiscal year concluded on 31 March 2023 (FY23). This figure marked an upturn from Rs. 1.49 trillion in the corresponding period of the previous fiscal year. In contrast, the Life Insurance Corporation of India (LIC) experienced a 4% decrease in benefits paid, amounting to Rs. 3.39 trillion compared to Rs. 3.53 trillion in FY22. Consequently, the overall benefits extended by insurance companies diminished to Rs. 4.96 trillion during FY23 from Rs. 5.02 trillion in the corresponding period of the previous fiscal year. These benefits accounted for 64% of the net premium. As of March 2023, LIC maintained a dominant market share of 62.58%, with private insurers representing the remaining 37.42% in the life insurance industry. Data released by the Insurance Regulatory and Development Authority of India (IRDAI) revealed that the industry's total benefits moderated due to a decline in death claims and maturity payouts. The industry's claim settlement ratio for the period declined slightly to 98.54% from 98.64% the previous year.</p><div class="text-end px-2.5 py-1">17 January 2024</div></div></div></div></div><script type="application/ld+json" data-testid="organization-json-ld">{"@context":"http://schema.org","@type":"Organization","name":"BankBazaar","url":"https://www.bankbazaar.com/","logo":"https://static.bankbazaar.com/images/bankbazaar-logo.png","sameAs":["https://www.facebook.com/bankbazaar/","https://twitter.com/bankbazaar","https://www.instagram.com/bankbazaar/","https://www.linkedin.com/company/417362/","https://www.youtube.com/@BankBazaar","https://in.linkedin.com/company/bank_bazaar"]}</script></div></div></div></div></div><div class="py-5"><div class="border bg-transparent hover:bg-transparent"><details name="accordion" class="px-2.5 py-2.5"><summary class="cursor-pointer block relative"><strong>Disclaimer<!-- --> <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5">Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. 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{"basename":"/","future":{"v3_fetcherPersist":true,"v3_relativeSplatPath":true,"v3_throwAbortReason":true,"unstable_singleFetch":false,"unstable_lazyRouteDiscovery":false,"unstable_optimizeDeps":false},"isSpaMode":false,"state":{"loaderData":{"root":{"namespace":"insurance/life-insurance","gtmId":"GTM-TRB8XL","wenEngageId":"~13410604b","appshell":true},"routes/default/route":{"productType":"TLI","bankId":1001,"pageData":{"id":35199,"news":{"items":[{"updatedOn":"2024-09-10","article":[{"data":{"text":"The premium collection for new businesses in August 2024 rose by 22% and stood at Rs.32,644 crore. For the first five months of FY25, the new business premium collection rose by 21% from Rs.1,27,661 crore to Rs.1,54,194 crore. The year-to-date collections grew to Rs.1,54,194 crore this year from Rs.1,27,661 crore and new business premiums expanded to Rs.32,644 crore in August 2024 from Rs.26,788.55 crore in August 2023."},"type":"paragraph"}],"title":"New business premium of life insurance rises by 22% in August"},{"updatedOn":"2024-05-20","article":[{"data":{"text":"Over 7 lakh eligible policyholders will be given a bonus of Rs.1,007 crore as per an announcement made by Kotak Mahindra Life Insurance. The bonus will be for the financial year 2023-24. This will 23 years in a row that a bonus has been provided by Kotak Life on participating bonus. The policy’s maturity or death benefit will increase because of the declared bonuses."},"type":"paragraph"}],"title":"More than 7 lakh policyholders to get a higher bonus of 20% by Kotak Mahindra Life Insurance"},{"updatedOn":"2024-02-13","article":[{"data":{"text":"Bajaj Allianz Life Insurance introduces the Life Assured Wealth Goal Platinum Smart Income plan, offering guaranteed early income payouts from the second policy year. The plan allows subscribers to tailor their financial strategy for various life goals, providing flexibility and assurance. It is a non-linked, non-participating individual life insurance and savings plan, offering options to use early income for immediate goals, accumulate for a lump sum, or offset renewal premiums. Key features include continued income, enhanced Return of Premium, and a choice of riders for comprehensive protection. The plan operates in two steps: users decide on the premium details and income start year, aligning payouts with specific financial needs. Additionally, the plan offers tax benefits in accordance with prevailing tax laws."},"type":"paragraph"}],"title":"Bajaj Allianz unveils Life Assured Wealth Goal Platinum Smart Income Plan"},{"title":"IRDAI proposes changes to insurance company listing requirements","article":[{"type":"paragraph","data":{"text":"On Friday, the Insurance Regulatory and Development Authority of India (IRDAI), proposed to remove the requirement for prior approval by the regulator for the listing of Indian insurance companies on stock exchanges as long as certain conditions are met."}},{"type":"paragraph","data":{"text":"The proposal is based on the recommendations of the regulation Review Committee (RRC), which merged the existing regulations into IRDAI Regulations, 2024. These recommendations are expected to improve the ease of doing business and protect the interests of the customers."}}],"updatedOn":"2024-02-06"},{"title":"IRDAI Approves the Takeover of Aegon Life by Bandhan Financial Holdings","article":[{"type":"paragraph","data":{"text":"Aegon Life Insurance is about to be taken up by Bandhan Financial Holdings. The Insurance Regulatory \u0026amp; Development Authority (Irdai) granted the holding company of Bandhan Bank final permission for the transaction earlier this week."}}],"updatedOn":"2024-02-05"},{"title":"Private Life Insurers Witness Nearly 6% Surge in Benefits, Payouts Soar to Rs. 1.57 Trillion in FY23","article":[{"type":"paragraph","data":{"text":"The aggregate benefits disbursed by private life insurance companies to policyholders recorded a 5.98% increase, reaching Rs 1.57 trillion in the fiscal year concluded on 31 March 2023 (FY23). This figure marked an upturn from Rs. 1.49 trillion in the corresponding period of the previous fiscal year. In contrast, the Life Insurance Corporation of India (LIC) experienced a 4% decrease in benefits paid, amounting to Rs. 3.39 trillion compared to Rs. 3.53 trillion in FY22. Consequently, the overall benefits extended by insurance companies diminished to Rs. 4.96 trillion during FY23 from Rs. 5.02 trillion in the corresponding period of the previous fiscal year. These benefits accounted for 64% of the net premium. As of March 2023, LIC maintained a dominant market share of 62.58%, with private insurers representing the remaining 37.42% in the life insurance industry. Data released by the Insurance Regulatory and Development Authority of India (IRDAI) revealed that the industry's total benefits moderated due to a decline in death claims and maturity payouts. The industry's claim settlement ratio for the period declined slightly to 98.54% from 98.64% the previous year."}}],"updatedOn":"2024-01-17"}],"title":"News about Life Insurance "},"breadCrumb":{"otherLinks":[{"link":"/insurance.html","text":"Insurance"}],"currentPageText":"Life Insurance"},"hideOfferTable":true,"hideUserReviews":true,"hideEligForm":true,"faqs":{"items":[{"answer":[{"data":{"text":"The amount of life\ninsurance coverage required depends on factors like income, expenses, and\nliabilities. Evaluating these factors helps determine the appropriate coverage\namount. "},"type":"paragraph"}],"question":"How much life insurance cover does a person need? "},{"answer":[{"data":{"text":"The average monthly cost\nof life insurance depends on factors such as the type of policy, your age,\nhealth, and the sum assured. Term plans are generally more affordable than\ntraditional or unit-linked plans."},"type":"paragraph"}],"question":"What is the average life insurance cost per month?"},{"answer":[{"data":{"text":"Term life insurance\noffers high coverage at lower premium rates, making it suitable for those\nseeking cost-effective protection for a specific period. Whole life insurance\ncombines death benefits and savings but comes at a higher cost."},"type":"paragraph"}],"question":"Why is term life insurance better than whole life insurance for some people? "},{"answer":[{"data":{"text":"Term insurance premiums\nare primarily allocated to create a life cover, while other plans use part of\nthe premium for different purposes, making term insurance more affordable and\nfocused on pure protection."},"type":"paragraph"}],"question":"How do term insurance policies offer higher life coverage than other types of insurance policies?"},{"answer":[{"data":{"text":"Your life insurance\ncoverage starts on the Risk Commencement date, which is the date when the\ninsurer approves your insurance application."},"type":"paragraph"}],"question":"When does life insurance cover begin? "},{"answer":[{"data":{"text":"Non-participating\npolicies don't allow policyholders to share in the company's profits, while\nparticipating policies enable policyholders to participate in the company's\nprofits, though the dividends may vary based on investment returns."},"type":"paragraph"}],"question":"What are the major differences between a non-participating policy and a participating one? "},{"answer":[{"data":{"text":"During the free-look\nperiod, you can cancel your policy without cost. After this period, canceling\nthe policy may involve a small fee."},"type":"paragraph"}],"question":"What happens if my policy is canceled during the free-look period? "},{"answer":[{"data":{"text":"As per Section 10(10D) of\nthe Income Tax Act, sums assured, and bonuses received under the policy are\nusually tax-free. However, there are exceptions in certain cases."},"type":"paragraph"}],"question":"Are life insurance payouts taxable? "},{"answer":[{"data":{"text":"Single cover policies\ncover individuals separately, while joint policies cover both individuals under\none policy. Joint policies result in a single payout, whereas two single\npolicies provide two separate payouts."},"type":"paragraph"}],"question":"Is it better to take a single cover policy or a joint life insurance policy? "},{"answer":[{"data":{"text":"Ideally, purchase life\ninsurance in your late 20s or early 30s. The timing may vary based on the\nnumber of dependents and family health history."},"type":"paragraph"}],"question":"When should you buy life insurance? "},{"answer":[{"data":{"text":"Premiums for whole life\npolicies remain fixed, while term insurance premiums may increase if you renew\nthe policy after the initial term, as age is considered a risk factor."},"type":"paragraph"}],"question":"Do life insurance premiums increase with age? "},{"answer":[{"data":{"text":"Graded life insurance\nfeatures initially lower premiums that increase yearly for a set period before\nbecoming fixed for the rest of the policy term."},"type":"paragraph"}],"question":"What is a graded premium life insurance policy? "},{"answer":[{"data":{"text":"The surrender value is\nthe amount refunded if the policy is canceled and is based on premiums paid and\npolicy duration. Certain insurance companies offer loans against policies,\nutilizing the surrender value as collateral."},"type":"paragraph"}],"question":"What is the ‘Surrender Value’ of a policy?"},{"answer":[{"data":{"text":"The free-look period\nallows policyholders to cancel within the first 15 days of purchase and get a\nrefund. Cancellation during the free-look period is free, but a small fee may\napply after the period "},"type":"paragraph"}],"question":"What is a policy's ‘Free-Look Period’?"},{"answer":[{"data":{"text":"Riders are additional policy benefits, such as critical illness coverage, available for an extra premiums."},"type":"paragraph"}],"question":"What are Riders?"},{"answer":[{"data":{"text":"You can ensure their\ncertification by checking the agent's IRDA authorization card."},"type":"paragraph"}],"question":"How can I verify the authorization of the agent selling me the life insurance policy? "},{"answer":[{"data":{"text":"Yes, you can purchase\nlife insurance policies for your parents, depending on their age and health.\nThere are policies designed specifically for older individuals or senior\ncitizens."},"type":"paragraph"}],"question":"Can I get life insurance for my parents? "},{"answer":[{"data":{"text":"A Money Back Plan\ncombines insurance and investment, offering periodic returns during the policy\nterm and a lump sum at the end of the policy term."},"type":"paragraph"}],"question":"What is a Money Back Plan? "}],"title":"FAQs on Life Insurance"},"hungryForMore":[{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIBUTTON_35199","linkText":"Check FREE Credit Score"}},{"type":"header","data":{"text":"Types of Life Insurance Policies in India:","level":2}},{"type":"image","data":{"title":"Life Insurance policy","alt":"Life Insurance policy","src":"https://static.bankbazaar.com/images/india/infographic/life-insurance-policy.webp","lazy":true,"float":"right","width":500,"height":400}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003ca href=\"https://www.bankbazaar.com/insurance/term-insurance.html\"\u003eTerm Life Insurance Plans\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"/term-insurance/term-insurance-plan-return-of-premium.html\" target=\"_blank\"\u003eTerm Return of Premium \u003c/a\u003e(TROP)","items":[]},{"content":"\u0026nbsp;\u003ca href=\"/life-insurance/whole-life-plans.html\" target=\"_blank\"\u003eWhole life Insurance\u003c/a\u003e\u003ca href=\"https://www.bankbazaar.com/insurance/term-insurance.html\"\u003e\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"https://www.bankbazaar.com/life-insurance/endowment-plans.html\"\u003eEndowment Policies\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"https://www.bankbazaar.com/life-insurance/ulip.html\"\u003eUnit Linked Insurance Plans(ULIP)\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"/life-insurance/plans-for-children.html\" target=\"_blank\"\u003eChild Plan\u003c/a\u003e\u003ca href=\"https://www.bankbazaar.com/life-insurance/ulip.html\"\u003e\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"https://www.bankbazaar.com/life-insurance/money-back-plans.html\"\u003eMoney Back Policies\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"https://www.bankbazaar.com/life-insurance/whole-life-plans.html\"\u003eWhole Life Policy\u003c/a\u003e","items":[]},{"content":"\u003ca href=\"https://www.bankbazaar.com/life-insurance/annuity-pension-plans.html\"\u003eAnnuity/Pension Plans\u003c/a\u003e\u003ca href=\"https://www.bankbazaar.com/life-insurance/annuity-pension-plans.html\"\u003e\u003c/a\u003e","items":[]}]}},{"type":"paragraph","data":{"text":"1.\u0026nbsp;\u003cstrong\u003eTerm\u0026nbsp; Life Insurance:\u003c/strong\u003e\u0026nbsp;This type of policy comes with a death benefit\u0026nbsp;payable only in the event that the policyholder dies before the term of the plan. The nominee can make a\u0026nbsp;death claim after the policyholder’s death. However, if the policyholder survives the policy term, a death claim cannot be made, and the policy coverage will cease without any maturity value. These policies can be supported with riders for additional coverage, such as accidental death benefits, critical illness benefits, and others."}},{"type":"paragraph","data":{"text":"2. \u003cstrong\u003eTROP\u003c/strong\u003e:\u0026nbsp;This is a particular type of term life insurance that comes with the additional advantage of survival benefit where all premiums paid by the insured will be paid back with GST if the insured survives the entire policy term."}},{"type":"paragraph","data":{"text":"3. \u003cstrong\u003eWhole Life Insurance:\u003c/strong\u003e This policy covers the policyholder until 100 years of age and ensures financial coverage throughout the policy term."}},{"type":"paragraph","data":{"text":"4.\u0026nbsp; \u003cstrong\u003eEndowment\nPolicies:\u003c/strong\u003e This type of insurance plan combines guaranteed returns and life coverage. This type of plan offers a lump sum payout on maturity and enables the nominee to make a death claim in the event of the policyholder’s untimely death. Some endowment plans also come with the benefit of a bonus over the policy coverage."}},{"type":"paragraph","data":{"text":"5.\u0026nbsp;\u0026nbsp;\u003cstrong\u003eULIP:\u003c/strong\u003e\u0026nbsp;Unit- Linked Insurance Plans are wealth builder plans that offer the benefits of both an investment plan and an insurance plan. Customers can invest in various funds, such as equity, hybrid, bonds, and others, according to their risk appetite and receive market-linked returns from investments. These plans include a five-year lock-in period, loyalty addition, and the option of partial withdrawal and fund switching."}},{"type":"paragraph","data":{"text":"6.\u0026nbsp;\u003cstrong\u003e Money Bank\nPolicies:\u003c/strong\u003e This type of insurance plan offers a percentage of the assured sum of the policy at regular intervals and returns the remaining portion of the corpus along with a bonus if the policyholder survives the policy term. The entire sum assured will be returned in case of an unfortunate event before the policy term. The policy also offers maturity benefits with lump sum payments."}},{"type":"paragraph","data":{"text":"7. \u003cstrong\u003eChild Plan\u003c/strong\u003e:\u0026nbsp;Ensures financial security for the child by fulfilling the child’s future goals using the return on investment. These policies offer life cover to the nominee and fund the balance premium even in the absence of the policyholder."}},{"type":"paragraph","data":{"text":"8.\u0026nbsp; \u003cstrong\u003eWhole Life\nPolicy:\u003c/strong\u003e This type of insurance policy offers 99 years of coverage with family protection for an extended duration. This type of plan is best suited for policyholders with dependents and offers lifetime protection to the policyholder and their children."}},{"type":"paragraph","data":{"text":"9.\u0026nbsp; \u003cstrong\u003ePension or Retirement\nor Annuity Plans:\u003c/strong\u003e This is a wealth-building plan for non-working years of the policyholder and offers financial protection to family members as well. This plan comes with various withdrawal options, such as a lump sum payment, regular income, or both."}},{"type":"paragraph","data":{"text":"Some other types of Life Insurance policies also include:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eChildren Life Insurance Policy:\u003c/strong\u003e This plan is a combination of savings and investment plan specially\ndesigned to meet the financial needs of the children in the future. This plan\ncomes with intermediate withdrawal or provision of withdrawal after the child\nreaches adulthood.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u0026nbsp;\u003cstrong\u003eGroup Life Insurance:\u003c/strong\u003e This type of policy\nis offered to the employees by employers, bank customers, NGOs, non-banking\nfinancial organizations, professional groups, and microfinance institutions.\nThis plan offers financial support to the employees and to their family members\nin case of the untimely demise of the employee. Some group insurance plans come\nwith critical illness coverage, and disability along with outstanding loan\ncoverage for debtors.","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIBUTTON_35199","linkText":"Check FREE Credit Score"}},{"type":"header","data":{"text":"Key Features and Benefits of a Life Insurance Policy","level":2}},{"type":"list","data":{"style":"ordered","items":[{"content":"\u003cstrong\u003eFinancial Security\u003c/strong\u003e: Provides long-term financial protection for the policyholder's family in case of an emergency.","items":[]},{"content":"\u003cstrong\u003eMaturity Benefits\u003c/strong\u003e: On policy completion, the insurer may offer a maturity benefit, depending on the type of policy.","items":[]},{"content":"\u003cstrong\u003eDeath Benefit\u003c/strong\u003e: In the event of the policyholder's death, the insurer pays the sum assured and any bonuses to the nominated beneficiary.","items":[]},{"content":"\u003cstrong\u003eAssured Returns\u003c/strong\u003e: Guarantees a fixed sum after a specific term, helping cover future expenses like education or other needs.","items":[]},{"content":"\u003cstrong\u003eTax Benefits\u003c/strong\u003e: Premiums qualify for tax deductions under sections 80C and 80D, with tax exemptions on benefits under section 10(10D).","items":[]},{"content":"\u003cstrong\u003eRetirement Planning\u003c/strong\u003e: Annuity policies provide a monthly pension after policy maturity, ensuring financial stability in retirement.","items":[]},{"content":"\u003cstrong\u003eRiders\u003c/strong\u003e: Optional add-ons, such as critical illness or premium waivers, allow customization of the policy to suit personal needs.","items":[]},{"content":"\u003cstrong\u003eWealth Creation\u003c/strong\u003e: Some policies, like ULIPs and endowment plans, offer opportunities to build wealth alongside protection.","items":[]},{"content":"\u003cstrong\u003eLoan Facility\u003c/strong\u003e: Certain policies allow you to borrow against the policy’s value or sum assured.","items":[]},{"content":"\u003cstrong\u003eFlexible Premium Payment\u003c/strong\u003e: Choose from various premium payment options—monthly, quarterly, half-yearly, or annually - based on your preference.","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIBUTTON_35199","linkText":"Check Your Credit Score Now"}},{"type":"header","data":{"text":"Comparison of Different Types of Life Insurance Plans","level":2}},{"type":"paragraph","data":{"text":"Life insurance has evolved from a luxury to a necessity, playing a vital role in securing financial stability. Despite the country's low life insurance penetration, more people are enrolling in life insurance plans every day. Choosing the right policy can be challenging with so many options available. Understanding the different types of life insurance plans is crucial to selecting the best coverage for your needs."}},{"type":"paragraph","data":{"text":"The table below will highlight and compares key aspects related to the different types of life insurance policies in India:"}},{"type":"table","data":{"rows":[{"cols":[{"highlight":true,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Type of Plan"}}]},{"highlight":true,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Policy Term"}}]},{"highlight":true,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Maturity Benefit"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Term Plan"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"5 years to 85 years"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Maturity Benefit is only accessible if the Return of Premium option is selected"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Endowment Plan"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"5 years to 35 years"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Yes, when the policy's term expires"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"ULIP"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"10 years to 20 years"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Yes, when the policy's term expires"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Annuity/Pension Plan\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Entire life"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Regular earnings until survival"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"data":{"text":"Whole Life Insurance\u0026nbsp;"},"type":"paragraph"}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Until you attain the age of 100 years"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"When you attain the age of 100 years"}}]}]},{"cols":[{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Term Return of Premium Plan"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"5 years to 65 years"}}]},{"highlight":false,"rowspan":1,"colspan":1,"content":[{"type":"paragraph","data":{"text":"Benefits of survival on maturity"}}]}]}]}},{"type":"paragraph","data":{"text":"*Note – The term varies from plan to plan, with the numbers mentioned above reflecting an overall average."}},{"type":"header","data":{"text":"How to Save Tax with Life Insurance in India?","level":2}},{"type":"paragraph","data":{"text":"Being insured in today’s times is of utmost importance. Even if your partner has a life insurance policy and a group policy from his/her company, it is important that you purchase a comprehensive life cover for yourself. Covering your life will not reduce the emotional distress that you may be going through, but a life insurance policy will ensure that you have adequate financial backup during times of need. The insurance market is currently flooded with insurers selling a horde of insurance products and services. While selecting a particular life insurance policy, it is imperative to understand its tax implications."}},{"type":"list","data":{"style":"ordered","items":[{"content":"\u003cstrong\u003eSection 80C of the Income Tax Act Deduction:\u003c/strong\u003e\u0026nbsp;If you are currently paying a premium toward your life insurance policy or for the life of your parents, children, or spouse, you will be eligible for a\u0026nbsp;\u003ca href=\"https://www.bankbazaar.com/insurance/life-insurance/income-tax-exemption.html\" target=\"_blank\"\u003ededuction under Section 80C of the Income Tax Act\u003c/a\u003e. Irrespective of whether your child is a minor or not, the deduction shall be applicable. However, to be able to claim the said deduction, the premium amount (being paid by the policyholder) must not be more than 10% of the sum assured amount, if the policy was issued after 1 April 2012.","items":[]},{"content":"\u003cstrong\u003eSection 10(10D) Maturity Deduction:\u003c/strong\u003e\u0026nbsp;If the premium amount (being paid by the policyholder) does not exceed 10% of the sum assured for plans issued after April 1, 2012, and 20% of the sum assured for plans issued before April 1, 2012, then the maturity amount that the policyholder receives at the end of the policy term will be completely exempt from tax as per Section 10(10D) of the Income Tax Act, 1961.","items":[]}]}},{"type":"header","data":{"text":"GST on Life Insurance Premium","level":3}},{"type":"paragraph","data":{"text":"Life insurance is not exempted from \u003ca href=\"/tax/gst.html\" target=\"_blank\"\u003eGST \u003c/a\u003e(Goods and Services Tax). The introduction of GST will have an impact on the life insurance industry. The insurance premiums will most likely increase from 15% to 18% in the insurance sector. If you are paying premiums for health, car, and life insurance, you will be affected heavily."}},{"type":"paragraph","data":{"text":"When life insurance companies calculate the premium for each individual, certain factors are taken into consideration. Because life insurance is a form of investment, even low premiums can yield relatively high returns over a period of time. However, availing a life insurance policy with a low premium may not always be possible as you will have to meet certain requirements as laid down by the insurer. However, some individuals tend to avail similar life insurance policies as others at significantly lower costs. The reason for this is that these individuals have made the right life choices that have enabled them to avail lower premiums."}},{"type":"header","data":{"text":"Documents Required for Buying a Life Insurance Policy","level":2}},{"type":"paragraph","data":{"text":"Following are the documents you will require to purchase a life insurance policy:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Passport-sized photographs.","items":[]},{"content":"Age Proof (\u003ca href=\"/driving-licence.html\" target=\"_blank\"\u003eDriving License\u003c/a\u003e / \u003ca href=\"/pan-card.html\" target=\"_blank\"\u003ePAN Card\u003c/a\u003e /\u003ca href=\"/passport.html\" target=\"_blank\"\u003e Passport\u003c/a\u003e / SSC Certificate).","items":[]},{"content":"Proof of Residence (Passport / Telephone Bill / Electricity Bill / \u003ca href=\"https://www.bankbazaar.com/ration-card.html\" target=\"_blank\"\u003eRation Card\u003c/a\u003e / Water Bill / Voter ID).","items":[]},{"content":"Identity Proof (Ration Card / Voter ID / \u003ca href=\"/pan-card.html\" target=\"_blank\"\u003ePAN Card\u003c/a\u003e / Passport / Driving License).","items":[]},{"content":"Proof of Income (Pension Pass Book / \u003ca href=\"/tax/income-tax-return.html\" target=\"_blank\"\u003eIncome Tax Returns\u003c/a\u003e /\u003ca href=\"/tax/form-16.html\" target=\"_blank\"\u003e Form 16 \u003c/a\u003e/ Salary Slip).","items":[]}]}},{"type":"header","data":{"text":"How Does Life Insurance Work?","level":2}},{"type":"paragraph","data":{"text":"Here are the details\nregarding how life insurance works:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Select the\nlife insurance that suits your needs","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Select the\npremium payment option, either annual or monthly, depending on terms and\nconditions","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Life should\nbe informed, and claim should be filed by the nominee in case death of the\ninsured","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Relevant\ndocuments should be submitted to file the claim, such as death certificate,\nidentity proof, etc.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"The life\ncover amount is paid to the nominee only after successful verification of the\ndocuments","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIBUTTON_35199","linkText":"Check FREE Credit Score"}},{"type":"header","data":{"text":"Importance of Life Insurance","level":2}},{"type":"paragraph","data":{"text":"In the unfortunate event of the\npolicyholder’s death, life insurance gives financial security and long-term\nwell-being for the family members. Additionally, it provides a chance to save\ncorpus for a safe future. Here is why life insurance is necessary:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"The financial security of the\npolicyholder’s family is ensured by life insurance. It provides a layer of\nsecurity for regular expenses and preserves their standard of living in the\nevent of the policyholder’s death.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u0026nbsp;Life insurance allows you to secure\nthe financial security of your family without straining your budget by\nproviding high coverage at reasonable premium rates. ","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u0026nbsp;In addition to providing a death\nbenefit, life insurance covers serious illnesses and relieves the financial\nstrain of medical bills. ","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u0026nbsp;Having life insurance can help you\nprepare for retirement by guaranteeing a consistent flow of income during your\npost-retirement years.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Besides providing financial security,\nlife insurance also offers tax benefits under Sections 80C and 10(10D) of the\nIncome Tax Act, 1961, which enable you to save on taxes.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"You can accumulate corpus through\nlife insurance over time, which will give you the financial means to meet\nfuture objectives like buying a house, children’s education, etc.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"You can feel secure in the knowledge\nthat your loved ones' financial future is protected even in the most difficult\ntimes. ","items":[]}]}},{"type":"header","data":{"text":"How Much Life Insurance\nCoverage is Required?","level":2}},{"type":"paragraph","data":{"text":"It is essential to determine the\nappropriate life insurance for your family members. When determining the\nnecessary amount of life insurance coverage, you should take the following\nfactors into account:"}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eYour Family's Requirements:\u003c/strong\u003e Before\nselecting the appropriate life insurance, you should evaluate the financial\nneeds of your family, including total income and total monthly costs."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eExisting Debts and Loans:\u003c/strong\u003e The life\ninsurance policy you choose should cover any outstanding debts or loans you may\nhave. "}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eHLV Calculation:\u003c/strong\u003e You can obtain a precise\nestimate of the necessary life insurance by using the human life value\ncalculator. "}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eMedical Emergencies:\u003c/strong\u003e You should\nselect a life insurance policy that is enough to cover any unforeseen medical\nor financial emergencies. "}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eIncome Replacement:\u003c/strong\u003e In order to\nreplace your income in the event of your absence, you should select an amount\nassured that is payable in monthly instalments."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eChanges in Your Life Stage: \u003c/strong\u003eYou\nshould select a life insurance policy that is sufficient to cover your various\nlife stages because your life stage could shift during the policy term. "}},{"type":"header","data":{"text":"Life Insurance Claim Process","level":2}},{"type":"header","data":{"text":"How to Claim Life Insurance in Case of Death?","level":3}},{"type":"list","data":{"style":"ordered","items":[{"content":"\u003cstrong\u003eInform the Insurer\u003c/strong\u003e: Notify the insurer with details of the policyholder's death.","items":[]},{"content":"\u003cstrong\u003eSubmit Required Documents\u003c/strong\u003e: Provide the death certificate and completed claim form.","items":[]},{"content":"\u003cstrong\u003eSubmit Original Policy and Discharge Form\u003c/strong\u003e: Include the original policy document and a signed discharge form.","items":[]},{"content":"\u003cstrong\u003eInclude Assigned Policy Deed (if applicable)\u003c/strong\u003e: If the policy is assigned to another person, submit the assignment deed.","items":[]},{"content":"\u003cstrong\u003eProvide Legal Proof of Claimant’s Entitlement\u003c/strong\u003e: The claimant must submit proof of their legal right to claim.","items":[]},{"content":"\u003cstrong\u003eProvide Additional Documents (if required)\u003c/strong\u003e: Submit any extra documents requested by the insurer.","items":[]}]}},{"type":"header","data":{"text":"How to Claim Life Insurance After Maturity?","level":3}},{"type":"list","data":{"style":"ordered","items":[{"content":"\u003cstrong\u003eReceive Bank Discharge Form\u003c/strong\u003e: The insurer will send a discharge form for the maturity claim.","items":[]},{"content":"\u003cstrong\u003eComplete the Form\u003c/strong\u003e: Fill out the discharge form accurately.","items":[]},{"content":"\u003cstrong\u003eSubmit the Form and Supporting Documents\u003c/strong\u003e: Submit the completed form along with any required documents.","items":[]},{"content":"\u003cstrong\u003eReceive the Sum Assured and Maturity Bonus\u003c/strong\u003e: After processing, you will receive the sum assured along with any applicable maturity bonuses.","items":[]}]}},{"type":"header","data":{"text":"How to Claim Riders in Life Insurance?","level":3}},{"type":"list","data":{"style":"ordered","items":[{"content":"\u003cstrong\u003ePay Extra Premium for Rider Benefits\u003c/strong\u003e: Ensure rider premiums are paid to activate benefits.","items":[]},{"content":"\u003cstrong\u003eFollow the Specific Claim Procedure for Each Rider\u003c/strong\u003e: Each rider (e.g., critical illness, accidental death) may have a different claim process.","items":[]},{"content":"\u003cstrong\u003eFor Death-Related Riders\u003c/strong\u003e: Follow the same process as the death claim for death-related riders.","items":[]},{"content":"\u003cstrong\u003eFor Other Riders\u003c/strong\u003e: Submit a signed claim form along with a copy of the policy.","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIBUTTON_35199","linkText":"Check FREE Credit Score"}},{"type":"header","data":{"text":"Documents Required for Initiating\nClaiming Procedures","level":2}},{"type":"paragraph","data":{"text":"The following are the\ndocuments required for initiating claiming procedures:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Post-mortem\nreports","items":[]},{"content":"Original\npolicy certificate","items":[]},{"content":"Death\ncertificate issued by the local authority","items":[]},{"content":"FIR (First\nInformation Report)","items":[]},{"content":"Claim form\nwhich dully filled and signed by the applicant","items":[]},{"content":"Bank\nstatement","items":[]},{"content":"Cancelled\ncheque","items":[]},{"content":"KYC documents\nof beneficiary, such as copy of address proof and photo ID proof","items":[]},{"content":"Summary of\nhospital discharge","items":[]},{"content":"Legal proof\nof the person making the claim in case he or she is not an assignee or nominee","items":[]}]}},{"type":"header","data":{"text":"Guidelines\nfor Beneficiaries Claiming Life Insurance:","level":2}},{"type":"list","data":{"style":"unordered","items":[{"content":"To claim the\ndeath benefit, the nominee must file a death claim. Obtain a claim intimation\nform from your insurer for physical policies or apply online for digital\npolicies.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"The claim\nintimation should include essential details like policy number, policyholder's\nname, place of death, insured person's name, and the claimant's name.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"The nominee\nmust complete the required death claim forms and provide proof of death.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"After\nsubmitting the forms, the insurance company acknowledges the death claim.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Gather all\nnecessary supporting documents. Submit the documents to the insurance company\nfor the claim settlement process.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"The company\nwill review the forms and documents before making a claim settlement decision.","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIBUTTON_35199","linkText":"Check FREE Credit Score"}},{"type":"header","data":{"text":"What’s the Average Cost of a Life Insurance Plan and what Affects the Price?","level":2}},{"type":"paragraph","data":{"text":"Life insurance policies are known for insuring the life of the insured and also for providing a lump sum amount to the insured’s family after the former (the insured) passes away. The insurance market is flooded with numerous insurance policies offered by various insurance providers. Hence, choosing a life insurance policy that best suits one’s needs has become a convenient process."}},{"type":"paragraph","data":{"text":"However, before investing in a life insurance policy, it is important to analyse the cost and one’s needs, and invest accordingly."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eFactors Affecting Life Insurance Policy Premiums:\u003c/strong\u003e"}},{"type":"paragraph","data":{"text":"The following are the factors\naffecting life insurance policy premiums:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eWeight and\nObesity:\u003c/strong\u003e Overweight or obese\nindividuals may face higher premium rates.","items":[]},{"content":"\u003cstrong\u003eOccupation\nRisk:\u003c/strong\u003e Risky professions, like race\ncar driving, can lead to elevated premiums due to the higher associated risks.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eSmoking:\u003c/strong\u003e Smokers typically pay higher premiums due to increased\nhealth risks.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eHeavy\nDrinking:\u003c/strong\u003e Excessive alcohol consumption\nmay result in additional premium costs","items":[]}]}},{"type":"header","data":{"text":"Factors Affecting Life Insurance Policy Premiums","level":3}},{"type":"paragraph","data":{"text":"Following are the factors that are taken into consideration by life insurance companies for the calculation of premiums:"}},{"type":"list","data":{"style":"ordered","items":[{"content":"Age","items":[]},{"content":"Gender","items":[]},{"content":"Health records","items":[]},{"content":"Medical history","items":[]},{"content":"Smoking","items":[]},{"content":"Drinking","items":[]},{"content":"Type of policy","items":[]},{"content":"Profession","items":[]},{"content":"Lifestyle choices","items":[]},{"content":"Obesity","items":[]}]}},{"type":"header","data":{"text":"Life Insurance Premium Calculation","level":3}},{"type":"paragraph","data":{"text":"These are the basic steps\ninvolved in calculating premium for Life Insurance:\u0026nbsp; "}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eStep 1\u003c/strong\u003e-\n\u003cstrong\u003eCollect Personal Information\u003c/strong\u003e:\nInsurance companies gather essential data about the individual seeking\ncoverage. This includes details like age, gender, medical history, and\nlifestyle choices."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eStep 2\u003c/strong\u003e-\n\u003cstrong\u003eEvaluate Health and Lifestyle:\u003c/strong\u003e Underwriters\nassess the applicant's health status, considering factors such as pre-existing\nmedical conditions, tobacco use, and overall fitness. A healthier lifestyle\ntypically leads to lower premiums."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eStep 3\u003c/strong\u003e-\n\u003cstrong\u003eAnalyze Personal History: \u003c/strong\u003eMotor\nvehicle reports and medical information are examined to gauge risk. Past\nincidents or health issues may impact the premium."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eStep 4-\nStatistical Data and Actuarial Analysis\u003c/strong\u003e: Insurance providers use mathematical calculations and\nstatistical models to determine the risk profile of the applicant. Actuaries,\nwho are experts in risk assessment, play a crucial role in this step."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eStep 5- Risk Assessment:\u003c/strong\u003e Actuaries predict the likelihood\nof the applicant making a claim on the policy. The higher the perceived risk,\nthe more the individual will pay in premiums."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eStep 6- Mortality\nand Sickness Tables:\u003c/strong\u003e Actuaries\ncreate tables that outline potential losses due to illnesses or death. These\ntables are based on mathematical data and historical trends."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eStep 7-\nModeling Risk:\u003c/strong\u003e Actuaries use the\nmortality and sickness tables to build models that estimate the likelihood of\nthe applicant falling ill or passing away during the policy term."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eStep 8-\nDetermine Premium:\u003c/strong\u003e The final step\nis to calculate the premium based on the individual's risk profile. Those with\na higher probability of claiming benefits will be charged higher premiums,\nwhile healthier, lower-risk individuals will pay less."}},{"type":"header","data":{"text":"Grace Period in Life Insurance","level":4}},{"type":"paragraph","data":{"text":"Here are the details\nregarding grace period in life insurance:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"In case the\npolicyholder fails to pay premium on time, grace period allows them to clear\nthe due","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Grace period\nis of 30 days for life insurance plan during which premium can be paid","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Time period\nof grace varies in some life insurance plans","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"The benefits\nof life insurance plan remain active during the grace period","items":[]}]}},{"type":"header","data":{"text":"Cash Value of Life Insurance Plans","level":4}},{"type":"paragraph","data":{"text":"The following are some of the details of cash value of life\ninsurance plans:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eEarning and\nBorrowing:\u003c/strong\u003e This component earns interest\nand is available for borrowing or withdrawal.","items":[]},{"content":"\u003cstrong\u003eFinancial\nFlexibility:\u003c/strong\u003e You can use the cash value as a\nsource for loans or premium payments.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eWealth\nBuilding:\u003c/strong\u003e It aids in accumulating wealth\nwhile enhancing your life cover.","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003ePremium\nAllocation\u003c/strong\u003e: Your premium is divided into\ntwo parts – one for wealth creation and interest earnings, and the other for\nfinancial security. ","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eMaturity or\nEmergency:\u003c/strong\u003e Once sufficient cash value\naccumulates, you can receive it at maturity or utilize it for emergency loans.","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIBUTTON_35199","linkText":"Check FREE Credit Score"}},{"type":"header","data":{"text":"What are the Late Charges on Life\nInsurance Premiums?","level":2}},{"type":"paragraph","data":{"text":"Here are some details regarding\nlate charges on life insurance premiums:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Policyholders\nwill need to pay penalties on late charges on life insurance premiums","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"The penalty\namount varies depending on policy and the insurer","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"To revive the\npolicy through ‘reinstatement’, policyholders need to pay all the outstanding\npremiums with applicable interest rates will be applicable","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Late payment\ncharges also depend on the duration for which premium payment is due","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u0026nbsp;Life\ninsurance plan can be revived within five years of last premium paying date","items":[]}]}},{"type":"header","data":{"text":"How to Avoid Late Charges on Life Insurance Premiums?","level":2}},{"type":"paragraph","data":{"text":"The following are some of\nthe significant points that you should remember to avoid paying late fees in\nlife insurance:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Select\nauto-debit option so that you do not miss out on premium payments","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Select\nreminder option before premium payment date to avoid delayed payment","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Keep track of\nthe premium payment reminders","items":[]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"Opt for\nyearly premium payment instead of monthly payments to avoid missing out on\nregular payments","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIBUTTON_35199","linkText":"Check FREE Credit Score"}},{"type":"header","data":{"text":"Life Insurance Exclusion","level":2}},{"type":"paragraph","data":{"text":"The exclusions under life insurance plans may differ from one policy to another. However, there are certain exclusions that almost all policies agree with. Mentioned below are some important ones:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Death caused while performing criminal or unlawful activities","items":[]},{"content":"Death caused by man-made disasters like war, riot, etc.","items":[]},{"content":"Suicide or any self-inflicted injury","items":[]},{"content":"Death caused while participating in adventure sports or any dangerous activities like bungee jumping, rock climbing, etc.","items":[]},{"content":"Death from HIV or any other sexually transmitted diseases","items":[]},{"content":"Death or harm caused by indulging in illegal intoxicants","items":[]},{"content":"Death caused during the waiting period is not covered by life insurance policies","items":[]}]}},{"type":"cta","data":{"link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_LIFAQBUTTON_35199\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_LIFAQBUTTON_35199","linkText":"Check FREE Credit Score"}}],"h1Title":"Life Insurance Policy","metaDescription":"Life Insurance Policy - Know complete information about life insurance policy. Check types, policy coverage, features, benefits, and claim procedure.","showDateOn":{"metaTitle":false,"hungryForMore":true},"showUpdatedOn":true,"metaTitle":"Life Insurance Policy - Check Types, Features \u0026 Benefits in 2024","metaKeyword":"life insurance, life insurance policy\n\n","topContent":[{"type":"header","data":{"text":"What is Life Insurance?","level":2}},{"type":"paragraph","data":{"text":"Life insurance is a financial safety net that offers a lump sum amount to a policyholder's family or dependents in case of an untimely death. It ensures financial security by covering essential expenses such as daily needs, loans, or education. "}},{"type":"paragraph","data":{"text":"Additionally, some policies also provide savings and investment benefits, helping families achieve long-term goals."}}],"interLinks":{"asLeftNav":true,"items":[{"title":"Popular Life Insurance Reads","items":[{"link":"/insurance/life-insurance.html","title":"Life Insurance","text":"Life Insurance"},{"link":"/insurance/term-insurance.html","title":"Term Insurance","text":"Term Insurance"},{"link":"/life-insurance/lic-premium-receipt.html","title":"LIC Premium Receipt","text":"LIC Premium Receipt"},{"link":"/life-insurance/postal-life-insurance.html","title":"Postal Life Insurance","text":"Postal Life Insurance"},{"link":"/life-insurance/pension-plans/top-10-pension-plans.html","title":"Best Pension Plan","text":"Best Pension Plan"},{"link":"/insurance/lic-life-insurance/lic-policy-status.html","title":"Lic Policy Status","text":"LIC Policy Status"},{"link":"/insurance/lic-life-insurance/lic-highest-returns-plans.html","title":"Best LIC Policy With 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